Brightstar Resources : Cork Tree Well Drilling Program Multi-Element Results

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31 January 2022

CORK TREE WELL DRILLING PROGRAM MULTI-ELEMENT RESULTS

HIGHLIGHTS

• Multi-elementassays have been returned from the RC drilling, including base metals and rare earth elements.
• Nickel re-assays have returned results significantly below the original results.
• Infill nickel assay results have not shown significant mineralisation values.
• Brightstar believes there may have been errors in the previous interpretation of results of certain nickel assay results and these are set out below.

Brightstar Resources Limited (ASX: BTR) (Brightstar or the Company) presents the multi-element results from the Cork Tree Well (CTW) RC program completed in late 2021 and located in the Laverton Gold belt of Western Australia.

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Southern Pit at Cork Tree Well.

With the latest results delivered, Managing Director, Mr Hobba, said: "The review of multi-elementresults, including the previously announced results, for the total of the drill program has not proven to be particularly exciting for the project. The infill results and re-assaysof the originally reported nickel samples have returned results different to those returned originally interpreted and announced by Brightstar. Anomalous results appear to be off the main CTW trend and may follow a parallel basalt/ultramafic contact east of CTW Main lode that is also gold mineralised. Although there are anomalous rare metals and other elements, Brightstar continues to be focussed on their high quality gold assets both at CTW and elsewhere around the Laverton district."

Discussion of Results

The geology of the previous samples (around the contact of a footwall basaltic unit and a hanging wall ultramafic) has potential for nickel mineralisation, however the initial results (ASX announcement 10th November 2021) appear to have been incorrectly interpreted by the Company including holes BTRRC001, 008, 020, 023, 032, 044, 058, 060, 067, 069, 072 and 077 where re-assay has resulted in material differences to previous holes announced on ASX. These results have been replaced by the re-assays to ensure all results are now correct. Much of the area that was initially identified as anomalous for nickel was in the weathered in-situ material and therefore did not contain significant sulphides. The depth of oxidation could have been affected in this area by a palaeochannel which may have incised the area and increased potential for weathering as well. Early interpretations suggested oxidised material similar to nickel carbonate from Murrin Murrin project may be the carrier of the nickel however this is not substantiated by the most recent results.

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The low-grade anomalous nickel results seem to sit in a parallel lode position east of the CTW Main lode (See Figure 1) and associated with gold anomalism also. Metal remobilisation may therefore play a part in the mineralisation here.

Figure 1: CTW Main lode trend and parallel lode trend.

Brightstar will continue to investigate areas that have displayed anomalous results, however its gold projects will remain the focus of the Company.

These results will be used to design some deeper diamond holes (up to 400m deep) to investigate the potential for mineralisation at depth as well as provide geotechnical and metallurgical samples for the project.

Appendix 1 lists the relevant hole details.

Appendix 3 lists all of the multi-element intersections returned for the whole program (original nickel intersections have been replaced with re-assay results including holes BTRRC001, 008, 020, 023, 032, 044, 058, 060, 067, 069, 072 and 077 where re-assay has resulted in material differences to previous holes announced on ASX). These holes were originally interpreted as having significant nickel intercepts but the Company now believe they may not be significant following further assay and testing.

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This ASX announcement has been approved by the Managing Director on behalf of the board of Brightstar.

For further information, please contact:

William Hobba

Managing Director

Phone: [phone]

Email: [e-mail]

Ian Pegg

Exploration Manager

Phone: [phone]

Email: [e-mail]

COMPETENT PERSON'S STATEMENT

The information presented here relating to exploration of the Cork Tree Well (previously Delta) deposits is based on information compiled by Mr Ian Pegg B App Sci (Hons), who is a Member of the Australian Institute of Geoscientists (AIG) and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity he has undertaken to qualify as a "Competent Person" as that term is defined in the 2012 Edition of the "Australasian Code of Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code 2012)". Mr Pegg consents to the inclusion in this announcement of the matters based on his information in the form and context in which it appears. Mr Pegg is employed by Brightstar Resources Ltd.

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APPENDIX 1:

Completed CTW RC Holes

Lease							End
No.	Hole Id	Easting	Northing	RL	Dip	Azimuth	Depth
M38/346	BTRRC001	441769.9	6864913	471.7	-60	254	150
M38/346	BTRRC002	441746.6	6864928	472.9	-60	254	150
M38/346	BTRRC003	441717.2	6864961	473.5	-50	254	150
M38/346	BTRRC004	441712.6	6864980	474.1	-50	254	150
M38/346	BTRRC005	441709.6	6865000	474	-50	254	150
M38/346	BTRRC006	441703.9	6865040	474.1	-50	254	150
M38/346	BTRRC007	441699.4	6865060	474.3	-50	254	150
M38/346	BTRRC008	441701.2	6865081	473.3	-50	254	150
M38/346	BTRRC009	441693.7	6865121	472.7	-50	254	150
M38/346	BTRRC010	441703.6	6865144	472.1	-50	254	150
M38/346	BTRRC011	441684.3	6865159	472.4	-50	254	150
M38/346	BTRRC012	441667.8	6865176	474.7	-50	254	150
M38/346	BTRRC013	441668.9	6865197	472.4	-50	254	150
M38/346	BTRRC014	441694	6865224	472	-50	254	150
M38/346	BTRRC015	441642.4	6865231	473.2	-50	254	150
M38/346	BTRRC016	441631.7	6865249	473.8	-50	254	150
M38/346	BTRRC017	441631.8	6865269	472.6	-50	254	150
M38/346	BTRRC018	441624.6	6865288	472.4	-50	254	150
M38/346	BTRRC019	441620.6	6865308	472.4	-50	254	150
M38/346	BTRRC020	441670.3	6865363	472.5	-60	254	200
M38/346	BTRRC021	441640.7	6865376	472.1	-60	254	180
M38/346	BTRRC022	441612.6	6865389	472.7	-60	254	150
M38/346	BTRRC023	441670.1	6865425	471.9	-60	254	250
M38/346	BTRRC024	441611.3	6865409	472.4	-50	254	150
M38/346	BTRRC025	441613	6865430	473.4	-60	254	150
M38/346	BTRRC026	441641.3	6865438	472	-60	254	200
M38/346	BTRRC027	441609.6	6865450	472.2	-60	254	150
M38/346	BTRRC028	441646.2	6865460	472.1	-60	254	200
M38/346	BTRRC029	441621.6	6865474	472.2	-50	254	150
M38/346	BTRRC030	441696.5	6865495	476.3	-60	254	250
M38/346	BTRRC031	441616.6	6865493	472	-60	254	180
M38/346	BTRRC032	441679.6	6865511	474.4	-60	254	250
M38/346	BTRRC033	441586.6	6865506	472.4	-50	254	150
M38/346	BTRRC034	441605.2	6865511	472.1	-60	254	150
M38/346	BTRRC035	441628.8	6865517	471.9	-60	254	200
M38/346	BTRRC036	441615.6	6865535	472	-60	254	150
M38/346	BTRRC036A	441610.6	6865535	472	-60	254	150
M38/346	BTRRC037	441577.6	6865545	472.1	-60	254	150

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