Significant High-Grade Gold Assays at Cork Tree Well

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10 NOVEMBER 2021

SIGNIFICANT GOLD AND NICKEL GRADES RETURNED FROM CORK TREE WELL DRILLING PROGRAM

HIGHLIGHTS

• Shallow, high-grade gold assays conform closely with Brightstar's geological model, with significant intercepts including:
  o 12m @ 4.25 g/t Au from 131m (BTRRC031) o 11m @ 3.12 g/t Au from 102m (BTRRC024) o 7m @ 3.5 g/t Au from 176m (BTRRC032) o 1m @ 20.3g/t Au from 23m (BTRRC072) o 5m @ 2.83 g/t Au from 100m (BTRRC013)
• Unexpectedly, significant nickel sulphide mineralisation has also been intersected within the deposit, with assays including:
  o 1m @ 1.64% Ni from 45m; 1m @ 1.66% Ni from 64m (BTRRC072) o 1m @ 1.6% Ni from 41m; 1m @ 1.99% Ni from 61m (BTRRC077)
• Multi-elementsampling (nickel results) only occurred every 20 metres
• Potential for the nickel mineralisation to extend between these assayed horizons, with assays underway on the unsampled intervals.
• Assays for the first 26 holes have been received, with assays pending for a further 59 holes completed to date

Brightstar Resources Limited (ASX: BTR) (Brightstar or the Company) is pleased to announce that it has received the first batch of assays from its drilling program at Cork Tree Well, located in the Laverton Gold belt of Western Australia.

Commenting on the progress and assays, Managing Director, Mr Hobba, said: "We are very pleased with how the drilling program has proceeded ahead of schedule, with 80 holes completed to date. The assay results reported are from the first 26 holes and it is pleasing to see significant intercepts from 18 holes and the correlation between the gold results returned and the JORC Resource model. The ore body is showing good continuity at depth and along strike, which bodes well for further JORC Resource growth and ultimately conversion to JORC Reserves for future mining studies at Cork Tree Well.

Additionally, the material nickel mineralisation was returned in the multi-element analyses which was only sampled every 20 metres. With multiple intercepts in the same holes, we are excited to assay the intervals in-between, as this could represent potentially significant accumulations of nickel mineralisation in a belt known to host significant nickel ore bodies like Rosie (Duketon Mining Ltd) and Mt Windarra (Poseidon Nickel Ltd).

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Discussion of Results

Results for the drilling program have been received for 26 holes along the Cork Tree Well deposit, which is the first drilling program to occur since 2012. The 12,000m and 90-hole program nearing completion was designed to infill and extend the current JORC Resource of 237koz @ 1.9g/t Au.

Importantly, gold results have generally been in line with Company expectations with both tenor and widths of expected zones of mineralisation being intersected where the geological model predicts.

Figure 1 below indicates the drill hole collar locations for the reported holes in this announcement and the pending assays currently outstanding.

Figure 1: Plan view of Cork Tree Well drill collar locations and assays returned

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Gold Mineralisation Discussion

Significant (> 1g/t Au) assays were returned in 18 of the 26 holes assayed to date. The results conform closely with Brightstar's geological model and show continuity down dip and along strike.

The drilling results from this first batch of assays are encouraging with the grade exceeding the JORC Resource grade profile in many areas of the Resource envelope.

The best hole returned was BTRRC0031 which assayed 12m @ 4.25g/t Au from 131m.

Table 1 below lists the significant gold intersections received in the recent batch of assay results.

Appendix 3 lists the relevant hole details.

Hole ID	From (m)	To (m)	Width (m)	Grade (g/t)
BTRRC009	130	132	2	1.38
BTRRC013	100	105	5	2.83
BTRRC019	102	109	7	1.26
BTRRC023	160	176	16	1.22
	89	93	4	1.22
BTRRC024	96	98	2	3.3
	102	113	11	3.12
BTRRC027	126	132	6	1.67
BTRRC031	121	127	6	1.3
131	143	12	4.25
BTRRC032	176	183	7	3.5
193	200	7	1.87
BTRRC038	81	82	1	1.21
	11	12	1	1.78
BTRRC040	31	32	1	1.88
	66	67	1	2.78
	31	33	2	1.13
BTRRC043	40	41	1	1.16
	43	45	2	1.25
BTRRC044	99	100	1	4.14
BTRRC060	107	110	3	4.38
BTRRC062	104	109	5	1.45
BTRRC066	97	100	3	1.95
BTRRC069	42	47	5	3.69
BTRRC072	23	24	1	20.32
29	35	6	5.56
BTRRC077	48	50	2	2.06
Table 1: Significant Intercepts (>1g/t Au).

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The cross section in Figure 2 below highlights the vertical continuity with BTRRC024 returning 11m @ 3.12g/t Au from 102m, and BTRRC023 returning 16m @ 1.22g/t Au from 160m which intercepted the ore body ~80m down dip.

Figure 2: Cork Tree Well Cross Section with BTRRC024 (11m @ 3.12g/t Au) and BTRRC023 (16m @ 1.22g/t Au).

Nickel Mineralisation Discussion

Brightstar has noted highly anomalous to economic intersections of nickel mineralisation within the assays returned. Currently, multi-element (ME) testing (utilised to identify mobile pathfinder elements to be used in follow up drilling for gold mineralisation) was conducted on 1 metre samples every 20 metres. The nickel assays returned are therefore limited to single metre analyses carried out for that purpose every 20 metres down hole. Brightstar are currently organising to have ME analyses on the samples between the current limited sample set, given the nickel anomalism could represent a more sizeable mineralisation.

This is significant given numerous holes returned significant nickel assays within the same hole. For example, Hole BTRRC069 (Figure 3) returned three 1m splits of 0.98% Ni to 1.66% nickel at shallow depths from the ME testing, with nothing sampled between these mineralised intercepts.

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Table 2 below lists the significant intersections received in the available assay results.

On the back of these exciting results, the Company has engaged independent industry experts to carry out a review for the nickel potential, with the findings expected for release once all of the drilling data has been compiled and all assay results have been received and reviewed.

Hole ID	From (m)	To (m)	Width (m)	Ni (%)
BTRRC008	138	139	1	1.49
BTRRC058	20	21	1	1.24
39	40	1	0.96
	45	46	1	1.64
BTRRC067	64	65	1	1.66
	83	84	1	1.54
	20	21	1	0.98
BTRRC069	40	41	1	1.66
	59	60	1	1.06
	20	21	1	0.51
BTRRC072	38	39	1	1.7
	57	58	1	0.92
	41	42	1	1.6
BTRRC077	61	62	1	1.99
99	100	1	1.44
	118	119	1	0.93
Table 2: Significant Intercepts (>0.50% Ni).

Figure 3: RC chip piles and the three nickel samples from the multi-element analysis

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