Carawine Resources Limited announced the identification of three new bedrock conductors from recently completed MLEM surveys at the Company's 100%-owned Big Bang tenement, located in the Central Fraser Range region of Western Australia. The Big Bang tenement is located within the Fraser Range Metamorphics magnetic-gravity complex, host to IGO Ltd.'s Nova-Bollinger Ni-Cu-Co deposit and several other Ni-Cu prospects including Legend Mining's Mawson discovery 50km to the north, and Galileo Mining's adjacent Lantern project. The three conductors were identified from a high-temperature SQUID ("HTS") moving loop electromagnetic ("MLEM") survey grid comprising 764 stations (37 lines) covering approximately 56 sq.km.

The survey was designed to cover three priority target areas named BB1, BB2 and BB4, identified from aeromagnetic and geochemical anomalies with each interpreted to represent potential mafic-ultramafic intrusive complexes prospective for the formation of magmatic Ni- Cu sulphides Conductor BB1 A is a strong and discrete late-time double peak bedrock anomaly in the northwest of the BB1 survey grid, identified across two main survey lines. Modelling of the conductive source of the anomaly results in a moderately to highly conductive plate at ~1,000-3,000S, approximately 500m x 750m in size, with a sub-vertical dip and a depth of approximately 50-100m to its top. The conductor exhibits an exponential late time decay curve with a long time constant of ~90msec+, characteristics which have the potential to indicate a sulphidic source to the anomaly.

Based on these factors, and its location on the edge of a magnetic high, BB1 A is considered a high priority target for follow up drill testing. Conductor BB1 B is a discrete anomaly identified across two main survey lines about 2km to the south of BB1 A. Modelling of this anomaly results in a low conductance plate at ~150-250S, approximately 400m x 800m in size, steeply dipping to the ENE and a depth of approximately 70-90m to its top. Despite its low conductance levels, the spatial association of BB1 B with a subtle linear magnetic high and a >30ppm Ni soil anomaly makes it a significant target that also warrants drill testing.

Conductor BB2 A is a broad, moderate strength anomaly in the southwest of the BB2 survey grid identified across 6 main survey lines. Modelling of the conductive source of the anomaly results in a low to moderate strength conductive plate at ~400-600S, approximately 1,000m x 750m in size, dipping at a moderate angle to the ESE with a depth of approximately 125-150m to its top. The conductor exhibits an exponential late time decay curve with a time constant of ~30msec, potentially indicating a sulphidic or stratigraphic source to the anomaly.

BB2 A is considered a moderate priority target for follow up drill testing. Three drill holes have been planned as an initial test of each of the BB1 A, BB1 B and BB2 A conductors, with drilling scheduled for the first half of 2023. Additional MLEM surveying will also be planned across one or more of the other Big Bang magmatic Ni-Cu targets BB3 and BB5 to 7.