Constellation Resources : Initial Fraser Range Diamond Drilling Completed

ASX ANNOUNCEMENT

23 November 2021

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INITIAL FRASER RANGE DIAMOND DRILLING COMPLETED

• Two diamond holes completed at Eyre South, within the greater Eyre Anomaly in the Fraser Range;
• Diamond holes have encountered trace levels of magmatic nickel and copper sulphides over several intervals, hosted in thick units of olivine bearing pyroxenites and gabbronorites;
• Core submitted for assay with results expected in the March 2022 quarter;
• Cash reserves of approximately $4.9 million, well-funded for follow-up activities at Eyre South and further priority infill air-core programs at the Greater Eyre and Wylie anomalies.

Constellation Resources Limited (the "Company" or "Constellation") is pleased to report the presence of thick fertile intrusive units from its maiden diamond drilling at the Eyre South Prospect ("Eyre South"). Eyre South is part of the greater Eyre Anomaly, a major anomalous Ni-Cu-Co-PGE regolith trend that has been defined to be 3km in strike length and sits near the contact position of the two intrusive suites.

The two diamond holes spaced 165 metres apart at Eyre South, tested beneath a thick continuous, northwest trending regolith anomaly. Encouragingly, the diamond holes have encountered trace levels of magmatic nickel and copper sulphides over several intervals and are hosted in thick units of olivine bearing pyroxenites and gabbronorites. The presence of polyphase iron, copper and nickel sulphide zones up to 150 metres below previous occurrences identified in air-core drilling ("AC") in thick high magnesium intrusive units, supports greater nickel prospectivity of the Eyre Anomaly. Downhole electromagnetic ("DHEM") surveys in both holes have not detected clear or well-defined bedrock anomalies.

FUTURE WORK PROGRAMS

Core has been submitted for assay with results expected in the March 2022 quarter with selected intervals of fresh core samples to be sent for petrological inspection and litho-geochemical benchmarking. Results obtained will assist in refining future targeting to areas where potential economic accumulations of nickel sulphide may occur.

Subsequent to the analysis of results, further priority infill AC programs are planned at the Greater Eyre and Wylie anomalies to achieve drill densities down to 50 metre centres. The exploration approach has proven successful at Eyre South in identifying fertile prospective intrusions, and due to the cover sequence depth, the follow up testing with diamond drilling and DHEM surveys.

Photo: Blebby disseminated polyphase magmatic sulphides comprising of pyrrhotite (iron sulphides), chalcopyrite (copper sulphides and pentlandite (nickel sulphides) in KD001 at 278.4m.

For further information, please contact:
Peter Woodman	Peter Muccilli
Managing Director	Technical Director
Tel: [phone]	Tel: [phone]

Level 9, 28 The Esplanade PERTH WA 6000

tel [phone] fax [phone] email [e-mail] ABN 57 153 144 211 constellationresources.com.au

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23 November 2021

Figure 1: Eyre South Prospect drill hole long section.

23 November 2021

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Figure 2: Enlargement of the Eyre South Prospect displaying zoning of magnesium rich rocks beneath the regolith anomaly near the

interpreted contact of an intrusive suite. Location of long section cross section shown as A-B.

23 November 2021

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Figure 3: Regional scale nickel sulphide opportunities within the Eyre and Wylie Anomalies over an aeromagnetic image, with selected AC drill and optical petrology results.

23 November 2021

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ABOUT THE FRASER RANGE TENEMENTS

The Company manages the Orpheus Project (Figure 4), comprising six tenements covering approximately 443km2 in the Fraser Range province of Western Australia. In the Fraser Range, certain Proterozoic mafic/ ultramafic intrusion suites are prospective to host nickel-copper sulphide mineralisation. The region is currently experiencing high levels of exploration activity for nickel following the Nova, Silver Knight, Mawson and Lantern discoveries.

The Orpheus Project includes a 70% interest in three mineral exploration licences (E28/2403, E63/1281 and E63/1282) and one mineral exploration licence application (ELA63/1695). The granted exploration licences form part of a joint venture between the Company (70%) and Enterprise Metals Limited ("Enterprise") (30%, ASX: ENT). Pursuant to the joint venture agreement, the Company is responsible for sole funding all joint venture activities on the tenements, which form part of the joint venture, up to completion of a bankable feasibility study.

Additionally, the Company has further 100% interests in two exploration licences (E28/2738 and E28/2957).

Figure 4: Tenement Plan - Orpheus Project.