Enegex Limited announced that rock chip sample results have been received from recently completed reconnaissance exploration on its East Kimberley Hart Project located along the eastern margin of the Kimberley Basin, Western Australia. The results confirm the potential for Ni-Cu-PGE and V-Ti mineralisation with up to 0.37% V2O5 and 2.14% Ti within a magnetic gabbro sill that is also anomalous in Ni-Cu-PGE. Enegex considers that the Hart Project area is prospective for magmatic Nickel-Copper-Platinum Group Element and Vanadium-Titanium deposits, with the area hosting a large unexplored, layered mafic intrusive complex.

Exploration Field Program: A desktop prospectivity review of the Hart project area, previously completed by Dr. Karin Orth, formed the foundation for the 2022 field reconnaissance and sampling exploration campaign. The field program incorporated a 3½ week remote field campaign completed between July and August 2022. A series of 9 systematic traverse lines up to 5km long were completed over 4 target areas across the Hart Dolerite intrusive complex.

In addition, two targets were investigated via helicopter in the northern tenement. Exploration activities completed included conceptual target ground validation, rock chip sampling, traverse mapping, magnetic susceptibility data collection and pXRF data on collected rocks across the main target areas. The traverse mapping results highlighted a strongly magnetic gabbroic sill with highly anomalous magnetic susceptibility values (up to 92 x 10-3 SI).

This magnetic gabbroic sill is considered to be the same prospective horizon that hosts the Speewah V-Ti-Fe resource. Rock Chip Assay Results: A total of 214 samples were collected from the field with a subset of 140 samples submitted for Aqua Regia multi-element analysis at Genalysis Intertek, Perth. A further subset of 54 and 36 samples were then submitted for 4-acid digestion method and fire assay analysis respectively.

All samples were analysed by pXRF in the field to screen samples for laboratory analysis and for preliminary geochemical classification. Samples from the magnetic gabbro sill horizon returned up to 0.37% V2O5 and 2.14% Ti, with anomalous results located over a strike length of 14km. This horizon is also anomalous in PGEs, Au, Co, Cu and Ni.

Further field work is needed to locate zones of enrichment. The magnetic sill horizon rarely outcrops and the base of the sill where PGE- enriched horizons could be located has not been sampled to date due to the lack of surface exposure. A sample of felsic intrusive with 380ppb Au was returned from the northern tenement at the Central target.

The sample was located between the Pentecost and King River Faults, the major regional fault structures. The majority of Cu-Au occurrences to the north in the Speewah Project are located within these major structures or within associated subsidiary structures. Next Steps: The 2022 reconnaissance sampling program successfully highlighted the prospectivity for a variety of mineralisation styles across the Hart project area.

Future work at the Hart project will include: Petrographic analysis and update of Enegex's exploration model. Additional sampling of the prospective magnetite gabbro horizon to test for a V-Ti or PGE+- Au reef style resource. Complete a high level geophysical litho-structural interpretation to generate new Cu-Au style targets located at prospective fault and favorable lithology intersections.

Re-examine veins and felsic intrusions with anomalous Cu-Au values. New exploration programs to test the potential of Cu-Au style mineralisation. Map the felsic intrusions in more detail for potential sulfide-poor PGE mineralisation.

Prioritise target areas and work programs for follow up in the 2023 field season.