Fin Resources : Semi-Massive Sulphides Intersected at McKenzie Springs

Semi-Massive Sulphides intersected at

McKenzie Springs Nickel Project

• The Maiden Diamond drilling program at the McKenzie Springs nickel project (ASX:FIN earning 70%1, ASX:CAZ 30%) has intersected semi-massive and disseminated sulphides containing visible chalcopyrite (copper sulphide) mineralisation;
• 3.05m of semi-massive and foliation disseminated sulphides (from 277.25m in FNDD002) is comprised of predominantly pyrrhotite, importantly with visible chalcopyrite. Pyrrhotite is the common iron sulphide that makes up the bulk of sulphides intersected but contains small percentages of nickel sulphide (pentlandite) which is typical for a magmatic nickel-copper sulphide deposit;
• Intersection of sulphides confirms the host rocks at McKenzie Springs, which are similar to those found along strike to the north at the Savannah Nickel Mine (ASX:PAN), are fertile and that copper bearing sulphides can clearly be identified (see Figure 1 below);
• Downhole electromagnetic (DHEM) survey commencing next week, looking to identify larger concentrations of sulphides nearby with further diamond drilling to be planned to follow-up as soon as possible;
• The maiden drill program consisted of only 3 holes (~950m in total) along a prospective strike length of 1.2km within Fin's tenements;
• Assay results will be announced as they become available.

Fin Resources' Director, Mr Jason Bontempo said, "This is an exciting result from our maiden drilling program at McKenzie Springs Project, intercepting Ni/Cu sulphide mineralisation within highly sheared and brecciated rocks. We eagerly await the DHEM and assay results and look forward to subsequent exploration campaigns. "

Figure 1 | Diamond drill core from McKenzie Springs A) FNDD002 semi-massive to foliation disseminated sulphides from 276m B) FNDD002 semi-massive sulphides C) FNDD002 breccia textured sulphide (pyrrhotite-pyrite-chalcopyrite) at 278m

1 FIN currently holds 51% of the McKenzie Springs Project and will move to 70% by November 2020 with $500k expenditure requirement now met from this drill campaign. Cazaly Resources Limited (ASX: CAZ) will hold a 30% interest when FIN have earned the 70% interest

ASX Release

26 October 2020

Corporate Directory

Non-Executive Director

Jason Bontempo

Non-Executive Director

Simon Mottram

Non-Executive Director

Andrew Radonjic

Company Secretary

Aaron Bertolatti

Registered Office

35 Richardson Street West Perth WA 6005

[e-mail]

www.finresources.com.au

Fin Resources Limited (ASX: FIN) (Fin or the Company) is pleased to provide an exploration update and drilling details from the Company's maiden diamond drilling program at the McKenzie Springs Project within the Halls Creek Orogen, Western Australia. The update covers preliminary results from three diamond drillholes, namely FNDD001- 003, completed for a total of 947.9m (see Table 1).

Figure 2 | Location Map

The drillholes were designed to test modelled strong high priority conductors defined from a Fixed Loop Electromagnetic (FLEM) geophysical survey. Encouraging results were received, with FNDD002 intersecting semi- massive to foliation disseminated sulphide mineralisation (pyrrhotite-chalcopyrite-pentlandite sulphides), brecciated quartz veining within sheared anorthosite and amphibolite from 277.25m. This intersection in FNDD002 corresponds to the electromagnetic (EM) conductor identified at this location.

2 | P a g e

www.finresources.com.au

Source of conductive anomaly targeted by FNDD001 yet to be identified. A two-metre interval (from 75.9m) in FNDD003 which intercepted a foliated sedimentary granulite with 25% visual disseminated sulphides is considered to be the source of the conductive anomaly which was targeted by this drill hole.

DHEM contractors are due to arrive on site next week with surveys planned for all drillholes. Results from the DHEM survey will assist in optimising further drill hole locations. The diamond core is currently enroute to Perth. Sampling of the drill core for assay has not been undertaken at this stage and will be completed following further geological, structural and petrological logging.

Table 1: McKenzie Springs Project Drillhole Details

Hole ID	East (m)	North (m)	R(m)L	Depth (m)	Azimuth (°)	Dip (°)
FNDD001	383490	8066500	333	493.1	340	-60
FNDD002	383145	8066288	338	324.8	327.5	-54
FNDD003	384310	8066805	322	130.0	300	-60

FNDD001

FNDD001 was designed to target and intercept a modelled conductive plate at 390m in depth. The drill hole progressed through a sequence of variably sheared and brecciated lithologies composed of mostly sedimentary granulites showing variable propylitic alteration, and lesser mafic units including amphibolites, gabbros, leucogabbros and anorthosites. The brecciation and shearing appears to be associated with a hydrothermal event with breccias often silica cemented with variable lithologies and mineralogy appearing as xenoliths, quartz veining is concentrated in or near shears. Both structures display increased propylitic alteration both in and surrounding them.

No obviously conductive lithologies were logged above below nor at the target depth of 390m, but a six-metre- thick sheared sedimentary granulite was intercepted above this at 371m. This unit displayed minor graphite and sulphides in the foliation but at this stage is not interpreted to be sufficient to be the source of the conductive anomaly.

The hole was drilled past the planned depth of 470m to 491.3m and will facilitate the deepest testing of the target area with DHEM techniques.

FNDD002

FNDD002 was drilled to target and intercept a modelled conductive plate at 220m in depth. The drill hole progressed through a sequence of mostly undeformed sedimentary granulites and variable mafic units, then a brecciated and sheared zone of similar lithologies. This then passed into a sequence of sedimentary granulites variable brecciated and sheared. At 277.25m, a 3.05m thick highly sheared and highly propylitic altered sedimentary granulite was intercepted with sulphide accumulations in foliations, and semi-massive blebs around quartz veins visually forming up to 45% of the interval. Sulphide percentages in intervals directly above and below this shear to the bottom of the hole were also elevated from those observed above this. It is considered likely that this interval is responsible for the conductivity anomaly observed in the FLEM.

The hole was drilled past the planned depth of 270m to 342.8m as observed sulphide percentages beyond the target zone continued to be elevated and varied in occurrence and mineral species.

3 | P a g e

www.finresources.com.au

FNDD003

FNDD003 was drilled to target and intercept a modelled conductive plate at 70m in depth. The drill hole progressed through a sequence of sheared and brecciated sedimentary granulites and variable mafic units, then a brecciated and sheared sedimentary granulite with variable propylitic alteration to the end of hole. Just beyond the target zone a 2m interval from 75.9m was intercepted showing foliated sedimentary granulite sheared and foliated with up to 25% visual sulphides as disseminated, in foliations, and occasional massive bands/veins up to 1cm in width. This then passed into a sequence of sedimentary granulites variable brecciated and sheared. It is considered likely that this interval is responsible for the conductivity anomaly observed in the surface electromagnetics.

The hole was drilled past the planned depth of 100m to 130m as observed sulphide percentages beyond the target zone continued to be elevated and varied in occurrence and mineral species compared to the rest of the hole.

Figure 3 | Fin Diamond Drillhole Locations over Airborne Electromagnetics with modelled conductor plates

4 | P a g e

www.finresources.com.au