Firetail Resources Limited to provide an update on drilling activities at its Yalgoo Lithium Project, in Western Australia. Key Highlights: Five Lithium-Caesium-Tantalum (LCT) pegmatite priority targets tested in maiden drilling campaign within the large-scale +25km "Goldilocks zone" at Yalgoo Lithium Project, Wide intervals of pegmatite intersected from surface exhibiting mineral compositions typical of LCT pegmatites, including potassium feldspar, albite, muscovite, biotite, tourmaline, apatite, ± pollucite ± lepidolite ± cassiterite ± beryl ± garnet, Pegmatite composition and texture highly variable and fractionated, varying from feldspar rich to mica rich; coarse to very coarse grained. Firetail's maiden drilling campaign at the Yalgoo Lithium Project has been successful in defining several wide zones of Lithium-Caesium-Tantalum (LCT) type pegmatite.

The technical team is highly encouraged by observations from RC drill chips, which indicate the presence of LCT bearing minerals in pegmatites. A total of 49 Reverse Circulation (RC) holes were completed for 1,932 metres in the Phase 1 drilling campaign. Drilling was focussed on five target areas identified as being prospective for LCT pegmatites by Firetail's surface mapping and geochemical sampling.

Pegmatites identified in surface mapping have now been verified by RC drilling, with the mapping providing a valuable tool for optimising drill targeting of pegmatites. The majority of RC drillholes were successful in intersecting pegmatites, the widest intersection being 66 metres of pegmatite, from 9 metres downhole in 22YGRC046. Pegmatites intersected by drilling had an average width of 14 metres downhole.

Mineral compositions typical of LCT pegmatites were observed in RC chips including potassium feldspar, albite, muscovite, biotite, tourmaline, apatite ± pollucite ± lepidolite ± zinnwaldite ± cassiterite ± beryl ± garnet. The pegmatite mineralogy was observed to be highly variable, varying from mica rich to feldspar rich at. Several micaceous minerals of varying colours were observed, grading from pale white to greys, pinks, purples, greens, and browns in varying levels of abundance, potentially reflecting a mineral-chemical zonation.

Pegmatite textures and grain sizes were also observed to be highly variable, with textures including equigranular, megacrystic, bladed and graphic. Grain size was also highly variable at the local scale, ranging from coarse to very coarse grained. Rock chip samples have been classified for LCT prospectivity using geochemical ratios developed by Nigel Brand, a renowned consulting geochemist with significant experience in LCT pegmatites.

Refer to ASX releases dated 8 August 2022, 30 August 2022 and 15 September 2022 for further detail on mapping, rock chip sampling and geochemical analysis completed at the Yalgoo Project. Of importance to note is that the maiden campaign of drilling was completed over an area approximately 1km by 2km where detailed mapping and geochemical sampling has been undertaken. This initial area of drill testing is considered to represent a relatively small area when compared to the +25km "Goldilocks Zone" that has been identified at the Yalgoo Project.

Multi-element geochemistry from the Phase 1 drilling will be key in understanding the mineralogical and geochemical zonation of pegmatites and will be used to refine and focus the Company's exploration strategy across the +25km scale "Goldilocks Zone". Learnings from this Phase 1 RC drilling campaign will be used to expedite and optimise exploration work programs across other target areas over the broader project area. Next steps and activities planned for the Yalgoo-Dalgaranaga Project include: Maiden RC drilling campaign complete- assays expected in 8-10 weeks, Orientation soil sampling program (200m x 50m)- assays received, interpretation of results underway, Regional soil sampling program (400m x 100m) across identified large-scale +25km "Goldilocks Zones" at Yalgoo Project, Target Generation- review geochemistry and first pass drilling to define and rank high-priority targets, and plan follow-up work programs, Dalgaranga Lithium Project First Pass Mapping Trip scheduled for late November.

The Company looks forward to providing further updates on exploration activities across its projects as information and developments are to hand.