Nimy Resources : Godley Diamond Drilling Update

only		First hole at Godley intercepts
		275m ultramafic zone with
		nickel and copper sulphides
use		Key Points
•	The first diamond drill hole at Godley, NRRD0001, has intersected a
		275m zone of komatiite ultramafic containing nickel and copper
		sulphides
personal	•	Nickel and copper mineralisation was confirmed using pXRF
•	Assays are pending on the diamond core from this hole. A second
	diamond hole at Godley has been completed with interpreted results
		pending.
	•	The diamond hole utilised a previous 115m RC hole as a pre-collar
		which intersected 100m of mineralisation at average of 0.15% nickel
		from 15m depth. This increased the total known mineralised zone to
		375m
	•	The pXRF results of the diamond drill hole highlight the significant
		prospectivity of the district and the potential for nickel sulphide
		mineralisation across the greater Mons Project
	Nimy Resources (ASX: NIM) is pleased to announce that it has made a promising start
	to the 2022 exploration campaign at its Mons Nickel Project in WA (Figure 1).
	Preliminary interpretation of the core from the first diamond drill hole (NRDD0001)
	at the Godley Prospect in Zone A (Figure 2, Figure 3) identified an additional 275m of
For	ultramafic (komatiite), containing sulphide.
This diamond hole represents the deepest drilling undertaken to date in this region,

adding considerable stratigraphic and lithological information to further characterise the prospective mineralisation profile within the fertile komatiite flow.

The diamond hole followed up a previous reverse circulation (RC) program at Godley which consisted of three holes. The central 115 m hole, NRRC002, drilled in 2021, was used as the NRDD0001 pre-collar.

In a region where komatiites have not previously been identified, the first diamond hole confirms that the Mons area hosts a greenstone belt containing komatiite hosted nickel and copper sulphides to a considerable depth.

Drilling and pXRF testing of the second diamond drill hole, NRDD0002, has also been completed and interpretation of the results is pending.

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RELEASE DATE

17th March 2022

COMPANY DETAILS

ASX:NIM

Registered Office

254 Adelaide Tce,

Perth, WA, 6000

Website

www.nimy.com.au

Contact

[e-mail]

BOARD AND MANAGEMENT

Simon Lill

Non-Executive Chairman

Luke Hampson

Executive Director

Christian Price

Managing Director

Henko Vos

Secretary/CFO

Ian Glacken

Geological Technical Advisor

CAPITAL STRUCTURE

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Nimy's Geological Technical Advisor, Ian Glacken, stated:

'Inspection of the core and the pXRF results confirm significant thicknesses of fresh komatiite flows, with sulphur in the system, which are prospective for nickel and copper mineralisation. The magnesium oxide (MgO) results are sufficiently high to confirm the assumptions in Nimy's Independent Technical Assessment Report (ITAR) and provide a proof of concept for a disseminated nickel-copper sulphide mineralisation model.'

Figure 1 - Mons Nickel Project - Exploration Zones including the Godley Target

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Figure 2 - Mons Nickel Project Zone A, showing location of Godley Target

Figure 3 - Diamond Drill Rig at the Godley Target - NRDD0001

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Preliminary pXRF readings and inspection of the drill core for hole NRDD0001 indicate that the hole is predominantly komatiite, interspersed with thin mafic intrusions (typically 1-3 m). This has been confirmed by the MgO (magnesium oxide) readings taken with the pXRF instrument which shows 279m at an average grade of 26% MgO within the komatiite units. The komatiite interpretation was further confirmed through the observation of mineralogy and flow textures.

An Olympus Vanta Series pXRF has been employed to assist with the interpretation of the core and to provide preliminary identification of nickel and copper sulphides.

Important Note: Assay results are required to determine the exact widths and grades of any sulphide mineralisation. When these results are available the Company will provide an update.

Further analysis and interpretation of the pXRF information is underway, with the aim of defining broad zones of nickel and copper mineralisation.

The core is presently being photographed, then prepared to be sent offsite for detailed core logging, core cutting and nickel, copper, cobalt, iron and sulphur assays. Updates will be provided as the detailed assay information has been completed and the results are interpreted.

Godley target technical details

Diamond drillhole NRDD0001 commenced at 115 metres following Reverse Circulation pre collar, RC hole NRRC002, and intersected a high-MgO ultramafic rock from 15m to the end of the hole at 115m. Details of the collars are shown in Table 1 and Figure 4.

Table 1 - Godley drillhole information

MGA collar coordinates*

EOH depth

Hole Orientation

Hole Identifier

Easting

Northing

Elevation

(m.)

Dip

Bearing

NRDD0001

659,915

6,674,207

425

412.7

-90°

000°

NRDD0002

659,915

6,674,207

425

516.8

-70°

330°

NRRC002

659,915

6,674,207

425

115

-90°

000°

• approximate collar coordinates from hand-held GPS, collars will be surveyed at the end of the drilling programme.

Figure 4 - Godley Target - Including previous RC holes and Diamond drill collar locations

The interval in hole NRRC002 assayed 100 metres at 0.15% Nickel and 21% MgO, with a maximum nickel value of 2,000ppm (0.2%) and a peak MgO value of 34%. The interval was interpreted (through observation and geochemical characterisation, including assaying) as a komatiite. Details of the NRRC002 intersections, not

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previously reported, are in Table 2 below. Full details of the sampling, sample preparation and assaying of the RC hole NRRC002 are provided in the appendix.

Diamond drill hole NRDD0001 was commissioned to test the depth, orientation and mineralisation of the komatiite flow identified in the original RC holes. The komatiite continued to 390m depth and the hole moved into a felsic underlying unit (with visual interpretation as a granite or pegmatite) which was then drilled for a further 22.7 m.

A second hole, NRDD0002, has been collared from the same drill location, oriented at 330 degrees azimuth, 70 dip, in the direction of the previous identified fixed loop conductive trend (Figure 5) This hole has been completed; the preliminary (pXRF) results of this hole will be reported to the market once the information becomes available. Details of the fixed loop EM survey have been provided in Nimy's ITAR, which accompanied the Company's prospectus.

Figure 5 - Fixed Loop EM Conductive Trends located over the Godley and Dease Targets in Zone A

Coupled with the information from NRDD0001, the second drill hole was designed to intercept the komatiite basal contact and to determine the local and regional orientation of any mineralised zones within the komatiite sequence.

Forward Work Plan

The Company's immediate work plan includes the following:

• The Godley drillholes are to be logged, interpreted, and assayed using industry-standard techniques.
• Additional geochemical and petrography testwork to be completed on selected sections of the core to determine the mineralogy and mineralisation types in each discrete anomalous zone with higher nickel and copper grades.
• Both holes are to be reviewed to determine the stratigraphic orientation of the ultramafic komatiite flow, lithological connections of the mineralised zones and the structural orientation of the basal contact.
• Moving Loop EM (MLEM) and Downhole EM (DEM) will be completed over the Godley target area.

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