Resource Base : Prospectivity of Nebula Prospect Confirmed

onlyLevel 4, 105 St Georges Terrace Perth WA 6000

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useEx cutive Chairman & CEO Shannon Green

Non-Executive Director

Jamie Myers

Non-Executive Director

Paul Hissey

personalCFO & Company Secretary Ailsa Osborne

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Company Secretary

Ailsa Osborne

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For

18 March 2022

Prospectivity of Nebula Prospect Confirmed

Highlights

• Laboratory results of samples from initial 1800m air-core drilling program have been received
• Trace level multi-element geochemical data confirms VMS potential of recently discovered Nebula prospect
• Results confirm the effectiveness of IP/Resistivity geophysics to target drilling to reduce costs and exploration timelines

Resource Base Limited (ASX:RBX) (Resource Base or the Company) is pleased to advise that results have been received for the initial 1,800m of shallow air-core drilling at its Black Range project situated within the well-known and highly prospective Stavely Volcanics corridor 50km south of Horsham in western Victoria.

Results represent the first phase of systematic shallow drill testing of geophysical targets generated from its IP/Resistivity survey undertaken late last year.

Commenting Resource Base Executive Chairman & CEO, Mr. Shannon Green, said:

"We are very encouraged with these initial early-stage results, the identification of commonly associated VHMS indicator elements at such shallow depths provides us further confidence that there is the high potential for discovering a major VHMS system at depth"

Air-Core drilling is a relatively low-cost method to test targets, defined by geophysics or other exploration methods, to determine if the bedrock contains anomalous concentrations of indicator elements or has been affected by hydrothermal alteration, both of which are important to the development of gold and base metal deposits.

Geochemical anomalism of mineralized structures can be extremely subtle so trace to ultra-trace level analysis of relevant elements is conducted at the assay laboratory to give reliable results to very low concentrations.

Once identified, anomalous structures and stratigraphic horizons are systematically explored at depth by RC and diamond core drilling.

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The Nebula prospect has returned anomalously high trace levels of a suite of indicator elements including the following:

• Silver (Ag)
• Arsenic (As)
• Barium (Ba)
• Thallium (Tl)
• Tellurium (Te)
• Copper (Cu)

These indicator elements are commonly associated with VHMS or epithermal style mineralisation which are similar to the association present in the Eclipse VHMS mineralization, some 700m to its West.

Figure 1: Location of drilling and trace level geochemical anomalies shown over 5.5mV/V IP Anomaly

RESOURCE BASE LIMITED ACN 113 385 425

Suite 4.01, Level 4, 105 St Georges Terrace, Perth WA 6000

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A list of anomalous copper (Cu) and gold (Au) intercepts from the 1800m drilling program is presented in Tables 1 & 2 below. These trace-level values are significantly anomalous with respect to background values determined by statistical analysis of the entire dataset and indicate connection to a metal bearing hydrothermal system. These results strengthen the interpretation of the Nebula Prospect as a potential VMS horizon which was inferred during drilling from geological information indicating a gradual change in volcanic rock composition adjacent to an abrupt change to a black shale horizon, an ideal position for development of VMS style mineralisation.

Hole ID	Depth From	Depth To	Thickness	Cu_ppm
BRAC21001	4	8	4	177
BRAC21001	16	20	4	176
BRAC21002	20	32	12	192
BRAC21010	12	16	4	191
BRAC21013	20	24	4	185
BRAC21013	48	52	4	184
BRAC21013	64	68	4	258
BRAC21014	16	24	8	235
BRAC21017	12	32	20	185
BRAC21018	44	45	1	471
BRAC21019	4	32	28	215
BRAC21020	4	8	4	182
BRAC21021	48	52	4	199
BRAC21022	8	12	4	220
BRAC21029	12	16	4	222
BRAC21040	4	12	8	263
BRAC21047	12	16	4	181
Table 1: Trace Level	Copper (Cu) Anomalous Drill Intercepts

Hole ID	Depth From	Depth To	Thickness	Au_ppb
BRAC21002	36	40	4	157
BRAC21013	64	68	4	131
BRAC21013	78	79	1	54
BRAC21021	12	16	4	58
BRAC21031	80	84	4	311
BRAC21038	20	24	4	59

Table 2: Trace Level Gold (Au) Anomalous Drill Intercepts

RESOURCE BASE LIMITED ACN 113 385 425

Suite 4.01, Level 4, 105 St Georges Terrace, Perth WA 6000

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A full list of the drill collar locations follows in Table 3 below.

Hole ID	Project	Drill Type	East	North	RL	Dip	Azim	Depth
BRAC21001	Black Range	AC	600337	5886883	244	-90	0	36
BRAC21002	Black Range	AC	600389	5886881	242	-90	0	51
BRAC21003	Black Range	AC	600911	5886993	220	-90	0	24
BRAC21004	Black Range	AC	600859	5886991	225	-90	0	21
BRAC21005	Black Range	AC	600810	5886990	226	-90	0	28
BRAC21006	Black Range	AC	600740	5885795	223	-90	0	18
BRAC21007	Black Range	AC	600795	5885779	221	-90	0	15
BRAC21008	Black Range	AC	600846	5885778	221	-90	0	17
BRAC21009	Black Range	AC	600942	5885761	216	-90	0	18
BRAC21010	Black Range	AC	600994	5885761	215	-90	0	23
BRAC21011	Black Range	AC	600887	5885768	216	-90	0	12
BRAC21012	Black Range	AC	600708	5884001	216	-90	0	48
BRAC21013	Black Range	AC	600748	5884017	217	-90	0	81
BRAC21014	Black Range	AC	600795	5884039	219	-90	0	51
BRAC21015	Black Range	AC	600833	5884064	216	-90	0	51
BRAC21016	Black Range	AC	600875	5884106	209	-90	0	63
BRAC21017	Black Range	AC	600884	5884151	214	-90	0	48
BRAC21018	Black Range	AC	600880	5884219	211	-90	0	45
BRAC21019	Black Range	AC	600820	5884253	207	-90	0	36
BRAC21020	Black Range	AC	600771	5884232	211	-90	0	57
BRAC21021	Black Range	AC	600727	5884213	212	-90	0	60
BRAC21022	Black Range	AC	600681	5884187	215	-90	0	41
BRAC21023	Black Range	AC	600647	5884164	212	-90	0	51
BRAC21024	Black Range	AC	600587	5884588	199	-90	0	51
BRAC21025	Black Range	AC	600640	5884586	199	-90	0	36
BRAC21026	Black Range	AC	600690	5884587	198	-90	0	33
BRAC21027	Black Range	AC	600737	5884586	197	-90	0	24
BRAC21028	Black Range	AC	600787	5884582	203	-90	0	21
BRAC21029	Black Range	AC	599498	5887071	243	-90	0	27
BRAC21030	Black Range	AC	599436	5887080	239	-90	0	80
BRAC21031	Black Range	AC	599300	5887116	229	-90	0	99
BRAC21032	Black Range	AC	598601	5887214	213	-90	0	36
BRAC21033	Black Range	AC	598775	5887191	218	-90	0	48
BRAC21034	Black Range	AC	598974	5887165	226	-90	0	54
BRAC21035	Black Range	AC	598901	5885997	220	-90	0	12
BRAC21036	Black Range	AC	599011	5885978	231	-90	0	69
BRAC21037	Black Range	AC	600493	5884401	212	-90	0	30
BRAC21038	Black Range	AC	600532	5884397	212	-90	0	34
BRAC21039	Black Range	AC	600582	5884392	209	-90	0	33
BRAC21040	Black Range	AC	600455	5884407	213	-90	0	33
BRAC21041	Black Range	AC	599897	5885510	223	-90	0	25
BRAC21042	Black Range	AC	599841	5885509	227	-90	0	30
BRAC21043	Black Range	AC	600497	5885349	214	-90	0	26
BRAC21044	Black Range	AC	600465	5885312	205	-90	0	27
BRAC21045	Black Range	AC	600531	5885380	213	-90	0	26
BRAC21046	Black Range	AC	600562	5885426	219	-90	0	30
BRAC21047	Black Range	AC	600599	5885465	224	-90	0	23.3

Table 3: Black Range Project Drill Collars - GDA94 MGA54

RESOURCE BASE LIMITED ACN 113 385 425

Suite 4.01, Level 4, 105 St Georges Terrace, Perth WA 6000

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Next Steps

• Ongoing air-core drilling work at Nebula will track this horizon along strike and at depth in an attempt to vector toward Cu and Au deposition sites adjacent to the black shale horizon and within the volcanic footwall zone beneath it.
• Elsewhere across the tenement air-core drilling will continue to test geophysical targets and more regionally a combination of IP/Resistivity and air-core drilling will continue the search for additional targets along trend from Nebula and Eclipse and across the broader EL4590 tenement.
• • ENDS -

This announcement has been authorised by the Board of Resource Base Limited. For further information please visit our website - www.resourcesbase.com.au

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RESOURCE BASE LIMITED ACN 113 385 425

Suite 4.01, Level 4, 105 St Georges Terrace, Perth WA 6000

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