Frontier Resources : Multiple Priority 1 Targets at Gascoyne Rare Earths Project

ADDRESS	ABN
Level 8, 99 St Georges Terrace	96 095 684 389
Perth WA 6000
PHONE	WEBSITE
[phone]	www.frontierresources.net.au

11 February 2022
only		Multiple Priority 1 Targets Identified
		at Gascoyne Rare Earths Project
Highlights:
use	•	Southern Geoscience Consultants (SGC) report highlights 12 priority 1 targets for
	immediate follow up
personal	• Field crew on site this week conducting extensive ground truthing and sampling, and
	will investigate prospective ironstones outcropping or under shallow cover and high
	maiden drill program Q2, 2022
		priority targets now identified by SGC
	• The Gascoyne region is proving to be the next major rare earth mineral district in
		Australia, with multiple new discoveries being made by Dreadnought Resources¹ and
		the progress of Hastings world class Yangibana mine towards construction and
		development
	• Federal Government's first project financing package for the construction of a rare
		earth mine and production plant in Australia awarded to Hastings, supports the rapid
		development worldwide of decarbonisation technologies in e-mobility and energy
		and the importance of rare earths to the Australian economy²
	•	Heritage surveys in planning and a Program of Works (PoW) to be submitted for

ForMr David Frances, Non-Executive Chairman commented "The targets generated from the highly detailed review by Southern Geoscience are a great start for the Company's Gascoyne REE project. Having multiple high-priority anomalies to follow up is an exciting prospect given the underexplored nature of the region. This is highlighted by recent successes of our neighbouring tenement holder Dreadnought Resources (ASX:DRE) in discovering high grade ironstones and REE bearing carbonatites. The Gascoyne region has immense potential for further REE discoveries and I'm hopeful with our prospective tenure we will also have success."

"With our exploration programs now in full swing at the Gascoyne rare earths projects it's going to be a busy time leading up to drilling in Q2 this year. I look forward to progressing the Company's exciting rare earth projects in the Gascoyne and South Australia, exploring for critical metals integral to the green revolution that can help the world reach targets of being net zero carbon by 2050."

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Frontier Resources Ltd (ASX: FNT) (Frontier or the Company) is pleased to announce that multiple high priority targets prospective for rare earths have been identified by Southern Geoscience Consultants (SGC) from the significant airborne magnetic-radiometric survey recently flown at the Gascoyne Rare Earths Project in Western Australia (Gascoyne Project). The review identified multiple high priority targets within the Durlacher Supersuite lithology which hosts Hastings Technology Metals'(ASX:HAS) world-class Mineral Resource³ of 27.42Mt @ 0.97% TREO with 0.33%

Nd O +Pr O HAS Resource estimate comprises 4.9Mt @1.01% TREO in the Measured category,

only2 3 6 11.

16.24Mt @0.95% TREO Indicated and 6.27Mt @0.99% TREO Inferred.

The detailed survey was flown with 50m line spacing at a low altitude with sensor height of 30m, a significant improvement on the existing public data flown at 500m line spacing in the 1990's. The survey data highlighted 30 prospective REE anomalies across the 230km² project area, Figures 1 & 2.

The targets were identified by SGC using a multi-faceted approach utilising radiometrics, magnetics, structural and lithological data and satellite imagery, to infer their prospectivity and usepotential association with REE ironstones or carbonatites. The targets generated from the SGC report will now be the focus for immediate sampling programs and will assist in designing drill

programs to commence in Q2 2022. personalFor

Figure 1. Frontier Resources Gascoyne REE Lyons Project Interpretation over Radiometric Ternary image.

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use only
personal	Figure 2. Frontier Resources Gascoyne REE Lyons Project Interpretation over Magnetics RTP on 1VD shade image.

Technical Discussion - Southern Geoscience Target Generation Report

A total of 30 targets, 26 from Lyons and 4 from Edmunds, have been identified and ranked according to the following selection criteria;

• Thorium radiometric anomalism
• Association with a lineament/fault
• Magnetic anomalism
• Potential ironstone outcrop

Due to the high level of outcrop and subcrop (particularly at Lyon), analysis of radiometric data, Forfocusing primarily on Thorium anomalism, was used as a major selection criterion for targeting REE.

C mpetitor success was initially based on analysis of these data and thus trends extending onto FNT tenements were closely examined.

The magnetic data were used as a direct anomaly detector, to project features identified from radiometric data below cover and for assessing magnetic signatures for areas completely covered by surficial sediments, particularly at Edmunds.

At Lyons, targets classified as priority 1 and located in the interpreted prospective NW section of the tenement include Lyon_1, Lyon_3, Lyon_4, Lyon_5, Lyon_14, Lyon_16 and Lyon_17. All these targets are recommended for follow up with field checking and assessment with a handheld scintillometer. The location of these anomalies to the SE of known REE prospects represents the highest priority to be checked in-field for similar characteristics.

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Other targets within Lyons include Lyon_09 and Lyon_11, identified as minor radiometric anomalies around the edge of an area of low magnetism and near an interpreted inflection in the Bald Hill Lineament. Lyon_22 is an odd isolated discrete Thorium and magnetic anomaly to the NE of the tenement area and worthy of additional interest in the area.

Targets classified as priority 2 within Lyons tenement should be followed up initially with field onlychecking (where outcropping) and with further exploration recommended based on any re-

ranking after field checks.

Due to the extensive cover over the Edmund project, only two priority 1 (Edmund_1 and Edmund_2) targets were identified that satisfied the exploration criteria for potential REE ironstones. The area may be suited to other mineral occurrences with magnetic anomalism and structural complexity recommended to drive any further exploration in this respect.

For usepersonal

Figure 3. Location of Lyon and Edmund project area showing RTP 1VD magnetic data

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Gascoyne Rare Earth Element Project - Background

The Gascoyne REE Project adjoins Hastings' world-class Yangibana Deposit in the Gascoyne Region of Western Australia, set to be the next REE producer outside of China by 2023, Figures 5, 6 & 7. The project area is also proximal to recent discoveries made by Dreadnought Resources at their Mangaroon Project located ~15kms southwest of the Yangibana REE Resource¹).

onlyThe REE-bearing Yangibana ironstones within the Durlacher Supersuite lithology were first targeted by prospectors in 1972 as base metal bearing gossans, however, the REE potential of the ironstones wasn't assessed until 1985 and remained underexplored until Hastings acquired the project in 2011. Hastings has since delineated a world-class JORC 2012 Mineral Resource³ of 27.42Mt @ 0.97% TREO with 0.33% Nd2O3+Pr6O11 and a ratio of 52% Nd Pr:TREO making it one of the highest value REE projects for ore value per kg.

Despite the region's prospectivity for REE's, very limited exploration has been undertaken at the useGascoyne Project, in part due to shallow alluvial cover which has led to the area being overlooked.

The south-eastern Lyons tenement E09/2515 does have some areas of outcrop at the historic Tabletop Well⁶ copper prospect and where the recent ironstone outcrop was discovered.

With the use of modern exploration techniques and a renewed focus on REE's there is an exciting opportunity for the discovery of economic REE mineralisation.

Access into the project area is good with a combination of well-maintained gazetted and station personalroads located on Edmund, Gifford Creek and Wanna Pastoral Leases which will greatly assist

exploration work programs. For

Figure 4. Geology and Tenement Map of the Gascoyne and Koolya Projects in Western Australia.

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