Revolver Resources : Major IOCG potential evident at Project Osprey

only31 May 2022

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Revolver Resources Holdings Ltd	Phone [phone]
L23, 240 Queen Street	[e-mail]
Brisbane Queensland 4000	revolverresources.com.au
ASX:RRR

ASX RELEASE

Major IOCG potential evident at Project Osprey.

Diamond drill core shows clear IOCG signature in flagship Mt Isa region.

Highlights

• Sections of Revolver's previously drilled 4,389m1 of diamond drill core from Project Osprey, 200km north of Mount Isa, show a clear iron oxide copper gold (IOCG) ore deposit signature.
• Over 500 drill core samples with strongest mineralisation characteristics now submitted for comprehensive laboratory assays.
• Over 750 alteration mineral spectral measurements and more than 1,500 pXRF readings conducted.
• Substantial exploration work completed by Revolver since 2016 fast-tracks potential major IOCG discovery at Osprey.
• Large, target rich project located in premium Mt Isa mineral province, proximate to known world scale deposits.

Revolver Resources Holdings Limited (ASX:RRR) advises that sections of the 4,389m2of diamond drill core previously obtained from its Project Osprey, 200km north of Mount Isa, shows a clear iron oxide copper gold (IOCG) ore deposit signature.

Following a detailed metre-by-metrere-log and analysis by leading geological consultants Global Ore Discovery over the past two months, over 500 drill core samples, which showed the strongest mineralisation characteristics, have now been submitted for comprehensive laboratory assaying.

Over 750 alteration mineral spectral measurements were conducted as well as more than 1,500 pXRF readings to identify the elemental composition of the drill core obtained over three

1,2 RRR IPO Prospectus 2nd August 2021 & CSR Global Independent Geologist's Report on the Mineral Assets of Revolver Resources Holdings Ltd 27th July 2021

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separate campaigns in 2017, 2019 and 2021 prior to Revolver's listing.

Revolver Resources Managing Director, Mr Pat Williams, said the true potential of the project was only just being fully recognised.

"We are very encouraged by the potential for a large-scale copper discovery at Project Osprey which may also offer gold and rare earths credits according to initial review," Mr Williams said.

"With clear and visible evidence of IOCG alteration and mineralisation signatures, we are quickly reassessing the large quantity of high-quality exploration data we have accumulated over several exploration campaigns since 2016 2.

"In addition to diamond drilling, this includes gravity station measurements, induced polarisation surveys, and electro-magnetic geophysics surveys."

Mr Williams said the laboratory results were expected by the end of July while an airborne geophysics program was planned for by September ahead of identifying drill targets for late 2022.

Covering 765km2 over six adjoining EPMs, Project Osprey lies within the Carpentaria Minerals Province, one of the world's richest mineral producing regions, in close proximity to important and world-class mines including Mt Isa Copper Mine, George Fisher/Hilton Copper Mine, Century Zinc Mine as well as the Mount Gordon deposits - Mammoth, Esperanza and Esperanza South, and Ernest Henry, a well-known IOCG example (2.5Mt contained copper and 4.0M Oz contained gold).

IOCG is a broad categorisation of deposit style where mineral rich fluids are mobilised along fault structures and settle, often at depth, in mineral concentrations which can justify economic recovery and processing.

"The exciting scale potential at Osprey combined with the proven exceptional grade potential at our Dianne Project support the company's vision to become a near term mid-scale copper producer," Mr Williams said.

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Figure 1: Osprey IOCG copper mineralisation (chalcopyrite) in drill core.3

Figure 2: Alteration and veining in Osprey drill core indicative of IOCG signatures3.

3RRR IPO Prospectus 2nd August 2021 & CSR Global Independent Geologist's Report on the Mineral Assets of Revolver Resources Holdings Ltd 27th July 2021

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Project Osprey Overview

A world class locality

Project Osprey consists of six highly prospective Exploration Permit Minerals (EPM's) covering an area of 765km2, situated approximately 220km north of Mount Isa. The principal targets are, IOCG, Mount Isa style copper deposits.

Silver/lead/zinc

Copper

Copper-gold

Gold

Figure 3: Project Osprey location within flagship Mt Isa mineral province.

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The project lies within the Carpentaria Minerals Province, one of the world's richest mineral producing regions, in close proximity to known deposits including the Mount Isa Pb-Zn group (Mt Isa, Hilton, George Fisher), Century, Ernest Henry, Swan and Capricorn Copper deposits.

Prospective mineralisation targets are buried beneath a shallow cover of sediments of the Carpentaria Basin. The project area is a flat plain of lightly timbered savannah grassland. And may be accessed by sealed bitumen roads from the nearby Cloncurry.

Previous exploration (prior to Revolver)

High quality exploration work for its era was completed over Project Osprey's tenure between 1970 and 2004 by a number of mining companies, including resource majors Newmont, Rio Tinto, Shell, Anglo American and BHP. Activities were concentrated primarily in the west nearer the outcropping part of the Mount Isa Inlier and in the vicinity of a number of base metal occurrences that lie approximately 20km to the west of the project area.

The very limited amount of historical drilling means that Osprey was essentially untested for copper and other mineralisation up until the time Revolver commenced exploration.

Figure 4: Previous owners of Project Osprey tenure.3

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3 Refer RRR ASX Release 28 September 2021 - RRR - Post IPO Investor Presentation

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