EV Resources: Further Encouraging Li Results Received for Shaw River Project

Highlights:

- EV Resources’ recent fieldwork completed for detailed assessment of previously sampled areas of pegmatite outcrop.

- Potential for Li mineralisation confirmed with results of 1615ppm and 839ppm Li. Pathfinder element results indicate pegmatite host at correct fractionisation level for lithium mineralisation.

- A number of further pegmatite outcrops were observed in areas of the tenement not previously accessed.

- Hyperspectral survey data will be used to define pegmatite targets for field investigation.

EV Resources Limited (ASX:EVR) (“EVR”, the “Company”) is pleased to provide an update for results received from follow up sampling undertaken within the Shaw River Project, located in the Pilbara region of Western Australia.

Figure 1. Shaw River sample locations

The follow up field trip was undertaken to provide better evidence of economic grade lithium mineralisation in areas that indicated potential based on the initial field visit. A further 26 samples (Sh00032 to Sh00057) were collected from several areas across the project.

The Hillside/Paterson area returned assay grades to 212ppm Li during the initial reconnaissance visit.[i] During the recent field trip a number of small pits were located that had previously not been investigated. The pits were sunk on several muscovite-rich pegmatites that occur in clusters. Results for samples collected returned up to 1615ppm Li and 819ppm Sn (Sh00046 - see Table 1), with low K/Rb ratios for several samples indicating a high level of fractionisation. The elevated tin values may have been the reason for excavation of the pits.

Figure 2. “Rose” structure in muscovite-rich pegmetites.

At the Eleys Area, located in the southeastern portion of the tenement, the recent field trip located a number of previously not observed pegmatite clusters of between 1 to 10 metres width with a relatively large footprint exceeding a few hundred metres. These occur away from the stream environment that was traversed during the initial reconnaissance trip. A sample (Sh00050) of mica-rich pegmatite returned a result of 839ppm Li. Whilst not of economic grade, low k/Rb ratios in the area indicate a high level of fractionisation and potential for lithium mineralisation.

Compilation of data from historic reports for the Shaw River tenement has noted a number of pegmatite occurences in the GSWA field observation sites database (WAROX) and alluvial samples containing elevated tin-tantalum that require investigation (see Figure 1). Also, historic data for a hyperspectral survey undertaken during 2012 and covering the entirety of E45/5849 has been purchased and is being assessed to define pegmatite targets throughout the tenement.

The hyperspectral survey collects 128 bands across the reflective solar wavelength region of 0.45 – 2.5 um that will allow the definition of specific minerals to a 2m pixel size. EVR’s field crews have reported difficulty of vehicular access due to abandonment, wash out and general disrepair of existing tracks. By utilising the hyperspectral survey data, the identification of lithium-bearing minerals that have a distinct spectral signature will allow more definitive targeting of potential lithium pegmatites within the Shaw River tenement.

Figure 3: Pegmatite sheets at Eleys, subvertical, extending at least 50m

The Company announced on 7th September 2022 that terms had been agreed upon to acquire the remaining 20% of E45/5849. The Shaw River Exploration Licence 45/5849 comprises 22 sub-blocks or 70 square kilometres and covers several areas of historic tin-tantalum workings.

ENDS

For further information, please contact:

Luke Martino

Non-Executive Chairman

Tel: +61 8 6489 0600

E: [email protected]

Adrian Paul

Executive Director

Tel: +61 8 6489 0600

E: [email protected]

This ASX announcement was authorised for release by the Board of EV Resources Limited (EVR).

Forward Looking Statement

Forward Looking Statements regarding EVR´s plans with respect to its mineral properties and programs are forward-looking statements. There can be nо assurance that EVR’s plans for development of its mineral properties will proceed as currently expected. Therе can also be no assurance that EVR will be able to confirm the presence of additional mineral resources, that any mineralisation will prove to be economic or that a mine will successfully be developed on any of EVR’s mineral properties. The performance of EVR may be influenced by a number of factors which are outside the control of the Company and its Directors, staff, and contractors. These statements include, but are not limited to statements regarding future production, resources or reserves and exploration results. All of such statements are subject to certain risks and uncertainties, many of which are difficult to predict and generally beyond the control of the company, that could cause actual results to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. These risks and uncertainties include, but are not limited to: (i) those relating to the interpretation of drill results, the geology, grade and continuity of mineral deposits and conclusions of economic evaluations, (ii) risks relating to possible variations in reserves, grade, planned mining dilution and ore loss, or recovery rates and changes in project parameters as plans continue to be refined, (iii) the potential for delays in exploration or development activities or the completion of feasibility studies, (iv) risks related to commodity price and foreign exchange rate fluctuations, (v) risks related to failure to obtain adequate financing on a timely basis and on acceptable terms or delays in obtaining governmental approvals or in the completion of development or construction activities, and (vi) other risks and uncertainties related to the company’s prospects, properties and business strategy. Our audience is cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof, and we do not undertake any obligation to revise and disseminate forward-looking statements to reflect events or circumstances after the date hereof, or to reflect the occurrence of or non-occurrence of any events.

Compliance Statement

This announcement contains information on the Shaw River Project extracted from an ASX market announcement dated 23 December 2021 and reported in accordance with the 2012 edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves” ("2012 JORC Code"). EVR confirms that it is not aware of any new information or data that materially affects the information included in the original ASX market announcement.

Competent Person’s Statement

The information in this announcement that relates to E45/5849, Shaw River, is based on information compiled by Mr Erik Norum who is a Member of the Australian Institute of Geoscientists. Mr Norum is contracted to EV Resources. Mr Norum has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr Norum consents to the inclusion in this announcement of the matters based on information in the form and context in which it appears.

Table 1. Shaw River sample results*