EV Resources: High Grade Samples Received from the Christina Tin-Tungsten Project

Highlights:

-          Samples recorded up to 2.19% Sn (tin) and 44.2% WO3 (tungsten) from quartz veins

-          Other mineralogical samples taken from host granite revealed anomalous tin and tungsten grades

-          100 further samples have been dispatched to SGS laboratories in Canada

-          Tungsten has numerous applications in electrical vehicles

EV Resources Limited (“EVR”, or “the Company”) is pleased to report on the initial eight samples taken at the Christina Tin-Tungsten Project in Morocco, from selected locations on surface and underground.

The eight samples were collected as part of an initial due diligence programme and were taken primarily for mineralogical assessment in specialist laboratories in Europe, to understand the mineral assemblages of the host granites, as a guide for the exploration strategy. Three samples (EZ-06, EZ-07, EZ-08) were collected from the quartz veined material, both on old surface stockpiles and from underground and these samples have, as anticipated, returned outstanding assays that demonstrate a compelling exploration project. Table 1 below describes the assay results from the sample programme.

Table 1. Assays from SGS Laboratories

Figure 1. Sample Locations at Christina

Geological Report

The Christina Tin (Sn) and Tungsten (W) grassroots exploration project is located approximately 120km east of Casablanca, Morocco. EV Resources has secured an option for a large area (48km²) under licence, a proportion of which is being converted to a mining licence. (See ASX Announcement “Extension of Purchase Option at Christina Project, dated 24th August 2022).

The project area has seen sporadic mining during the 1930’s through to the early 1980’s, from a few nearly vertical shafts (to 80m below surface) and from at least three horizontal adits with lengths of up to 150m. Ore was hand-sorted, and no plant was ever in operation.

The deposit is located in the southern part of the Hercynian granitic Zaer intrusive. Mineralisation is associated with the presence of coarse-grained two-mica granite, showing potassic alteration, and with the presence of greisen, and a high density of quartzose micro veins.

In June 2022 an initial eight rock samples - hydrothermally altered granite and quartz veins with visible wolframite, taken from surface and from underground, in situ and from stockpiles - were collected in a highly selective manner to gain an insight into the mineral content of host granite rock, and metal grades from the quartz veins. Moreover, this first sampling campaign served as a trial to identify the optimal route for sample preparation and assaying techniques for a much larger number of samples.

Sample Preparation

The samples were prepared at SGS Maroc (Casablanca) using the following technique:

1. Weight and dry sample
2. Crush entire sample to -2mm to 75%.
3. Split around 220 – 250gr using riffle splitter.
4. Pulverize the 220 – 250 gr to 85% -75 microns.

70–100-gram pulp samples were shipped and assayed at SGS Canada. The most appropriate method is an ICP-MS package (56 elements) with Sodium Peroxide Fusion (GE_IMS90A50_C). Sodium peroxide is a strongly oxidizing flux that is basic, not acidic in nature. It renders most refractory minerals soluble.  As Sn and W contents in three samples were found above the upper detection limit of 1%, they were re-assayed with GO_ICP90Q100. Due to higher contents of Mn (compared to Fe), wolframite is probably mainly present as hübnerite. REE and Nb / Ta values are low, as are all other metals of potential interest.

Duplicate pulps of the samples were also sent to Aix Minerals laboratory in Germany, with the intent to obtain an understanding of the mineralogical content. Aix Minerals is a specialist laboratory for X-Ray Diffraction analysis. All minerals occurring in the samples were identified and quantified.

Samples EZ-01 to EZ-05 consist of quartz, plagioclase, K-feldspar and illite/muscovite. For samples EZ-06, EZ-07 and EZ-08 the tungsten bearing minerals wolframite and scheelite could be identified, as well as traces of cassiterite.

Next Steps

100 samples of micro-veinlets and surrounding granites have been submitted to SGS Laboratories in Canada. The programme has been designed to test the potential for bulk mineralisation outside of the very high-grade quartz veins, which will be a key determinant in a precise exploration strategy.

A further 300 samples taken in the recent programme are in storage and await dispatch to SGS once the results of the 100 samples have been analysed.

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

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]

Tungsten – An Electric Vehicle Metal

EV Resources has noted that the tin-tungsten orebody evidently has a substantial tungsten component to complement the primary focus on tin. Tungsten is a key component of many emerging applications in the transition to a lower carbon economy, and it has a number of applications directly used in the EV industry.

Tungsten is listed as a Critical Mineral on most Governments’ list of critical minerals, and most production is based in China. Tungsten is a shiny, silvery-white metal that has the highest melting point as compared to other metals. It derives its name from the Swedish “Tung Sten,” which means “heavy stone.” Due to its high melting point property, it has diverse uses. Tungsten is a highly corrosive resistance, and therefore it is resistant to acid attacks. Tungsten is malleable and quite ductile. Tungsten metal can be used as a pure metal or mixed with metals (alloys) because of its favourable properties. Some of the uses of tungsten metal in many industrial applications are well known, but its relevance to EVR is its emerging role in the Electric Vehicle (EV) industry.

Lithium-Ion Batteries

The Company is aware of two technology companies advancing lithium battery technology which use tungsten as a performance enhancing component that principally allow a faster charging rate and higher power density in rechargeable batteries.

These emerging technologies add tungsten and carbon multi-layered nanotubes to the anode materials that bond to the copper anode substrate and build up a web-like nanostructure. This layer formed a vast surface for more ions to attach to during recharge and discharge cycles which results in the improvement of the recharge rates and overall energy storage due to the increase in the storage area for ions.

Semi-Conductors

At present, high-purity tungsten and tungsten alloys have been widely used in the field of semiconductor integrated circuit manufacturing as gate electrodes, shielding metals, diffusion barriers, etc. Tungsten has become an indispensable key basic material. Even though integrated circuits are replacing many electronic applications that use tungsten or tungsten wire, an integrated circuit cannot be manufactured without tungsten wire. This is because most integrated circuits made today start with a single crystal ingot of silicon, called a boule. It is created by dipping a small seed crystal into pure molten silicon in an oven that has been heated to about 2732°F (1500°C).

The molten silicon is slowly pulled and elongated into a boule, forming a larger, cylindrical crystal. Once it is solidified, the crystal is sliced into wafers and polished to provide very regular, flat substrates for semiconductors. The only material that is suitable for pulling a boule — and uniquely capable of performing as designed in the very high temperature of the silicon manufacturing process— is a cable made of woven tungsten wire. Because tungsten has the least elongation of any material, tungsten wire can pull the silicon in operating temperatures where other materials with a lower melting point would stretch and break. Tungsten wire is also used in semiconductor chip manufacturing as cantilever probe needles. These probes are used to test integrated circuits when they are still arrayed on monocrystalline wafers.

Fuel Cells

Tungsten oxides or powder can be used in fuel cells. This is because tungsten oxide is associated with intercalation and poly-condensation properties that are vital in making fuel cells. Therefore, tungsten may be used as one of the raw materials in industries making these cells.

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 no assurance that EVR’s plans for development of its mineral properties will proceed as currently expected. There 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, which 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.

Competent Person’s Statement

The information in this announcement that relates to the Christina Project, is based on information compiled by Mr Bakr Khudeira who is a Member of the Australian Institute of Mining and Metallurgy (MAusIMM Number 230652). Mr Khudeira is a consultant to EVR. Mr Khudeira 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 Khudeira consents to the inclusion in this announcement of the matters based on information in the form and context in which it appears.

APPENDIX 1:

Details of Sample Type and Location.