Odin Metals Limited received initial results from a large scale gridded geochemical survey conducted over prospective areas within its northern tenure. The survey is the first of its scale and extent to be completed in an under-explored area of known historic production. The survey was designed to provide evidence of mineralisation and to accelerate and prioritise planned drilling.

The survey remains ongoing, with infill and expansion of the programme currently occurring proximal to recently identified anomalies at Cymbric Vale. Infill and expansion testing of an area of interest within the western section of Odin's Tenure continues. To date, Odin has received results from the first two phases of the programme, with the first phase 1 (>2,000 samples) comprising grids to the south and along strike (west) of the Grasmere Deposit (5.75 mt grading 1.03% Cu, 0.35% Zn, 2.3 g/t Ag & 0.05 g/t Au).

Phase Two was completed over the Cymbric Vale area with ~1,900 samples collected over prospective areas identified from historical activity and the HeliTEM survey completed in 2021. A Third Phase of the programme was completed at Wertago covering the historic lead, silver, and copper mining areas in September. Results have now been received from Phase 1 (Grasmere) and Phase 2 (Cymbric Vale).

Geophysical targets show coincident surface geochemical anomalism. They have now been prioritised, including the prospects of Cliff's Tank, Rainbow, Bedford, Prospectors, Blue Tank and Black Hills. The new prospects will be the focus of further exploration, including further delineation of their geometry and structural characteristics prior to drill testing.

The programme successfully identified anomalous Cu concentrations with coincident elevated concentrations of Bi, Ce, Co, Cr, Mo, Ni, Sb, & Zn. These polymetallic anomalies are associated with several geophysical targets identified following a review of the regional aeromagnetic data and the HeliTEM survey completed by Odin in 2021. See appendix I for further information.

Geochemical results over the Cymbric Vale area have defined broad areas of anomalism. This anomalism extends to the east and south of significant Copper mineralisation identified in RC drilling by Odin that returned noteworthy results, including: 11m @ 1.90% Cu from 35m (CV0006); Including 6m @ 3.20% Cu from 37m; 7m @ 1.08% Cu from 48m (CV0004); 10m @ 0.88% Cu from 11m (CV0002); 13m @ 0.77% Cu from 13m (CV0008); 8m @ 0.76% Cu from 15m (CV0003). Identified anomalism appears to be coincident with untested structures beneath shallow cover on the periphery of a region of metal depletion.

This contrast in the geochemistry suggests a source-sink relationship linked to a hydrothermal setting. Drilling completed to date by Odin focussed on evaluating an area associated with historic small-scale mining and outcropping Copper mineralisation and not the recently identified broader geochemical anomalism. Recent soil sampling results from the Black Hills prospect, (located to the northeast of Cymbric Vale), has identified Copper anomalism associated with a linear regional geophysical feature that has not been drill tested.

The area is of significant interest to Odin, due to: Completed geochemistry demonstrating significant overlying enrichment in Copper and associated Base Metals and indicator elements, Historic drilling completed adjacent (WSW) to the anomaly ineffectively targeted, with drilling reporting no significant results from a geophysical feature that Odin has identified as being depleted in Copper, as opposed to the significant response recorded at Black Hills. This enrichment and depletion are analogous to that defined at Cymbric Vale. A further two targets have been confirmed from the recent sampling.

The Bedford Fault and Rainbow Tank Targets comprise coincident geophysical and geochemical anomalies (Copper and associated Base Metals), located to the south and southeast of the Grasmere Deposit. The targets that have not been drill tested occur within a similar geological setting to the Grasmere Deposit (5.75 mt grading 1.03% Cu, 0.35% Zn, 2.3 g/t Ag & 0.05 g/t Au). Further work underway: A soil geochemistry programme of over 1,600 samples has recently been completed over the Wertago Copper Field & Nuntherungie Silver Field.

An infill & extension soil geochemistry programme is currently underway between Rawlins Tank and Cymbric Vale to further refine the extent of anomalism in these areas.