20 January 2025

New Frontier Minerals Limited

("NFM" or the "Company") 

NFM commences leading edge geophysical survey at Harts Range Project, Northern Territory

 New Frontier Minerals Ltd (LSE and ASX: NFM) is pleased to announce the high-resolution, helicopter-borne radiometric and magnetic survey is now underway at the Harts Range Uranium, Niobium and Heavy Rare Earths Project (Harts Range Project), located 140km north-east of Alice Springs in the Northern Territory. 

 New Resolution Geophysics^[1] (NRG) has commenced the high-resolution, helicopter-borne radiometric and magnetic survey at the Harts Range Project. The survey aims to expedite exploration over untested areas, identify additional targets and explore extensions of known Uranium, Niobium, and Heavy Rare Earths mineralisation^[2].

Importantly, it will assist the geology team to delineate and prioritise drilling targets.

Highlights:

·    NFM has commenced a high-resolution, helicopter-borne radiometric and magnetic survey at the Harts Range Project

·    The geophysical survey data will expedite exploration regionally over untested areas and help identify extensions of known occurrences of Uranium, Niobium, and Heavy Rare Earths mineralisation^[3]

·    A key focus will be studying pegmatites within the tenure, identified through the analysis of publicly available satellite imagery

·    Combining the geophysical survey data with historical data will enhance confidence for target generation and planned drilling

Ged Hall, Chairman, commented: "The commencement of the helicopter-borne radiometric and magnetic survey represents an essential first step at the Harts Range Project as part of an overall methodical and systematic exploration campaign. Notably, it will deepen our knowledge of the underlying structures to better define and delineated targets for drill-testing for Uranium, Niobium and Heavy Rare Earths mineralisation that has the potential to create significant value for shareholders."

RADIOMETRIC AND MAGNETIC SURVEY COMMENCES

 Previous exploration at the Harts Range Project identified multiple occurrences of high-grade Uranium-Niobium and Heavy Rare Earths mineralisation associated with radioactive pegmatites[4].

Utilising open-sourced satellite imagery, a preliminary satellite image desktop interpretation has visually identified numerous pegmatites across the project area (Figure 1).

Figure 1: Interpreted pegmatites at Harts Range Project (Source: NT Geological Survey[5])

 The desktop interpretation is preliminary and the NFM geological team plans to verify all geological features identified as pegmatites on the ground. However, in areas with dense vegetation, some pegmatites may have been overlooked. By integrating geophysical data with the interpreted pegmatites, the team will generate additional targets for ground verification and prioritise them for drilling.

NEXT STEPS:

·      Completion of the Heliborne Geophysical Survey is expected to occur in January 2025 and the geophysical data interpretation is scheduled for completion in February 2025,

·      Ongoing regional rock chip sampling, mapping and fieldwork at the Harts Range Project, and

·      Planning and formulating the inaugural drilling campaign through reconciling the geophysical survey results with the desktop interpretations and further field work.

ENDS

This announcement was approved for release by the Board of New Frontier Minerals Limited.

For further information please contact 

ABOUT NEW FRONTIER MINERALS

New Frontier Minerals Limited is an Australian-based focussed explorer, with a strategy to develop multi-commodity assets that demonstrate future potential as an economic mining operation. Through the application of disciplined and structured exploration, New Frontier has identified assets deemed core and is actively progressing these interests up the value curve. Current focus will be on advancing exploration activity at the Harts Range Niobium, Uranium and Heavy Rare Earths Project which is circa 140km north-east from Alice Springs in the Northern Territory.

Other interests include the NWQ Copper Project, situated in the copper-belt district circa 150km north of Mt Isa in Queensland and the Broken Hill Project in western New South Wales.

New Frontier Minerals is listed on the LSE and ASX under the ticker "NFM".

Competent Persons Statement

I, Mark Biggs, confirm that I am the Competent Person for the Competent Person Report from which the information to be publicly released in this ASX statement (dated 20^th January 2025) has been obtained and confirm that:

•  I have read and understood the requirements of the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code, 2012 Edition) and the relevant sections of Chapter 5 and Guidance Note 31 from the ASX Listing Rules.

•  I am a Competent Person as defined by the JORC Code 2012 Edition, having 35 years of experience that is relevant to the REE, industrial mineral, and copper mineralisation types, quality and potential mining method(s) of the deposit(s) described in the Report.  In addition, I have 21 years of experience in the estimation, assessment and evaluation of Exploration Results and Mineral Resource Estimates, the activity for which I am accepting responsibility.

•  I am a Member of The Australasian Institute of Mining and Metallurgy (Member # 107188).

•  I have reviewed the Report or Excerpt from the Report to which this Consent Statement applies.

•  I am a consultant working for ROM Resources and have been engaged by New Frontier Minerals Lt to prepare the documentation for various prospects within the Harts Range Prospect area on which the Report is based.

In addition:

•  I have disclosed to New Frontier Minerals Limited the full nature of the relationship between myself and the Company, including any issues that could be perceived by investors as a conflict of interest.  Mr Biggs is a director of ROM Resources, a company which is a shareholder of New Frontier Minerals Limited.  ROM Resources provides ad-hoc geological consultancy services to New Frontier Minerals Limited.

•  I verify that the Report is based on and fairly and accurately reflects in the form and context in which it appears, the information in my supporting documentation relating to exploration results and any Mineral Resource Estimates.

•  I consent to the release of the Report and this Consent Statement by the Directors of New Frontier Minerals Ltd.

Forward Looking Statements

Certain information in this document refers to the intentions of New Frontier Minerals Ltd, but these are not intended to be forecasts, forward-looking statements or statements about future matters for the purposes of the Corporations Act or any other applicable law. The occurrence of events in the future is subject to risks, uncertainties and other factors that may cause New Frontier Minerals Ltd.'s actual results, performance or achievements to differ from those referred to in this announcement. Accordingly, New Frontier Minerals Ltd, its directors, officers, employees, and agents, do not give any assurance or guarantee that the occurrence of the events referred to in this announcement will occur as contemplated.

The interpretations and conclusions reached in this announcement are based on current geological theory and the best evidence available to the authors at the time of writing. It is the nature of all scientific conclusions that they are founded on an assessment of probabilities and, however high these probabilities might be, they make no claim for complete certainty. Any economic decisions that might be taken based on interpretations or conclusions contained in this announcement will therefore carry an element of risk. The announcement may contain forward-looking statements that involve several risks and uncertainties. These risks include but are not limited to, economic conditions, stock market fluctuations, commodity demand and price movements, access to infrastructure, timing of approvals, regulatory risks, operational risks, reliance on key personnel, Ore Reserve and Mineral Resource estimates, native title, foreign currency fluctuations, exploration risks, mining development, construction, and commissioning risk. These forward-looking statements are expressed in good faith and believed to have a reasonable basis. These statements reflect current expectations, intentions or strategies regarding the future and assumptions based on currently available information.

Should one or more of the risks or uncertainties materialise, or should underlying assumptions prove incorrect, actual results may vary from the expectations, intentions and strategies described in this announcement. No obligation is assumed to update forward-looking statements if these beliefs, opinions, and estimates should change or to reflect other future developments.

APPENDIX A:  GEOLOGICAL DISCUSSION

Expanded Assay Results Table and Plans

The purpose of fieldwork completed in mid-November 2024 was to assess historical prospects and areas of interest that were not visited during the October 2024 due diligence site visit.  A total of thirteen (13) rock chip samples were collected during the November 2024 Harts Range site visit by a New Frontier Minerals Limited (NFM) geological team and have been recently reported publicly (NFM 2024c; see Figure AA-1).  This is in addition to the five (5) samples collected in early October 2024 (NFM 2024b).

All samples were bagged and submitted to Intertek Perth (Malaga) Laboratory to test for a broad multi-element sodium peroxide fusion (FP6) method of analysis.  The sodium peroxide fusion (FP6) method is ideal for analysing and reporting the HREE's, Nb and U. Additionally, the Intertek Laboratory is equipped to deal with any highly radioactive samples.

The assay results continue to promote highly anomalous U, Nb, W, Pb and various heavy rare earth elements (particularly Dy, Tb, and Tm).  These results also highlighted four (4) surface samples exceeding 1.5% copper, three (3) of which are at the Cusp North Prospect.

Previous reporting (NFM 2024c) did not provide all the sample assay results, and in addition clearer sample location plans are now included.  It should be noted that four (4) of the samples (HRS008-10; HRS0013) returned slightly anomalous gold results, which were also not previously commented upon.  These values ranged between 0.07 to 0.098 g/t.

Locations and descriptions of the samples collected are given in Figures AA-3 to 7, with complete laboratory results given for various elements in Table AA-1.

Pegmatite Interpretation

The NFM Team inspected the main accessible prospects and areas of interest on western margins of the Entia Dome between 18th-22nd November 2024 (See Figure AA-1; Das 2024, NFM 2024c).

Pegmatite dykes in the area are reasonably plentiful and intrude into various rock-types of various ages. There is potential for them to have been derived by partial melting of underlying geology or younger granites and have been seen with anomalous enrichment in Uranium, Niobium and HREEs.  There are almost certainly more pegmatites with a similar U-REE signature in the district.  They are not always visible in airborne imagery.  Several previously unmapped pegmatites were encountered fortuitously along tracks whilst driving around. 

The interpretation given in Figure AA-2 is preliminary and the NFM geological team intend on ground truthing all geological features that have been interpreted as pegmatites.  It is also possible that, especially in the more vegetated areas, pegmatites could have been missed.  The geophysical data combined with the interpreted pegmatites will provide further targets for ground truthing and prioritisation for drilling.

Figure AA-1: Harts Range Mineral Prospects

Figure AA-2: Interpreted pegmatites at Harts Range Project

(Source: NT Geological Survey "Strike" portal²)

Cusp and Cusp North Prospect

Regarding the results, the Cusp samples are in line with previously reported Nb-U-HREE values as expected.  As noted, there are some high-grade (>1.5%) copper, results (north of Cusp) over a significant strike length.  Further fieldwork is required to fully understand this occurrence.

The Cusp North copper zone is a foliated felsic unit, with the foliations comprised of biotite, quartz, and orthoclase.  Malachite and azurite are disseminated within matrix of the unit.  Broken pieces up to 30cm below surface indicate the mineralisation was not surface staining.

Assay results from rock chip samples from the third field trip returned anomalous silver and copper (refer to Table AA-1 and see Figure AA-3 as an example).

Figure AA-3: Copper-enriched hand samples - sample number HRS010

Figure AA-4: Rock Chip Sample Locations at Cusp and Cusp North Prospect

Notes: Coordinate system is MGA94-Z53S.  Sample Locations show Niobium (pink) and Copper (light blue); both in ppm.

Bobs and Bobs West Prospect

The new sampling, particularly at Bob's Prospect returned very high levels of Nb, as high as 7% as illustrated in Figure AA-5.

Figure AA-5: Rock Chip Sample Locations at Bobs and Bobs West Prospect

Notes: Coordinate system is MGA94-Z53S.  Sample Locations show Niobium (pink) and Copper (light blue); both in ppm.

Dune Prospect

The new sampling at the Dune Prospect did not produce any anomalous results of Nb nor Cu, as illustrated in Figure AA-6.

Figure AA-6: Rock Chip Sample Locations at Dune Prospect

Notes: Coordinate system is MGA94-Z53S.  Sample Locations show Niobium (pink) and Copper (black); both in ppm.

Big Jay Prospect

Several pegmatite outcrops at the Big Jay Prospect were sampled, and assay testing returned slightly anomalous niobium results as presented in Figure AA-7. Further mapping and sampling are warranted in this locality.

Figure AA-7: Rock Chip Sample Locations at Big Jay Prospect

Notes: Coordinate system is MGA94-Z53S.  Sample Locations show Niobium (pink) and Copper (light blue); both in ppm.

References

Barfuss, R. 2007, "A Brief report on Samarskite Mineralisation in the Harts Range Project" (Barfuss Corporation Pty Ltd): (unpublished report).

Barfuss, R. 2014, The Harts Range Project Exploration Licence (EL 24552) - (Barfuss Corporation Pty Ltd)

Castillo Copper Limited, 2024a, ASX Release "CCZ To Acquire Highly Prospective Niobium, Uranium-Heavy Rare Earth Project, 14th October 2024, 27pp.

Castillo Copper Limited, 2024b, ASX Release "High-Grade Assays Up To 29.80% Nb2O5 & 14.04% U3O8 Validate Harts Range Project Potential, 6TH November 2024, 18pp.

Das, K., 2024, Note on November Harts Range field reconnaissance trip, Audax Holdings memo, prepared for New Frontier Minerals Dec 2024, 27pp.

Caughey, A.R., 2007 Annual Report for Exploration Licence EL24552 for the period ending 25th August 2007 (Flagstaff Geo Consultants Pty Ltd.), November 2007 (for Barfuss Corporation Pty. Ltd.) 

Caughey, R. 2002 to 2006: various unpublished reports for Barfuss Corporation Pty. Ltd.

PNC Exploration (Australia) 1997 various open-file tenement annual, final, and partial relinquishment reports,1994 to 1997; Report Numbers CR1994-0325, CR9950298, CR1995-0525, CR1995-0697, CR-1996-0285, CR1996-0286, CR-1997-0611.

New Frontier Minerals, 2024a, Transformative Northern Territory Uranium Acquisition Nov 2024, PowerPoint presentation published to the ASX, 32pp.

New Frontier Minerals, 2024b, Geophysical Data to define drill targets at Harts Range, Northern Territory, published to ASX, 10TH December 2024, 6pp.

New Frontier Minerals, 2024c, Harts Range Boasts Extended Mineralisation with Record-High Niobium, Dysprosium, and Terbium Grades, published to ASX, 13TH January 2025, 27pp.

Rutter, H. 2006. 'An analysis of airborne radiometric data from the Harts Range, N.T.' (Flagstaff Geo Consultants Pty Ltd.) (unpublished report).

Shaw, R.D., Senior, B.R., Offe, L.A., Stirzaker, J.F., Walton, D.G., Apps, H.E., Freeman, M.J., 1985, 1:250,000 Geological Map Series Explanatory Notes Illogwa Creek SF53-15. Bureau of Mineral Resources Australia & Northern Territory Geological Survey,1985.

Open file company reports sourced from the Northern Territory Mineral Industry Reports Management           System Available at: https://geoscience.nt.gov.au/gemis/ntgsjspui/handle/1/3

Spatial Territory Resource Information Kit for Exploration (STRIKE); NT Government Available at: http://strike.nt.gov.au/wss.html

Scrimgeour IR, 2013. Chapter 29: Irindina Province: in Ahmad M and Munson TJ (compilers). 'Geology and mineral resources of the Northern Territory'. Northern Territory Geological Survey, Special Publication5. 

Selway K, Heinson G and Hand M, 2006: Electrical evidence of continental accretion: Steeply dipping crustal-scale conductivity contrast. Geophysical Research Letters 33, L06305, doi:10.1029/2005GL025328. 

IGO Exploration Activities in Northern Territory. 2024 Annual Report (p.6) IGO ASX Release - 29 August 2024. Available at: https://www.igo.com.au/site/investorcenter/annual-reports