Chilwa Minerals Limited (CHWAF) Identifies First Carbonatite Drill Target at MPOSA

Chilwa Minerals Limited (ASX:CHW) (OTCMKTS:CHWAF) is pleased to announce the scaling up of its multiple commodity strategy at the Chilwa Project in southeast Malawi with the commencement of Niobium and REE-focused diamond drilling. The diamond drill program follows the recent release of targets generated by the aeromagnetic and radiometric survey across the whole project.

KEY POINTS

- Diamond drill rig to be mobilised at the Chilwa Project, tasked with assessing the high-priority rare earth (REE) and Niobium targets

- The first prospect assessed will be at the large Mposa East anomaly

- Drilling will test both the clay horizons as well as the underlying bedrock, primarily looking for carbonatite hosts

- First assays from the diamond program are expected in 6-8 weeks

The drill rig has been sourced from significant shareholder, Mota Engil, with significant cost savings as compared to contracting an external party. The rig has been stored at the Zalewa camp site awaiting the outcome of aeromagnetic and radiometric analysis and will now be despatched to the Mposa East anomaly with the first holes to commence being drilled the week of 30th September.

The diamond program is expected to test the clay horizons as well as bedrock down to a vertical depth of 250 metres. During early analysis of the HMS potential at Mposa, XRF analysis by the Company indicated the presence of Rare Earth and Niobium. The recent geophysics survey identified 47 potential targets across the whole project, with three large anomalies (to the North, East and West of Mposa including a dyke formation) highlighted as high priority for diamond drilling.

Chilwa's Managing Director, Cadell Buss, commented:

"The commencement of diamond drilling signals the next phase of our strategy for the Chilwa Project. Whilst initially just focused on the heavy mineral sands potential of the project, all the signs for rare earth and Niobium mineralisation is something that requires further investigation.

"The commencement of this drilling campaign is the first steps towards a legitimate multi critical minerals project.

Given the location of the two holes previously tested for REE and Niobium (see Figure 1) and the three anomalies in close proximity, the Mposa East anomaly will be the first target.

Once drilling commences steady news flow from the Chilwa Critical Minerals Project is expected."

A Mineral Resource Estimate (MRE) for the Project has been classified and reported in accordance with the JORC code (2012). The Mineral Resource Estimate has been classified as Inferred and at a 1.0 % THM cut-off contains 2.4 Mt of THM.

The MRE is allocated across the Project deposits in Table 1* linked below.

*To view tables and figures, please visit:
https://abnnewswire.net/lnk/40BSS7P7

Cadell Buss
Managing Director
cbuss@chilwaminerals.com.au

Andrew Rowell
White Noise Communications
andrew@whitenoisecomms.com
T: +61 400 466 226

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