Area 44 Magnesite Project

Thessally Resources also holds licences for the Area 44 Magnesite Project is located 2kms north west of the Huandot deposit. Historical drilling of the Area 44 prospect has defined at least three magnesite bodies of approximate dimensions of ~200 m x 50-150 m wide and confirmed continuity of magnesite to 170m depth.

An Exploration Target of 6 Mt to 18 Mt @ 41-43% MgO has also been reported at Area 44 to a depth of 65m. It is important to note that this Exploration Target statement contains quantity and grade estimations that are conceptual in nature. To date there has been insufficient exploration to estimate a Mineral Resource, and it is uncertain if further exploration will result in the estimation of a Mineral Resource.

Further exploration is planned to estimate the Mineral Resource.