Mr. Paul Sarjeant reports

GLOBAL ENERGY METALS JV PARTNER IDENTIFIES STRONGLY CONDUCTIVE ZONES IN GEOPHYSICS AT THE RANBOGEN PROSPECT, RANA NICKEL-COPPER-COBALT PROJECT, NORWAY

Global Energy Metals Corp. has completed the acquisition and interpretation of magnetotelluric (Spartan MT) geophysical surveys at the Ranbogen area within the Rana project in Norway. Global Energy Metals has a carried interest on all exploration expenditures conducted at Rana per the terms of its strategic partnership with Kingsrose Mining Limited ( refer to news release dated January 18, 2023 ).

Highlights

• SPARTAN MT is a geophysical method used to survey the electrical resistivity of rocks at depth. At Rana, Kingsrose is looking to identify areas of low resistivity (high apparent conductivity) which may represent highly conductive sulphide nickel-copper-cobalt mineralization.
• Four discrete, strong apparent conductivity anomalies have been modelled at the Ranbogen prospect over a strike length of 1.8 kilometres:
• Three of the anomalies (Targets "Ranbogen 01", "Ranbogen 02" and "Ranbogen 04") are hosted within pyroxenite and peridotite lithologies of the Rana intrusion. These host lithologies are highly resistive and therefore the conductive responses have a higher likelihood of being associated with sulphide mineralization.
• One of the anomalies ("Ranbogen 03") is a steeply south dipping, very strong conductor located at the basal contact between the intrusion and footwall gneiss which is known in areas to contain conductive graphitic rock units. The location at the base of the intrusion is also a highly prospective setting for the accumulation of massive sulphides.
• Where the conductive anomalies extend to surface, they display a strong correlation with coincident nickel-copper mineralized massive and disseminated sulphide identified by historical rock chip sampling (Figure 3).
• Target "Ranbogen 02" correlates well with historical drilling on the northern margin of the conductive anomaly which returned a best intercept of 17.5 metres @ 0.53 % Ni, 0.12 % Cu, and 0.05 % Co from 101 metres (SH004), including 2.5 metres @ 1.13 % Ni, 0.24 % Cu, and 0.10 % Co (see ASX announcement dated 18 January 2023).
• Ground-based and downhole electromagnetic (EM) surveys to aid detailed drill targeting are in progress at Ranbogen.
• The drill rig will be switched to a helicopter portable system in early August and transferred from the Bruvann Mine area to Ranbogen to test these conductive targets.

Andrew Tunningley, Kingsrose Head of Exploration, commented " Three of the four conductive bodies identified from the SPARTAN MT data are coincident with mineralized massive to disseminated sulphide rock chip samples at surface and all four conductive bodies are hosted within, or at the base of, the intrusion, spatially associated with peridotite and pyroxenite units. These targets are therefore highly prospective, with limited historical drilling that intercepted broad zones of disseminated mineralization near surface and higher grade, narrow sub-intervals associated with massive sulphide ."

Fabian Baker, Kingsrose Managing Director, adds " Our exploration team is bringing a fresh approach to exploration at Rana, utilising modern understanding of nickel sulphide deposit models and geophysical techniques never employed on the project before. Exploration is continuing to generate compelling targets and with a drill rig currently on site we look forward to testing several priority areas during the Norwegian summer ."

Discussion of Results

Ranbogen is located at the northern part of the Rana intrusion (Figure 1), at the contact between footwall gneiss and a complex zone of peridotite, pyroxenite and gabbronorite at the deeper parts of the intrusion. The intrusion strikes east-west and dips moderately to the south-southeast. Laterally extensive zones of narrow, elongate xenoliths of gneiss are mapped from east to west at a transition zone between lower ultramafic dominant units into upper gabbronorite dominant units, inferred as a palaeo-roof pendant which formed part way through the intrusion's evolution.

Mineralization is mainly hosted in the peridotite and pyroxenite units, comprising disseminated pyrrhotite-pentlandite-chalcopyrite with one to three metre thick zones of massive sulphide. Localised concentrations at the contacts between intrusive rocks and gneiss xenoliths are also observed. Massive sulphide zones occur in outcrop and historical drill core, striking east-west over at least 100 metres and plunging southeast to depth where mineralization is open.

The MT survey was designed to model conductive zones associated with outcropping mineralization to depth for drill targeting, as well as to identify blind conductive zones which have potential to host massive sulphide mineralization. Four conductive zones are observed in the MT data (Figure 2), largely coinciding with mineralized rock chip samples at surface and proximal to historical mineralized drill intercepts. Similarly to Bruvann ( see news release dated 21 July 2023 ), mineralization is observed at the steep gradients between moderately and strongly conductive anomalies:

• Ranbogen 01: A complex 470 by 400 metre, roughly circular anomaly in plan view which dips moderately southeast to at least 300 metres down dip. Massive sulphide nickel-copper mineralization is observed in outcrop on the northeastern and southeastern margins of the anomaly, which is undrilled (Figure 3).
• Ranbogen 02: An ovoid, 400 by 200 metre, east-west striking anomaly at the southern margin of the survey area. Historical drill holes were collared on the northern margin of the anomaly. Kingsrose considers that the historical holes were drilled sub-optimally relative to the orientation of the anomaly. Several historical holes intercepted significant mineralization with a highlight intercept of 17.5 metres @ 0.53 % Ni, 0.12 % Cu, 0.05 % Co from 101 metres (SH004), including 2.5 metres @ 1.13 % Ni, 0.24 % Cu, 0.10 % Co (
• see news release dated 18 January 2023 ). The mineralization here is open along strike and down dip.
• Ranbogen 03: An east-west, 300 by 100 metre anomaly with a very steep gradient, open to the north and located at the contact between basal peridotite and footwall gneiss. This is undrilled and with little outcrop.
• Ranbogen 04: An elongate, 800 by 130 metre, moderately conductive anomaly with a central, deeper, strongly conductive core over 300 by 100 metres. The anomaly is coincident with gabbronorite at surface crosscut by strongly oxidised 0.5 metre thick veins with up to 0.37 % Ni and 0.32 % Cu in historical rock chip samples ( see news release dated 18 January 2023 ). The anomaly is immediately east and along strike from a mapped peridotite sill.

A follow up ground-based EM survey combined with attempted downhole EM of historical holes (depending upon the state of these holes) is currently in progress to further define conductive zones prior to drill testing. Drilling at Bruvann is underway and will transition to a helicopter portable rig in early August to allow drilling at Ranbogen to commence.

Kingsrose Mining Limited

Kingsrose is a leading sustainability-conscious and technically proficient mineral exploration company listed on the ASX. The Company has a discovery-focused strategy, targeting the acquisition and exploration of critical mineral deposits having Tier-1 potential, that has resulted in the acquisition of, or joint venture into, the Rana nickel-copper-cobalt, Penikat PGE and Porsanger PGE-nickel-copper projects in Finland and Norway. Additionally, Kingsrose has been selected for the first cohort of the BHP Xplor exploration accelerator program which commenced in January 2023.

Qualified Person

Mr. Paul Sarjeant, P. Geo., a Director and shareholder is the qualified person for this release as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects.

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