Completion of 2024 ground-based geophysical programs at Webb project

CGN Resources Limited (ASX: $CGR) has successfully completed the 2024 ground-based geophysical programs at the Webb project in the West Arunta region of Western Australia. The completion of these programs has significantly enhanced the key drill targets, improving the Company's geological understanding and refining the drilling to concentrate on the most compelling parts of the targets.

Executive Commentary on 2024 Ground-based Geophysical Programs

It is very pleasing to have completed the 2024 ground-based geophysics programs at the project on time and on budget. However, it is most pleasing that the results have supported our exploration models and improved our geological understanding, allowing us to refine our drilling to concentrate on the most compelling parts of the targets. We are in the West Arunta because of the large-scale target potential to produce meaningful discoveries. Their scale also necessitates us to identify the most compelling parts of the targets as quickly as possible. This is why we have completed detailed ground surveys and why we have completed substantial heritage surveys so we can follow up and expand on what we find quickly and efficiently. Drilling will commence in April at the Surus target, with a 650m deep diamond hole partially funded by a $220k EIS grant. With such positive results from the recent IP survey, Surus has never looked more promising, and the team cannot wait to get the rigs on site and commence the 2024 drilling programs.

Summary of 2024 Ground-based Geophysical Programs

CGN Resources Limited (ASX: $CGR) has successfully completed the 2024 ground-based geophysical programs at the Webb project, enhancing the key drill targets and improving the Company's geological understanding. The completion of these programs has allowed the Company to refine its drilling to concentrate on the most compelling parts of the targets. With drilling set to commence in April at the Surus target, the Company is optimistic about the potential for meaningful discoveries and is well-funded to expedite further exploration in the event of a discovery. The results of the ground geophysics programs have confirmed the presence of chargeable and conductive bodies at all the tested targets, providing encouraging evidence for the upcoming drilling campaign. CGN Resources' flagship Webb Project in the West Arunta Orogen in Western Australia has garnered recognition as a unique opportunity for targeting copper, nickel, and critical metals within a mineral-rich terrain, and the Company is poised to capitalize on this potential.