CGN Resources geophysical survey results announcement

CGN Resources Limited (ASX: $CGR) has completed ground gravity and induced polarisation (IP) geophysical programs at the Webb project in the West Arunta region of Western Australia. The surveys have provided compelling evidence of large chargeable and conductive bodies coincident with gravity anomalies, supporting the Company's exploration model and underscoring the potential of the upcoming deep diamond drilling. The company is well funded and has secured all necessary permits to commence work immediately.

Executive Commentary on Geophysical Survey Results

It is truly exciting to receive such positive results from our initial ground geophysical surveys. In all cases, the surveys have refined and enhanced the targets we are looking to test with drilling in 2024. The gravity surveys confirm the quality of these regionally significant anomalies and provide far better resolution for drill targeting. The IP data has been particularly pleasing at Surus with clear and compelling chargeable and conductive bodies present coincident with our gravity target. This provides great confidence that our targeting strategy at the project is working well. Data processing is ongoing at the Snorky, Horton, and Shep targets but preliminary raw data appears very encouraging. Drilling will commence in early 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, the team cannot wait to get the drill rig turning and test the source of this large dense and strongly chargeable target. As a geophysical IOCG target, this has everything we want to see. And, with $8.5 million in the bank, we are strongly positioned to push hard on the exploration front and try and emulate the success of some of our neighbors in the West Arunta.

Summary of Geophysical Survey Results and Outlook

CGN Resources has completed ground gravity and induced polarisation (IP) geophysical programs at the Webb project, confirming strong drilling targets at Surus, Snorky, and Horton. The surveys have provided compelling evidence of large chargeable and conductive bodies coincident with gravity anomalies, supporting the Company's exploration model and underscoring the potential of the upcoming deep diamond drilling. The company is well funded and has secured all necessary permits to commence work immediately. The commencement of diamond drilling at Surus in early April, bolstered by $220k in EIS funding, marks a significant step in the company's exploration program. With $8.5 million in the bank, CGN Resources is strongly positioned to push hard on the exploration front and try to emulate the success of some of its neighbors in the West Arunta. The next phase will include RC/diamond drilling at the Snorky and Horton targets later in the year, reflecting the company's ambitions and goals for the future.