Updated Mineral Resource Estimate At North Queensland Vanadium Project

TORONTO - Currie Rose Resources Inc. reported on independent mineral resource estimate (MRE) for its Cambridge Vanadium Deposit that forms part of the North Queensland Vanadium Project (NQVP) situated within the "Vanadium Hub" approximately 450 km west of the port of Townsville, Queensland, Australia.

Mike Griffiths, CEO, President and Director, said, "We have more than doubled the in-situ metal, improved the overall grade and elevated a substantial amount of resources to Indicated Resource status. We believe that NQV Project presents a massive opportunity to make our mark in the ever-evolving battery and energy metals markets. Vanadium redox flow batteries will soon begin to play an integral role in supporting power grids and bridging the gap of reliable alternative sources of energy. There are plenty of exploration catalysts to communicate with shareholders over the next several quarters as we set on our path to de-risk the NQVP."

The Cambridge vanadium pentoxide (V2O5) mineralization is located within marine sediments of the Early Cretaceous Toolebuc Formation, a stratigraphic unit that occurs throughout the Eromanga Basin in Central Northern Queensland. The Toolebuc Formation is a flat-lying, early Cretaceous (Albian ~100 Ma) sedimentary package that consists predominantly of black carbonaceous and bituminous shale and minor siltstone, with limestone lenses and coquinites (mixed limestone and clays). The Cambridge MRE is situated within the flat lying Toolebuc Formation.

65 aircore drill holes totaling 1,577 m were completed to delineate the Cambridge Deposit between 2008 and 2019 by Horizon Minerals/Intermin Resources in 2008 ("Horizon/Intermin") and Liontown Resources Ltd in 2019 ("Liontown"). The drilling defined one flat lying horizon of V2O5 and MoO3 mineralization ranging in thickness from 2 m to around 15 m covering a lateral area of 5.8 x 4.3 km.

The Cambridge Deposit drill hole database consists of 58 drill holes that intersect the interpreted mineralization wireframe. The V2O5 and MoO3 assays were composited to 1m composite lengths, and the estimation utilized 575 composited samples. All intervals within the interpreted wireframe were visually checked to ensure the flagging process was completed correctly.

The MRE is based on the combination of geological modeling, geostatistics and conventional block modeling using the Ordinary Kriging ("OK") method of grade interpolation with locally varying anisotropy variogram models.

For grade estimation, 1m composites were used to create the interpreted mineralization boundaries. A lower cut-off grade of 0.12% V2O5 was used to define the domain outline. This lower cut-off was chosen as a natural inflection in the V2O5 assay population. A single mineralized domain was defined. Block tonnes were estimated using 1.8 g/cm3 for mineralized material.

The V2O5 and MoO3 grade estimations were completed independently of each other and were completed using OK. The search ellipsoid size used to estimate the V2O5 and MoO3 grades was informed by the modeled variograms for each variable. Block grade estimation employed locally varying anisotropy, which uses different rotation angles to define the principal directions of the variogram model and search ellipsoid on a per-block basis.

Blocks within estimation domains are assigned rotation angles using a modeled 3D mineralization trend surface wireframe. The estimation was performed using three estimation passes whereby each successive pass utilized a less restrictive sample search strategy for block estimation.

The search radii for the first estimation pass equals half of the variogram ranges. The second pass increases the search distance to the variogram range. The third pass further expanded the search distances up to twice the variogram range. Over 95% of the blocks were estimated within the first two estimation passes.