Deeper Drilling Discovers Substantially Thicker Mineralisation at Horden Lake; Corresponding DHEM Results Indicate Exciting Depth Continuity

Pivotal Metals Limited (ASX:PVT) (‘Pivotal’ or the ‘Company’) is pleased to provide the assay results of three further drill holes and, for the first time, the associated downhole electromagnetic survey (DHEM) results, from its 2024 diamond drill program completed at its 100% owned Horden Lake Project in Quebec, Canada.

Highlights

• Step-out drilling and DHEM results discover material resource growth potential at the Horden Lake deposit
• Step-out drilling delivers 32.1m @ 1.2% CuEq¹, representing a substantially wider copper zone down plunge in HN-24-98
  • 32.1m @ 1.2% CuEq (0.57% Cu, 0.19% Ni, 0.08g/t Au, 0.13g/t Pd) plus additional 0.04g/t Pt, 192ppm Co, 8.2g/t Ag from 264.3m. Includes 14.2m @ 1.79% CuEq from 275.9m.
  • Deepest hole in this zone, 70-90m diagonally down-plunge from the two nearest historic holes.
• Strong down-hole electromagnetic (DHEM) plates project extensions of mineralisation at depth
  • HN-24-98 plate indicates the highly conductive mineralised zone extends equally each way along strike, up-dip 170m, and is more responsive below the hole, extending 225m down-plunge.
  • HN-24-96 stacked plates indicate the hole hit the edge of a strongly mineralised zone which sits deeper and to the north of the previously reported 17.1m @ 0.58% CuEq and 11.9m @ 1.39% CuEq.
  • These first two plates link over 300m of strike extent which remains open down-plunge. Additional DHEM survey results pending.
• Shallow infill drilling delivers 33.8m @ 0.81% CuEq from 38m in HN-24-100
  • Results again highlight the significant Au, Ag, PGM and Co by-products never previously assayed.
  • Demonstrates continuity of the wide zone of shallow open-pittable copper mineralisation.
• Significant depth extension via drilling and DHEM in the southern zone
  • The lesser-drilled southern zone now demonstrates potential to match or possibly exceed the central zone where economic resources extend to 550m (still open), 50-60% deeper than currently defined in the south.
  • Only ~30% of the strike length has been drilled below 220m, yet this deeper area already hosts ~30% of the current JORC resource.
• Assays from 25 holes remain pending, including multiple step-out and DHEM results across zones of open mineralisation.

Managing Director, Mr Fairhall said:

“These results show clearly the tremendous potential for Horden Lake to deliver substantial exploration upside, with hole 98 showing the copper zone expanding at depth with one of the best intersections on the project.

Most excitingly, we couple this with very strong DHEM conductors indicating this mineralisation has continuity along strike and clearly extends at depth.

It is important to highlight that drilling has defined high grade mineralisation to over 550m in the central zone (and still open), and we now see no reason why the southern zone cannot achieve a similar, or possibly better, result. We have a significant amount of news-flow in the pipeline and we shall release further assays as they become available, along with downhole EM results where surveyed.”

Overview

Horden Lake is a copper dominant Cu-Ni-Au-PGM-Co Project located 131km north-northwest of Matagami, in Quebec Canada. The Project hosts an indicated and inferred mineral resource estimate of 28mt at 1.5% CuEq, as a result of over 52,464m of drilling already completed on the property. Pivotal has recently completed a 7,097m / 34 hole diamond drilling campaign. 1,317m / 6 holes have been reported prior to this announcement.

The objectives of the drilling program were to infill missing by-product multi-element assay information, target resource expansion potential (which remains open at depth across its full extent) and collect a distribution of metallurgical sample for a complete test work program. Downhole EM surveys have also been completed to dimension future exploration potential and targeting.

The results of drilling in HN-24-98 together with HN-24-93 and HN-24-94, and DHEM across HN24-98 and HN-24- 96 provide strong evidence of substantial resource growth potential at depth. This southern portion of the deposit has only a couple of holes below ~200m vertical depth. In the central portion, drilling has defined continuous zone of resources to approximately 550m.

Figure 1: Drill plan map with significant 2024 results, Horden Lake Cu-Ni-Au-PGM Project

Drill Hole and DHEM Discussion

Reported results are focused in the southern portion of the Horden Lake deposit. Hole HN-24-98 was designed to test step out potential, whilst holes HN-24-99 and HN-24-100 were shallower holes designed to infill continuity and collect by-product assay information not taken previously. DHEM survey results for HN-24-98 are also reported here, along with the survey results of HN-24-96 (assays reported on 10 June 2024).

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