Extended Gold Prospectivity and Niobium Bullseye Discovery at the Test Project

LONDON--(BUSINESS WIRE)-- 

UK REG TEST plc

(“UK REG TEST”, or the “Company”)

Extended Gold Prospectivity and Niobium Bullseye Discovery at the Test Project

UK REG TEST plc (LON: XXX), the exploration and development company focused on gold in Australia, is pleased to announce the latest exploration developments for the Test Project, North Queensland, Australia.

The Test Project is located approximately 120km west of the historic gold mining centre of Test Towers, North Queensland, Australia. The project consists of three exploration tenements and are operated under the 100% owned TEST Pty Ltd. The Company has identified numerous Gold, Niobium and REE anomalous within the project.

HIGHLIGHTS

• 81 follow-up pan concentrate stream samples results have been returned. Best results include 128 ppm Au, 23.7 ppm Au, 42.3 ppm Au and 60.9 ppm Au. These results have further extended the gold prospectivity of the area to the west.
• Results (pXRF) from a tighter spaced soil sampling campaign in the area have identified an interesting Niobium target.
• Field work, including rock chipping, mapping and tighter spaced pan concentrate stream sampling at both test prospects continue to reveal visible gold, indicating potential for increased prospectivity across the project area.

Company Managing Director Test Test commented: “In the midst of significant structural changes and our ongoing work to evaluate the Company’s asset base, the team are to be commended for their tireless work in bringing these exciting developments at our Test project to life.”

Company Chief Operations Officer Test Test added: “Our team have been particularly pleased with the latest results as this gives confirmation to our exploration thesis in the area, 128 ppm Gold being our best result has been supported by a number of additional very high-grade samples taken within the surrounding area. Whilst we recognise the early stage nature of this work, the confidence in today's announcement leaves us naturally inspired to continue our efforts towards the end of the year, at which point we will have the perfect opportunity to plan our accelerated future work programme. We are understandably very excited by this latest development.”

Figure One: niobium soil anomaly:

https://www.test.company.com

Figure Two: gold result:

https://www.test.company.com

Figure Three: gold anomalism:

https://www.test.company.com

Figure Four: Visible gold extent from sampling:

https://www.test.company.com

NIOBIUM SOIL SAMPLING RESULTS

Since commencing work, the Company has logged a series of highly anomalous Niobium (Nb) and Tantalum (Ta) stream sampling results from the upper reaches of the creek.

The Company reported up to 146 ppm Nb in the first pass soil sampling grid on the 19^th July 2023 (see July 19 2023 RNS here). Whilst still early stage, the high priority zones identified from the first pass grid and tested in-house using a pXRF have been followed up, and 17 samples reporting greater than 80 ppm Nb have been identified, with a best result of 497 ppm Nb. It is important to note the results from pXRF data are qualitative not quantitative and should only be used for identifying the pathfinder anomaly.

These new results combined with the first pass soil sampling show strongly elevated levels of Nb within the centre of the sampled area. Previous high-grade Nb and Ta results from sampling the drainage systems that originate from this elevated centre support the new soil sampling results within the anomalous area and bullseye identified (shown in Figure One above).

The field team and the Board have agreed that the next logical next step will be to undertake a traverse ‘ridge and spur’ rock chip sampling program over the anomalous area. This work is expected to be completed before the 2023 field season ends.

PAN CONCENTRATE SAMPLING PROGRAMME UPDATE

Results from a further 81 samples have been received from the ongoing pan concentrate stream sampling program from streams tested in the northern part of the tenement area. Although these results returned no gold, a small group of samples were taken from streams located approximately 2km to the west of the area which returned high concentrations of gold with results up to 128 ppm Au. Visible coarse gold particles were often seen during the sampling process and for the majority, correlate well with the best laboratory gold results. More significantly, these results extend the gold footprint further west from the area, and a follow-up soil sample grid programme has been scheduled for completion in the near future (see Figure Two above). All gold results greater than 0.1 ppm Au have been tabled in Appendix One to this announcement.

The majority of these stream results have been taken from outside of the Niobium-Tantalum and REE prospective area. Results have returned 14 stream samples reporting greater than 80 ppm Nb with one best result of 2380 ppm Nb. This best result also correlates to other REE elements including Lanthanum (La), Neodymium (Nd), Praseodymium (Pr), Ta and Yttrium (Y). The best Nb results have been identified within isolated creeks in the eastern part of the project area and are encouraging signs for the regional prospectivity for critical minerals and REE in other unexplored areas of the tenement area. All received Nb results greater than 80 ppm are tabulated in Appendix One to this announcement.

RECENT FIELD WORK

Technical Director Test Test visited the Project in September. He and his field team collected some 180 rock chips from prospective outcrops and the upper reaches of the area and were greatly encouraged by the general prospectivity of the region. The lab results for this work are due in October.

Within the upper reaches of the area, the creek system divides into western and eastern tributaries. While undertaking sampling work in the western tributary, the field team noted visible gold up to the dividing range spur and acquired a number of small gold nuggets up to 11 grams in weight. A targeted soil sampling program is now underway across the spur to identify the source of this gold (see Figure Four above).

The Company has also undertaken detailed outcrop mapping and rock chip sampling within the area (see Figure Three above). A series of parallel creeks showing gold values backed up by visible gold were identified previously, and a rock chip located in a narrow-mineralised vein returned 4.73 g/t Au. The field team returned to this vein during the September work programme to map out and rock chip sample other similar small veins running in parallel. Results from this work are expected in October. Although it is unlikely that all veins will be gold-bearing, the Board and field team are of the opinion that the trend of previous stream results in the area along the strike of outcrop provides sufficient evidence to mark out the zone as an area of high prospectivity. A follow-up soil sampling grid over this strike area is planned shortly.

NEXT STEPS

The exploration season in North Queensland typically ends by December with the onset of the tropical wet season and with flooding preventing access. Before this, our exploration work plan is shown below with the objective being to gather sufficient data to be analysed whilst the team are off-site during the wet season to identify the broader exploration potential of the region.

1. Soil sampling programme across the creek.
2. Ridge and spur sampling across the best Niobium soil anomalies at the prospect.
3. Soil Sampling over the headwaters.

REVIEW OF ANNOUNCEMENT BY QUALIFIED PERSON

This announcement has been reviewed by Test Test, Technical Director of Exploration at UK REG TEST plc. He is a professional geologist and is a Member of the Australian Institute of Geoscientists (MAIG). He is a qualified person as that term is defined by the AIM Note for Mining, Oil and Gas Companies.

FOR FURTHER INFORMATION, PLEASE CONTACT:

UK REG TEST plc	Tel: [phone] XXXX
Non-Executive Chairman Managing Director Director
Email: [e-mail]
Website: www.test.company.com
TEST Ltd	Tel: [phone] XXXX
Nominated Adviser
TEST Cap Ltd	Tel: [phone] XXXXXX
Broker
TEST Securities Limited	Tel: [phone] XXXX
Broker
TEST Communications	Tel: [phone] XXXXXX
Public & Investor Relations

ABOUT UK REG TEST PLC

UK REG TEST is a mineral exploration and development company. The company’s wholly owned Australian subsidiary has 100% ownership of the gold projects in central Australia, has six licence applications outstanding which includes one licence application.

The Company also owns 100% of an Australian subsidiary which has three approved exploration permits covering 946 km² over a relatively unexplored area. The Company also has an option to acquire 100% of TEST, which wholly owns the TEST Project, a later stage gold and antimony project located west of TEST.

Following the sale of the gold projects and the subsequent spin-out, the Company has the right to receive up to A$X million in payments subject to future resource estimation or production from projects sold.

The Company holds a 90% interest in the project; an advanced exploration project located in a prolific gold and copper mining district, which has a 43-101 compliant resource. The Company also holds a royalty on the gold project and can potentially receive up to US$X million in aggregate across all licences.

APPENDIX ONE

Table One. Gold results greater than 0.1 ppm from the recent pan concentrate stream sampling. (1 ppm = 1 g/t Au)

SAMPLEID	PROSPECT	Easting	Northing	Au ppm	VG
XXXX766	TEST Creek	309536	7751113	0.37	y
XXXX780	TEST Creek	308395	7751332	60.9	y
XXXX783	TEST Creek	308155	7751007	128	y
XXXX803	TEST Creek	307906	7750851	42.3	y
XXXX806	TEST Creek	308530	7751218	23.7	y
XXXX807	TEST Creek	308060	7750779	0.17	n

Note: Locations given in GDAXX Zone XX grid format.

VG = visible gold seen in sampling process (yes/no)

Table Two. Niobium results greater than 80 ppm from the recent pan concentrate stream sampling. Selected REE results also included.

SAMPLEID	Easting	Northing	Nb ppm	La ppm	Nd ppm	Pr ppm	Ta ppm	Y ppm
XXXX673	314320	7766812	2380	5250	4490	1220	940	1830
XXXX663	310866	7763211	723	144	127.5	35.4	188	148
XXXX686	307205	7759657	704	2520	2040	560	171.5	2440
XXXX672	314589	7767180	527	1975	1640	449	146.5	2040
XXXX657	305441	7760325	521	1260	1045	283	80.4	1785
XXXX653	306939	7760374	471	1595	1285	355	57.2	2210
XXXX652	306743	7760606	428	2210	1765	491	75.7	3120
XXXX690	306193	7758821	395	1675	1460	390	62.3	2160
XXXX655	306161	7760554	350	1375	1140	311	47.7	2150
XXXX654	306559	7760121	349	2030	1615	451	60.2	3010
XXXX651	307483	7760937	333	703	666	176.5	53.2	487
XXXX689	306000	7758856	157	1295	1065	288	39.2	1585
XXXX780	308395	7751332	118	1175	916	254	19.4	349
XXXX806	308530	7751218	80	859	676	185.5	13.2	286

Note: Locations given in GDA94 Zone 55 grid format.

Table Three. Niobium pXRF results greater than 80 ppm with selected REE’s from the second pass soil grid within the TEST Creek area.

SAMPLEID	PROSPECT	Easting	Northing	Nb ppm	La ppm	Nd ppm	Pr ppm	Y ppm
XXX2102	TEST Creek	313232	7757193	479	76	bdl	bdl	13
XXX2039	TEST Creek	313202	7756898	173	bdl	bdl	104	12
XXX2100	TEST Creek	313282	7757193	135	bdl	bdl	bdl	31
XXX1585	TEST Creek	311328	7756267	121	61	bdl	bdl	27
XXX2077	TEST Creek	313217	7757097	120	bdl	bdl	bdl	19
XXX2081	TEST Creek	313317	7757096	102	bdl	bdl	bdl	7
XXX2425	TEST Creek	313737	7757952	94	bdl	bdl	bdl	16
XXX2020	TEST Creek	313480	7756812	90	bdl	bdl	bdl	21
XXX1641	TEST Creek	311935	7756740	86	78	bdl	109	26
XXX2078	TEST Creek	313242	7757097	86	bdl	bdl	bdl	12
XXX1989	TEST Creek	313392	7756464	85	54	bdl	98	19
XXX1956	TEST Creek	313375	7756272	84	bdl	bdl	bdl	37
XXX2082	TEST Creek	313342	7757096	84	51	bdl	107	9
XXX1716	TEST Creek	311728	7756935	83	bdl	bdl	bdl	25
XXX1986	TEST Creek	313317	7756465	81	bdl	bdl	bdl	18
XXX2055	TEST Creek	313417	7756996	81	63	bdl	bdl	30
XXX2099	TEST Creek	313307	7757193	81	bdl	bdl	bdl	30

Note: Locations given in GDAXX Zone XX grid format.

Bdl = below detection limit of pXRF