CONSTELLATION - INITIAL FRASER RANGE DIAMOND DRILLING COMPLETED

ENT.AX

Constellation Resources Limited (the 'Company' or 'Constellation') is pleased to report the presence of thick fertile intrusive units from its maiden diamond drilling at the Eyre South Prospect ('Eyre South').

Eyre South is part of the greater Eyre Anomaly, a major anomalous Ni-Cu-Co-PGE regolith trend that has been defined to be 3km in strike length and sits near the contact position of the two intrusive suites. The two diamond holes spaced 165 metres apart at Eyre South, tested beneath a thick continuous, northwest trending regolith anomaly. Encouragingly, the diamond holes have encountered trace levels of magmatic nickel and copper sulphides over several intervals and are hosted in thick units of olivine bearing pyroxenites and gabbronorites. The presence of polyphase iron, copper and nickel sulphide zones up to 150 metres below previous occurrences identified in air-core drilling ('AC') in thick high magnesium intrusive units, supports greater nickel prospectivity of the Eyre Anomaly. Downhole electromagnetic ('DHEM') surveys in both holes have not detected clear or well-defined bedrock anomalies.

Two diamond holes completed at Eyre South, within the greater Eyre Anomaly in the Fraser Range; Diamond holes have encountered trace levels of magmatic nickel and copper sulphides over several intervals, hosted in thick units of olivine bearing pyroxenites and gabbronorites; Core submitted for assay with results expected in the March 2022 quarter; Cash reserves of approximately $4.9 million, well-funded for follow-up activities at Eyre South and further priority infill air-core programs at the Greater Eyre and Wylie anomalies.

FUTURE WORK PROGRAMS

Core has been submitted for assay with results expected in the March 2022 quarter with selected intervals of fresh core samples to be sent for petrological inspection and litho-geochemical benchmarking. Results obtained will assist in refining future targeting to areas where potential economic accumulations of nickel sulphide may occur. Subsequent to the analysis of results, further priority infill AC programs are planned at the Greater Eyre and Wylie anomalies to achieve drill densities down to 50 metre centres. The exploration approach has proven successful at Eyre South in identifying fertile prospective intrusions, and due to the cover sequence depth, the follow up testing with diamond drilling and DHEM surveys.

Contact:

Peter Woodman

Tel: +61 8 9322 6322

ABOUT THE FRASER RANGE TENEMENTS

The Company manages the Orpheus Project, comprising six tenements covering approximately 443km2 in the Fraser Range province of Western Australia. In the Fraser Range, certain Proterozoic mafic/ ultramafic intrusion suites are prospective to host nickel-copper sulphide mineralisation. The region is currently experiencing high levels of exploration activity for nickel following the Nova, Silver Knight, Mawson and Lantern discoveries. The Orpheus Project includes a 70% interest in three mineral exploration licences (E28/2403, E63/1281 and E63/1282) and one mineral exploration licence application (ELA63/1695). The granted exploration licences form part of a joint venture between the Company (70%) and Enterprise Metals Limited ('Enterprise') (30%, ASX: ENT). Pursuant to the joint venture agreement, the Company is responsible for sole funding all joint venture activities on the tenements, which form part of the joint venture, up to completion of a bankable feasibility study.

FORWARD LOOKING STATEMENTS

Statements regarding plans with respect to Constellation's project are forward-looking statements. There can be no assurance that the Company's plans for development of its projects will proceed as currently expected. These forwardlooking statements are based on the Company's expectations and beliefs concerning future events. Forward looking statements are necessarily subject to risks, uncertainties, and other factors, many of which are outside the control of the Company, which could cause actual results to differ materially from such statements. The Company makes no undertaking to subsequently update or revise the forward-looking statements made in this announcement, to reflect the circumstances or events after the date of that announcement.

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