Drilling Commences at Ularring and Entitlement Offer

Key points

• Two-hole program to test high-quality chargeable DDIP anomaly at Centre Forest
• Anomaly may indicate increased sulphide development and potential for higher-grade Cu-Au mineralisation
• Company to undertake 1-for-4 non-renounceable entitlement offer to raise $2.36 million

Full summary

Constellation Resources Limited is pleased to announce that a diamond drilling program has commenced at the Centre Forest Prospect within its 100% owned Ularring Copper Gold Project. The drilling program is designed to test a recently defined high-quality chargeable dipole-dipole induced polarisation (DDIP) anomaly, which collectively with its location relative to previous drill intersections and relationship within a circular magnetic low, presents as a high-grade intrusion-related copper-gold (Cu-Au) target. The initial hole will test the northern end of the anomaly where the highest and shallowest modelled chargeability peak responses (>20mV/V) are significantly higher in magnitude than the responses modelled over previous Cu-Au drill intersections located up-dip. The higher chargeability zone identified may be due to increased sulphide development, which could be a vector to discovering higher-grade Cu-Au mineralisation. Subject to results from the first hole, a second hole will be drilled 500m to the south-east to further test the promising intrusion-related target. In conjunction with the drilling, the Company has also announced a one (1) for four (4) non-renounceable entitlement offer at $0.15 per share to raise approximately $2.36 million (before costs). The funds will be used to advance exploration activities at the Company's projects in Western Australia, business development activities, and for general working capital purposes.