Results of Gravity Surveying at Kilmallock

30 July 2024

Unicorn Mineral Resources Plc

("Unicorn" or the "Company")

Gravity Survey Results Identifies Five Strong and High-Priority Drill Target Anomalies at Kilmallock

Unicorn Mineral Resources Plc (LSE:UMR), a mineral exploration and development company exploring for zinc, lead, copper and silver, with its main focus at present being the "Limerick Basin" in Ireland, is pleased to provide an update on the key findings from the recently conducted gravity geophysical survey at the Kilmallock Block Project located in southern County Limerick ("Kilmallock").

Ø Kilmallock is situated 20km south of Glencore's "Pallas Green lead and zinc" prospect and contiguous with, and approx. 15km along strike to the west, from TSX-V listed Group Eleven Resources Corporation's ("Group Eleven") newly discovered Ballywire Zinc-Lead-Silver Deposit

Ø The gravity geophysical survey was undertaken by geophysical contractors BRG and has been completed over the past two weeks

Ø A total of 174  gravity stations survey points were established across the Kilmallock licence block

Ø Data was collected using a LaCoste and Romberg gravimeter and corrected for various factors including instrument drift, elevation latitude, Bouguer and Free Air

Ø These results have been combined with the historic regional data to generate a detailed grid across the subcrop of the main target horizon, the Waulsortian Reef

Ø The results from the gravity survey have undergone detailed modelling and a number of high-priority drill targets have now been generated from the five main gravity anomalies identified from Bouguer Anomaly, Residual, 1st Vertical Derivative, and Analytic Signal modelling

Ø The five high-priority potential drill targets are all located on discrete, strongly anomalous zones with marked positive gravity responses located in regions underlain by prospective stratigraphy and structure

Ø A comparison of the Kilmallock gravity survey with that of Group Eleven's 2023 gravity  survey at the adjoining Ballywire Zinc-Lead-Silver Deposit confirms that they are strongly analogous

Ø Group Eleven has been using their gravity model to help target drill targets which led to the discovery of the Ballywire Zinc-Lead-Silver Deposit and where the best drill intersection to date has been reported as 29.6m of 10.6% Zn+Pb (4.0% Zn and 6.6% Pb), 78 g/t Ag and 0.15% Cu  including  12.9m of 16.6% Zn+Pb (5.8% Zn and 10.8% Pb), 123 g/t Ag and 0.19% Cu, and 5.2m of 24.1% Zn+Pb (2.8% Zn and 21.3% Pb), 76 g/t Ag and 0.10% Cu

Paddy Doherty, Chairman of Unicorn Mineral Resources Plc, commented:

"The recent gravity geophysical programme on Unicorn's Kilmallock property in the Limerick Basin has produced some very positive results and identified a series of high-priority drill target anomalies in areas underlain by prospective geology and structure. 

Our technical team led by Dave Blaney are highly encouraged by these results, particularly given the progress made by our neighbours, Group Eleven, who own licences contiguous and immediately along strike from ours, and where similar survey work led to a drill programme that confirmed robust lead and zinc mineralisation, including some of the highest silver values ever attained in Ireland.  The exploration programme over the coming months will be designed to develop and refine targeting for the next phase of drilling on this exciting project."

Gravity Surveying Update

Unicorn Mineral Resources has just completed a 174 station gravity survey designed to test the region of subcropping Waulsortian Reef at the Kilmallock licence block in County Limerick. The Gravity surveying was carried out by geophysical contractors, BRG Ltd., and the data was acquired using a LaCoste and Romberg gravimeter, with each measurement point surveyed using a Trimble R10 RTK unit with a TSC5 controller. The data was merged with the historic, widely spaced dataset to produce a grid with a nominal spacing of 250 x 250m. The newly acquired data was levelled to tie in with the historical gravity dataset. The data was then gridded, a third order regional trend was removed, then filtered by calculation of the first vertical derivative and the Analytic Signal, to supplement the target generation process.

The rationale for gravity surveying was two-fold. Firstly, the 2023 drilling by Unicorn Mineral Resources at the Bulgaden and Ballycullane mineral occurrences intersected zinc, lead rich sulphide mineralisation and ground preparation in the form of well developed brecciation. Interpretation of the drilling results indicate that the Bulgaden / Ballycullane mineralisation could possibly be the distal part of a much larger mineralising system. The prospective target, a basal Waulsortian Reef, Pallas Green type analogy, lies at depths of less than 250m across a large tract of the Kilmallock Block along strike to the east and west of the Bulgaden / Ballycullane deposits. This is a depth range where gravity surveying as an effective exploration tool. Secondly, Group Eleven Resources have been using gravity surveying to assist with the targeting of their recent drilling campaign at the Ballywire deposit, located just 15km along strike to the east. The most up to date published results from this drilling programme are highly encouraging, with their best hole so far being recently announced.

The location of the recent gravity survey, the regional licence position and geological setting are presented as Figure 1.

Figure 1: Kilmallock Gravity Survey and Regional Context

The combined Unicorn Mineral Resources and regional historic gravity data was used to generate a gravity model for the entire the Kilmallock Block. From this data a core area of interest was identified straddling the three licences and centred on the Bulgaden area on PL3249 (Figure 2).

Figure 2: Kilmallock Gravity - Residual - black polygon zoom in Figure 3

Figure 3: Kilmallock Gravity - Residual Zoomed in

The residual gravity map shown in Figures 2 and 3 exhibits several blocks of elevated gravity that are well constrained by the combined 2024 gravity data and the historical data. These anomalous zones are labelled "A" to "E" in white on Figure 3. The zones of elevated gravity outlined in Figure 3 extend along strike over a length of approximately 7 km and are 1 to 1.5 km wide. Anomaly "E" is not as prominent as anomalies "A" to "D" after filtering. The north-eastern portion of PL 3582 is underlain by prospective Waulsortian Reef but is not as well covered by gravity data so the eastern end of the series of gravity highs remains open. Also of interest, is that the south-western area from the 2024 data is not associated with a strong gravity high

First vertical derivative modelling (Figure 4) highlights the locations of the edges of bodies that give rise to the observed residual gravity anomalies. Where the first vertical derivative changes sharply from negative to positive (or from positive to negative) it indicates the location of the edge of a density anomalous body. At the exact locations of residual gravity highs "A", "B" and "D", a bullseye high of the first vertical derivative with steeply dropping edges is observed. The residual gravity high marked "C" does not have a corresponding bullseye on the first vertical derivative, and gravity high "E" is present but less prominent.

Figure 4: Kilmallock Gravity First Vertical Derivative

The Analytic Signal of the Bouguer Anomaly data (Figure 5) is generated by advanced modelling of three directional derivatives (in the x, y and z directions).  Similar to the first vertical derivative, the Analytic Signal is significantly elevated at the locations of residual gravity highs "A", "B" and "D", but is less prominent at "E" and very subdued at "C".

Figure 5: Kilmallock Gravity Analytic Signal

The recent gravity survey has been focused on the region where the target horizon, the Waulsortian Reef, sub-crops, and the modelled target depth is <250m. Within this target depth range gravity surveying has the potential to define anomalies that are related to density contrasts within the underlying bedrock. These anomalies may be caused by zones of thick sulphide mineralisation that have a high specific gravity and contrast strongly with the surrounding rock mass. Further work is required to ground truth and define these anomalies before diamond drilling can commence.

Competent Person Statement

The information in this release that relates to exploration results is based upon information reviewed, assessed and compiled by EurGeol Dave Blaney, B.Sc., M.Sc., P.Geo. who is a Professional Geologist accredited by the Institute of Geologists of Ireland. Mr Blaney is a Director, COO and shareholder of Unicorn Mineral Resources Plc. Mr Blaney has sufficient relevant experience with the style of mineralisation and types of deposit under consideration and to the activity which has been undertaken, to qualify as a Competent Person as defined by the Pan-European Standard for Reporting of Exploration Results, Mineral Resources and Reserves (The PERC Reporting Standard).

This announcement contains information which, prior to its disclosure, was inside information as stipulated under Regulation 11 of the Market Abuse (Amendment) (EU Exit) Regulations 2019/310 (as amended).

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