Canegrass Drilling Update at its Ni-Cu-Co-PGE Project in Western Australia

Rhea-AI Summary

Huntsman Exploration Inc. announced progress on its Canegrass Nickel Project in Western Australia. The company completed a 1,500 m RC drilling program with encouraging visual results, pending assays expected soon. Significant drill targets include Bonecrusher and Saintly, which showed promising mineralization. A 3,500 m diamond drilling program also revealed continuous nickel mineralization at depths of 120 m to 270 m. However, the company faces a 9-12 week turnaround time for assay results due to market conditions. CEO Scott Patrizi expressed optimism about upcoming updates.

Positive

• Completion of a 1,500 m RC drilling program with visually encouraging results.
• Successful identification of significant mineralized zones in multiple drill targets.
• Completion of a 3,500 m diamond drilling program with continuous nickel mineralization detected.

Negative

• Lengthy 9-12 week turnaround time for assay results due to challenging market conditions.

VANCOUVER, BC / ACCESSWIRE / May 26, 2022 / Huntsman Exploration Inc. (TSXV:HMAN)(OTC PINK:BBBMF) (the "Company" or "Huntsman") is pleased to provide an update on the 5,000 m drilling program at Company's wholly owned Canegrass Nickel Project in Western Australia.

2022 Drill Program Update

• RC drill program of approximately 1,500m is complete with visually encouraging results received to date and all holes are pending assays which are due in the coming weeks
• RC drill targets include Bonecrusher, Saintly, Tulloch, Tobin Bronze and Sunline which span across an approximate strike length of 2.5 km (Figure 2)
  • The Bonecrusher targets intersected an 18 m wide zone of pyroxenite/gabbro with disseminated/stringer sulphides predominately pyrrhotite throughout. The zone is proximal to a DHEM target modelled from drill hole BBRC010
  • The Saintly target has yielded numerous magnetite-rich horizons with sulphides
  • The Tulloch target has displayed the same geology encountered in previous exploration programs, while testing the northern extent of the mineralization
  • The Tobin Bronze target has intersected a shear zone that may be the source of the EM anomaly
  • The Sunline target has also encountered similar geology that provided positive results in previous exploration programs and is designed to test the zones at depth
• Diamond Drilling program of approximately 3,500 m is complete with the initial targets at the EM Platform hole, which will be utilized after drilling for further geophysical downhole surveys
  • The EM Platform hole has been highly encouraging to date with recent drilling intercepting several continuous broad zones of interpreted host nickel mineralization from 120 m to 270 m depth, demonstrating excellent initial continuity
• Challenging market conditions for assay turn around time (TAT) continues to persist with a current 9-12-week TAT, as Huntsman awaits all its diamond drill assays currently

Scott Patrizi, President and CEO for Huntsman commented, "The work across the Canegrass Project proceeded as planned with few issues or delays. Visual results to date have been encouraging and I look forward to providing further updates upon receipt of assays."

Previous Drill Program Highlights:

• Notable 2018 Drill Intercepts (Figures 1 & 2):
  • (Tulloch BBDD002) 4.9 m @ 1.33% Ni, 1.26% Cu and 0.10 % Co.
  • (Winx BBRC001) 14.0 m @ 1.17% Ni, 0.88% Cu and 0.05 Co from 65.0 m, including 1.0 m of 2.70% Ni, 0.23% Cu and 0.12% Co.
  • (Sunline BBDD001) 0.57 m @ 3.07% Ni, 0.62% Cu and 0.24% Co from 144.1 m
• Notable 2021 Drill Intercepts include drillhole BBDD009 results that identified 41.1 m of favourable host rock with two distinct mineralized horizons
  • The first intercept started at 278.9 m and included higher-grade intervals of
    • 1.0 m @ 2.8% Ni, 0.1% Cu, 0.15% Co 0.11 g/t Pt and 0.21 g/t Pd,
    • 0.7 m @ 2.3 % Cu, 0.5% Ni, 0.04% Co, 0.33 g/t Pt and 0.04 g/t Pd
    • 2.0 m @ 1.8% Ni, 0.5% Cu, 0.11% Co, 0.22 g/t Pt and 0.17 g/t Pd.
  • The second mineralized horizon occurs at 307.5 m downhole and intersected two higher grade intersections of
    • 3.1 m @ 2.2% Ni, 0.2% Cu, 0.15% C, 0.15 g/t Pt and 0.21 g/t Pd, and
    • 1.1 m @ 0.9%Ni, 5.7% Cu, .07% Co, 0.11 g/t Pt and 0.05 g/t Pd (Figure 3)
• Additional 2021 RC results from the Tulloch zone include:
  • BBRC0013 returned: 3.0 m @ 0.88% Ni, 0.4% Cu and 0.07% Co from 91.0 m downhole
  • BBRC014 returned: 3.0 m @ 1.0% Ni, 0.58% Cu and 0.09% Co from 139.0 m downhole

2022 Exploration Strategy

The Canegrass Project is situated in the Windimurra Intrusive Complex within a favourable geological setting and multiple mineralized horizons in favourable host rocks. The Project is not presently geologically constrained and offers exceptional exploration potential. The project has only been explored approximately 20% out of the total 7 km strike length of the mineralized shear zone. The potential for the current zones to be connected along strike and at depth is strong, and Huntsman plans to exploit the gaps in the 2022 and upcoming exploration programs.

The current 2022 exploration program is designed to take aggressive step outs on it already existing mineralized zones delineated by the 2018 and 2021 drill programs. The Canegrass project has over 7 km of strike along a proven mineralized zone with 5 high priority targets contributing to 2.5 km in the northern part of the project, which are Bonecrusher, Saintly, Tulloch, Tobin Bronze, and Sunline (Figure 2).

Building on the existing findings Huntsman believes the zones have strong continuity along strike and at depth. These targets will be exploited with both RC and Diamond drilling drillholes to better define and understand the large-scale system. Utilizing the holes from our 2022 drill program will allow for additional downhole geophysical surveys that have helped in the past discover new mineralized lenses at Canegrass.

Figure 1: Modelled EM Conductor and highlights from previous drilling campaigns

Figure 2: Key Targets at the Canegrass project

Figure 3. Core sample of high-grade copper and nickel from BBDD009 at the Tulloch zone - assayed returned 1.1 m @ 0.9% Ni, 5.7% Cu, 0.07% Co, 0.11 g/t Pt and 0.05 g/t Pd

Qualified Person

The technical content of this news release with respect to Canegrass has been reviewed and approved by Nathan Tribble, P.Geo., a director of the Company and a Qualified Person pursuant to National Instrument 43-101. The qualified person has not yet visited the Canegrass Project and therefore has not yet verified the data disclosed, including sampling, analytical, and test data underlying the information or opinions contained in the written disclosure.

About Huntsman Exploration Inc.

Huntsman is a mineral exploration company focused on the exploration and development of the Canegrass Nickel Sulphide Project and Western Yilgarn Projects in Western Australia under the Company's Huntsman Nickel division, and the exploration and development of the Company's gold projects under the Huntsman Gold division, specifically the Baxter Spring historical gold discovery in Nevada and the Flint property in Idaho.

On Behalf of the Board of Huntsman Exploration Inc.

Scott Patrizi
President and Chief Executive Officer

For more information, please contact 1-855-584-0160 or info@huntsmanx.com

Neither TSX Venture Exchange, the Toronto Stock Exchange nor their Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward Looking Statements: Statements contained in this news release that are not historical facts are forward-looking statements, which are subject to a number of known and unknown risks, uncertainness and other factors that may cause the actual results to differ materially from those anticipated in our forward-looking statements. Although we believe that the expectations in our forward-looking statements are reasonable, actual results may vary, and we cannot guarantee future results, levels of activity, performance or achievements

SOURCE: Huntsman Exploration Inc.

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FAQ

What updates were provided by Huntsman Exploration on May 26, 2022, regarding the Canegrass Nickel Project?

Huntsman Exploration reported completion of drilling programs, visually encouraging results, and a 9-12 week turnaround time for assay results.

What are the main drill targets mentioned in Huntsman Exploration's PR for the Canegrass project?

Key drill targets include Bonecrusher, Saintly, Tulloch, Tobin Bronze, and Sunline, highlighting significant mineralization.

What were the results from the 2022 drilling at the Canegrass Nickel Project?

The 2022 drilling revealed continuous broad zones of nickel mineralization from 120 m to 270 m depth.

How does the assay turnaround time affect Huntsman Exploration's operations for BBBMF?

The lengthy 9-12 week turnaround time for assays may delay the evaluation of drilling results, impacting future exploration decisions.