Nelson Resources Ltd (NES.AX) Exploration Accelerates at Cinnamon Tungsten Property, Nevada

Sydney, May 20, 2026 AEST (ABN Newswire) - Nelson Resources Limited (ASX:NES) announced that exploration has accelerated at the Company's Cinnamon Tungsten Property in Mineral County, Nevada, with geologists now mobilised to commence first-pass reconnaissance field work. Nelson holds 186 unpatented Federal Lode Claims (BLM Lode Claims) covering approximately 15.5km2 to form the Cinnamon Property, located in south-central Nevada, approximately 200km southeast of Reno in the Bell Mining District of Walker Lane, Mineral County, Nevada (Figure 1*).

Highlights:

- Field Work Activated at Cinnamon: Reconnaissance field work is underway across Nelson's newly staked tungsten and polymetallic skarn target immediately west of Guardian Metal Resources' (NYSE:GMTL) Pilot Mountain Tungsten Project - one of the most advanced undeveloped tungsten projects in the United States and a recent recipient of a US$6.2 million U.S. Department of Defense award.

- Rapid Progression from Staking to Exploration: Nelson has moved quickly to begin onground assessment of Cinnamon following the staking of 186 BLM lode claims covering approximately 15.5km2, reflecting the Company's strategy of advancing high-impact, lowcost opportunities.

- Prime Position in an Active U.S. Tungsten District: Cinnamon sits immediately 2km west of Desert Scheelite deposit that hosts a reported Mineral Resource Estimate of 10.478Mt @ 0.20% WO3 (~16,600 tonnes of contained tungsten metal), plus strong silver, copper and zinc credits. Field activities will focus on areas where USGS airborne magnetics, interpreted intrusive trends, favourable carbonate host rocks and alteration responses suggest potential for a high-priority, early-stage target corridor with concealed tungsten skarn and related polymetallic mineralisation.

- Strong Market and Strategic Backdrop: Domestic commercial tungsten mine production has been absent in the U.S. since 2015, with the U.S. Department of Defense funding Pilot Mountain to help deliver PFS-level technical studies and advance a potential domestic tungsten source closer to operational readiness.

The current phase of exploration is intended to provide Nelson with a practical, on-ground assessment of Cinnamon's tungsten and polymetallic skarn potential ahead of receiving final geophysical survey data that was recently flown on the Property. Work will initially comprise reconnaissance-style area surveying, geological mapping, prospecting and rock-chip sampling across priority areas as identified from desktop review, regional geological datasets, USGS airborne magnetic data and satellite imagery.

This initial program is deliberately flexible. Rather than undertaking a high-cost and time-intensive detailed grid-based campaign at the outset, Nelson's focus is to rapidly assess the most prospective parts of the newly staked claims, identify key geological controls, validate interpreted target vectors and determine where more systematic follow-up work should be concentrated.

With Cinnamon located immediately west of the highly-prospective Pilot Mountain tungsten Project and sharing the same geophysical signature as Guardian's Desert Scheelite tungsten deposit 2km to the east, field efforts will be focused on investigating the surface expressions of the shared geophysical anomaly within Nelson's ground. Field work will then extend north, where strong geological and geophysical features associated with the Gunmetal / Porphyry West area appear to continue west toward Cinnamon (Figure 2*), as is also observed for the Gunmetal, Garnet and Good Hope areas. When combined with favourable carbonate host rocks and intrusive-related skarn potential, this creates a clear target corridor for concealed or repeated tungsten skarn mineralisation.

Nelson Non-Executive Chairman Gernot Abl commented:

"Cinnamon has moved quickly from staking into field activity, which is exactly how Nelson intends to approach high-impact opportunities of this nature. The project gives us low-cost exposure to tungsten and related polymetallic skarn potential immediately beside one of the most advanced undeveloped tungsten projects in the United States and compliments the critical minerals potential we are uncovering at our high-grade Gold-Silver Gold Point Project, also located in the proven mining jurisdiction of Walker Lane.

Our first phase of work is intentionally reconnaissance-focused. We want our geologists on the ground mapping, prospecting and sampling the key areas so we can test the exploration concept directly, understand the local geology and determine where the best follow-up targets are likely to emerge".

Reconnaissance Exploration Now Underway in the World Class Pilot Mountain Tungsten District

Nelson's initial field program at Cinnamon has commenced with a focus on broad reconnaissance evaluation of the Property area ahead of receiving final detailed geophysical data recently collected via a state-of-the-art heli-borne magnetics and radiometric survey.

Nelson's approach is consistent with cost- and time-efficient early-stage exploration practice where the first objective is to validate surface expressions, confirm geological context and build a better understanding of the system before committing to more detailed or higher-cost on-ground exploration activities. Field crews will focus on areas where multiple exploration vectors coincide, including interpreted magnetic highs, prospective carbonate host rocks, intrusive contacts and trends and surface alteration responses. The initial program will include:

- reconnaissance area surveying and field traverses across priority parts of the claims;

- geological mapping of prospective carbonate units, intrusive contacts, alteration zones and interpreted structural corridors;

- prospecting of areas identified from magnetic, satellite and geological datasets;

- where possible rock-chip sampling of outcrop host rocks, veining and potential skarn-style material where observed;

- field assessment of interpreted alteration responses identified from satellite imagery; and

- integration of field observations with existing public and third-party datasets.

This work will help further constrain an understanding of the potential for a broader intrusive-skarn corridor continuing into the newly secured claim block from the Pilot Mountain Project, where a reported Mineral Resource Estimate of 10.478Mt @ 0.20% WO3 (~16,600 tonnes of contained tungsten metal) together with associated silver, copper and zinc credits has been defined at Guardian Metal's Desert Scheelite Deposit ~2km to the east (Figure 2*).

Cinnamon - A Strategic Priority

Nelson staked Cinnamon to secure a strategic western position in the Pilot Mountain tungsten district, adjacent to Guardian Metal Resources' Pilot Mountain Project. Guardian's wholly owned U.S. subsidiary (Golden Metal Resources) was recently awarded US$6.2 million by the U.S. Department of Defense under the Defense Production Act Title III program to fund technical workstreams required to advance Pilot Mountain through PFS.

The key strategic opportunity at Cinnamon is to test whether the broader intrusive-skarn system associated with tungsten and polymetallic mineralisation at Pilot Mountain may extend, repeat or be concealed beneath cover within Nelson's newly secured ground.

Tungsten - A critical Metal

Tungsten is used in defense systems, munitions, aerospace components, ground vehicles, industrial cutting tools, wear-resistant parts, specialty steels, electronics and high-performance alloys. The U.S. Geological Survey reports that the United States has not had commercial domestic tungsten mine production since 2015. Nelson's adjacency to a Department of Defense-backed project in this environment positions the Company exceptionally well to capitalise on any exploration success and the growing strategic premium for domestic U.S. tungsten supply.

Recent market conditions further support this strategic backdrop. European APT was recently quoted at US$2,800-3,320/mtu, reflecting constrained availability and stronger interest in tungsten supply outside China. Nelson believes this strengthens the significance of securing early-stage exploration ground immediately adjacent to Pilot Mountain.

Geological Setting and Tungsten Prospectivity

The Cinnamon Property is located in Mineral County, Nevada, on the western side of the Pilot Mountain tungsten district. The Property comprises 186 BLM lode claims and complements Nelson's broader Nevada critical minerals strategy, including the Company's high-grade Gold Point gold-silver project located approximately 125km to the south-southeast, also within the proven Walker Lane mining jurisdiction.

Tungsten skarn mineralisation in the area is reported to be hosted in limestone of the Lunning Formation, with scheelite occurring in tactite bands adjacent to granitic intrusive rocks. At Cinnamon, the Lunning Formation is interpreted to underlie parts of the Property and may be partly capped by younger volcanic rocks, creating potential for concealed or "blind" tungsten-skarn targets below cover.

Nelson's technical rationale for Cinnamon is supported by several converging exploration vectors:

- Intrusive-related setting: tungsten skarn mineralisation at Pilot Mountain is associated with granite / quartz monzonite intrusions, providing a relevant geological model for Cinnamon;

- Favourable carbonate host rocks: interpreted Lunning Formation limestone continues into the Cinnamon claim block, creating potential host positions for tungsten skarn mineralisation;

- Magnetic signature: recently released USGS airborne magnetic data shows a strong high response underlying mineralisation at Guardian's Gunmetal and Porphyry West prospects, with the feature appearing to extend westward toward Cinnamon;

- Near-boundary tungsten results: historical drilling near Guardian's western boundary intersected tungsten mineralisation at Gunmetal, including GM-11: 14.1m @ 0.54% WO3 from 83m and 6.1m @ 0.51% WO3 from 111m, and GM-50: 6.0m @ 0.38% WO3 from 263m; and

- Surface alteration vectors: satellite imagery and ASTER band-ratio interpretation have identified multiple anomaly zones across the Property that may represent leakage anomalies, gossanous areas or exoskarn-style alteration responses requiring field validation.

Collectively, these technical features support Nelson's view that the Cinnamon Property is prospective for concealed tungsten skarn and related polymetallic mineralisation, particularly where interpreted intrusive trends, magnetic highs, favourable carbonate host rocks and alteration responses coincide.

Target Model

The primary exploration model at Cinnamon is for tungsten skarn mineralisation hosted in Lunning Formation limestone adjacent to intrusive rocks as indicated by recently released regional government magnetics data, and higher-resolution geophysical surveys reported by Guardian.

Satellite imagery interpretation has identified mineral signatures that may represent leakage anomalies or gossanous areas, some of which lie along strike from the interpreted Gunmetal intrusive trend. In addition, ASTER band ratio imagery shows numerous anomaly zones across the Property, which can often indicate exoskarn mineralisation.

While no historical exploration has been identified within the Cinnamon Property itself, Nelson considers this a compelling discovery opportunity, given the property's location directly along the underexplored western margin of a known tungsten-mineralised system, where a covered target could have remained untested by previous explorers.

Accessibility and Infrastructure

The Cinnamon Property is located approximately 200km southeast of Reno and approximately 17km east of Mina, Nevada. The property is situated in the Pilot Mountains Mining District of Walker Lane, a proven mining region with established exploration access and a favourable operating environment. The district is accessible via U.S. Highway 95 and regional gravel roads. The area benefits from proximity to regional service centres, transport routes, labour availability and established mining infrastructure in Nevada.

This practical access profile is expected to support rapid and cost-effective field exploration, including mapping, sampling and geophysical survey activities.

Near-Term Exploration Program

Nelson has recently completed a state-of-the-art heli-borne magnetics and radiometric survey, with results pending. Ahead of those results, the technical field team will undertake a reconnaissance evaluation approach across the Property as follows:

- field traverses across priority parts of the claims, in particular those that represent potential areas of shared magnetic anomalism with the adjacent Pilot Mountain Project;

- sampling and geological mapping of prospective carbonate units, intrusive contacts and identified alteration zones in the interpreted broader intrusive-skarn corridors;

- field assessment of interpreted alteration responses identified from satellite imagery; and

- on completion, integration of field observations with existing public and third-party datasets ahead of merging with the more detailed recently-acquired magnetics and radiometric data.

The program has been designed as a cost-effective, rapid target-generation exercise. This is consistent with Nelson's focus on high-impact exploration opportunities and disciplined capital allocation, while complementing the Company's existing Gold Point Project by increasing exposure to tungsten and related polymetallic skarn potential within the same proven Nevada mining jurisdiction.

To view the release including tables and figures, please visit:
https://nelsonresources.com.au/asx-announcements

About Nelson Resources Limited

Nelson Resources Limited (ASX:NES) is a gold exploration company with a portfolio of highly-prospective gold projects located in Nevada, USA and Western Australia. Nelson's flagship project is the Gold Point Project in Nevada, which covers 31km2 of claims near the historic mining town of Gold Point, an area with endowment of over 40Moz Au within a 90km radius. Nelson Resources is a dynamic and innovative gold exploration company dedicated to discovering and developing high-potential mineral deposits in some of the world's most promising gold-bearing regions. Our team consists of seasoned professionals with decades of experience in mineral exploration, project development, and resource management.

 

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