CIRCLE VALLEY GOLD PROJECT

Western Australia

The Circle Valley Project (MEK 100%) is located 85 kilometres south of Norseman in Western Australia. The project tenure covers the southwestern Albany‐Fraser Mobile Belt.

The Albany-Fraser Mobile Belt is a highly prospective but underexplored frontier, as demonstrated by the considerable success AngloGold Ashanti had with the discovery and development of the 7.1Moz Tropicana gold mine (currently jointly owned by AngloGold Ashanti and Regis Resources Ltd Joint Venture).

The geology at Circle Valley is comprised of predominantly felsic and to a lesser extent mafic gneissic rocks. Gold appears coincident with magnetic features and drilling has defined four large kilometre scale gold anomalies

On taking ownership of the project in early 2020 the Company quickly set about securing land access agreements with local landowners. With those in hand an auger geochemical sampling program was completed in late 2020, which extended the strike of gold anomalism at Anomaly A to 1,200 metres.

Following the success of an auger sampling program in 2020 that extended the strike of gold anomalism at Anomaly A to 1,200 metres, reconnaissance aircore drilling was completed during 2021, returning thick gold intersections. Of more importance however was the end of hole multi-element geochemistry that displayed pathfinder elements similar to those observed in early exploration work at the Tropicana discovery, hinting at the possible presence of a large mineralised system.

A short program of 100-150m deep RC drill holes was completed in early 2022 with immediate success, the first hole intersecting 23m @ 5.09g/t Au from 13m (22CVRC001). Subsequent step-out holes returned similar broad zones of mineralisation.

Exploration during 2022 focussed on expanding the known zones of primary gold mineralisation at Anomaly A, which sits below a 1,200m by 400m regolith anomaly. This was the first-time mineralisation had been tested below the regolith at Circle Valley and delivered excellent results, including:

23m @ 5.09g/t Au from 13m including 10m @ 9.35g/t Au (22CVRC001)
8m @ 1.45g/t Au from 121m including 4m @ 2.27g/t Au (22CVRC008)
12m @ 1.42g/t Au from 36m including 1m @ 12.30g/t Au (22CVRC009)
5m @ 2.06g/t Au from 25m including 2m @ 4.00g/t Au (22CVRC010) and
5m @ 1.55g/t Au from 42m including 1m @ 6.63g/t Au (22CVRC010)
6m @ 2.93g/t Au from 30m including 3m @ 5.35g/t Au (22CVRC025)
8m @ 1.40g/t Au from 52m including 1m @ 6.28g/t Au (22CVRC027) and
7m @ 2.55g/t Au from 80m including 1m @ 7.38g/t Au (22CVRC027)

Additionally, a single hole was drilled at the highly prospective Fenceline target, ~10km to the northeast of Anomaly A, and intersected primary gold: