Burns Resource Drill-Out – Update #2 Outstanding Gold Intersection On Lake Randall

• The Burns Resource Drill-out program consists of 80 RC holes over 700m of strike length, with each hole evaluating a vertical depth of approximately 200m. Fifty-one holes have been completed, with the remaining 29 holes planned to be drilled before the end of December 2022.
  
• Gold only assay results have been received for holes LRR001-LRR003 located on Lake Randall, and 160m to the north of the Burns discovery hole, LEFR260. Copper and multi element results are pending.
• Hole LRR003, which is within the Central Porphyry zone, intersected an outstanding long downhole interval of gold mineralisation from immediately below the transported cover, as follows:

LRR003 – 103 m @ 1.65g/t Au from 25 m, including 38 m @ 3.83g/t Au from 26 m

• Drilling is currently underway to the north of these holes, where the mineralised system remains untested and open.
• Holes LRR001 and LRR002 were east of the Central Porphyry zone and returned weak gold values (0.4-0.6g/t) over downhole lengths of 20-30m.
• Assay results for the remaining 77 holes in the Burns Resource Drill-out program, including base metal values which are slower to be reported than the gold results, will be received between December 2022 and January 2023. Updates will be released as assays are received.
• The Burns Resource estimate will be finalised in Q1/2023.

A maiden 22-hole Reverse Circulation (RC) drill program completed in Jan-Feb 2021 intersected a spectacular gold and copper interval in hole LEFR260, containing 38m @ 7.63g/t Au & 0.56% Cu from 134m in diorite porphyry. The results from that RC program provided the geological and geochemical data that highlighted the unique geological characteristics of Burns and are a key guide to subsequent and ongoing exploration activity.

Further targeted aircore, RC and diamond drilling at Burns since January 2021 has established a broad footprint to the system that extends beneath Lake Randall, with the limits of mineralisation still to be fully defined. The system may extend for 2000 metres or more along strike, based on drilling between Lovejoy in the north and the main Burns Central area in the south.

Reverse Circulation (RC) Resource Drill Program

In October 2022, the Company commenced the Burns Resource drill-out program of 15,000 planned metres to evaluate the Burns Central system to 200 metres vertical from surface and over 700 metres of strike (Refer LEX ASX Release 6 October 2022). The data from this program, when combined with previous drilling data, will support the compilation of a mineral resource estimate to be finalised in Q1/2023.

To date, 51 holes for 12,798 metres have been completed, both onshore (land-based) and offshore on Lake Randall (salt-lake based). Drill spacing is a nominal 40 metre by 40 metre grid pattern, with angled holes planned to a nominal final hole depth of 250 metres. The drill program is designed to evaluate the three key geological domains at Burns Central being the Central Porphyry, Western basalt, and Eastern deformation zone.

Gold only assay results have been returned for three drill holes, LRR001-003 (Table 1), collared to follow up multiple mineralised gold and copper intersections identified in previous aircore drilling.

The previous aircore drilling on Lake Randall (refer LEX ASX release 21 February 2022) 160m to the north of discovery hole (LEFR260), included significant mineralised intercepts of:

• 16m @ 3.79 g/t Au from 20m in LEFRA1088; including
  • 8m at 7.31 g/t Au from 20m
• 24m @ 2.86 g/t Au from 16m to End-of-Hole in LEFA1089; including
  • 16m @ 4.04g/t Au from 20m

Importantly hole LEFA1089 (Figures 1-3) ended in gold and copper mineralisation that included 8m at 1.91g/t gold and 0.31% copper from 32m to the end of hole. These results and those from other holes immediately northeast of the discovery section demonstrate the wider footprint of the Burns system.

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