Guyer North Delivers More Gold

• Geological fieldwork, mapping and rock chip sampling continues along the 15km long Guyer trend.
• Anomalous assays from AC drilling, UFF soils and rock chip sampling, historic workings and gold nuggets have all assisted in identifying a clear exploration focus along the ridge at Guyer North for ~2.5kms.
• The recent discovery of nugget GY-1 at nearly 1.5oz Au further supports the prospectivity of Guyer North.
• Prospecting has discovered over 780 gold nuggets along the Guyer Trend to date.
• More than 80 gold nuggets have been recovered during the last 4 weeks.
• The Guyer North drilling campaign is being designed and prepared for exploration drilling which is expected to commence within weeks.

Technical Director David Nixon commented:

“This new 1.5oz gold nugget, GY-1, is the largest nugget recovered thus far along the 15km long Guyer trend. The nugget was discovered in a saddle along the ridge at Guyer North and shows some signs of transport but retains enough surface features to indicate it hasn’t travelled far. The specimen GY-1 provides further support for the prospectivity of the Guyer North target area.

There is sufficient evidence of gold mineralisation localised along the Guyer North Ridge to justify drill testing.

A drilling campaign is being designed to test across the Guyer North target and along its ~2.5km strike” and will commence within weeks.

During the previous 4 weeks over 80 nuggets have been recovered, bringing the total to date to over 780 nuggets found along the Guyer Trend.

Figure 1: Nugget* GY-1, uncleaned, containing ~1.5oz of gold.

Figure 2: Nugget* GY-1 after cleaning. The nugget has a gold fineness of 99.1% (measured by pXRF).

*Visual estimates of mineral abundance or pXRF analyses should never be considered a proxy or substitute for laboratory analyses where concentrations or grades are the factor of principal economic interest. Visual estimates also potentially provide no information regarding impurities or deleterious physical properties relevant to valuations.

Guyer Well Target Area

The Guyer Well target area lies in the southeastern part of Iceni’s tenure. It lies over a north-northwest striking belt of mafic greenstone sequences, bounded to the west by the Danjo Batholith and to the east by felsic volcanics.

The eastern part of the Guyer Well target area is cut by the north-northwest trending Guyer Fault. The Guyer Fault/Shear is interpreted to be a splay of the main Celia Fault. 15kms of strike of the prospective Guyer Fault is controlled by Iceni within the 14 Mile Well Project.

Figure 3: Interpreted geology and alteration zones of the Guyer Well target area

Much of the central and southern portions of the Guyer Well target area is blanketed by transported cover. The cover sequences consist of palaeochannels covered by sheetwash and alluvial channels with minor residual soils. The northeastern part of the Guyer Well target area occurs over lacustrine clays and sediments associated with Lake Carey.