High-grade Gold Intercept Confirmed at Darlington

North Stawell Minerals (ASX:NSM) is pleased to announce an update on the results of its recent diamond drill program. The North Stawell Project includes a 504 km² contiguous package of ground that incorporates the gold-prospective corridor immediately north of Stawell Gold Mines’ operation at Stawell. A thin blanket of unmineralised sediments preserves potential for large, near-surface repeats of the multimillion-ounce ore deposit at Stawell. The current focus is on two priority targets, Wildwood and Darlington, which both have potential to be repeats of the multi-million-ounce mineralisation at Stawell.

HIGHLIGHTS

• Diamond Drilling has returned an impressive intercept at the Darlington Project, 6km north of Stawell, Victoria, Australia.
• A brecciated, quartz-sulphide vein with multiple occurrences of visible gold (VG) ¹ returned:
  2.3m at 29.2 g/t Au from 108.2m (NSD057), including 0.8m at 82.3 g/t Au from 108.2m (NSD057).
• The intercept in NSD057 has strong similarities to the historic Mariners Lodes at Stawell - including geology, mineralisation style, structure and gold grades - presenting an exciting deposit-style to explore against. High grade gold intercepts and significant visible gold in the Stawell Corridor are not typical.
• The intercept in NSD057 occurs 70m to the west of the Darlington Mine trend, and, if parallel to Darlington, is open for 850m along strike to the south and 200m to the north, and at depth. If the Mariners-type model^2,4 applies, mineralisation may link to the basalt at depth.
• Four additional anomalous (<1g/t Au) zones occur down-hole, including a 6m anomalous zone at the projected, plunging Darlington mineralisation trend and a 16m anomalous zone at the targeted basalt contact³.
• NSD057 intersected the targeted basalt at 276m (120m south of the previous intercept in NSD053(3) and remains open to the south and at depth). The sediments-basalt contact is moderately altered but is cut by a late fault on the contact, potentially faulting out the planned target horizon³.

Figure 1 NDS057 – approx. 108.20m – gold (circled). A multiple-phase hydrothermal siliceous breccia includes multiple blebs of visible gold. scale bar in cm’s. See also ASX:NSM 19 Mar 25).

Executive Director Campbell Olsen advised:

“The results from NSD057 have not disappointed, returning an exceptional, high-grade gold intercept at very shallow depth - 84m vertical – where visible gold was identified in the drill core (ASX:NSM 19 Mar 25). We now interpret strong parallels – geology, mineralisation, grade and structure – to the historic Mariners Lodes at Stawell, 6km to the south and are focused on how this exciting result fits into our existing understanding of the Stawell Corridor mineralisation. We’ve explored against a Mariners structural model for some time, anticipating structurally-controlled mineralised splays from the deeper basalts into the overlying sediments – but had not anticipated a possible repeat of Mariners high-grade gold tenor.

Importantly, the Stawell Corridor is not characterised by high-grade gold, with all published resources in the corridor having grades <5 g/t Au. The intercept in NSD057, if proven to be part of a larger, coherent mineralised zone, has potential to focus some of the strong interest in high-grade Victorian gold systems to western Victoria. There is precedent – the “original” Mariners Mines above the Stawell Mine include historic production of up to 0.95Moz Au at 30g/t Au (ASX:NSM 15 Apr 25).

We are excited to follow up on this result – the target is open in all directions. Also, the very shallow depth gives the exploration team a range of geophysical, geochemical and drilling techniques to quickly expand understanding and refine the target in a cost effective manner.”

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