Strong Start To Gold And Lithium Drilling, Highly Promising Results From Drilling Outside 1.1Moz Gold Resource

Kairos Minerals Ltd (ASX: KAI) Managing Director, Dr Peter Turner said: “We are moving quickly to continue growing the 1.1Moz Resource at Mt York, with drilling now underway and the mineralisation open in every direction. We are also ramping up lithium exploration with drilling at Lucky Sump and other activity at Roe Hills and Croydon, where we have lithium soil anomalies of considerable scale and tenor”.

Mt York Project, Pilbara

• Mt York Gold Project mineral resource estimate grew by 26% to 1,104,000 oz Au (0.7 g/t Au cutoff); Resource increases to 1,329,000 oz Au at a 0.5 g/t Au lower cut-off
• Initial mining and pit optimisation work indicates a single, 3,000m long pit shell at Main Trend that bottoms-out on drilling
• Technical team focussed on further, significant resource growth at Mt York with step-out drilling programme underway
• Spodumene-bearing pegmatite samples grading up to 1.91% Li2O discovered at Lucky Sump Prospect
• 5m of pegmatite intersected in hole KMYC216 under Lucky Sump lithium prospect – mineralogical and assay results pending
• Exploration Camp under construction

Croydon Project, Pilbara

• Major lithium and gold anomalies identified

Roe Hills Project, WA Goldfields

• Black Cat lithium anomaly, 10km south of Manna Li-Ta resource, cleared for drilling

Cash

• Strong cash position of $5.8m at 30 September 2022

Mt YORK GOLD PROJECT, PILBARA (KAI: 100%)

A technical review completed early in the quarter concluded that the Mt York Gold Project is a large gold system that is very much under-drilled. The mineralisation is currently 3,000m in length (Main Trend), is continuous and open in all directions (particualry below the current pit shells) making the deposit a valuable asset for Kairos. The review found the deposit was constrained only by drilling within the individual deposits and at depth, not by geological or mineralisation factors meaning that its resource potential (tonnes and grade) will only be known once more drilling is completed.

The review also found several subtle plunges of high-grade shoots which were either plunging shallowly to the east, or steeply to the east.

Structural and lithological mapping by CSA Global’s Dr Peter Neumayr was undertaken during the quarter to try to answer questions on the reasons for the likely plunge orientations in determining the best targets for future drilling. The CSA Global report is awaited.

The technical review was announced to the market on 4 July 2022 and was led by Kairos’s newly appointed MD Dr Peter Turner (appointment date of 23 May 2022) who has over 27 years of reviewing gold projects worldwide.

On 30 August 2022, Kairos announced a new JORC-compliant Mineral Resource Estimate totalling 28.01 MT @ 1.23 g/t Au for 1,104,000 ounces (comprising Indicated Resources of 13.93 Mt at 1.3 g/t for 581,000oz and Inferred Resources of 14.08 Mt at 1.15 g/t for 523,000oz) from a previous resource estimated in 2020 of 20.9Mt at 1.30g/t Au for 873,500 ounces (comprising Indicated Resources of 8.5Mt at 1.33g/t for 366,000oz and Inferred Resources of 12.3Mt at 1.28g/t for 507,500oz). The new mineral resource estimate represents a 26% increase in contained gold at about the same grade. The technical team are targeting further increases to the resource with the drilling that is currently underway.

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