Significant Mineralisation Intersected at Auld Creek

Highlights

• Final assay results from recent 4-hole diamond drilling program at the Firetower polymetallic (Au-Co-W-Cu) prospect have been received and reviewed
• All holes intercepted significant mineralised intervals, with a best result (previously reported) of:
  • 2019FTD007E:
    • 17.0m @ 2.31g/t Au, 0.16% Co, 0.38% WO3, 0.16% Cu from 121.0, including:
      • 1.7m @ 6.64g/t Au, 0.12% Co, 0.87% WO3 and 0.14% Cu from 121m and
      • 5.5m @ 3.27g/t Au, 0.24% Co, 0.53% WO3, 0.33% Cu from 132.5m
• Modelling of updated drilling data indicated key structural controls to polymetallic mineralisation zones at Firetower
• Depth and strike extension target zones recognised
• Detailed surface mapping and sampling program has commenced over priority target areas

Commenting on the drilling, Managing Director and CEO Neil Marston said

“The drilling program was successful in testing for depth extensions of the main mineralised zone and providing key geological and structural information which greatly improves our understanding of the controls to high-grade mineralisation at the Firetower project.

“Our initial review of the project generated depth extension targets that we started testing with an initial 4-hole drill program in November 2023.

“Previous drilling at Firetower has been generally shallow across a limited strike length, with very few holes extending beyond 100m from the surface. Several historic drill holes reportedly ended in mineralisation.

“These early results demonstrate the continuity of polymetallic mineralisation and highlight the significant potential for high-grade mineralisation to continue at depth and along strike.”

Firetower Drilling

The Company completed 496m of diamond drilling at the Firetower prospect in December 2023 with extension tails to three historical diamond holes and one new hole drilled. The drilling followed a due diligence period of historical data validation and review, drill core resampling, drill program planning, environmental surveys, community and stakeholder liaison, access clearance and statutory work program permitting carried out by the Company.

The short drill program was designed to test for depth/strike extensions to historically drilled polymetallic (Au-Co-W-Cu) mineralisation, and to provide stratigraphic and structural information to assist geological evaluation of controls to high-grade mineralisation. All assay results have now been received from the drilling. See Figures 1 & 2 and Appendix 1 for details of the latest drilling.

As previously reported¹, extension drill hole 2019FTD007E was drilled for 83.2m from 98.7m – 181.9m to test for the continuation of gold-cobalt-tungsten-copper mineralisation at depth and along strike from hole 2019FTD006 (9.0m @ 2.56g/t Au, 0.25% Co, 0.32% WO3, 0.1% Cu from 99.0m, including 3.0m @ 8.59g/t Au, 0.29% Co, 0.83% WO3, 0.21% Cu from 105m).

Hole 2019FTD007E intersected the thickest down-hole zone of polymetallic mineralisation ever drilled at Firetower, with:

• 17m @ 2.31g/t Au, 0.16% Co, 0.38% WO3 and 0.16% Cu from 121m; including:
  • 1.7m @ 6.64g/t Au, 0.12% Co, 0.87% WO3 and 0.14% Cu from 121m and
  • 5.5m @ 3.27g/t Au, 0.24% Co, 0.53% WO3 and 0.33% Cu from 132.5m.

Extension drill hole 2019FTD004E was drilled for 121.1m from 106m – 227.1m. Highlights from this extended hole include (as previously reported):

• 9.1m @ 0.85g/t Au, 0.1% Co, 0.09% WO3 and 0.15% Cu, from 111.9m, including
  • 2.4m @ 1.7g/t Au, 0.15% Co, 0.26% WO3 and 0.19% Cu from 118.6m.

Extension drill hole 2019FTD005E was drilled for 76.9m from 120.5m – 197.4m. Best intercept in the hole was:

• 2.4m @ 1.37g/t Au, 0.15% Co, 0.35% WO3, 0.04% Cu from 141.0m.

Hole FT-2023-001, drilled from surface to a down-hole depth of 214.8m, intercepted a best polymetallic intercept associated with a discrete zone of chalcopyrite-rich sulphide breccia veining of:

• 0.75m @ 5.33g/t Au, 2.65% Cu, 0.005% Co, 0.05% WO3 from 159.75m.

Firetower Geological Modelling

The results of Flynn’s drilling are highly encouraging and confirm that follow-up exploration is warranted at Firetower. Modelling of updated drill hole structural and stratigraphic data (including 3D modelling) is in progress to evaluate controls to the high-grade polymetallic Au-Co-W-Cu mineralisation at Firetower and optimise targets for potential follow-up drilling.

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