GOLDARC RESOURCES LIMITED — Capital/Financing Update 2021

Nov 1, 2021

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ASX RELEASE

2 November 2021

Drilling on track at Zuleika and Credo Prospects

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Key Points:

• Zuleika Gold has resumed its 2021 drilling campaign testing the Company’s flagship Zuleika and Credo Projects.

• The campaign is targeting 8 priority prospects with 8,000+ metres of Aircore (AC) and Reverse Circulation (RC) drilling.

• Drilling is designed to follow-up the strong 2021 results within priority targets .

• Final results, including 1m re-splits from Breakaway Dam returned 11m @1.3g/t from 40m in DBAAC069, including 1m @ 7.16 g/t at 40m.

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Zuleika Gold Limited (“ZAG”, “Zuleika Gold” or the “Company” ) is pleased to advise shareholders it has resumed drilling activities at its highly prospective project portfolio in the prolific and world class Kalgoorlie - Kundana - Menzies goldfields (Figure 1).

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Figure 1 - Location of Zuleika Gold’s exploration prospects

ZULEIKA GOLD LIMITED (ASX:ZAG) ABN 43 141 703 399

36 Prestwick Drive, Twin Waters, Queensland 4564 Phone/Fax: (07) 5457 0557 Email: admin@ zuleikagold.com.au

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So far this year the Company has drilled 19,767m (~65%) of the 2021 planned 30,000m exploration AC and RC drilling programs testing the Company’s flagship Zuleika and Credo Projects.

The results from the 2021 program have confirmed the highly prospective nature of the Company’s gold project portfolio and support its strategy of systematically testing targets for continuity of mineralisation and simultaneously defining potential targets in new prospects.

The current drilling phase is designed to follow-up the strong 2021 results within priority targets located at (Figure 2):

• Credo Well North (significant RC results in 2021)

• Far North Credo (identified primary targets)

• Credo East (identified primary targets)

• Paradigm East (significant RC and AC results in 2020/2021)

• Browns Dam (significant RC and AC results in 2020/2021)

• Breakaway Dam (significant AC results in 2021)

• Little T (significant AC bottom of hole and soils anomalies)

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Figure 2 - Location of Zuleika and Credo Projects along major gold fertile shear zones

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Credo Well Gold Project

The current phase of the 2021 campaign at the Credo Gold Project (JV with Torian Resources) will be focused on extending the Credo Well North shoot (see below), as well as a maiden AC drilling campaign at the Credo Far North prospect, targeting shallow historical intersections of up to 6m @ 2.44 g/t Au from 34m in CRC0070) and the Credo East prospect (targeting a shallow historical intersection of 7m @ 3.43 g/t Au from 38m, including 1m @ 20.30 g/t Au at 42 m in CRB0415) (Figure 3).

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Figure 3 - Location of Credo Prospects to be drilled in Q4 2021

Credo Well North

Following on from the outstanding results from the RC drilling earlier this year (ZAG ASX Ann. 04/08/21), the Company has commenced a follow-up 550m+ RC drilling campaign.

The campaign intends to follow on the best intercept from the recent drilling campaign that returned 7m @ 5.22 g/t Au from 89m, including 2m @ 14.92 g/t Au from 90m, including 1m @ 24.23 g/t Au at 91m in DCRRC198.

The drilling at Credo Well North has previousluy delineated a strong mineralisation trend dipping approximately 35[◦] to the south. The drilling to date extends the zone of consistent gold over a 125m strike. The 3D analysis suggests the mineralisation has a shallow dipping plunge to the southwest that remains untested so far (Figure 4).

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Figure 4 - Credo Gold Project Cross Section on 333,660mE, showing current block model, optimised pit outline,

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Zuleika Gold Project

Little T

At the Little T prospect, which lies within the Zuleika Gold Project (JV with Torian Resources), the next phase of the 2021 campaign will focus on AC drill testing the strong gold anomalies in soils identified on the Little T tenement which coincide with the shallow intercept of 9m @ 0.59 g/t from 24m in DKNAC028 (Figure 5) (ZAG ASX Ann. 18/05/21).

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Figure 5 - Location of Little T next phase of drilling, with 2021 Aircore and soil sampling results

Paradigm East

At Paradigm East, a ~1,500m AC and RC program has been designed to further extend the mineralisation envelope at the Company’s flagship project.

The AC program will focus on testing complex structural settings interpreted from aeromagnetics, located north of the current mineralised surfaces and the high grade results intercepted in DPEAC095 earlier this year (ZAG ASX Ann. 27/07/21).

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Additionally, four RC holes will test the continuity of the faulted contact between mafics and volcanoclastic sediments, corresponding to a 40m east-west step out from the fresh rock high grade gold results intercepted DPERC019 (Figure 6).

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Figure 6 - Location of Paradigm East next phase of drilling

Two RC drillholes will be drilled at the Browns Dam prospect to test the fresh rock continuity of the high grade supergene gold intercepted in DBDAC0026, 5m @ 3.1 g/t Au from 38m (ZAG ASX Ann. 15/10/20).

Breakaway Dam

The Company has received the final results of the 1m re-splits of original 4m composite samples from the Breakaway Dam drilling campaign (ZAG ASX Ann. 15/09/20).

Best intercepts from the composite samples include:

• 4m @ 1.52 g/t Au from 31m, including 1m @ 4.05 g/t Au at 31m in DBAAC099.

Best intercepts from the 1m re-splits include:

• 11m @1.3 g/t Au from 40m, including 3m @ 3.33 g/t Au from 40m, including 1m @ 7.16 g/t Au at 40m in DBAAC069.

• 7m @1.17 g/t Au from 40m, including 1m @6.33 g/t Au at 40m in DBAAC039.

A follow-up campaign consisting of 20+ RC drillholes has been designed to confirm and extend the mineralised trend at Breakaway Dam (Figure 7).

Additionally, two RC drillholes will be drilled underneath hole DBAAC069 to test the continuity of the high-grade gold mineralisation into the fresh bedrock.

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Figure 7 - Location of Paradigm East next phase of drilling

Managing Director of Zuleika Gold Ms Annie Guo said:

“We are now 2/3[rds ] of the way through our 30,000m program commenced in February and we continue to be encouraged with the presence of hydrothermal systems which present persistent anomalous gold mineralisation.

We are confident that with thorough and systematic exploration and testing of ore grade intersections we will achieve exploration success in this fertile structural setting in the Kalgoorlie / Kundana goldfield.

In addition to our flagship prospects, Paradigm East and Browns Dam, we have advanced several more targets on the Carnage Shear, Breakaway Dam and Little T. We will also be carrying out exploration drilling on the Menzies and Goongarrie prospects.

We are encouraged with the ongoing generation of new targets within our highly prospective tenure along the Zuleika Shear and at Credo and Menzies.

Zuleika Gold directors are committed to growing our asset portfolio through systematic rigorous exploration, together with consistently evaluating corporate transactions to increase our exploration footprint in high gold potential gold areas.

Our primary objective is to define JORC compliant resources and grow the Company for the benefit of shareholders.”

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Authorised for release by the board

Malcolm Carson EXECUTIVE CHAIRMAN

Competent Person’s Statement

The information in this report that relates to the Statement of Mineral Resource Estimates exploration results has been compiled by Mr David Jenkins, a full-time employee of Terra Search Pty Ltd, geological consultants employed by Zuleika Gold Ltd. Mr Jenkins is a Member of the Australian Institute of Geoscientists and has sufficient experience in the style of mineralisation and type of deposit under consideration and the activity which they are undertaking to qualify as Competent Persons as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Minerals Resources and Ore Reserves (“JORC Code”). Mr Jenkins consents to the inclusion in the report of the matters based on the information in the form and context in which it appears.

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Table 1– Credo Well Gold Project historical collars and related survey data

Tenement	Hole Id	Drill Type	Final Depth	Easting	Northing	Azimuth Regional	Dip
P24/4419	CRC0070	RC	64	334938	6629307	0	-60
P24/4425	CRB0415	RAB	56	335690	6626567	0	-90

From Wamex historical report A59880

Table 2 – Selected historical assays - Credo Well Gold Project

Prospect	Hole ID	Sample	From	To	Sample Type	Au	Au1
CREDO FAR NORTH	CRC0070	KA51395	14	15	INT	0.38
CREDO FAR NORTH	CRC0070	KA51396	15	16	INT	2.16	2.22
CREDO FAR NORTH	CRC0070	KA51397	16	17	INT	0.73
CREDO FAR NORTH	CRC0070	KA51398	17	18	INT	0.18
CREDO FAR NORTH	CRC0070	KA51402	33	34	INT	0.17
CREDO FAR NORTH	CRC0070	KA51403	34	35	INT	3.32	2.7
CREDO FAR NORTH	CRC0070	KA51404A	35	36	INT	2.01	1.87
CREDO FAR NORTH	CRC0070	KA32784	36	37	INT	0.69
CREDO FAR NORTH	CRC0070	KA32785	37	38	INT	2.13
CREDO FAR NORTH	CRC0070	KA32786	38	39	INT	3.97
CREDO FAR NORTH	CRC0070	KA32787	39	40	INT	2.54
CREDO FAR NORTH	CRC0070	KA32788	40	41	INT	0.2
CREDO EAST	CRB0415	KA61063	38	39	INT	0.27
CREDO EAST	CRB0415	KA61064	39	40	INT	0.35
CREDO EAST	CRB0415	KA61065	40	41	INT	0.27
CREDO EAST	CRB0415	KA61066	41	42	INT	0.74	0.79
CREDO EAST	CRB0415	KA61067	42	43	INT	20.3	20.6
CREDO EAST	CRB0415	KA61068	43	44	INT	1.61	1.58
CREDO EAST	CRB0415	KA61069	44	45	INT	0.47
CREDO EAST	CRB0415	KA61074	49	50	INT	1.3	1.41

From Wamex historical report A59880

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Table 3– Breakaway Drill collars and related survey data

Prospect	Tenement	Hole Id	Drill Type	Final Depth	Easting	Northing	Azimuth Regional	Dip
BREAKAWAY DAM	P16/3255	DBAAC001	AC	51	302841	6623783	270	-60
BREAKAWAY DAM	P16/3255	DBAAC002	AC	47	302861	6623783	270	-60
BREAKAWAY DAM	P16/3255	DBAAC003	AC	48	302884	6623783	270	-60
BREAKAWAY DAM	P16/3255	DBAAC004	AC	45	302904	6623783	270	-60
BREAKAWAY DAM	P16/3255	DBAAC005	AC	26	302924	6623783	270	-60
BREAKAWAY DAM	P16/3255	DBAAC006	AC	24	302933	6623777	270	-60
BREAKAWAY DAM	P16/3255	DBAAC007	AC	22	302958	6623778	270	-60
BREAKAWAY DAM	P16/3255	DBAAC008	AC	33	302982	6623776	270	-60
BREAKAWAY DAM	P16/3255	DBAAC009	AC	31	303004	6623776	270	-60
BREAKAWAY DAM	P16/3255	DBAAC010	AC	32	303018	6623775	270	-60
BREAKAWAY DAM	P16/3255	DBAAC011	AC	22	303043	6623779	270	-60
BREAKAWAY DAM	P16/3255	DBAAC012	AC	24	303056	6623779	270	-60
BREAKAWAY DAM	P16/3255	DBAAC013	AC	39	303100	6623704	90	-60
BREAKAWAY DAM	P16/3255	DBAAC014	AC	40	303062	6623705	90	-60
BREAKAWAY DAM	P16/3255	DBAAC015	AC	45	303038	6623703	90	-60
BREAKAWAY DAM	P16/3255	DBAAC016	AC	40	303020	6623708	90	-60
BREAKAWAY DAM	P16/3255	DBAAC017	AC	49	303000	6623707	90	-60
BREAKAWAY DAM	P16/3255	DBAAC018	AC	49	302966	6623700	90	-60
BREAKAWAY DAM	P16/3255	DBAAC019	AC	42	302919	6623700	90	-60
BREAKAWAY DAM	P16/3255	DBAAC020	AC	48	302900	6623701	90	-60
BREAKAWAY DAM	P16/3255	DBAAC021	AC	44	302883	6623698	90	-60
BREAKAWAY DAM	P16/3255	DBAAC022	AC	48	302865	6623700	90	-60
BREAKAWAY DAM	P16/3255	DBAAC023	AC	59	302841	6623698	90	-60
BREAKAWAY DAM	P16/3255	DBAAC024	AC	47	302818	6623696	90	-60
BREAKAWAY DAM	P16/3255	DBAAC025	AC	56	302799	6623700	90	-60
BREAKAWAY DAM	P16/3255	DBAAC026	AC	57	303018	6623668	90	-60
BREAKAWAY DAM	P16/3255	DBAAC027	AC	21	302998	6623669	90	-60
BREAKAWAY DAM	P16/3255	DBAAC028	AC	50	302980	6623670	90	-60
BREAKAWAY DAM	P16/3255	DBAAC029	AC	47	303189	6623606	90	-60
BREAKAWAY DAM	P16/3255	DBAAC030	AC	70	303163	6623616	90	-60
BREAKAWAY DAM	P16/3255	DBAAC031	AC	55	303138	6623616	90	-60
BREAKAWAY DAM	P16/3255	DBAAC032	AC	70	303113	6623615	90	-60
BREAKAWAY DAM	P16/3255	DBAAC033	AC	60	303100	6623612	90	-60
BREAKAWAY DAM	P16/3255	DBAAC034	AC	50	303082	6623614	90	-60
BREAKAWAY DAM	P16/3255	DBAAC035	AC	65	302960	6623622	90	-60
BREAKAWAY DAM	P16/3255	DBAAC036	AC	69	302940	6623621	90	-60
BREAKAWAY DAM	P16/3255	DBAAC037	AC	61	302922	6623618	90	-60
BREAKAWAY DAM	P16/3255	DBAAC038	AC	55	302905	6623616	90	-60
BREAKAWAY DAM	P16/3255	DBAAC039	AC	59	302883	6623619	90	-60
BREAKAWAY DAM	P16/3255	DBAAC040	AC	62	302860	6623614	90	-60

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BREAKAWAY DAM	P16/3255	DBAAC041	AC	67	302840	6623616	90	-60
BREAKAWAY DAM	P16/3255	DBAAC042	AC	65	302825	6623614	90	-60
BREAKAWAY DAM	P16/3255	DBAAC043	AC	77	302806	6623615	90	-60
BREAKAWAY DAM	P16/3255	DBAAC044	AC	65	302786	6623635	90	-60
BREAKAWAY DAM	P16/3255	DBAAC045	AC	55	302940	6623695	90	-60
BREAKAWAY DAM	P16/3255	DBAAC046	AC	58	303051	6623519	90	-60
BREAKAWAY DAM	P16/3255	DBAAC047	AC	51	303028	6623516	90	-60
BREAKAWAY DAM	P16/3255	DBAAC048	AC	55	303010	6623521	90	-60
BREAKAWAY DAM	P16/3255	DBAAC049	AC	58	302995	6623537	90	-60
BREAKAWAY DAM	P16/3255	DBAAC050	AC	55	302977	6623541	90	-60
BREAKAWAY DAM	P16/3255	DBAAC051	AC	55	302958	6623540	90	-60
BREAKAWAY DAM	P16/3255	DBAAC052	AC	55	302939	6623537	90	-60
BREAKAWAY DAM	P16/3255	DBAAC053	AC	52	302919	6623535	90	-60
BREAKAWAY DAM	P16/3255	DBAAC054	AC	54	302899	6623535	90	-60
BREAKAWAY DAM	P16/3255	DBAAC055	AC	55	302881	6623542	90	-60
BREAKAWAY DAM	P16/3255	DBAAC056	AC	60	302863	6623542	90	-60
BREAKAWAY DAM	P16/3255	DBAAC057	AC	56	302847	6623541	90	-60
BREAKAWAY DAM	P16/3255	DBAAC058	AC	55	302823	6623536	90	-60
BREAKAWAY DAM	P16/3255	DBAAC059	AC	48	302804	6623537	90	-60
BREAKAWAY DAM	P16/3255	DBAAC060	AC	50	302784	6623539	90	-60
BREAKAWAY DAM	P16/3255	DBAAC061	AC	50	302763	6623535	90	-60
BREAKAWAY DAM	P16/3255	DBAAC062	AC	55	302739	6623536	90	-60
BREAKAWAY DAM	P16/3255	DBAAC063	AC	75	302721	6623541	90	-60
BREAKAWAY DAM	P16/3255	DBAAC064	AC	48	302998	6623458	90	-60
BREAKAWAY DAM	P16/3255	DBAAC065	AC	46	302981	6623461	90	-60
BREAKAWAY DAM	P16/3255	DBAAC066	AC	52	302957	6623459	90	-60
BREAKAWAY DAM	P16/3255	DBAAC067	AC	51	302940	6623455	90	-60
BREAKAWAY DAM	P16/3255	DBAAC068	AC	56	302920	6623461	90	-60
BREAKAWAY DAM	P16/3255	DBAAC069	AC	57	302898	6623457	90	-60
BREAKAWAY DAM	P16/3255	DBAAC070	AC	70	302876	6623463	90	-60
BREAKAWAY DAM	P16/3255	DBAAC071	AC	55	302860	6623461	90	-60
BREAKAWAY DAM	P16/3255	DBAAC072	AC	55	302839	6623454	90	-60
BREAKAWAY DAM	P16/3255	DBAAC073	AC	45	302817	6623458	90	-60
BREAKAWAY DAM	P16/3255	DBAAC074	AC	46	302799	6623457	90	-60
BREAKAWAY DAM	P16/3255	DBAAC075	AC	50	302779	6623457	90	-60
BREAKAWAY DAM	P16/3255	DBAAC076	AC	51	302761	6623456	90	-60
BREAKAWAY DAM	P16/3255	DBAAC077	AC	54	302741	6623457	90	-60
BREAKAWAY DAM	P16/3255	DBAAC078	AC	60	302718	6623460	90	-60
BREAKAWAY DAM	P16/3255	DBAAC079	AC	60	302702	6623456	90	-60
BREAKAWAY DAM	P16/3255	DBAAC080	AC	65	302677	6623458	90	-60
BREAKAWAY DAM	P16/3255	DBAAC081	AC	70	303445	6623326	220	-60
BREAKAWAY DAM	P16/3255	DBAAC082	AC	70	303460	6623341	220	-60

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BREAKAWAY DAM	P16/3255	DBAAC083	AC	75	303471	6623355	220	-60
BREAKAWAY DAM	P16/3255	DBAAC084	AC	80	303488	6623365	220	-60
BREAKAWAY DAM	P16/3255	DBAAC085	AC	80	303503	6623390	220	-60
BREAKAWAY DAM	P16/3255	DBAAC086	AC	69	303508	6623396	220	-60
BREAKAWAY DAM	P16/3255	DBAAC087	AC	82	303522	6623417	220	-60
BREAKAWAY DAM	P16/3255	DBAAC088	AC	84	303388	6623376	220	-60
BREAKAWAY DAM	P16/3255	DBAAC089	AC	84	303399	6623394	220	-60
BREAKAWAY DAM	P16/3255	DBAAC090	AC	80	303408	6623413	220	-60
BREAKAWAY DAM	P16/3255	DBAAC091	AC	78	303423	6623429	220	-60
BREAKAWAY DAM	P16/3254	DBAAC092	AC	45	305212	6623548	220	-60
BREAKAWAY DAM	P16/3254	DBAAC093	AC	45	305241	6623582	220	-60
BREAKAWAY DAM	P16/3254	DBAAC094	AC	35	305263	6623607	220	-60
BREAKAWAY DAM	P16/3254	DBAAC095	AC	75	305290	6623638	220	-60
BREAKAWAY DAM	P16/3254	DBAAC096	AC	55	305314	6623674	220	-60
BREAKAWAY DAM	P16/3254	DBAAC097	AC	55	305336	6623700	220	-60
BREAKAWAY DAM	P16/3254	DBAAC098	AC	50	305367	6623733	220	-60
BREAKAWAY DAM	P16/3254	DBAAC099	AC	50	305395	6623763	220	-60
BREAKAWAY DAM	P16/3255	DBAAC100	AC	59	303037	6623457	90	-60
BREAKAWAY DAM	P16/3255	DBAAC101	AC	49	303020	6623458	90	-60

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Table 4 – Selected Assays and re-splits - 2021 AC Breakaway Dam

Prospect	Hole Id	Sample	From	To	Sample Type	Au	Au1
BREAKAWAY DAM	DBAAC039*	5264913	40	41	INT	6.328	6.117
BREAKAWAY DAM	DBAAC039*	5264918	45	46	INT	1.405	1.413
BREAKAWAY DAM	DBAAC043*	5264930	72	73	INT	0.353
BREAKAWAY DAM	DBAAC046*	5264912	43	44	INT	1.155
BREAKAWAY DAM	DBAAC046*	5264936	44	45	INT	0.304	0.291
BREAKAWAY DAM	DBAAC047*	5264905	40	41	INT	1.007	0.801
BREAKAWAY DAM	DBAAC047*	5264906	41	42	INT	0.241
BREAKAWAY DAM	DBAAC052*	5264903	44	45	INT	0.693	0.795
BREAKAWAY DAM	DBAAC052*	5264932	48	49	INT	0.245
BREAKAWAY DAM	DBAAC052*	5264933	49	50	INT	0.58	0.558
BREAKAWAY DAM	DBAAC052*	5264934	50	51	INT	0.483
BREAKAWAY DAM	DBAAC057*	5264897	42	43	INT	0.242	0.263
BREAKAWAY DAM	DBAAC058*	5264895	42	43	INT	0.208
BREAKAWAY DAM	DBAAC063*	5264888	40	41	INT	0.606	0.655
BREAKAWAY DAM	DBAAC063*	5264889	49	50	INT	0.204
BREAKAWAY DAM	DBAAC063*	5264891	51	52	INT	0.217
BREAKAWAY DAM	DBAAC069*	5262397	40	41	INT	7.165	6.979
BREAKAWAY DAM	DBAAC069*	5262398	41	42	INT	1.434
BREAKAWAY DAM	DBAAC069*	5262399	42	43	INT	1.393
BREAKAWAY DAM	DBAAC081*	5262408	55	56	INT	0.226	0.23
BREAKAWAY DAM	DBAAC084*	5262412	65	66	INT	0.403	0.423
BREAKAWAY DAM	DBAAC085*	5262416	65	66	INT	0.596	0.594
BREAKAWAY DAM	DBAAC086*	5262449	53	54	INT	0.759	0.742
BREAKAWAY DAM	DBAAC087	5261936	14	15	INT	0.317	0.237
BREAKAWAY DAM	DBAAC087	5261960	50	51	INT	0.518
BREAKAWAY DAM	DBAAC087	5261961	51	52	INT	0.238	0.251
BREAKAWAY DAM	DBAAC091	5262132	46	47	INT	0.485	0.52
BREAKAWAY DAM	DBAAC093*	5262429	15	16	INT	0.544	0.534
BREAKAWAY DAM	DBAAC098	5262329	40	41	INT	0.868	0.935
BREAKAWAY DAM	DBAAC098*	5262430	42	43	INT	0.25
BREAKAWAY DAM	DBAAC098*	5262431	43	44	INT	0.282
BREAKAWAY DAM	DBAAC098*	5262432	44	45	INT	0.267
BREAKAWAY DAM	DBAAC099*	5262437	31	32	INT	4.054	4.237
BREAKAWAY DAM	DBAAC099*	5262438	32	33	INT	1.648
BREAKAWAY DAM	DBAAC099*	5262439	33	34	INT	0.261
BREAKAWAY DAM	DBAAC099*	5262444	41	42	INT	0.54

*Indicates re-split samples

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JORC Code, 2012 Edition:

Section 1: Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections.)

Criteria	JORC Code explanation	Commentary
Sampling techniques	• Nature and quality of sampling (eg cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling. • Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used. • Aspects of the determination of mineralisation that are Material to the Public Report. • In cases where ‘industry standard’ work has been done this would be relatively simple (eg ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (eg submarine nodules) may warrant disclosure of detailed information.	• AC holes were sampled on a 1m spacing using a spear on the rig with composites taken over up to a 4m interval outside of mineralised areas
Drilling techniques	• Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc).	• Aircore drilling was completed using a standard aircore blade bit and a 6 inch face sampling hammer on drillers decision.
Drill sample recovery	• Method of recording and assessing core and chip sample recoveries and results assessed. • Measures taken to maximise sample recovery and ensure representative nature of the samples. • Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due topreferential loss/gain of fine/coarse material.	• Drill recovery was noted for each metre and wet samples were identified in the sample logging
Logging	• Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies. • Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography. • The total length and percentage of the relevant intersections logged.	• Geological logs have been completed on a 1m basis for all drilling
Sub-sampling techniques and	• If core, whether cut or sawn and whether quarter, half or all core taken.	• Samples were riffle split on the rigand

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Criteria	JORC Code explanation	Commentary
sample preparation	• If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry. • For all sample types, the nature, quality and appropriateness of the sample preparation technique. • Quality control procedures adopted for all sub-sampling stages to maximise samples representivity • Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate/second- half sampling. • Whether sample sizes are appropriate to the grain size of the material being sampled.	collected in a calico bag. 4m composites were completed using a scoop from the 1m calico sample • End of hole single metre samples were also collected
Quality of assay data and laboratory tests	• The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total. • For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc. • Nature of quality control procedures adopted (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (ie lack of bias) and precision have been established.	• Samples have been submitted to NAGROM Laboratories for Fire Assay analysis. • QA/QC sampling was undertaken using industry standards. • Standards and Blanks returned consistent values, Duplicates show some variability consistent with the variable nature of the veining and gold.
Verification of sampling and assaying	• The verification of significant intersections by either independent or alternative company personnel. • The use of twinned holes. • Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols. • Discuss any adjustment to assay data.	• Results are consistent with previous work in the area.
Location of data points	• Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation. • Specification of the grid system used. • Quality and adequacy of topographic control.	• Location of holes has been using handheld GPS
Data spacing and distribution	• Data spacing for reporting of Exploration Results. • Whether the data spacing, and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied.	• Aircore drilling was on a 20m by 80m spacing.
Orientation of data in relation to geological structure	• Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type. • If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this	• Drilling direction is considered to be an effective test

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Criteria	JORC Code explanation	Commentary
	should be assessed and reported if material.
Sample security	• The measures taken to ensure sample security.	• Samples submitted directly to Lab
Audits or reviews	• The results of any audits or reviews of sampling techniques and data.	• Sampling techniques are industry standard. For composite AC sampling. 1m Splits for all intervals >100ppb Au are to be reassayed

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Section 2: Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section.)

Criteria	JORC Code explanation	Commentary
Mineral tenement and land tenure status	• Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings. • The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.	• Located in the Norseman - Wiluna Greenstone Belt ~35km northwest of Kalgoorlie in the Eastern Goldfields mining district in WA • P16/3254 and P16/3255 are all granted tenements held and maintained by Goldfields Mining Group Pty Ltd and are in good standing. • Zuleika Gold Ltd have the opportunity to earn up to 75% in the Zuleika Project Tenements with expenditure over 4 years of $A1M
Exploration done by other parties.	• Acknowledgment and appraisal of exploration by other parties.	• Extensive previous work by Hunter Resources, Homestake, Barraik Exploration, Norton Goldfields, Pan Continental, Technomin and Torian Resources
Geology	• Deposit type, geological setting and style of mineralisation.	• Gold mineralisation at Breakaway Dam is orogenic, hosted within sheared and faulted mafic and Volcaniclastic sediments. Mineralisation is hosted in shear zones and controlled by regional structures
Drill hole Information	• A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes: § easting and northing of the drill hole collar § elevation or RL (Reduced Level -	• Location of Drillholes using handheld GPS. • Northing and easting data generally within 3m accuracy • RL data +/-5m • Down hole length =+- 0.2m

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Criteria	JORC Code explanation	Commentary
	elevation above sea level in metres) of the drill hole collar § dip and azimuth of the hole § down hole length and interception depth § hole length. • If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case.
Data aggregation methods	• In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (eg cutting of high grades) and cut-off grades are usually Material and should be stated. • Where aggregate intercepts incorporate short lengths of high grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail. The assumptions used for any reporting of metal equivalent values should be clearly stated.	• Intercepts calculated based on bulk intercept >0.1 g/t and cut off of >0.1 g/t, with up to 2m waste.
Relationship between mineralisation widths and intercept lengths	• These relationships are particularly important in the reporting of Exploration Results. § If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported. § If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (eg ‘down hole _length, true width not known’). _	• Orientation of mineralised zones broadly perpendicular to drilling where known.
Diagrams	• Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views.	• The data has been presented using appropriate scales and using standard aggregating techniques for the display of regional data. Geological and mineralisation interpretations are based on

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Criteria	JORC Code explanation	Commentary
		current knowledge and will change with further exploration.
Balanced reporting	• Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.	• This announcement details work completed, historical work and future developments
Other substantive exploration data	• Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.	• Noted geological observations have been completed by fully qualified project and supervising geologists.
Further work	• The nature and scale of planned further work (eg tests for lateral extensions or depth extensions or large-scale step-out drilling). • Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.	• Follow-up drilling based on the results of this program is planned.

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