HAWK RESOURCES LIMITED. — Regulatory Filings 2021

Sep 21, 2021

ASX ANNOUNCEMENT 22 September 2021

Alderan receives drill approval for Detroit copper-gold targets

HIGHLIGHTS

• Alderan receives regulatory approval for two drill sites in its planned 3,000m program at Detroit copper-gold project, Utah, USA.

• One additional drill site has pre-existing approval from Alderan’s 2020 drill program.

• Approval for the remaining seven Stage 1 sites expected in October 2021.

• One site is drill-ready and preparations are nearing completion for the two new sites.

• Alderan expects drilling to commence before the end of September 2021, subject to drill rig availability.

• Alderan has successfully negotiated extensions to option obligations over key tenements.

Alderan Resources Limited (ASX:AL8) ( Alderan or the Company ) is pleased to announce it has received regulatory approval to commence its 10-hole (3,000m) diamond drilling program at the Detroit Project, located in the Drum Mountains region of western Utah, USA[1] .

The Utah Division of Oil, Gas and Minerals has approved drilling at two planned drill sites to date. An additional site previously permitted during Alderan’s 2020 drilling program is also available. Approval for the remaining seven sites is expected in October.

The 2020 site is drill-ready and preparations on the two newly permitted sites are underway. The Company is ready to commence when the drill rig arrives with most recent advice from drilling contractor Major Drilling that the rig has been delayed due to a slow and difficult last hole for its current client. It is now expected to arrive at Detroit at the end of the month.

Due to delays to commencement of drilling and to ensure security over its Detroit project, Alderan has successfully negotiated extensions until late March, 2022 to contractual obligations with key licence holders.

The proposed drill sites available to commence the program are R1, N1 and PC#2 (see Figure 1), with R1 and N1 high priority targets at Detroit. These holes are designed to test the Southern chargeability anomaly distal disseminated gold target and the Basin Main magnetic anomaly porphyry copper-gold-molybdenum target respectively. A summary of the holes and their targets is in Table 1.

Alderan Managing Director Scott Caithness said:

“While the delays in permitting and rig arrival are frustrating, they are symptomatic of the current COVID environment in which there are shortages of personnel to address the requirements of a buoyant exploration industry. Given the circumstances, we greatly appreciate the support of our project partners in extending the timeframes for options to be exercised.

“On a positive note, Alderan has been able to prepare well for the programme and we expect there will be no further delays due to permitting once the drilling commences.”

1 Alderan ASX announcement dated 1 September 2021.

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ASX ANNOUNCEMENT 22 September 2021

Table 1: Approved Detroit drill sites R1, N1 and PC#2

				Collar	Hole
Prospect	Site	Easting	Northing	Elevation	Depth	Azimuth	Inclination	Comments
				(mRL)	(m)
								80 millisecond chargeability anomaly at
SouthernAnomaly	R – 1	325,790	4,379,065	1868	330	090o	-70o	favourable stratigraphic contact betweenCambrian shale and limestone and acrosswest dipping fault. Historical rock samples
								grade upto 7.6g/t Au.
								Magnetic anomaly interpreted to be potassic
								altered core of Basin Complex porphyry.
BasinComplexPorphyry	N – 1	326,090	4,379,972	1855	500	205o	-80o	Petrographic examination of core samplesfrom Alderan hole DD20M-003 identifiedpotassic altered porphyry with low butincreasing levels of copper and molybdenum
								mineralisation as the hole approached the
								Basin Main magnetic anomaly.
								Down dip offset test for extension of gold
Mizpah	PC#2	326,320	4,379,409	1881	220	090o	-60o	mineralisation intersected in Alderan holeDD20M-006 which intersected 81m @
								0.41g/t Au which included 6m@1.98g/t Au.

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Figure 1 : Basin Complex 3D inversion model chargeability anomaly (20-30 milliseconds shell; yellow) overlying the Basin Main magnetic anomaly (>0.03 SI units cutoff; red) showing the location of all Stage 1 proposed drill holes.

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ASX ANNOUNCEMENT 22 September 2021

Detroit Project

The Detroit Project is one of four projects held by Alderan (see Figure 2) in the state of Utah, USA. It lies within the Detroit Mining District, approximately 175km southwest of Salt Lake City, and contains numerous historical copper, gold and manganese mines. The district has been explored for copper and gold in the past by major mining companies such as Anaconda Copper, Kennecott, Newmont, BHP and Freeport-McMoRan but no one company was able to build a significant contiguous land position to enable district-wide modern exploration. The United States Geological Survey ( USGS ) has also explored the area, sampling extensive mineralised jasperoids.

Alderan has a consolidated exploration area at Detroit of 24.7km[2] through a series of option agreements with tenement owners[2] . This provides the Company with the opportunity to conduct the first ever modern exploration over the entire mining district.

Prior to consolidation, Alderan completed a seven-hole drilling program in and around the Mizpah prospect with hole locations guided by tenement holdings[3,4,5,6] . Post consolidation, Alderan has compiled past exploration data, completed stream sediment, rock and soil sampling, conducted ground magnetics and induced polarization ( IP ) geophysical surveys, carried out petrographic examinations of drill core and modelled the historical Mizpah oxide gold deposit[7,8,9,10,11] .

Alderan’s exploration to date has highlighted Detroit’s potential to host porphyry copper-gold-molybdenum plus distal disseminated, skarn and structure related gold deposits.

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Figure 2 : Alderan Resources project locations in western Utah.

ENDS

2 Alderan ASX Announcement dated 11 February 2021.

3 Alderan ASX Announcement dated 15 October 2020.

4 Alderan ASX Announcement dated 19 November 2020.

5 Alderan ASX Announcement dated 30 September 2020.

6 Alderan ASX Announcement dated 22 February 2021.

7Alderan ASX Announcement dated 8 March 2021.

8 Alderan ASX Announcement dated 11 May 2021.

9Alderan ASX Announcement dated 9 June 2021.

10Alderan ASX Announcement dated 21 July 2021.

11Alderan ASX Announcement dated 24 August 2021.

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ASX ANNOUNCEMENT 22 September 2021

This announcement was authorised for release by the Board of Alderan Resources Limited.

ALDERAN RESOURCES LIMITED ABN: 55 165 079 201 Suite 23, 513 Hay Street, Subiaco, 6008, WA www.alderanresources.com.au

For further information: e: info@alderanresources.com.au

p: +61 8 6143 6711 Scott Caithness Managing Director scott@alderanresources.com.au

Competent Persons Statement

The information in this announcement that relates to historical exploration results were reported by the Company in accordance with listing rule 5.7 on 30 September 2020, 15 October 2020, 19 November 2020, 22 February 2021, 8 March 2021, 11 May 2021, 9 June 2021, 21 July 2021 and 24 August 2021. The Company confirms it is not aware of any new information or data that materially affects the information included in the previous announcements.

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