KALAMAZOO RESOURCES LIMITED — Capital/Financing Update 2021

Jan 31, 2021

ASX Announcement

1 February 2021

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Lightning Prospect Drilling Increases Gold Strike-Extent at Castlemaine

Highlights

• Kalamazoo has completed its diamond drilling program at the Lightning Prospect, located within its 100% controlled Castlemaine Gold Project, in the Bendigo Zone, Victoria

• This program, which comprised six diamond drill holes (1,818.6m) was completed in December 2020 and has highlighted the potential of the Lightning Prospect and surrounding area

• Anomalous to high grade gold and associated alteration was intersected in all six holes with drill results including:

• 0.8m at 11.1 g/t Au and 0.4m at 12.3 g/t Au (LT20DD02W)

• 0.55m at 10.6 g/t Au (LT20DD02)

• The Lightning Prospect is located 2km south on the same strike-extent as the Mustang Prospect, where Kalamazoo announced in March 2020 high grade results including 1.42m @ 261.3 g/t Au (MU19DD04)

• The Lightning and Mustang high grade mineralisation is structurally complex with similar attributes to the nearby Wattle Gully Mine and Fosterville style shallow-dipping fault structures, that cross-cut anticline-syncline folds

• Coarse gold-in-quartz specimens recently discovered by metal detecting between the Lightning and Mustang Prospects further supports the gold bearing potential of the area

• The results from the Lightning and Mustang drilling are highly prospective and will see Kalamazoo undertake extensive review and testing

• The next Victorian drill program scheduled by Kalamazoo is at its high priority epizonal goldantimony prospects at the South Muckleford Project with a commencement date planned for late Quarter 1 2021

Perth 16 Douro Place West Perth WA 6005 1300 782 988

Melbourne Unit 3, 328 Reserve Road Cheltenham VIC 3192 +61 3 9988 7796

ASX: KZR ACN: 150 026 850 admin@kzr.com.au www.kzr.com.au

Exploration Drilling Update

Kalamazoo Resources Limited (ASX: KZR) (“Kalamazoo” or “the Company”) is pleased to advise that following the completion of its diamond drilling program at the Lightning Prospect, all assay results have now been received and interpreted. The Lightning Prospect is located within the private Pine Plantation in EL006679 of the Castlemaine Gold Project (Figure 1). The Lightning Prospect is situated 2km south along the same strike-extent as Kalamazoo’s Mustang Prospect, where the Company completed its maiden diamond drilling program in April 2020[1] .

The Lightning Prospect was identified in 2019 as one of Kalamazoo’s top ten prospects located within the Castlemaine Gold Project. This assessment is based on past gold production and records, historic drilling and the results from groundwork, geophysical and geochemical surveys and 3D structural modelling recently carried out by Kalamazoo.

The Lightning program involved six diamond drill holes totalling 1,818.6m to test 440m strike-extent of prospective structures interpreted to be an analogue of the nearby Wattle Gully Mine, approximately 5km to the south (Table 1). Located within Kalamazoo’s EL006679, the Wattle Gully Mine operated between 1934 and 1969 and produced 1.1Mt for 411,000oz of gold at 11.1g/t Au[2] .

The six diamond drill holes were drilled from three sites and included three short “wedge” holes to obtain additional information over a particular zone of interest (Figure 2). The drilling results from all six holes confirmed the targeted “Wattle Gully Mine” analogue structure consisting of a west-dipping fault zone up to 10m in thickness with abundant quartz veining, alteration and minor visible gold (Figures 4 and 5). The best gold assays recorded were 0.8m at 11.1 g/t Au from 143m and 0.4m at 12.3 g/t Au from 139m (LT20DD02W) and 0.55m at 10.6 g/t Au from 143m (LT20DD02) (Table 2).

Near to the drilling at the Lightning Prospect and along trend from the Mustang Prospect, a prospector has recently recovered, by metal detecting, three coarse gold-in-quartz specimens. These specimens, up to 1.5cm long, were located over a relatively small area (Figure 5). Kalamazoo has made a site inspection of the area where the gold specimens were discovered to confirm the location is within the Lightning/Mustang strike extent.

To date, Kalamazoo has defined a trend of high-grade gold mineralised structures that includes the Mustang Prospect, the coarse gold-in-quartz specimens location and the Lightning Prospect, for a total strike extent of approximately 2.5km (Figure 6). This trend is coincident with the presence of numerous historical mine workings and shafts which further supports the prospectivity of this mineralised extent. Accurate historical production records for the area are limited, however mining recoveries in the Lightning Prospect (Nimrod) vicinity were reported to be ~1 oz/t (i.e. ~ 31 g/t) of gold for 23 years (as at 1882)[3] .

The high-grade potential of this area is further demonstrated by the high-grade drill intersections recorded to date. For example, Kalamazoo’s recent drill results from the Mustang Prospect included 0.8m @19.4 g/t Au from 319m (MU19DD002), 1.42m @ 261.3 g/t Au from 100m (MU19DD04) including 0.17m @ 1,620 g/t Au[4] as well as 0.8m @ 11.1 g/t Au from 143m (LT20DD02W) at the Lightning Prospect.

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Kalamazoo considers that although the mineralisation is structurally complex, the Mustang-Lightning mineralised trend remains highly prospective and warrants further investigation to determine if a highgrade Wattle Gully/Fosterville style deposit can be identified in the area.

Whilst this investigation continues, Kalamazoo’s operational focus will progress to drilling its high priority broad epizonal gold-antimony mineralised system recently discovered at the South Muckleford Gold Project[5] .

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----- Start of picture text -----

Mustang
Prospect Lightning
Prospect
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Figure 1: Location of the Lightning and Mustang Prospects, Castlemaine Gold Project

1. ASX: KZR 29 April 2020

2. ASX: KZR, 20 June 2018

3. The Argus, 18 October 1882, http://nla.gov.au/nla.news-article11556362 4. ASX: KZR 23 December 2019

4. ASX: KZR, 22 December 2020

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Hole ID	Easting	Northing	RL	Depth	Dip	Grid Azimuth
LT20DD01	256431	5895450	418	401.2	-80	90
LT20DD01W				44.7
LT20DD02	256431	5895450	418	447.6	-50	90
LT20DD02W				25.1
LT20DD03	256431	5895450	418	164.9	-65	90
LT20DD03W				47.5
LT20DD04	256340	5895259	372	231	-50	90
LT20DD05	256340	5895259	372	207.9	-40	90
LT20DD06	256446	5895709	368	248.7	-80	90

Table 1. Lightning Prospect: Diamond Drill Collar Program

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Figure 2: Traces of Lightning drilling as surface projections in blue over satellite imagery. The historical Nimrod mining area is located 300m to the east. The red line shows the location of the cross-section in Figure 3

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Figure 3: Cross-sectional interpretation of the geology at the first fan of drilling (LT20DD01, 02 and 03 and their wedges)

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Figure 4: Sample 187015 returned 10.6 g/t Au at 142.6m in LT20DD02 in a fault zone containing abundant stylolitic quartz in shale and sandstone

Hole ID	From (m)	To (m)	interval (m)	Au (g/t)
LT20DD01	143.17	143.6	0.43	1.13
	150.78	151.3	0.52	1.51
	152.3	152.8	0.5	1.61
LT20DD02	142.6	143.15	0.55	10.6
LT20DD02W	138.5	138.9	0.4	12.3
	142.7	143.5	0.8	11.1
LT20DD03	108.5	108.9	0.4	1.7
	139.1	139.6	0.5	0.51
	139.6	140	0.4	3.23
LT20DD06	122.3	122.8	0.5	1.63
	179.3	179.8	0.5	0.71

Table 2: Lightning Prospect: Summary of Significant intersections (Au > 0.5 g/t) in diamond drill core sample assays

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Figure 5: Three coarse gold-in-quartz specimens discovered by a third party north of the Lightning Prospect

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Figure 6: Location map of Mustang-Lightning Mineralised Trend with high-grade drill intersections from Mustang, Lightning, and historical drilling

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This announcement has been approved for release to the ASX by Luke Reinehr, Chairman and CEO, Kalamazoo Resources Limited.

For further information, please contact:

Luke Reinehr Tom Whiting Chairman/CEO Taylor Collison luke.reinehr@kzr.com.au twhiting@taylorcollison.com.au

Media & Investor Relations (Australia) Media & Investor Relations (Canada) Victoria Humphries Leo Karabelas: leo@fcr.ca victoria@nwrcommunications.com.au Tom Panoulias: tom@fcr.ca

Previously Released ASX Material References

For further details relating to information in this announcement please refer to the following ASX announcements:

ASX: KZR 20 June 2018, Acquisition of Major Victorian Gold Project ASX: KZR 23 December 2019, Exceptional New High-Grade Assays at Castlemaine ASX: KZR 29 April 2020, First Drilling Program Completed at Castlemaine Gold Project ASX: KZR 22 December 2020, Epizonal Au-Sb discovery by Kalamazoo at South Muckleford ASX: KZR 30 December 2020, Diamond Drill Program completed at Castlemaine Gold Project

Competent Persons Statement

The information for the Victorian Projects is based on information compiled by Dr Luke Mortimer, a competent person who is a Member of The Australian Institute of Geoscientists. Dr Mortimer is an employee engaged as the Exploration Manager Eastern Australia for the Company and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration results, Mineral Resources and Ore Reserves’. Dr Mortimer consents to the inclusion in this document of the matters based on his information in the form and context in which it appears.

Forward Looking Statements

Statements regarding Kalamazoo’s plans with respect to its mineral properties and programs are forward-looking statements. There can be no assurance that Kalamazoo’s plans for development of its mineral properties will proceed as currently expected. There can also be no assurance that Kalamazoo will be able to confirm the presence of additional mineral resources/reserves, that any mineralisation will prove to be economic or that a mine will successfully be developed on any of Kalamazoo’s mineral properties. The performance of Kalamazoo may be influenced by a number of factors which are outside the control of the Company and its Directors, staff, and contractors.

Response to COVID-19

Kalamazoo has been proactively managing the potential impact of COVID-19 and has developed systems and policies to ensure the health and safety of its employees and contractors, and of limiting risk to its operations. These systems and policies have been developed in line with the formal guidance of State and Federal health authorities and with the assistance of its contractors and will be updated should the formal guidance change. Kalamazoo’s first and foremost priority is the health and wellbeing of its employees and contractors.

To ensure the health and wellbeing of its employees and contractors, Kalamazoo has implemented a range of measures to minimise the risk of infection and rate of transmission to COVID-19 whilst continuing to operate. All operations and activities have been minimised only to what is deemed essential. Implemented measures include employees and contractors completing COVID-19 risk monitoring, increased hygiene practices, the banning of non-essential travel for the foreseeable future, establishing strong infection control systems and protocols across the business and facilitating remote working arrangements, where practicable and requested. Kalamazoo will continue to monitor the formal requirements and guidance of State and Federal health authorities and act

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Table 1. JORC Code, 2012 Edition

Section 1 Sampling Techniques and Data

Criteria	JORC	Code	explanation	Commentary	Commentary
Sampling		•	Nature and quality of sampling (e.g. cut	•	Samples referred to in this report are
techniques			channels, random chips, or specific		obtained from diamond drill core samples in
			specialised industry standard measurement		Palaeozoic sedimentary basement rocks of
			tools appropriate to the minerals under		the Castlemaine Group.
			investigation, such as down hole gamma	•	Select diamond core intervals were cut and
			sondes, or handheld XRF instruments, etc).		half-core sampled using a standard core-
			These examples should not be taken as		cutter.
			limiting the broad meaning of sampling.	•	Core sample length intervals range from
		•	Include reference to measures taken to		0.17m to 1.0m.
			ensure sample representivity and the	•	Sample intervals were selected based upon
			appropriate calibration of any measurement		the interpreted presence of mineralisation
			tools or systems used.		as determined from detailed geological core
		•	Aspects of the determination of		logging.
			mineralisation that are Material to the Public
			Report.
		•	In cases where ‘industry standard’ work has
			been done this would be relatively simple
			(e.g. ‘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 (e.g. submarine nodules) may warrant
			disclosure of detailed information.
Drilling		•	Drill type (e.g. core, reverse circulation,	•	Diamond drilling commenced with HQ3 then
techniques			open-hole hammer, rotary air blast, auger,		NQ3 (triple tube) diameter coring
			Bangka, sonic, etc) and details (e.g. core		configuration.
			diameter, triple or standard tube, depth of	•	Diamond core from the inclined holes are
			diamond tails, face-sampling bit or other		oriented every drill run using an electronic
			type, whether core is oriented and if so, by		core orientation tool (TruCore). At the end of
			what method, etc).		each drill run, the bottom of hole position is
					marked by the driller, which is later
					transferred to the whole drill core run length
					with a bottom of hole reference line.
Drill sample		•	Method of recording and assessing core and	•	Diamond drill core recovery is
recovery			chip sample recoveries and results		systematically recorded from the
			assessed.		commencement of diamond coring to the
		•	Measures taken to maximise sample		end of the hole, by reconciling against
			recovery and ensure representative nature		driller’s depth blocks and production plods
			of the samples.		with that obtained from the geological
		•	Whether a relationship exists between		logging process.
			sample recovery and grade and whether	•	Driller’s depth blocks provided the depth,
			sample bias may have occurred due to		interval of core drilled, and interval of core
			preferential loss/gain of fine/coarse		recovered.
			material.	•	Any lost core is recorded in the production
					plod as well as marked with a driller’s depth
					block.
				•	Core recoveries were typically 100% with
					onlyisolated minor zones of lower recovery.
Logging		•	Whether core and chip samples have been	•	Geological logging recorded qualitative
			geologically and geotechnically logged to a		descriptions of lithology, alteration,
			level of detail to support appropriate Mineral		mineralisation, veining, and structure
			Resource estimation, mining studies and		including orientation of key geological
			metallurgical studies.		features for the entire hole length.
		•	Whether logging is qualitative or quantitative	•	All drill core was photographed prior to
			in nature. Core (or costean, channel, etc)		cutting/sampling of the core.
			photography.
		•	The total length and percentage of the
			relevant intersections logged.
Sub-		•	If core, whether cut or sawn and whether	•	Diamond core was half-core cut and
sampling			quarter, half or all core taken.		sampled at the Company’s Castlemaine
techniques		•	If non-core, whether riffled, tube sampled,		core yard.
and sample			rotary split, etc and whether sampled wet or	•	Half core samples were placed in numbered
preparation			dry.		calico bags and grouped in poly-weave
		•	For all sample types, the nature, quality, and		bags for dispatch to the laboratory.
			appropriateness of the sample preparation
			technique.

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Criteria	JORC	Code	explanation	Commentary	Commentary
		•	Quality control procedures adopted for all	•	Samples were directly delivered to the
			sub-sampling stages to maximise		laboratory via tracked TOLL freight
			representivity of samples.		consignment.
		•	Measures taken to ensure that the sampling	•	Sample preparation was conducted at
			is representative of the in situ material		Bureau Veritas Laboratory, Adelaide
			collected, including for instance results for		including sample sorting, drying, crushing,
			field duplicate/second-half sampling.		and milling.
		•	Whether sample sizes are appropriate to the	•	Sample sorting: samples are weighed, and
			grain size of the material being sampled.		respective weights recorded in LIMs. Any
					reconciliation (extra samples, insufficient
					sample, missing samples) is noted at this
					stage.
				•	Sample Drying: Samples are dried in calico
					bags in ovens at 105 deg C.
				•	Sample Crushing: Samples are jaw crushed
					to -6mm before being submitted for milling.
				•	Sample Milling: Charges of up to 3kg are
					milled to 90% passing 75um in an LM5 mill.
				•	Duplicate samples were collected at a rate
					of 1:20. Duplicate results show an
					acceptable level of variability for the
					material sampled and style of mineralisation.
				•	Sample weights are recorded and provided
					by the laboratory.
Quality of		•	The nature, quality and appropriateness of	•	Assaying of the diamond core samples were
assay data			the assaying and laboratory procedures		conducted by Bureau Veritas Laboratory,
and			used and whether the technique is		Adelaide.
laboratory			considered partial or total.	•	Gold analyses (ppm) were initially
tests		•	For geophysical tools, spectrometers,		determined by 40g fire assay with AAS
			handheld XRF instruments, etc, the		finish.
			parameters used in determining the analysis	•	Assays between 1-10g/t were repeated by
			including instrument make and model,		the lab the following day to check accuracy.
			reading times, calibrations factors applied		Assays >10g/t were re-assayed utilising
			and their derivation, etc.		repeated (triplicate) 40g fire assay with
		•	Nature of quality control procedures		gravimetric finish. This method is considered
			adopted (e.g. standards, blanks, duplicates,		more accurate for this range and the
			external laboratory checks) and whether		average of the three gravimetric finish
			acceptable levels of accuracy (i.e. lack of		assays are the ones reported here.
			bias) and precision have been established.	•	All samples were assayed for a further 28
					elements using a 4-acid digestion followed
					by ICP-AES/ICP-MS determination.
				•	Sampling and assaying quality control
					procedures consisted of the inclusion of
					Certified Reference Materials (CRMs), coarse
					‘blanks and sample duplicates within each
					batch (at least 1:20).
				•	Assays of quality control samples were
					compared with reference samples for gold
					and verified as acceptable prior to use of
					data from analysed batches. QC of the
					remaining multi-element data is ongoing.
				•	Analysis of the available QC sample assay
					results for gold indicates that an acceptable
					level of accuracy and precision has been
					achieved and the database contains no
					analytical data that has been numerically
					manipulated. The assaying techniques and
					quality control protocols used are
					considered appropriate for the data to be
					used for reporting exploration drilling
					results.
Verification		•	The verification of significant intersections	•	Sampling intervals defined by the Geologist
of sampling			by either independent or alternative		are assigned sample identification numbers
and			company personnel.		prior to core cutting. Corresponding sample
assaying		•	The use of twinned holes.		numbers matching labelled calico bags are
		•	Documentation of primary data, data entry		assigned to each interval. All sampling and
			procedures, data verification, data storage		assay information were stored in a secure
			(physical and electronic) protocols.		database with restricted access.
		•	Discuss any adjustment to assay data.	•	Digital sample submission forms provided
					the sample identification numbers
					accompanying each submission to the
					laboratory.

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Criteria	JORC	Code	explanation	Commentary	Commentary
				•	All geological logs, sampling and assaying
					documentation are validated and stored off-
					site with an independent third party.
				•	Assay results from the laboratory with
					corresponding sample identification are
					loaded directly into the database.
				•	No adjustments are made to assay data.
					Drilling intersects mineralisation at various
					angles.
				•	Wedges were drilled to duplicate the core in
					certain zones of interest, as reported.
				•	The verification of significant intersections
					has been completed by company personnel
					and the Competent Person.
Location of		•	Accuracy and quality of surveys used to	•	All drill hole collar locations have been
data points			locate drill holes (collar and down-hole		recorded with a 64s Garmin Handheld GPS
			surveys), trenches, mine workings and other		with 3-5m accuracy.
			locations used in Mineral Resource	•	Drill rig alignment was attained using a
			estimation.		handheld compass and verified with
		•	Specification of the grid system used.		downhole surveys collected near-surface
		•	Quality and adequacy of topographic		followed by approximately every 30m.
			control.	•	All collar coordinates are provided in the
					Geocentric Datum of Australia (GDA94 Zone
					55S).
				•	RL data is verified utilising publicly available
					SRTM-derived (~30m pixel) Digital Elevation
					Model.
Data		•	Data spacing for reporting of Exploration	•	The drill hole spacing ranges is not
spacing and			Results.		systematic, nor grid based. Drill hole collar
distribution		•	Whether the data spacing and distribution is		positions are based solely on the drilling of
			sufficient to establish the degree of		specific exploration targets.
			geological and grade continuity appropriate	•	The current drill hole spacing does not
			for the Mineral Resource and Ore Reserve		provide sufficient information for the
			estimation procedure(s) and classifications		estimation of a Mineral Resource.
			applied.	•	Significant assay intercepts remain open.
		•	Whether sample compositing has been		Further drilling is required to determine the
			applied.		extent of currently defined mineralisation.
				•	No sample compositing is applied to
					samples.
Orientation		•	Whether the orientation of sampling	•	Nominal drilling azimuth directions are
of data in			achieves unbiased sampling of possible		approximately E-W as the strike of the
relation to			structures and the extent to which this is		geology is approximately north-south (range
geological			known, considering the deposit type.		~340° - 020°) dependent upon the location
structure		•	If the relationship between the drilling		within the exploration licence. Therefore, the
			orientation and the orientation of key		drill hole azimuth directions are
			mineralised structures is considered to have		approximately perpendicular to the
			introduced a sampling bias, this should be		prevailing strike of the local geology.
			assessed and reported if material.
Sample		•	The measures taken to ensure sample	•	Drill core was delivered from the drill rig to
security			security.		the Company core yard every shift.
				•	On completion of geological logging, core is
					stored on site at the Company core yard.
				•	High resolution core photography and
					cutting of drill core was undertaken at the
					Company core yard.
				•	All samples have been delivered via tracked
					TOLL freight consignment.
Audits or		•	The results of any audits or reviews of	•	Due to the limited duration of the program,
reviews			sampling techniques and data.		no external audits or reviews have been
					undertaken.

Section 2 Reporting of Exploration Results

Criteria	JORC	Code explanation	Commentary	Commentary
Mineral	•	Type, reference name/number,	•	EL6679 is 100% owned by Kalamazoo
tenement and		location and ownership including		Resources Ltd and is in good standing with no
land tenure		agreements or material issues with		known impediments.
status		third parties such as joint ventures,	•	The drilling program referred to in this
		partnerships, overriding royalties,		announcement has taken place wholly within a
		native title interests, historical sites,		privately held Pine Plantation for which there is
		wilderness or national park and		registered land access agreement.
		environmental settings.	•	A proportion of EL6679 consists of the
				Castlemaine Diggings National Park which is

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Criteria	JORC	Code explanation	Commentary	Commentary
	•	The security of the tenure held at		classified as Restricted Crown Land although
		the time of reporting along with		that does not prohibit gold exploration and
		any known impediments to		mining here. Although no mining is permitted
		obtaining a licence to operate in		within the top 0-100m depth horizon below the
		the area.		surface.
Exploration	•	Acknowledgment and appraisal of	•	The project area has been explored and mined
done by other		exploration by other parties.		for both alluvial and quartz-vein gold
parties				mineralisation by numerous previous parties
				since 1851.
			•	The results of this work including past
				production is described in numerous publicly
				available Geological Survey of Victoria
				publications.
			•	Appraisal of the substantial volume of historical
				exploration and mine production records
				occurred during the due diligence period and is
				ongoing.
			•	Kalamazoo Resources acquired a substantial
				drill hole database from the previous EL owners,
				Castlemaine Gold Fields/LionGold Corp.
				Historical drill holes within this database are
				used regularly by Kalamazoo as part of its
				ongoing exploration activities.
			•	The three coarse gold-in-quartz specimens
				reported were discovered by an independent
				prospector using a standard metal detector over
				an area approximately 10m x 10m centered at
				256,447 mE; 5,896,088 mN. Kalamazoo
				Geologists have field-checked the site and its
				location is consistent with the known geology
				and historical mining activity of the immediate
				area.
			•	The three coarse gold-in-quartz specimens
				were measured to be each approximately 1.5cm
				long and were not weighed.
			•	The coarse gold-in-quartz specimens are the
				propertyof the independentprospector.
Geology	•	Deposit type, geological setting,	•	The Castlemaine Gold Project contains known
		and style of mineralisation.		gold deposits/occurrences typical of the
				Bendigo Zone of Central Victoria.
			•	Primary gold mineralisation is described as
				orogenic in nature, structurally controlled, and
				associated with quartz-veining and lesser
				sulphide mineralisation.
Drill hole	•	A summary of all information	•	As provided.
Information		material to the understanding of	•	The historical drill hole database is a compilation
		the exploration results including a		of publicly available data derived from several
		tabulation of the following		sources. Whilst verified by Kalamazoo
		information for all Material drill		Resources as much as possible this data was
		holes:		used as a guide only in combination with other
		o easting and northing of		data such as Geological Survey of Victoria
		the drill hole collar		surface maps and newly acquired geophysical
		o elevation or RL (Reduced		surveys.
		Level – elevation above
		sea level in metres) of
		the drill hole collar
		o dip and azimuth of the
		hole
		o down hole length and
		interception depth
		o 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
		clearlyexplain whythis is the case.
Data	•	In reporting Exploration Results,	•	Significant assay intercepts are reported with
aggregation		weighting averaging techniques,		the use of length-weighted averages plus the
methods		maximum and/or minimum grade		inclusion of individual sample results that
		truncations (e.g. cutting of high		comprise the length-weighted averages.
		grades) and cut-off grades are	•	The significant assay results reported in Table 2
		usually Material and should be		use a minimum cut-off grade of >0.5 g/t Au.
		stated.

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Criteria	JORC	Code explanation	Commentary	Commentary
	•	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 clearlystated.
Relationship	•	These relationships are particularly	•	Significant drill core sample assay intervals
between		important in the reporting of		reported represent apparent widths. Insufficient
mineralisation		Exploration Results.		geological information is available to confirm the
widths and	•	If the geometry of the		geological model and true width of significant
intercept		mineralisation with respect to the		assay intervals.
lengths		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 (e.g. ‘down hole
		length,true width not known’).
Diagrams	•	Appropriate maps and sections	•	As provided.
		(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.
Balanced	•	Where comprehensive reporting of	•	Only significant assay results (>0.5 g/t/ Au) have
reporting		all Exploration Results is not		been reported. All other results are considered
		practicable, representative		No Significant Assay (NSA).
		reporting of both low and high
		grades and/or widths should be
		practiced to avoid misleading
		reportingof Exploration Results.
Other	•	Other exploration data, if	•	No other exploration data to report.
substantive		meaningful and material, should
exploration data		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.
Further work	•	The nature and scale of planned	•	No further drilling is currently planned at the
		further work (e.g. tests for lateral		Lightning Prospect within EL006679.
		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 commerciallysensitive.

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