KILLI RESOURCES LIMITED — Capital/Financing Update 2024

Jun 3, 2024

MT RAWDON WEST ASX ANNOUNCEMENT ASX | KLI

4 June 2024

Exploration recommences at Queensland copper-gold targets

• Field work has re-commenced at the two exciting copper gold targets following up 7.2% Cu and 12.4g/t Au rock chip results.

• Surface mapping and additional geochemistry sampling and analysis has commenced.

• Ground Induced Polarisation Survey is due to commence in coming weeks.

• Maiden drill program to follow results from the IP Survey.

Killi Resources Limited (‘ Killi ’ or the ‘ Company ’) (ASX: KLI) is pleased to announce exploration has recommenced at the project with surface mapping, rock chip sampling and ground-truthing of geophysical targets.

Recent reviews have highlighted further copper-gold potential at the Baloo and Kaa prospects with exploration planned to continue to focus on these targets within the main Baloo corridor.

Field work has been planned to further understand veining, alteration and geology of the targets, as the Company explores for a new epithermal-porphyry copper gold system. Results of this work will be coupled with existing geochemical and geophysical data to provide drill targets for testing in the future.

The Induced Polarisation geophysical survey is planned to commence in coming weeks, and cover both targets, to determine any potential sulphide bodies beneath the geochemical targets.

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Kaa, historical copper mine, mullock pile.
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Chief Executive Officer, Kathryn Cutler said: “We’re excited to be back out on the ground in Queensland at Baloo and Kaa. Field mapping has started with an IP Survey planned to commence in coming weeks. We remain focussed on exploring for a new large-scale coppergold system and look forward to reporting the results to market as they become available.”

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KILLI Resources Limited | ASX Announcement | www.killi.com.au | ASX:KLI

The Mt Rawdon West Cu-Au Targets

The Baloo Corridor has been the initial focus of exploration, as geophysics highlighted a structurally complicated zone at the intersection of major regional faults, which are responsible for gold and copper mineralisation.

Soil samples and rock chips have focused across this corridor and returned large zones of both gold and copper enrichment at surface. In places the mineralisation has been of considerable grade, returning in assay, 7.2% Cu in bornite rich veins, 12.4g/t Au in quartz veins and 0.99% Mo from a quartz plug, all at surface.

Metal and element zonations have been determined for surface soil data and confirms the dominant metals at the project consist of a copper/gold/molybdenum core, flanked by bismuth-silver-tungsten, and more distally lead-zinc. A typical geochemical arrangement of pathfinder elements, indicative of fertile intrusive system.

The Kaa and Baloo targets remain high priority and the focus of exploration efforts.

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Figure 1. Copper-gold-molybdenum soil zonation’s and geophysical targets from Baloo and Kaa targets.

Authorised for release by the Board of Killi Resources Limited.

Enquires

Kathryn Cutler Chief Executive Officer +61 8 9322 7600 admin@killi.com.au

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Compliance Statement

The information in this report that relates to prior Exploration Results for the Mt Rawdon West Project is extracted from the ASX Announcement listed below which is available on the Company website www.killi.com.au and the ASX website (ASX code: KLI):

code: KLI):
Date	Announcement title
24 February 2022	Drill ready gold targets for Mt Rawdon West Qld
13 July 2023	Drilling intersects geochemically anomalous intrusive breccias at Rocky Prospect
7 September 2023	High-grade copper up to 7.2% Cu and gold 12.4g/t Au at surface, Baloo
30 October 2023	Large-scale copper-gold porphyry targets defined, Mt Rawdon West
15 November 2023	High-grade results extend the Rocky Prospect, Ravenswood North

The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement and that all material assumptions and technical parameters underpinning the estimates in the market announcements continue to apply and have not materially changed. The Company confirm that form and context in which the Competent Person’s finding are presented have not been materially modified from the original market announcements.

Competent Person’s Statement

The information in this report that relates to Exploration Results is based on information compiled by Ms Kathryn Cutler. Ms Cutler is a Member of The Australasian Institute of Mining and Metallurgy. Ms Cutler has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity which they are 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. Ms Cutler consents to the inclusion in this report of the matters based on this information in the form and context in which it appears.

About Killi Resources Limited

The Company is focussed on exploring for a new major mineral discovery at its projects in Western Australia and Queensland, Figure 3. The projects are belt-scale land holdings, located in well-endowed mineral provinces, that are significantly underexplored and amenable to a new large-scale discovery.

The Company has recently entered into a Earn-In Joint Venture with Gold Fields at its West Tanami Project in the Tanami, where Gold Fields can earn up to 85% of the Gold Project.

The Company also retains copper rights to the Balfour Project in the Pilbara of Western Australia, where the project was originally pegged for its copper prospectively. In early 2024 the Company completed the same of the project to Black Canyon (ASX: BCA), where Killi received $500,000 worth of Black Canyon shares for the deal.

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Figure 3. Location of Killi Resources Limited gold and copper projects in Australia.

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KILLI Resources Limited | ASX Announcement | www.killi.com.au | ASX:KLI

The Company owns 100% of the Mt Rawdon West Project located inland from Bundaberg in Queensland. The project consists of one granted 305km[2] tenement. The land holding covers the intersection of the highly prospective Mt Rawdon gold corridor with the Mt Perry copper-gold corridor, within the Mt Perry region, Figure 4. The Mt Rawdon gold mine is only 8km from Killi’s tenement boundary. The Mt Rawdon Gold Mine has produced 1.8 million ounces of gold to date, consistently producing 75,000 - 80,000oz annually.

The controlling mineral structures from Mt Rawdon and Mt Perry deposits intersect in the centre of Killi tenure, at the Wonbah and Baloo prospects, and the Company is actively exploring the project for Porphyry Copper/Gold Systems.

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Figure 4. Location of the Mt Rawdon West Project 70 kilometres inland from Bundaberg, land holding of 309km[2] .

The Company also owns 100% of the Ravenswood North Project located near Charters Towers in Queensland. The project consists of six granted tenements, totalling ~660km[2] . The majority of the land holding covers the prospective Ravenswood-Charters Towers gold corridor, host to Ravenswood Gold Mine (~9Moz Au system), Charters Towers (~14Moz Au Resource), Mt Leyshon (3.8Moz Au produced), Mt Wright, Mt Success and Piccadilly all within 60kms of the project, Figure 5.

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Figure 5. Location of the Ravenswood North Project in relation to existing gold mines of the Charters Towers area.

KILLI Resources Limited | ASX Announcement | www.killi.com.au | ASX:KLI