KINGFISHER MINING LTD — Capital/Financing Update 2021

Feb 16, 2021

ASX Announcement: 17 February 2021

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REPROCESSED AIRBORNE SURVEY REVEALS EXTENSIVE HYDROTHERMAL ALTERATION AT BOOLALOO COPPER-GOLD PROJECT

• Reprocessing of the airborne hyperspectral survey data from Kingfisher’s Boolaloo Project has now been completed.

• New imagery from the airborne hyperspectral reprocessing has revealed laterally extensive zones of hydrothermal alteration.

• The airborne hydrothermal alteration is spatially associated with the known mineralisation which is supported by existing high grade and anomalous copper rock chip results.

• Follow-up fieldwork including mapping and rock chip sampling has been planned along the laterally extensive alteration zones for late February.

Kingfisher Mining Limited ( ASX:KFM ) (“ Kingfisher ” or the “ Company” ) is pleased to provide an update of the on-going exploration at its flagship Boolaloo Project in the Ashburton region of Western Australia.

An airborne hyperspectral survey covering a large part of the Boolaloo Project area has been reprocessed by specialist hyperspectral consultant, Western Geospectral. The reprocessed hyperspectral survey has provided the Company with significant insight into the geology and alteration at Boolaloo.

Kingfisher’s Executive Director and CEO James Farrell commented: “the reprocessing of the hyperspectral survey from the Boolaloo Project area has highlighted extensive areas of hydrothermal alteration in the Ashburton Formation rocks which are spatially associated with the copper and gold mineralisation.

The alteration includes mica, chlorite and iron oxide minerals and shows significant lateral extensions away from the outcropping mineralisation that was identified by previous exploration.

A mapping and rock chip sampling program along the newly identified alteration zones is now planned to commence later this month. We believe this will further improve our understanding of the geology and allow us to generate new targets to add to our existing drill targets.”

Executive Director and CEO James Farrell discusses the Kingfisher’s Boolaloo Project and these survey results in a video summary available in the News and Presentations section of Kingfisher’s website: https://kingfishermining.com.au/news-and-presentations/

ABN: 96 629 675 216 Registered Address: Level 11, London House, 216 St Georges Terrace, Perth WA 6000 AUSTRALIA Postal Address: GPO Box 2517 Perth WA 6831 AUSTRALIA P: +61 8 9481 0389 F: +61 8 9463 6103 E: info@kingfishermining.com.au W: www.kingfishermining.com.au Non-Executive Chairman: Warren Hallam Executive Director/CEO: James Farrell Non-Executive Director: Adam Schofield Non-Executive Director: Scott Huffadine Company Secretary: Stephen Brockhurst

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Technical Discussion

An airborne hyperspectral survey that covers a large part of the Boolaloo Project area was flown in March 2007 by HyVista Corporation. The survey consisted of four lines totalling 65.2 line kilometres. The survey utilised the HyMap airborne hyperspectral scanner imagery, delivering 126 bands over the 450nm to 2500nm spectral interval.

Kingfisher engaged Western Geospectral to reprocess the HyVista Corporation airborne hyperspectral survey. The reprocessing involved spectral unmixing, noise reduction through the use of matched filters and the use of spectral indices to extract geologically information from absorption feature depths and feature wavelengths. A total of 58 new images that can be used to map the surface mineralogy and discriminate various lithologies and alteration minerals were produced by Western Geospectral for the survey area.

Interpretation of the reprocessed hyperspectral imagery by Western Geospectral and Kingfisher has focussed on the alteration minerals around the known mineralisation, and in particular, the white mica, chlorite and iron oxide minerals.

The interpretation of the alteration has highlighted numerous laterally extensive zones of hydrothermal alteration that extend across the entire survey area, with some alteration zones over 10km in length (Figure 1). The alteration is also associated with outcropping copper and gold mineralisation that has previously been sampled by rock chipping at all of the current Boolaloo Prospects and drill targets.

Work Program

Kingfisher is currently working on delivering the following exploration activities during the March 2021 Quarter:

• Field work: The Company has now planned follow-up field work within the alteration zones. It is anticipated that the planned mapping and rock chip sampling will commence later this month and has the potential to lead directly to new drill targets, adding to the exciting targets at Boolaloo that are yet to be drill tested.

• Exploration diamond drilling: Kingfisher plans to undertake 500m of diamond drilling to follow-up previous RC drill intercepts at the K15, K16 and Copper Strike Prospects at Boolaloo. The purpose of the drilling is to assess the mineralisation, alteration and host rock stratigraphy. This information will assist the Company with a 5,000m RC drilling program planned for Boolaloo later in the year. The diamond drilling will also provide samples for petrophysical analysis which will be used in to improve the interpretation of the geophysical surveys.

• Airborne electromagnetic survey (EM): An airborne EM survey has been planned for Boolaloo in the March 2021 Quarter. The surveys are effective in identifying conductive sulphide mineralisation up to depths of 300m below surface. Whilst the Company is hopeful the survey will go ahead as planned, it is noted that timing maybe be affected due to the availability of equipment and personnel, which have been impacted by COVID-19 and border closures.

• Magnetic data reprocessing and interpretation: Interpretation of the Kingfisher and Mick Well magnetics data which was reprocessed during the December 2020 will be completed in the current Quarter. Discrete magnetic anomalies will be identified and assessed in the field for follow-up ground geophysics and drilling later in the year.

The scheduled work program for Q1 2021 and indicative plan for Q2 to Q4 2021 is shown below.

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Q1 2021 Q2 2021 Q3 2021 Q4 2021 Boolaloo Hyperspectral re-processing Diamond drilling Airborne EM RC drilling Kingfisher and Mick Well Geophysics re-processing Airborne EM RC drilling

Arthur River Magnetic survey

About Boolaloo

The Boolaloo copper-gold and base metal project is located approximately 160km west of Paraburdoo and 35km southwest of the Paulsen's gold mine in the Ashburton region of Western Australia (Figure 2).

Past exploration at the project included geological mapping, surface geochemistry, geophysical surveys and reverse circulation (RC) drilling. This produced 22 mineralised targets, with only six of the targets tested by drilling, returning results which included:

• 4m @ 1.06% Cu & 1.40 g/t Au from 109m, including 1m @ 1.41% Cu & 2.70 g/t Au from 110m (MIRC002);

• 3m @ 1.83% Cu & 1.12 g/t Au, including 1m @ 3.14% Cu & 1.38 g/t Au from 96m (MIRC004);

• 2m @ 1.44% Cu & 1.36 g/t Au from 137m, including 1m @ 2.28% Cu & 2.28 g/t Au from 138m (MIRC009);

• 3m @ 3.05% Cu & 0.57 g/t Au, including 2m @ 3.90% Cu & 0.77 g/t Au from 63m (MIRC013); and

• 2m @ 3.81% Cu & 0.62 g/t Au from 62m (MIRC027)[#] .

Past exploration has also established significant mineralisation strike lengths at K15 and K16, with the K16 mineralised zone being intersected over a strike length of 1.5km.

Mineralisation at Boolaloo occurs on east-west trending faults. The Company has pegged exploration licences over the potential strike extents of the interpreted mineralised structures. The Company’s tenure now covers more than 30km of strike of the interpreted mineralised structures; approximately three times the strike length of the previous Boolaloo exploration area (Figure 3).

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Mineral Abundance
Phengite
Erny Bore
Green Rock
Paragonite Muscovite
Old P Rattler
Minga Bore North
Isas Creek Copper Strike
Lag Anomaly
Green Hat K15
K16 Legend
Rock Chips – Cu%
Eagles Rest 0.0 – 0.1
Minga Bore 0.1 – 0.5
0.5 – 1.0
1.0 – 5.0
>5.0
Mica, chlorite and
Fe oxide alteration
KFM EL (Granted)
KFM EL (Pending)
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Figure 1: Phengite, muscovite and paragonite mica hyperspectral map for the Boolaloo area showing the new alteration interpretation and historic rock chip samples. The alteration interpretation includes is based on white micas, chlorite and iron oxide and form laterally extensive zones which are interpreted to be associated with the mineralised structures.

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Legend
Ashburton Paulsens Gold Mine (NST)
Production 909 koz Au [i] , Resources 209 koz Au [ii]
Mt Clement Project (NST) EL08/3317
Resources 64 koz Au [iii]
Erny Bore (Au)
K16
Copper Strike
Fault
Tenements
Kingfisher Mining (Granted)
Kingfisher Mining (Pending)
Northern Star Resources
Cazaly Resources
25 km
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Figure 2: Location of the Boolaloo Project in the Ashburton Mineral Field showing the 1:2,500,000 geology map of Western Australia. Selected tenements of other companies active in the Ashburton Basin are also shown. Refer to the previous announcements section of this release for detailed information on the past production[i] and resources[ii] of Paulsens Gold Mine and Mt Clement Project[iii] .

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Legend
Exploration Licence
Erny Bore Mineralisation
Rock Chips Mineralised structure
8.06 g/t Au (interpreted)
Green Rock Rock Chips 2.10 g/t Au1.81 g/t Au RC drill hole
14.1% Cu 1.21 g/t Au Historical mine
12.3% Cu
9.34% Cu Mineralised corridor
6.06% Cu Rattler
Mineralised corridor 1.1 g/t Au Rock Chips6.9% Cu Au, Zn
0.43 g/t Au
Cu, Au
Minga Bore North Rock Chips Cu, Au Cu, Au, Pb, Ag
54.5% Cu Copper Strike
Rock Chips
1.47 g/t Au Isas Creek 49% Au
Cu, Au Rock Chips 16.2% Au
Green Hat 11% Cu1.24 g/t Au Cu, Au, Pb, Ag 103 g/t Ag6.12% Pb
Rock Chips
3.1% Cu RC Drilling
0.13 g/t Au Cu, Au 2m @ 3.81% Cu & 0.62 g/t Au10m @ 0.43% Cu
7m @ 0.47% Cu
K15 Prospect K16 Prospect Lag Anomaly Eagles Rest
Rock Chips Rock Chips Rock Chips Rock Chips
15.1% Cu & 4.56 g/t Au 41.2% Cu & 4.96 g/t Au 15.0% Cu & 3.8 g/t Au 20.0% Pb & 30.4 g/t Ag
9.2% Cu & 2.14 g/t Au 9.62% Cu & 2.05 g/t Au 11.3% Cu 6.6% Pb
RC Drilling3m @ 3.05% Cu & 0.57 g/t Au RC Drilling4m @ 1.06% Cu & 1.40 g/t Au 6.0% Cu & 0.8 g/t Au3.0% Channel Sampling10m @ 1.13% Cu & 0.3 g/t Au
3m @ 1.83% Cu & 1.12 g/t Au Channel Sampling
2m @ 1.44% Cu & 1.36 g/t Au 1.2m @ 5.0% Cu & 0.86 g/t Au 2 km
2m @ 1.52% Cu & 0.13 g/t Au 4m @ 2.4% Cu
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Figure 3: Boolaloo Prospects showing historic drilling and sampling[#] .

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This announcement has been authorised by the Board of Directors of the Company.

Ends

For further information, please contact:

Kingfisher Mining Limited

James Farrell, Executive Director Ph: +61 (08) 9481 0389 E: info@kingfishermining.com.au

Media & Investor Enquiries

Peter Taylor, NWR Communications Ph: +61 412 036 231 E: peter@nwrcommunications.com.au

About Kingfisher Mining Limited

Kingfisher Mining Limited ( ASX:KFM ) is a mineral exploration company committed to increasing shareholder wealth through the acquisition, exploration and development of mineral resource projects throughout Western Australia. The Company’s tenements and tenement applications cover 1,138km[2] in the underexplored Ashburton and Gascoyne Mineral Fields and have advanced coppergold exploration targets as well as significant strike lengths of the target geological units.

To learn more please visit: www.kingfishermining.com.au

Previous ASX Announcements

Kingfisher Mining Limited Prospectus, 9 November 2020 and WAMEX Report a076055.

Information Sources for Figure 2

• i. Paulsens Gold Mine past production: Northern Star Paulsens Gold Operations Fact Sheet dated July 2018: https://www.nsrltd.com/wp-content/uploads/2018/08/NSR-Paulsens-Operations-FactSheet-July-2018.pdf

• ii. Paulsens Gold Mine resources: ASX Announcement “Production set to increase 30% over next two years and costs to fall 10%” released 13 August 2020. https://www.nsrltd.com/wpcontent/uploads/2020/08/Resources-and-Reserves-Production-and-Cost-Guidance-Update-exKCGM-13-08-2020.pdf

• iii. Mt Clement resources: Artemis Resources Limited Annual Report to Shareholders for year ended 30 June 2019.

Forward-Looking Statements

This announcement may contain forward-looking statements which involve a number of risks and uncertainties. These forward-looking statements are expressed in good faith and believed to have a reasonable basis. These statements reflect current expectations, intentions or strategies regarding the future and assumptions based on currently available information. Should one or more of the risks or uncertainties materialise, or should underlying assumptions prove incorrect, actual results may vary from the expectations, intentions and strategies described in this announcement. No obligation is assumed to update forward looking statements if these beliefs, opinions, and estimates should change or to reflect other future developments.

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Competent Persons Statements

The information in this report that relates to Exploration Results is based on information compiled by Mr James Farrell, a geologist and Executive Director / CEO employed by Kingfisher Mining Limited. Mr Farrell is a Member of the Australian Institute of Geoscientists and has sufficient experience that is relevant to this style of mineralisation and type of deposit under consideration and to the activity that is being reported on 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”. Mr Farrell consents to the inclusion in the report of the matters in the form and context in which it appears.

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JORC Code, 2012 Edition – Table 1

Section 1 Sampling Techniques and Data

Criteria	JORC Code explanation	Commentary
Sampling	 Nature and quality of sampling (eg cut channels, random chips, or specific	 Rock chip samples were taken as individual rocks representing an
techniques	specialised industry standard measurement tools appropriate to the	outcrop or as channel samples across mineralised zones to give
	minerals under investigation, such as down hole gamma sondes, or	an indication of possible grades and widths that can be expected
	handheld XRF instruments, etc). These examples should not be taken as	from drilling.
	limiting the broad meaning of sampling.	 Individual rock samples can be biased towards higher grade
	 Include reference to measures taken to ensure sample representivity and the	mineralisation.
	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.
Drilling	 Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast,	 No new drilling results are included in this report.
techniques	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). _
Drill sample	 Method of recording and assessing core and chip sample recoveries and	 No new drilling results are included in this report.
recovery	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 to preferential loss/gain of
	fine/coarse material.
Logging	 Whether core and chip samples have been geologically and geotechnically	 Basic geology, alteration and mineralisation descriptions were
	logged to a level of detail to support appropriate Mineral Resource	recorded for the rock chip samples.
	estimation, mining studies and metallurgical studies.	 No new drilling results are included in this report.

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Criteria	JORC Code explanation	Commentary
	 Whether logging is qualitative or quantitative in nature. Core (or costean,
	channel, etc) photography.
	 The total length andpercentage of the relevant intersections logged.
Sub-sampling	 If core, whether cut or sawn and whether quarter, half or all core taken.	 The entire rock chip sample was submitted for analysis.
techniques	 If non-core, whether riffled, tube sampled, rotary split, etc and whether	 Rock chip samples were crushed and pulverised to -75 micron.
and sample	sampled wet or dry.	 No new drilling results are included in this report.
preparation	 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
	representivity of samples.
	 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.
Quality of	 The nature, quality and appropriateness of the assaying and laboratory	 Rock chip samples were analysed using inductively coupled
assay data and	procedures used and whether the technique is considered partial or total.	plasma - optical emission spectrometry for multi-element
laboratory	 For geophysical tools, spectrometers, handheld XRF instruments, etc, the	chemistry and fire assay with an ASS finish to determine total
tests	parameters used in determining the analysis including instrument make and	gold content.
	model, reading times, calibrations factors applied and their derivation, etc.	 No historical records were kept for QAQC for rock chip samples.
	 Nature of quality control procedures adopted (eg standards, blanks,	 The airborne hyperspectral survey was completed by HyVista
	duplicates, external laboratory checks) and whether acceptable levels of	Corporation in March 2007. It consisted of four lines totalling
	accuracy (ie lack of bias) and precision have been established.	65.2 line km. The survey utilised the HyMap airborne
		hyperspectral scanner imagery, delivering 126 bands over the
		450nm to 2500nm spectral interval.
Verification of	 The verification of significant intersections by either independent or	 Independent checks or field duplicates were not conducted and
sampling and	alternative company personnel.	are not considered necessary for the reported rock chips results.
assaying	 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.

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Criteria	JORC Code explanation	Commentary
Location of	 Accuracy and quality of surveys used to locate drill holes (collar and down-	 The method of survey for the historic rock chips was not reported
data points	hole surveys), trenches, mine workings and other locations used in Mineral	and the location accuracy is not known.
	Resource estimation.
	 Specification of the grid system used.
	 Quality and adequacy of topographic control.
Data spacing	 Data spacing for reporting of Exploration Results.	 The basis for selection of rock chip samples was not reported.
and	 Whether the data spacing and distribution is sufficient to establish the	 Rock chip samples are typically biased towards only part of the
distribution	degree of geological and grade continuity appropriate for the Mineral	target geology and are not sufficient to establish geological and
	Resource and Ore Reserve estimation procedure(s) and classifications	grade continuity.
	applied.	 No drilling results are included in this report.
	 Whether sample compositing has been applied.
Orientation of	 Whether the orientation of sampling achieves unbiased sampling of possible	 The basis for selection of rock chip samples was not reported.
data in	structures and the extent to which this is known, considering the deposit	 The samples are typically selected based on geology and
relation to	type.	alteration and are biased towards areas that are interpreted to
geological structure	 If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.	be mineralised.  No drilling results are included in this report.
Sample	 The measures taken to ensure sample security.	 Sample security was not historically reported.
security		 Samples were given individual samples numbers for tracking.
Audits or	 The results of any audits or reviews of sampling techniques and data.	 The rock chip results have not been audited.
reviews

Section 2 Reporting of Exploration Results

Criteria	JORC Code explanation	Commentary
Mineral	 Type, reference name/number, location and ownership including	 The Boolaloo copper-gold and base metal project is located
tenement and	agreements or material issues with third parties such as joint ventures,	approximately 160km west of Paraburdoo and 35km southwest
land tenure	partnerships, overriding royalties, native title interests, historical sites,	of the Paulsen's gold mine in the Ashburton region of Western
status	wilderness or national park and environmental settings.	Australia.
	 The security of the tenure held at the time of reporting along with any	 The project includes two granted Exploration Licences, E08/2945
	known impediments to obtaining a licence to operate in the area.	and E08/3067 as well as three Exploration Licence applications,
		E08/3246,E08/3247 and E08/3317.

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Criteria	JORC Code explanation	Commentary
		 The tenements are controlled by Kingfisher Mining Ltd.
		 The tenements lie within Native Title Determined Areas of the
		Thudgarri People, combined Thiin-Mah, Warriyangka, Tharrkari
		and Jiwarli People and the Jurruru People.
		 All the tenements are in good standing with no known
		impediments.
Exploration done	 Acknowledgment and appraisal of exploration by other parties.	 The majority of the material work undertaken was by Jackson
by other parties		Gold Ltd during 2006 – 2011.
Geology	 Deposit type, geological setting and style of mineralisation.	 The Boolaloo area is prospective for sediment-hosted and shear-
		associated Cu, Cu-Au and Au mineralisation.
Drill hole	 A summary of all information material to the understanding of the	 No new drilling results are included in this report.
Information	exploration results including a tabulation of the following information for
	all Material drill holes:
	o easting and northing of the drill hole collar
	o elevation or RL (Reduced 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 clearly explain
	why this is the case.
Data aggregation	 In reporting Exploration Results, weighting averaging techniques,	 No new drilling results are included in this report.
methods	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.

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Criteria	JORC Code explanation	Commentary
Relationship	 These relationships are particularly important in the reporting of	 No new drilling results are included in this report.
between	Exploration Results.
mineralisation	 If the geometry of the mineralisation with respect to the drill hole angle is
widths and	known, its nature should be reported.
intercept lengths	 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’). _
Diagrams	 Appropriate maps and sections (with scales) and tabulations of intercepts	 A map showing all available data has been included in the report
	should be included for any significant discovery being reported These	along with documentation.
	should include, but not be limited to a plan view of drill hole collar
	locations and appropriate sectional views.
Balanced	 Where comprehensive reporting of all Exploration Results is not	 All of the historical rock chip samples are included in this report.
reporting	practicable, representative reporting of both low and high grades and/or
	widths should be practiced to avoid misleading reporting of Exploration
	Results.
Other	 Other exploration data, if meaningful and material, should be reported	 All of the historical rock chip samples are included in this report.
substantive	including (but not limited to): geological observations; geophysical survey	 All drill hole information was previously reported by Jackson Gold
exploration data	results; geochemical survey results; bulk samples – size and method of	Limited and subsequently by Kingfisher.
	treatment; metallurgical test results; bulk density, groundwater,	 The HypMap airborne hyperspectral survey was reprocessed by
	geotechnical and rock characteristics; potential deleterious or	Western Geospectral in January 2021. The reprocessing used
	contaminating substances.	spectral unmixing, matched filters and spectral indices and
		produced 58 different mineral maps.
Further work	 The nature and scale of planned further work (eg tests for lateral	 The company has planned mapping and additional rock chip
	extensions or depth extensions or large-scale step-out drilling).	sampling to assess the potential within the alteration trends
	 Diagrams clearly highlighting the areas of possible extensions, including	interpreted from the reprocessed hyperspectral survey.
	the main geological interpretations and future drilling areas, provided	 An airborne electromagnetic survey has been planned for to
	this information is not commercially sensitive.	cover E08/2945 and E08/3067.

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