ASX Announcement 10 May 2021

Kingsrose Mining Reports 5.8 Metres at 13.6 g/t Gold and 64.2 g/t Silver Continued Expansion of the Talang Santo Deposit

Kingsrose Mining Limited (ASX: KRM) (“ Kingsrose ” or the “ Company ”) is pleased to announce further drilling results from the Talang Santo deposit within its Way Linggo Project in Indonesia.

The results extend high-grade gold-silver mineralisation up to 175 metres down plunge of the current reported Mineral Resources.

Highlights

DDH-594 returned:
5.8 metres at 13.6 g/t gold and 64.2 g/t silver (downhole) from 443.35 metres, 175 metres beneath the current reported Mineral Resources for Talang Santo
including 0.5 metres at 120 g/t gold and 564 g/t silver demonstrating the occurrence of very highgrade mineralising events
DDH-594 expands the plunging, high-grade gold zone identified in recent drilling, intersecting mineralisation 100 metres down plunge of DDH-590 which returned 4.2 metres at 11.98 g/t gold (refer to Company’s ASX Announcement dated 21 January 2021), and mineralisation remains open at depth and along strike
DDH-593 did not return significant mineralisation from the Mawi Vein and is interpreted to have been drilled adjacent to the plunging high-grade gold zone
DDH-593 did return 0.7 metres at 6.1 g/t gold from 291.30 metres that represents a separate vein and additional exploration target

Results for drill holes DDH-593 and DDH-594 are summarised in Table 1. Figure 1 is a plan view of the drill hole traces and Figure 2 shows the locations of drill hole intersections on the long section of the Talang Santo Mawi Vein.

The Company is reviewing these results, and developments from its ongoing regional exploration programme in order to plan the next phase of drilling within the Way Linggo Project.

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8/150 Hay Street Subiaco WA 6008 | P (08) 9381 5588 | F (08) 9381 7755
[email protected] | www.kingsrosemining.com.au | ASX: KRM
ABN: 49 112 389 910
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Fabian Baker, CEO of Kingsrose, commented: “Our approach to exploration is now aimed at discovering a gold resource of scale. As such, we have stepped the drilling out further than previous programmes and it is encouraging that we continue to expand known mineralisation at Talang Santo well beyond the limits of the current Mineral Resource Estimate. The presence of very high-grade mineralising events including 0.5 metres at 120 grammes per tonne gold and 564 grammes per tonne silver in drill hole DDH-594 demonstrates the significant potential for further discoveries within our 100 square kilometre Contract of Work, where we are currently conducting a large ongoing exploration programme.”

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Figure 1. Plan view of the Talang Santo deposit showing the location of drill holes and projections of high-grade intervals in recent drilling (new drill holes reported here are shown highlighted in red).

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Figure 2. Long section of the Main Mawi Vein at Talang Santo showing recent drill intersections and interpreted high-grade shoots dipping steeply to the east in the plane of the vein (new drill holes reported here are highlighted in red).

-ENDS-

For more information please contact:

Fabian Baker Chief Executive Officer +61 8 9381 5588 [email protected]

This announcement has been authorised for released to the ASX by the Board.

For further information regarding the Company and its projects please visit www.kingsrosemining.com.au

The exploration results in this report that relates to DDH-590 was first reported by the Company in compliance with the 2012 edition of the JORC Code in ASX announcement’s dated 21 January 2021. The Company confirms that it is not aware of any new information or data that materially affects the information included in the ASX release referred to above and it further confirms that all material assumptions and technical parameters underpinning the exploration results continues to apply and have not materially changed.

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The information in this report that relates to Exploration Results is based on information compiled under the supervision of Dr Michael Andrews, who is a Fellow of the Australasian Institute of Mining and Metallurgy and a Director and Substantial Shareholder of Kingsrose Mining Limited. Dr Andrews has sufficient experience that 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 Exploration Results, Mineral Resources and Ore Reserves.” Dr Andrews consents to the inclusion in this report of the matter based on his information in the form and context in which it appears.

Table 1. Table of results for the drill holes reported.

Hole ID	Easting (UTM 48S)	Northing (UTM 48S)	RL (m)	Azimuth (degrees)	Dip (degrees)	End of Hole	From (m)	To (m)	Interval (m)	Au (g/t)	Ag (g/t)	Core Recovery (%)
DDH-585	433569	9425411	1387	198	-66	355.10	302.30	302.70	0.40	15.5	9	100
							320.40	321.60	1.20	2.9	21	100
including							321.30	321.60	0.30	9.8	78
DDH-586	433587	9425325	1358	186	-68	278.40	248.20	256.00	7.80	5.3	5
including							249.60	250.10	0.50	14.5	9	100
and							251.00	252.70	1.70	10.5	8
DDH-587	433572	9425471	1392	180	-69	529.10	416.80	419.75	2.95	9.2	44
including							418.20	419.40	1.20	18.4	89	100
and							418.75	419.05	0.30	63.0	323
DDH-588	433600	9425500	1397	180	-70	545.00	485.90	492.35	6.45	5.6	16	99
including							486.45	487.15	0.70	10.6	47
and							490.05	491.10	1.05	16.1	28
including							490.05	490.35	0.30	40.0	32
DDH-589	433579	9425614	1382	187	-64	583.30	505.10	508.00	2.90	6.9	32	100
including							505.10	506.00	0.90	12.4	66
DDH-590	433661	9425575	1371	183	-62	524.00	489.75	493.95	4.20	12.0	37
including							490.55	491.80	1.25	32.2	109	100
including							490.55	490.80	0.25	87.0	110
DDH-591	433658	9425574	1372	195	-70	650.50	NO SIGNIFICANT ASSAYS					100
DDH-592	433629	9425491	1395	183	-65	480.40	418.85	423.60	4.75	14.2	82
including							420.85	422.05	1.20	39.7	237	99
including							421.70	422.05	0.35	97.0	403
DDH-593	433791	9425587	1335	190	-64	635.30	291.30	292.00	0.70	6.1	3	100
							569.95	571.10	1.15	0.7	3	100
DDH-594	433796	9425500	1336	189	-66	540.20	325.00	326.80	1.80	6.8	22	100
including							326.10	326.40	0.30	22.6	13
							443.35	449.15	5.80	13.6	64	100
including							443.35	443.75	0.40	10.1	45
and							445.20	445.70	0.50	120.0	564
and							447.00	447.30	0.30	24.7	124

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JORC CODE, 2012 EDITION – TABLE 1

Section 1 Sampling Techniques and Data

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

Criteria	JORC Code explanation	Commentary
Sampling techniques Drilling techniques Drill sample recovery	• 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 is used to obtain 1 m samples from which 3 kg is 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. • 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). • 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 to preferential loss/gain of fine/coarse material.	• This Table 1 relates to sampling by diamond drilling, Sampling is according to geological intervals. • Diamond Core, where used is aligned and measured by tape, referenced to downhole core blocks. Sampling is according to geological intervals. • Diamond drilling, and sampling were performed to industry standards. Samples were taken by geological intervals, taken in such a way the sample length is generally targeting 1m or smaller. Diamond core is split onsite and half submitted for crushing, pulverisation and ultimately analysis at commercial assay laboratories. • The samples are core samples from diamond drill holes. • Diamond drill recoveries are recorded as a percentage of measured core against downhole drilled run length intervals in industry standard way. • A relationship between core recoveries and grade has not been established. However, it is postulated that core loss occurred in some of the mineralised diamond drilling intersections due to the friable nature of some material. It is further postulated that this effect may cause some level of under call in the diamond core drilling.
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.	• Core logging is conducted by PT. Natarang Mining (“PTNM”) geologists, who delineate intervals on geological, structural, alteration and/or mineralogical boundaries, to industry standard.

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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 and percentage of the relevant intersections logged.	• Logging is qualitative and most core is photographed. Rock types, veining and alteration are all recorded. • All drill core is logged.
Sub- sampling techniques and sample preparation	• If core, whether cut or sawn and whether quarter, half or all core taken. • 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 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.	• Core is cut by diamond saw and half core used for sampling, the remaining half is archived. For gouge, soft and friable core a manual knife (or similar device) is used to approximately halve the core. • The nature, quality and appropriateness of the sample preparation technique is typical for mineralisation. • The competent person is not aware of any work taken to maximise the representativeness of the sample. • Duplicate samples are not routinely sampled. • The sample size far exceeds the grain size of the precious metals, which are generally microscopic. Sample sizes are appropriate.
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.	• Gold concentration in diamond drilling samples is determined by fire assay: fusion with lead collection, aqua regia prill digestion, followed by atomic adsorption spectrometry (AAS). Analysis for silver in diamond drilling is acid digestion of sample pulp followed by inductively coupled plasma optical emission spectrometry (ICPOES). Analysis is considered total for fire assay and near total for all other assay types of both silver and gold. • Geophysical tools etc are not applicable to this report. None Used. • Acceptable QAQC - blanks and standards have been routinely inserted into assay batches and interlab checks have been performed.
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.	• Significant intersections were reviewed by senior exploration geology and mining geology managers from PTNM. • Twinned holes have not been used. • Talang Santo is best described as a working, manually administered, database. It has evolved from a MS-Access database with manual entry into a more automated custom database for the 2019/2020 drilling. Hardcopy data, and/or PDF equivalent, is available for review. • No adjustment is made to assay data.

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Criteria	JORC Code explanation	Commentary
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.	• Drillhole collars are surveyed using industry standard survey techniques and equipment. Drillholes have been downhole surveyed with digital downhole camera at average fifty metre intervals, however historically this could get up to over 100m survey intervals, whereas 2019- 2021 drilling is generally at 25m intervals. • The Talang Santo deposit operates on a local grid utilising total station methods and conventional baseline control. This grid is nominally aligned to UTM WGS 84 -48S, with unknown veracity. • The Talang Santo deposit is within and proximal to a recently operating open cut mine. Topographical control is provided by conventional modern survey techniques and is adequate for purpose.
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. • Whether sample compositing has been applied.	• Data spacing is variable. In the centre, previously mined portions of the deposit have face sampling at an effective density of circa 5x5m, in the plane of the structure. At the periphery of the Mineral Resource Estimate, exploration spacing is circa 50mx50m, in the plane of the structure. • Data spacing and distribution is considered sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource estimation and classifications applied. • Sampling is based on geological intervals. Compositing is not applied until estimation stage.
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 should be assessed and reported if material.	• The orientation of the vein system is known,and drilling intercept angles are generally of suitable orientation to the vein system to provide unbiased sampling results. The drilling and sampling orientation are not considered to introduce a sampling bias.
Sample security	• The measures taken to ensure sample security.	• Samples retrieved from drilling are stored securely in a locked facility patrolled by onsite security. Samples are then logged, cut and stored in numbered sample bags for transported by PTNM employees to the onsite assay laboratory.
Audits or reviews	• The results of any audits or reviews of sampling techniques and data.	• PTNM has worked with various independent consultants to design its drilling and sampling methodologies and continually reviews and improves its processes and procedures.

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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.	• Tenure is occasioned via a fourth generation Contract of Work (CoW) held by PTNM. PTNM is 85% owned by KRM with the remaining 15% interest held by an Indonesian national. The mine, mill and camp area are all currently constructed and operating within a mixed agricultural and national park setting. Standard Indonesian divestment provisions exist against the COW. KRM is obliged to pay royalties to various parties on its production, including government royalties of 3.75% and 3.25% of gold and silver bullion values respectively. The corporate structure, divestment provisions and royalty obligation are described in detail in the Company’s annual report. • The COW is valid till 2034. The mine is recently operating. The mill is currently operating. Community relations are cordial. There are no known impediments to continued operation.
Exploration done by other parties	• Acknowledgment and appraisal of exploration by other parties.	• All exploration at the Talang Santo Project has been completed by PTNM.
Geology	• Deposit type, geological setting and style of mineralisation.	• Talang Santo lies in the trans Sumatran fault fore-arc to intra-arc and is classified as low sulphidation epithermal quartz vein gold and silver deposits.
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: `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.	• New drillhole information is being presented in this release • All information is tabulated in Table 1 to this release
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.	• Gold and silver grades for reported intervals summarised in Table 1 are calculated by interval length weighted averaging. • Metal Equivalent grades are not stated

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Criteria	JORC Code explanation	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 clearly stated.
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’).	• Intervals reported here are downhole lengths. True widths are not known. • The geometry of the Talang Santo Vein system is known and drill hole are oriented approximately perpendicular to the strike of the mineralised system.
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.	• Figure 2 presents a long section showing locations of the drill hole intersections.
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.	• Downhole interval lengths are clearly stated in Table 1 to this release
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.	• No other exploration information is being presented in this release.
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.	• This release reports results from the eight drill holes of a programme designed to identify extensions to known high grade mineralisation to be targeted for future resource expansion.

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Section 3 Estimation and Reporting of Mineral Resources

(Criteria listed in section 1, and where relevant in section 2, also apply to this section.)

Criteria	JORC Code explanation	Commentary
All	N/A	• No Mineral Resource estimate is reported in this release. Section 3 is not applicable.

Section 4 Estimation and Reporting of Ore Reserves

(Criteria listed in section 1, and where relevant in sections 2 and 3, also apply to this section.)

Criteria	JORC Code explanation	Commentary
All	N/A	• No Ore Reserves are currently estimated at Talang Santo. Section 4 is not applicable.

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AI assistant

KINGSROSE MINING LIMITED Capital/Financing Update 2021

65202_rns_2021-05-09_0120c256-9aef-453f-a281-a01956996b3e.pdf

Kingsrose Mining Reports 5.8 Metres at 13.6 g/t Gold and 64.2 g/t Silver Continued Expansion of the Talang Santo Deposit

Highlights

-ENDS-

JORC CODE, 2012 EDITION – TABLE 1

Section 1 Sampling Techniques and Data

Section 2 Reporting of Exploration Results

Section 3 Estimation and Reporting of Mineral Resources

Section 4 Estimation and Reporting of Ore Reserves

AI assistant

KINGSROSE MINING LIMITED — Capital/Financing Update 2021

65202_rns_2021-05-09_0120c256-9aef-453f-a281-a01956996b3e.pdf

Kingsrose Mining Reports 5.8 Metres at 13.6 g/t Gold and 64.2 g/t Silver Continued Expansion of the Talang Santo Deposit

Highlights

-ENDS-

JORC CODE, 2012 EDITION – TABLE 1

Section 1 Sampling Techniques and Data

Section 2 Reporting of Exploration Results

Section 3 Estimation and Reporting of Mineral Resources

Section 4 Estimation and Reporting of Ore Reserves

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