RIEDEL RESOURCES LIMITED — Interim / Quarterly Report 2021

Apr 28, 2021

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QUARTERLY ACTIVITIES REPORT FOR THE PERIOD ENDED 31 MARCH 2021

OPERATIONAL HIGHLIGHTS

• 5,000m RC drill program near completion at Kingman Project in Arizona, USA

• Multiple high-grade gold and silver results reported including:

• 3.8m @ 98.9 g/t gold & 151 g/t silver from 20.6m

• 1.5m @ 15.56 g/t gold & 29 g/t silver from 28.2m

• 4.6m @ 4.44 g/t gold & 7.8 g/t silver from 18.3m

• 4.6m @ 4.24 g/t gold from 10.7m and 2.3m @ 2.82 g/t from 29m

• 1.5m @ 11.46 g/t gold & 35 g/t silver from 20.6m

• 1.5m @ 39.3 g/t gold & 323 g/t silver from 37.3m

• 18.3m @ 2.22 g/t gold & 11g/t silver from 100.6m

• In addition to multiple high-grade drill intercepts at Tintic and Merrimac, significant poly-metallic vein mineralisation encountered at the Jim’s mine area

• Drill program completed on budget and on schedule in mid-April 2021

• More assay results expected in May 2021

CORPORATE

• Jason Pater appointed to Riedel’s board

• Cash at Bank as of 31 March 2021 – approximately $1.6m

Riedel Resources Limited (ASX: RIE the Company) is pleased to provide shareholders with its Quarterly Activities Report for the period ended 31 March 2021.

OPERATIONS

Kingman Project – Arizona, USA

During the quarter, the Company announced first assay results from its reverse circulation (RC) drill program at its Kingman Project in north-west Arizona (refer Map 1) which included multiple high-grade gold and silver intersections (refer ASX announcement dated 23 March 2021¹) the best of which being:

• 3.8m @ 98.8 g/t gold & 151 g/t silver incl. 1.5m @ 230.8 g/t gold & 359g/t silver from 20.6m ;

• 1.5m @ 15.56 g/t gold & 29.3 g/t silver from 28.2m ;

• 4.6m @ 4.44 g/t gold & 7.8 g/t silver incl. 2.3m @ 7.62 g/t gold & 12g/t silver from 18.3m;

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• 4.6m @ 4.24 g/t gold from 10.7m

• 2.3m @ 2.82 g/t from 29m

• 1.5m @ 1.22 g/t gold & 106 g/t silver from 55.5m

• 1.5m @ 11.46 g/t gold & 35 g/t silver from 20.6m

• 1.5m @ 571 g/t silver from 33.5m

• 1.5m @ 39.3 g/t gold & 323 g/t silver from 37.3m

• 3m @ 88 g/t silver from 45.7m

• 18.3m @ 2.22 g/t gold 11 g/t silver incl. 4.6m @ 8.39 g/t gold & 39 g/t silver from 100.6m

• 8.4m @ 20.2 g/t silver from 51m

• 1.5m @ 161 g/t silver from 24.4m.

¹ - refer Riedel ASX announcement dated 23 March 2021. The Company confirms it is not aware of any new information or data that materially affects the information included in the announcements of 23 March 2021.

Riedel Chairman Michael Bohm stated: “We could not have hoped for a better start to our drill campaign at our Kingman Project in Arizona. We started drilling within weeks of the quarter commencing and to have achieved multiple high-grade gold and silver assay results in numerous holes across the project area is a great start.

“Given the high-grade assay results achieved to date and the numerous target areas that we now know to be mineralised, we believe the exploration potential to be very large indeed.”

At Tintic, high-grade gold mineralisation was reported at shallow depth (refer Figure 1).

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Fig. 1 - Tintic cross section showing very high gold grades from drilling reported during the quarter

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Drilling contractor Boart-Longyear performed well during the quarter having commenced in late January and the 5,000m program was nearing completion by quarter end.

During March drilling focussed on the new and completely untested Jim’s Shaft area which sits on a 1.8km long geophysical anomaly and which has significant precious and base-metals potential. Jim’s is located just to the south-east of Tintic where the initial very high drill assay grades were reported.

The drill program was completed in mid-April with further results announced post quarter-end on 19 April 2021, which demonstrated further shallow gold, silver, lead and zinc mineralisation. The results show that in addition to the numerous high-grade intercepts confirmed at Tintic and Merrimac amongst others, the previously untested Jim’s mine area is extensively mineralised with at least two veins returning gold, silver, zinc and lead mineralisation from very shallow depths. Results included:

• 2.3m @ 2.31 g/t gold, 146 g/t silver, 4.3% zinc & 2.0% lead from 42.7m

• 2.3m @ 1.26 g/t gold, 33.7 g/t silver & 1.2% lead from 1.5m

• 3m @ 2.14 g/t gold & 27.9 g/t silver from 29.7m

• 1.5m @ 2.56 g/t gold, 9.6 g/t silver & 0.3% zinc from 45.7m

Refer ASX announcement dated 19 April 2021 for more details.

Riedel expects remaining assay results from the drill program during May 2021.

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Kingman Project
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Map 1 – Location of Riedel’s Kingman project in Arizona, USA

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Kingman Project Background

The Kingman Project is located in north-west Arizona, USA, approximately 90 minutes’ drive from downtown Las Vegas and is within 5km of a major highway.

The project was mined predominantly for high grade gold and silver from the 1880’s until the early 1940’s - which coincided with the outbreak of WWII. Following limited drilling near Tintic in the 1990’s, 11 diamond holes were drilled on the property in late 2019 which intersected multiple zones of high-grade gold, silver and lead from shallow depths, confirming the extensive mineralisation potential of the area (refer Riedel ASX announcement dated 23 October 2020).

Marymia Project, Western Australia (RIE 16% - diluting)

No work was undertaken at the Marymia Project during the period ended 31 March 2021.

Post quarter end, joint venture manager Norwest Minerals Limited (84%) advised that it is undertaking aircore drilling at the Marymia project area. The 6,000-metre drilling programme is targeting several areas (refer Figure 2) including ground immediately northeast of the Ned’s Creek Gold project.

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Figure 2 – Marymia aircore drilling includes testing of the area extending NE of Contessa Granite Contact (#1), Area 2 gold anomaly (#2), the 1 km lead-zinc zone (#3) and the near surface nickel anomaly (#4).

At Ned’s Creek, a number of high-grade gold prospects have been identified along the ‘Contessa Granite Contact’ by the Lodestar Minerals-Vango Mining joint venture group. Norwest’s aircore drilling programme is designed to identify the northeast extension of the

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Contessa granite contact and ensure the thick overlying transported cover is penetrated to sample for gold mineralisation from the underlying bedrock.

Further to the northeast is the Area 2 gold anomaly defined by five 50m to 100m spaced drill lines, all of which host low level (+1g/t) gold mineralisation and includes hole NKRC025 which returned 4m @ 2.9g/t gold from 94m. Norwest has planned a number of aircore holes to infill and better define this gold anomaly.

Norwest’s aircore drilling will also test two base metal anomalies located near the Jenkins fault; a key structure extending through the base metal target area to the high-grade DeGrussa Copper Mine located 75kms southwest.

In 2019, Norwest tested a lead-zinc anomaly with a series of eleven wide-spaced RC holes. Assays in seven of the holes revealed wide, highly anomalous lead and zinc intercepts along a 1km strike length[1] (see Table 1). The recently commenced Norwest aircore drilling programme will test between and along strike of these anomalous drill holes.

The second base metal drill target is a near surface nickel/chromium anomaly initially identified by eight RAB holes drilled in 1993 and followed up with just two RC holes as part of a regional RC drilling programme undertaken in early 2018 by Australian Mines Limited. Intersections from the RAB drilling include 20m @ 0.6% Ni from 12 metres depth in hole K5-7 and 13m @ 0.7% Ni from 13m depth in hole K5-8.

Table 1 – 2019 RC Drilling Lead-Zinc Intersections - Marymia Project¹

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CORPORATE

During the Quarter, the Company announced the appointment of Mr Jason Pater as a NonExecutive Director. Jason is US-based and has more than 20 years of board experience in corporate and non-profit organisations.

1 ASX: NWM – Activities Report for Quarter Ended 30 June 2019 – includes JORC Tables and Significant Intersections

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NOTE 6 TO APPENDIX 5B

Payments to related parties of the entity and their associates: During the quarter $72,000 was paid to Directors and associates for salaries, superannuation and consulting fees.

This announcement is authorised by the Board of Directors.

TENEMENT SCHEDULE

Following is the schedule of Riedel Resources minerals tenements held in Australia as at 31 March 2021:

Area of Interest	Tenement reference	Nature of interest	Interest
Marymia	E52/2394	Direct	16%
Marymia	E52/2395	Direct	16%
West Yandal	M36/615	Royalty	0%
Porphyry	M31/157	Royalty	0%

-ENDS-

Competent Person Statement

Information in this release that relates to Exploration Results relating to the Kingman Gold Project, Arizona USA is based on information compiled by Mr Sean Whiteford, who is a qualified geologist, a member of the Australian Institute of Mining and Metallurgy, and a consultant to Flagstaff Minerals Limited. Mr Whiteford has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken 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 Whiteford consents to the inclusion in this release of the matters based on his information in the form and context in which it appears.

The information in this release that relates to Exploration Results relating to the Marymia Project is based on and fairly represents information and supporting documentation prepared by Charles Schaus (CEO of Norwest Minerals Pty Ltd). Mr. Schaus is a member of the Australian Institute of Mining and Metallurgy and has sufficient experience of relevance to the styles of mineralisation and types of deposits under consideration, and to its activities undertaken to qualify as Competent Persons as defined in the 2012 Edition of the Joint Ore Reserves Committee (JORC) Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr. Schaus consents to the inclusion in this report of the matters based on his information in the form and context in which they appear.

Forward Looking Statements

This release includes forward looking statements. Often, but not always, forward looking statements can generally be identified by the use of forward looking words such as “may”, “will”, “expect”, “intend”, “plan”, “estimate”, “anticipate”, “continue”, and “guidance”, or other similar words and may include, without limitation statements regarding plans, strategies and objectives of management, anticipated production or construction commencement dates and expected costs or production output.

Forward looking statements inherently involve known and unknown risks, uncertainties and other factors that may cause the company’s actual results, performance and achievements to differ materially from any future results, performance or achievements. Relevant factors may include, but are not limited to, changes in commodity prices, foreign exchange fluctuations and general economic conditions, increased costs and demand for production inputs, the speculative nature of exploration and project development, including the risks of obtaining necessary licences and permits and diminishing quantities or grades of resources or reserves, political and social risks, changes to the regulatory framework within which the company

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operates or may in the future operate, environmental conditions including extreme weather conditions, recruitment and retention of personnel, industrial relations issues and litigation.

Forward looking statements are based on the company and its management’s good faith assumptions relating to the financial, market, regulatory and other relevant environments that will exist and affect the company’s business and operations in the future. The company does not give any assurance that the assumptions on which forward looking statements are based will prove to be correct, or that the company’s business or operations will not be affected in any material manner by these or other factors not foreseen or foreseeable by the company or management or beyond the company’s control.

Although the company attempts to identify factors that would cause actual actions, events or results to differ materially from those disclosed in forward looking statements, there may be other factors that could cause actual results, performance, achievements or events not to be anticipated, estimated or intended, and many events are beyond the reasonable control of the company. Accordingly, readers are cautioned not to place undue reliance on forward looking statements.

Forward looking statements in this release are given as at the date of issue only. Subject to any continuing obligations under applicable law or any relevant stock exchange listing rules, in providing this information the company does not undertake any obligation to publicly update or revise any of the forward looking statements or to advise of any change in events, conditions or circumstances on which any such statement is based.

For further information please contact:

Grant Mooney – Company Secretary Michael Bohm – Chairman Riedel Resources Limited 4/6 Richardson St, West Perth, WA, 6005, Australia Tel: +61 (08) 9226 0866 admin@riedelresources.com.au

About Riedel Resources Limited:

Riedel Resources Limited is an ASX-listed exploration company focused on the exploration for gold and base metals in Australia and Arizona, USA.

Further information can be found at the Company’s website www.riedelresources.com.au

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JORC Code, 2012 Edition – Table 1 report template

Section 1 Sampling Techniques and Data

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

Criteria	JORC Code explanation	Commentary
Sampling	 Nature and quality of sampling.	The results in this release relate to holes 2021-CHL-001 to 2021-CHL-
techniques		012, 2021-CHL-24 to 2021-CHL-27, 2021-CHL-030, 2021-CHL-042,
		2021-CHL-013, 2021-CHL-018 to 2021-CHL-020, 2021-CHL-033 to
	 Include reference to measures taken to ensure sample representivity	2021-CHL-035, 2021-CHL-039 to 2021-CHL-041 and 2021-CHL-043 to
	and the appropriate calibration of any measurement tools or systems	2021-CHL-045 all of which were drilled from surface by reverse
	used.	circulation (RC).
	 Aspects of the determination of mineralisation that are Material to the Public Report.	Samples from RC drilling were collected on 2.5ft (0.76 meters) and 5ft (1.52 meters) intervals at the rig with a cyclone mounted cone splitter and bagged in pre-numbered poly woven bags
		Sampling was undertaken using standard QAQC procedures that
		included, field duplicates and the insertion of blanks or standards at a
		minimum of 1 blank or standard inserted every 15 samples.
		All samples were sent to American Assay Laboratories in Sparks,
		Nevada.
		All samples were pulverized at the lab to 85% passing -75µm to produce
		a 25g charge for Fire Assay with an AA finish. Samples were also
		digested using a Four Acid digestion with an ICP-AES finish. High grade
		gold samples were additionally assayed by Fire Assay using a
		gravimetric finish. High grade silver and base metal samples were
		additional assayed using a four acid digestion and ICP-AES finish.

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Criteria	JORC Code explanation	Commentary
Drilling	 Drill type and details.	Drilling was completed using a Foremost MPD 1500 Reverse Circulation
techniques		drill rig.
		Drill holes were drilled either vertically or angled perpendicular to the
		interpreted stratigraphy.
		The program was supervised by experienced Riedel Resources
		contractors.
		An SPT Gyro Master downhole survey system was used every 8 feet
		(2.4 meters) to monitor downhole trajectory.
Drill sample	 Method of recording and assessing core and chip sample recoveries	Samples were collected on 5ft intervals and 2.5ft intervals. Sampling on
recovery	and results assessed.	2.5ft intervals was done when mineralization was projected to occur. All
	 Measures taken to maximise sample recovery and ensure representative nature of the samples.	samples were collected into pre numbered poly woven bags via a cyclone splitter attached to the drill.
	 Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential	Sample recovery was measured by Riedel’s geologists and generally exceeded 90% recovery.
	loss/gain of fine/coarse material.	There is no apparent correlation between gold grades and ground
		conditions. There is no apparent sample bias.
Logging	 Whether core and chip samples have been geologically and	Samples were logged in detail including, lithology (where possible),
	geotechnically logged to a level of detail to support appropriate	alteration, sulphides and other mineralization.
	Mineral Resource estimation, mining studies and metallurgical studies.	The entire hole was logged by an experienced geologist employed by Riedel.
		The level of detail is considered sufficient for early stage exploration of
		the type being undertaken here.
	 Whether logging is qualitative or quantitative in nature. Core (or	Geological logging is qualitative.
	costean, channel, etc) photography.	All chip trays were photographed during the logging process.
		All holes were logged over the entire length.
	 The total length and percentage of the relevant intersections logged.

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Criteria	JORC Code explanation	Commentary
Sub-	 If core, whether cut or sawn and whether quarter, half or all core	Samples were generally collected wet and collected via a cyclone
sampling	taken.	mounted cone splitter attached to the drill rig.
techniques and sample preparation	 If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry.	All samples were prepared by the American Assay Laboratories lab in Sparks, NV. All samples were dried and pulverized to 85% passing 75µm and a sub sample of 250g retained. A nominal 30g charge was used for
		Fire Assay analysis. This procedure is industry standard for this type of
	 For all sample types, the nature, quality and appropriateness of the	sample and analysis.
	sample preparation technique.
		Sample sizes are considered appropriate for this stage of the project.
	 Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples.	No compositing was conducted. Field duplicates were collected every 100’ (30.48 meters) downhole.
	 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	Samples were analyzed at American Assay Laboratories in
assay data	laboratory procedures used and whether the technique is considered	Sparks,Nevada. For gold the analytical method used was FA-ICP which
and	partial or total.	is digestion by Fire Assay with an ICP OES finish. Any samples assaying
laboratory		greater than 3ppm Au or 100ppm Ag were further analyzed by GAuAg.
tests		These methods are considered appropriate for the material and
		mineralization and measure total gold content.
		Samples were also analyzed by method ICP5A35 which is a five-acid
		digestion with an ICP-OES finish for base metal determinations. This
		method is considered appropriate for the material and mineralization.
	 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

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Criteria	JORC Code explanation	Commentary
	derivation, etc.
	 Nature of quality control procedures adopted (eg standards, blanks,	Riedel resources used a mix of Certified Reference Materials and blanks
	duplicates, external laboratory checks) and whether acceptable levels	inserted every 15 samples. Field duplicates were collected every 100ft
	of accuracy (ie lack of bias) and precision have been established.	(30.48 meters).
		Umpire checks are not considered necessary for this stage of
		exploration.
Verification	 The verification of significant intersections by either independent or	Significant results are checked by the Riedel’s geologist and Competent
of sampling	alternative company personnel.	Person.
and
assaying
	 The use of twinned holes.	No twinned holes have been completed at this early stage of exploration.
		All field logging was logged on paper logs and in digital format in an
		excel spreadsheet. Copies of all logs are stored on a cloud-based
	 Documentation of primary data, data entry procedures, data	storage system as well as at the office in Kingman Arizona.
	verification, data storage (physical and electronic) protocols.
		No assay data were adjusted.
	 Discuss any adjustment to assay data.
Location of	 Accuracy and quality of surveys used to locate drill holes (collar and	Collar surveys were completed using a Trimble ProXH submeter GPS
data points	down-hole surveys), trenches, mine workings and other locations	unit using a differential correction signal and is capable of 20-70 cm X-Y
	used in Mineral Resource estimation.	resolution and 2-3m elevation accuracy.
	 Specification of the grid system used.	The grid system used was WGS-84 Zone 11.
	 Quality and adequacy of topographic control.	Drill hole directional surveys were taken using a SPT Gyro Master orientation tool providing azimuth and angle. Stated accuracies for the
		inclinometer is 0.05 degree, and for azimuth 0.5 degree. Collar
		orientations were obtained using a Brunton Compass.

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Criteria	JORC Code explanation	Commentary
Data spacing	 Data spacing for reporting of Exploration Results.	RC hole locations were spaced to test historic geologic targets as well as
and		geophysical targets.
distribution
	 Whether the data spacing and distribution is sufficient to establish the
	degree of geological and grade continuity appropriate for the Mineral	The current drill hole spacing is too broad to establish a mineral
	Resource and Ore Reserve estimation procedure(s) and	resource.
	classifications applied.
	 Whether sample compositing has been applied.	No compositing has been applied.
Orientation	 Whether the orientation of sampling achieves unbiased sampling of	Drilling is orthogonal to the general trend of the stratigraphy.
of data in	possible structures and the extent to which this is known, considering
relation to	the deposit type.
geological structure	 If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a	Holes were drilled vertically or angled perpendicular to the interpreted stratigraphy using historic data where available.
	sampling bias, this should be assessed and reported if material.
Sample	 The measures taken to ensure sample security.	Core samples were delivered in sealed poly weave bags to the American
security		Assay Laboratory in Sparks, Nevada. Chain of Custody documentation
		stating, samples, submittal and methods were signed off on. American
		Assay Labs maintains the chain of custody once the samples are
		delivered with an audit trail available on the American Assay website.
Audits or	 The results of any audits or reviews of sampling techniques and data.	Sampling and assaying techniques are considered to be industry
reviews		standard. No external audits have been undertaken at this stage of
		exploration.

Section 2 Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section.)

Criteria	JORC Code explanation	Commentary
Mineral	 Type, reference name/number, location and ownership including	The drill holes were all drilled within the IAM Mining LLC claim group
tenement	agreements or material issues with third parties such as joint	property which form part of a claim package subject to an Option
	ventures, partnerships, overriding royalties, native title interests,	Agreement with IAM MiningLLC. Flagstaff Minerals can earn a 100%

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Criteria	JORC Code explanation	Commentary
and land	historical sites, wilderness or national park and environmental	interest in the property. Refer to 'Key terms of the Terms Sheet
tenure status	settings.	(Background)' section of announcement. The claim package applicable
	 The security of the tenure held at the time of reporting along with any	to the Flagstaff Option Agreement is set out below:
	known impediments to obtaining a licence to operate in the area.

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Criteria	JORC Code explanation	Commentary
		The IAM Mining LLC claims are administered by the Bureau of Land
		Management and are in good standing. Riedel is unaware of any
		impediments to obtaining a licence to operate in the area.
Exploration	 Acknowledgment and appraisal of exploration by other parties.	Historic production and exploration from the property as follows:
done by other parties		Underground mining at Arizona Magma was conducted from the 1880’s to 1942.
		Drilling by Chandeleur Bay Resources at Tintic was conducted in 1997.
		High grades were reported from that 37 hole drill program.
		The Merrimac mine was mined for Au/Ag/Pg/Zn until 1905.
		The Tintic mine was mine for Au/Ag/Pb/Zn in 1942.
		None of the previous work is considered to be of JORC standard.
Geology	 Deposit type, geological setting and style of mineralisation.	The property is located along the Northwest flank of the Cerbat
		Mountains of Arizona. The Cerbat Mountains are a typical block‐faulted
		range of the Basin and Range physiographic province of the southwest
		United States and are underlain by a strongly deformed package of
		Precambrian rocks including quartz feldspar gneiss, amphibolite schist,
		and biotite schist intruded by both Precambrian diorite and granite and
		by Laramide intrusions.
		The property contains multiple structurally controlled vein-systems. A
		Low-Sulphidation Epithermal Character has been observed in ore
		material from historic dumps across the property. As the property is
		approximately 8km from the Mineral Park Cu porphyry mine, vein
		mineralization related to a unknown porphyry is also of interest.
Drill hole	 A summary of all information material to the understanding of the	All drill hole collar information is tabulated in Appendix 1, Table 1.
Information	exploration results including a tabulation of the following information
	for all Material drill holes:
	o easting and northing of the drill hole collar	Significant intervals are tabulated in Appendix 1, Table 2.
	o elevation or RL (Reduced Level – elevation above sea level in
	metres) of the drill hole collar

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Criteria	JORC Code explanation	Commentary
	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	 In reporting Exploration Results, weighting averaging techniques,	Intersection lengths and grades for all holes are reported as down-hole
aggregation	maximum and/or minimum grade truncations (eg cutting of high	length weighted intervals.
methods	grades) and cut-off grades are usually Material and should be stated.	Intersections are reported based on vein boundaries and no grade
		capping was applied to the reported intersections.
	 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.	Intersection lengths and grades are reported as down-hole length weighted intervals.
		Details of all intersections are included in Appendix 1
		Lower grade intervals are quoted and provide context for significant
		intervals.
	 The assumptions used for any reporting of metal equivalent values
	should be clearly stated.	No metal equivalent values are reported.
Relationship	 These relationships are particularly important in the reporting of	Drill hole intersections are reported down hole. True widths are unknown.
between	Exploration Results.
mineralisation
widths and	 If the geometry of the mineralisation with respect to the drill hole
intercept	angle is known, its nature should be reported.
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’).

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Criteria	JORC Code explanation	Commentary
Diagrams	 Appropriate maps and sections (with scales) and tabulations of	Refer to figures in the body of this announcement for relevant plans
	intercepts should be included for any significant discovery being	including a tabulation of intercepts.
	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 all Exploration Results is not	Intersection lengths and grades are reported as down-hole length
reporting	practicable, representative reporting of both low and high grades	weighted averages.
	and/or widths should be practiced to avoid misleading reporting of Exploration Results.	The number of drill holes and meters are included in the body of the announcement and in Appendix 1.
Other	 Other exploration data, if meaningful and material, should be reported	No other substantive exploration data is available for reporting.
substantive	including (but not limited to): geological observations; geophysical
exploration	survey results; geochemical survey results; bulk samples – size and
data	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 further work (eg tests for lateral	Follow up RC drilling is planned to expand the current understanding of
	extensions or depth extensions or large-scale step-out drilling).	mineralized structures. Drill hole locations will be selected to test for
	 Diagrams clearly highlighting the areas of possible extensions,	mineralization along strike and at depth.
	including the main geological interpretations and future drilling areas,
	provided this information is not commercially sensitive.

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Appendix 1

Table 1: Drill Hole Collar Information

Drill Hole Collar ID	Target Name	Type	Elevation	Dip	Azimuth	Total Depth (m)	Total Depth (ft)	Collar Easting (wgs84-11N)	Collar Northing (wgs84-11N)
2021-CHL-042	Magma	RC	1,183	55	210	73.2	240	751,682	3,922,949
2021-CHL-001	Tintic	RC	1,141	45	240	24.4	80	751,516	3,921,827
2021-CHL-002	Tintic	RC	1,143	90		33.5	110	751,518	3,921,826
2021-CHL-006	Tintic	RC	1,148	45	240	64.0	210	751,542	3,921,848
2021-CHL-007	Tintic	RC	1,148	90		91.4	300	751,545	3,921,850
2021-CHL-004	Tintic	RC	1,143	45	270	30.5	100	751,526	3,921,790
2021-CHL-005	Tintic	RC	1,143	75	270	36.6	120	751,526	3,921,791
2021-CHL-003	Tintic	RC	1,146	45	270	24.4	80	751,493	3,921,856
2021-CHL-008	Tintic	RC	1,151	45	270	30.5	100	751,489	3,921,884
2021-CHL-009	Tintic	RC	1,149	45	270	39.6	130	751,471	3,921,926
2021-CHL-010	Tintic	RC	1,150	75	270	42.7	140	751,473	3,921,925
2021-CHL-011	Tintic	RC	1,151	45	300	45.7	150	751,475	3,921,958
2021-CHL-012	Tintic	RC	1,152	75	300	61.0	200	751,477	3,921,957
2021-CHL-026	Merrimac	RC	1,186	45	180	109.7	360	752,219	3,922,817
2021-CHL-030	Merrimac	RC	1,193	70	200	121.9	400	752,284	3,922,840
2021-CHL-027	Merrimac	RC	1,192	70	170	111.3	365	752,287	3,922,845
2021-CHL-025	Merrimac	RC	1,191	55	180	73.2	240	752,353	3,922,823
2021-CHL-024	Merrimac	RC	1,192	55	180	73.2	240	752,427	3,922,816
2021-CHL-035	Starlight	RC	1,197	45	210	53.3	175	751,933	3,923,019
2021-CHL-046	Helen May	RC	1,182	45	230	45.7	150	751,410	3,922,993
2021-CHL-047	Helen May	RC	1,182	75	230	76.2	250	751,410	3,922,994

RC = Reverse Circulation

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Table 1: Drill Hole Collar Information (cont)

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RC = Reverse Circulation

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Table 2: Significant Intervals

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Drill Hole Thickness Thicjness
Collar ID From (ft) To (ft) (ft) From (m) To (m) (m) Au (g/t) Ag (g/t) Pb (%) Zn (%)
2021-CHL-042 167.5 195 27.5 51 59.4 8.4 0.2 20.2
2021-CHL-001 No Significant Intercepts
2021-CHL-002 92.5 97.5 5.0 28.2 29.7 1.50 15.56 29.3 0.8 0.3
2021-CHL-006 137.5 140 2.5 41.9 42.6 0.75 2.51 7.5 0.4 0.1
2021-CHL-007 182.5 187.5 5.0 55.5 57 1.50 1.22 106 0.1 0.1
2021-CHL-004 67.5 80 12.5 20.6 24.4 3.80 98.8 151 2.5 0.8
including 67.5 72.5 5.0 20.6 22.1 1.50 230.8 359 5.9 1.3
2021-CHL-005 35 50 15.0 10.7 15.3 4.60 4.24 3.7 0.2
2021-CHL-005 95 102.5 7.5 29 31.3 2.30 2.82 6.3 0.4 0.4
2021-CHL-003 60 75 15.0 18.3 22.9 4.60 4.44 7.8 0.4 0.2
including 60 67.5 7.5 18.3 20.6 2.30 7.62 12 1 0.1
2021-CHL-008 42.5 45 2.5 12.9 13.6 0.75 4.26 80.5 0.6 0.1
2021-CHL-009 67.5 72.5 5.0 20.6 22.1 1.50 11.46 35 0.5 0.3
2021-CHL-010 110 115 5.0 33.5 35 1.50 0.3 571 0.2
2021-CHL-011 122.5 127.5 5.0 37.3 38.8 1.50 39.36 323 3.3 3.2
2021-CHL-012 No Significant Intercepts
2021-CHL-026 150 160 10.0 45.7 48.7 3.00 88
2021-CHL-030 330 390 60.0 100.6 118.9 18.30 2.22 11
including 330 345 15.0 100.6 105.2 4.60 8.39 39 0.3 0.5
2021-CHL-027 322.5 330 7.5 98.3 100.6 2.30 1.14 14
2021-CHL-025 No Significant Intercepts
2021-CHL-024 150 152.5 2.5 45.7 46.5 0.75 2.27 3.9
2021-CHL-035 No Significant Intercepts
2021-CHL-046 80 85 5.0 24.4 25.9 1.50 0.29 161
2021-CHL-047 No Significant Intercepts
----- End of picture text -----

All widths are downhole widths, true widths to be determined.

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Table 2: Significant Intervals (cont)

Drill Hole Collar ID	From (ft)	To (ft)	Thickness (ft)	From (m)	To (m)	Thicjness (m)	Au (g/t)	Ag (g/t)	Pb (%)	Zn (%)
2021-CHL-019	5.0	12.5	7.5	1.5	3.8	2.3	1.26	33.7	1.2	0.2
2021-CHL-019A	7.5	15	7.5	2.3	4.6	2.3	0.59	25.9	0.9	0.1
2021-CHL-020				No Significant Intercepts
2021-CHL-020A	20	25	5.0	6.1	7.6	1.5	0.42	31.6	1.2	0.1
	122.5	125	2.5	37.3	38.1	0.8	3.09	8.8	0.5	0.3
2021-CHL-020B	35	50	15.0	10.7	15.2	4.6	1.01	5.8	0.2	0.6
2021-CHL-020C	140	147.5	7.5	42.7	45.0	2.3	2.31	146	2.0	4.3
2021-CHL-018	160	175	15.0	48.8	53.3	4.6	0.26	22.5	0.4	1.0
2021-CHL-033				No Significant Intercepts
2021-CHL-034				No Significant Intercepts
2021-CHL-040	460	467.5	7.5	140.2	142.5	2.3	0.72	57.3
2021-CHL-039	72.5	77.5	5.0	22.1	23.6	1.5	0.47
	605	615	10.0	184.4	187.5	3.0	0.78	8.3
2021-CHL-041				No Significant Intercepts
2021-CHL-043	97.5	107.5	10.0	29.7	32.8	3.0	2.14	27.9
	170	175	5.0	51.8	53.3	1.5		49.9
2021-CHL-044	180	195	15.0	54.9	59.4	4.6	0.25
	242.5	257.5	15.0	73.9	78.5	4.6	0.27	16 .1
2021-CHL-045	150	155	5.0	45.7	47.2	1.5	2.56	9.6		0.3
2021-CHL-035				No Significant Intercepts
2021-CHL-013				No Significant Intercepts

All widths are downhole widths, true widths to be determined.

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