ZENITH MINERALS LIMITED — Management Reports 2021

Apr 7, 2021

8[th] April 2021

Drilling Update at Earaheedy Zinc-Lead-Silver Project

RC Drill program Update:

• 2500m program upgraded to 4000m for 40 Holes

• 3000m for 30 holes completed

• 1000m for 10 holes in Assay lab - Awaiting Results

• 4 holes in assay lab have been expedited to ascertain grade potential

RC Drilling Targets:

Rumble Resources Ltd

Suite 9, 36 Ord Street, West Perth, WA 6005

T +61 8 6555 3980 F +61 8 6555 3981

rumbleresources.com.au

Chinook Prospect

ASX RTR

• RC drilling has been designed to test the Zn-Pb scale potential following up the previously reported Zn-Pb discovery over 200m horizontal width and up to 12m vertical true thickness (within 41m Zn-Pb broad zone)

• RC Drill Pattern Design - 5 drill lines x 500m apart testing 2000m of strike potential.

• 27 Drill holes completed with all holes intersecting visual Zn-Pb mineralisation

• 10 Drill holes to be completed

Executives & Management

Mr Shane Sikora Managing Director

Mr Brett Keillor Technical Director

Magazine Prospect

• RC drilling has been designed to complete a drill section following up previously reported shallow flat lying higher-grade Zn-Pb mineralisation intersected in 2 holes

• Three (3) Drill holes completed with visual mineralisation in 1 hole

Large Scale Zn-Pb-Ag Deposit Potential:

• The Project covers over 40km of sandstone unconformity prospective strike which largely remains untested and completely open

• Rumble’s Zn-Pb Exploration Target at the Earaheedy Project is between 40 to 100 million tonnes at a grade ranging between 3.5% Zn-Pb to 4.5% Zn-Pb*

Mr Matthew Banks Non-executive Director

Mr Michael Smith Non-executive Director

Mr Steven Wood Company Secretary

Mr Mark Carder Exploration Manager

Rumble Resources Limited (ASX: RTR) (“Rumble” or “the Company”) is pleased to provide an update on the ongoing RC drill program at the Earaheedy Project (E69/3464) targeting large tonnage, flat lying, near surface (open-pittable) sandstone hosted Zn–Pb deposits.

At the Chinook Prospect, visual inspection of the drill holes completed has shown continuity of the sandstone hosted Zn-Pb mineralization which supports the scale potential at the prospect (previously set out in the announcement dated 25 March 2021) and has warranted the drill program to be expanded to 4000m. Rumble has sent 4 holes to the assay lab to be fast tracked through processing to give the Company an understanding of grades. These results are expected sometime next week. The remaining drill program is expected to finish later in the month of April, with assays to follow.

Rumble has also booked in a diamond drill rig to follow up this RC drill program in late April.

*The potential quantity and grade of the Exploration Target is conceptual in nature. There has been insufficient exploration to estimate a Mineral Resource and it is uncertain if further exploration will result in the estimation of a Mineral Resource.

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Earaheedy Project – Sandstone Hosted Zinc-Lead-Silver Discoveries

The Earaheedy project is located approximately 110km north of Wiluna, Western Australia. Rumble owns 75% of E69/3464 and Zenith Minerals Ltd (ASX: ZNC) owns 25%. Rumble has a single contiguous exploration license application ELA69/3787 (100% RTR) covering the known strike extent. The project area covers the inferred unconformity contact between the overlying Frere Iron Formation and underlying Yelma Formation of the Palaeoproterozoic Earaheedy Basin.

Previous RC drilling by Rumble discovered the Chinook and Magazine prospects which are two shallow, flat lying, large-scale unconformity related sandstone hosted Zn-Pb-Ag discoveries – See Image 1.

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Image 1 – Earaheedy Project – Location of Chinook and Magazine Prospects and Historic Drilling

Exploration Target

Rumble’s Zn-Pb Exploration Target at the Earaheedy Project is between 40 to 100 million tonnes at a grade ranging between 3.5% Zn-Pb to 4.5% Zn-Pb. The Exploration Target is at a shallow depth (80m), and over 40kms of prospective strike (completely open) has been defined within the Earaheedy Project. The potential quantity and grade of the Exploration Target is conceptual in nature, there has been insufficient exploration to estimate a Mineral Resource and it is uncertain if further exploration will result in the estimation of a Mineral Resource. The Exploration Target, being conceptual in nature, takes no account of geological complexity, possible mining method or metallurgical recovery factors. The Exploration Target has been estimated in order to provide an assessment of the potential for large-scale Zn-Pb deposits within the Earaheedy Project. The Exploration Target has been prepared and reported in accordance with the 2012 edition of the JORC Code.

ccordance with the 2012 edition of the JORC Code.	ccordance with the 2012 edition of the JORC Code.	ccordance with the 2012 edition of the JORC Code.
Earaheedy Zn-Pb Project –		Exploration Target
Range	Tonnes	Grade
Upper	100,000,000	4.5% Zn+Pb
Lower	40,000,000	3.5% Zn+Pb

Table 1: Near Surface Exploration target down to 80 metre - Shallow Depth

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The Exploration Target is based on the current geological understanding of the mineralisation geometry, continuity of mineralisation and regional geology. This understanding is provided by an extensive drill hole database, regional mapping, coupled with understanding of the host stratigraphic sequence and a feasibility study completed at the nearby Paroo Pb deposit. Included in the data on which this Exploration Target has been prepared is recent RC drilling of 30 holes for 2690m (three RC stages) and Diamond Drilling of 4 holes for 1199.8m completed by Rumble along with 64 historic RC drill holes completed within the project area (E69/3464) by previous explorers (refer historical exploration results in previous ASX announcements dated 5 February 2019 and 12 October 2017, 23[rd] January 2020 which continue to apply and have not materially changed). Some of the considerations in respect of the estimation of the Exploration Target include:

• Drilling results have demonstrated strong continuity of shallow, flat lying mineralisation;

• Over 40km’s of prospective strike and open (refer image 1);

• Minimum 200m of width (based on shallow 7.5° and shallow depth to 80m, based on drilling results.

• o True width of mineralisation up to 12metres received in drilling results; and

• Specific gravity (SG) of 2.5 (world average SG of sandstone – not accounting for metal).

The Company intends to test the Exploration Target with drilling and this further drilling is expected to extend over approximately 12 months. Grade ranges have been either estimated or assigned from lower and upper grades of mineralisation received in drilling results. A classification is not applicable for an Exploration Target.

Authorisation

This announcement is authorised for release by Shane Sikora, Managing Director of the Company.

-Ends-

For further information visit rumbleresources.com.au or contact enquiries@rumbleresources.com.au.

About Rumble Resources Ltd

Rumble Resources Ltd is an Australian based exploration company, officially admitted to the ASX on the 1st July 2011. Rumble was established with the aim of adding significant value to its current mineral exploration assets and will continue to look at mineral acquisition opportunities both in Australia and abroad.

Competent Persons Statement

The information in this report that relates to Exploration Results and Targets is based on and fairly represents information compiled by Mr Brett Keillor, who is a Member of the Australasian Institute of Mining & Metallurgy and the Australian Institute of Geoscientists. Mr Keillor is an employee of Rumble Resources Limited. Mr Keillor has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr Keillor consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

Previously Reported Information

The information in this report that references previously reported exploration results is extracted from the Company’s ASX market announcements released on the date noted in the body of the text where that reference appears. The previous market announcements are available to view on the Company's website or on the ASX website (www. asx.com.au). The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements. The Company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcements.

Disclaimer

This report contains certain forward-looking statements and forecasts, including possible or assumed reserves and resources, production levels and rates, costs, prices, future performance or potential growth of Rumble Resources Ltd, industry growth or other trend projections. Such statements are not a guarantee of future performance and involve unknown risks and uncertainties, as well as other factors which are beyond the control of Rumble Resources Ltd. Actual results and developments may differ materially from those expressed or implied by these forward looking statements depending on a variety of factors. Nothing in this report should be construed as either an offer to sell or a solicitation of an offer to buy or sell securities. This document has been prepared in accordance with the requirements of Australian securities laws, which may differ from the requirements of United States and other country securities laws. Unless otherwise indicated, all ore reserve and mineral resource estimates included or

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incorporated by reference in this document have been, and will be, prepared in accordance with the JORC classification system of the Australasian Institute of Mining, and Metallurgy and Australian Institute of Geoscientists. Listing Rule 5.7.2

This report contains information derived solely from a visual inspection of drill samples, which remains to be assayed and analysed. Accordingly, the Company has not included an appendix setting out the information required by Listing Rule 5.7.2 in this announcement.

Section 1 Sampling Techniques and Data

Criteria	JORC Code explanation		Commentary
Sampling	• Nature and quality of sampling (e.g. cut channels,	•	RC sampling completed on 1m
techniques	random chips, or specific specialised industry		intervals using Metzke Static cone
	standard measurement tools appropriate to the		splitter is dry. If wet, sample
	minerals under investigation, such as down hole		collected in large polywoven, then
	gamma sondes, or handheld XRF instruments, etc.).		allowed to dry for 24 hrs. Sampling
	These examples should not be taken as limiting the		was by spear along inside of bag.
	broad meaning of sampling.	•	Weight of sample was on average
	• Include reference to measures taken to ensure		>2kg.
	sample representivity and the appropriate calibration	•	Samples sent to ALS, Malaga,
	of any measurement tools or systems used.		Perth, WA and are being assayed
	• Aspects of the determination of mineralisation that		using a four acid digest and read by
	are Material to the Public Report.		ICP-AES analytical instrument.
	• In cases where ‘industry standard’ work has been
	done this would be relatively simple (e.g. ‘reverse
	circulation drilling was used to obtain 1 m samples
	from which 3 kg was pulverised to produce a 30 g
	charge for fire assay’). In other cases more
	explanation may be required, such as where there is
	coarse gold that has inherent sampling problems.
	Unusual commodities or mineralisation types (e.g.
	submarine nodules) may warrant disclosure of
	detailed information.
Drilling	• Drill type (e.g. core, reverse circulation, open-hole	•	RC face hammer sampling (5.5in
techniques	hammer, rotary air blast, auger, Bangka, sonic, etc.)		diameter). Rig used was an Atlas
	and details (e.g. core diameter, triple or standard		Copco 220 with 1250cfm air and
	tube, depth of diamond tails, face-sampling bit or		435psi compressor.
	other type, whether core is oriented and if so, by what
	method, etc.)..
Drill sample	• Method of recording and assessing core and chip	•	RC drilling cuttings were collected
recovery	sample recoveries and results assessed.		as 1 metre intervals with
	• Measures taken to maximise sample recovery and		corresponding chip tray interval kept
	ensure representative nature of the samples.		for reference.
	• Whether a relationship exists between sample	•	In general the dry sample versus
	recovery and grade and whether sample bias may		the wet sample weight did not vary
	have occurred due to preferential loss/gain of		as the wet sample was collected in
	fine/coarse material.		a polyweave bag which allowed
			excess water to seep and kept the
			drill cutting fines intact in the bag.
Logging	• Whether core and chip samples have been	•	Each metre was geologically logged
	geologically and geotechnically logged to a level of		with a magsus reading and pXRF
	detail to support appropriate Mineral Resource		reading.
	estimation, mining studies and metallurgical studies.	•	All drill cuttings logged.
	• Whether logging is qualitative or quantitative in
	nature. Core (or costean, channel, etc.) photography.
	• The total length and percentage of the relevant
	_intersections logged. _
Sub-	• If core, whether cut or sawn and whether quarter, half	•	Each metre was analysed by a
sampling	or all core taken.		Vanta pXRF. The Vanta used
techniques	• If non-core, whether riffled, tube sampled, rotary split,		standards (CRM).
and sample	etc. and whether sampled wet or dry.	•	If the assay response was
preparation	• For all sample types, the nature, quality and		>1000ppm Zn, a sample (>2kg) was
	_appropriateness of the sample preparation technique. _		taken and delivered to ALS for wet

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Criteria		JORC Code explanation		Commentary
		• Quality control procedures adopted for all sub-		analysis.
		sampling stages to maximise representivity of	•	Sampling QA/QC involved a
		samples.		duplicate taken every 20m, and a
		• Measures taken to ensure that the sampling is		standard taken every 20m. 4
		representative of the in situ material collected,		standards (OREAS CRMs) levels
		including for instance results for field		and one blank were used randomly.
		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	•	The assigned assaying methodology
assay data		assaying and laboratory procedures used and		(4 acid) is total digest.
and		whether the technique is considered partial or total.	•	As discussed, the Vanta pXRF
laboratory		• For geophysical tools, spectrometers, handheld XRF		analyser was used to threshold	the
tests		instruments, etc., the parameters used in determining		collection of samples for	wet
		the analysis including instrument make and model,		analysis.
		reading times, calibrations factors applied and their	•	In addition to Rumbles QA/QC
		derivation, etc.		methods (duplicates, standards and
		• Nature of quality control procedures adopted (e.g.		blanks), the laboratory has additional
		standards, blanks, duplicates, external laboratory		checks.
		checks) and whether acceptable levels of accuracy
		(i.e. lack of bias) and precision have been
		_established. _
Verification		• The verification of significant intersections by either	•	Significant intersections reported		by
of sampling		independent or alternative company personnel.		company personnel only.
and		• The use of twinned holes.	•	No twin holes were completed.
assaying		• Documentation of primary data, data entry	•	Documentation and review		is
		procedures, data verification, data storage (physical		ongoing. Prior to final vetting,
		and electronic) protocols.		entered into database.
		• _Discuss any adjustment to assay data. _
Location	of	• Accuracy and quality of surveys used to locate drill	•	All drillhole collars surveyed using
data points		holes (collar and down-hole surveys), trenches, mine		handheld GPS – Datum is MGA94
		workings and other locations used in Mineral		Zone 51.
		Resource estimation.
		• Specification of the grid system used.
		• Quality and adequacy of topographic control.
Data		• Data spacing for reporting of Exploration Results.	•	No resource work completed. The
spacing and		• Whether the data spacing and distribution is sufficient		drilling is reconnaissance by nature
distribution		to establish the degree of geological and grade		with drill hole spacing on average
		continuity appropriate for the Mineral Resource and		500m x 100m apart.
		Ore Reserve estimation procedure(s) and	•	Single metre and composites used.
		classifications applied.
		• _Whether sample compositing has been applied. _
Orientation		• Whether the orientation of sampling achieves	•	Previous drilling (and historic) has
of data	in	unbiased sampling of possible structures and the		defined a consistent flat lying
relation	to	extent to which this is known, considering the deposit		sedimentary package.
geological		type.	•	Drilling is normal (90°) to the
structure		• If the relationship between the drilling orientation and		mineralised intersections. True
		the orientation of key mineralised structures is		width reported. No bias.
		considered to have introduced a sampling bias, this
		should be assessed and reported if material.
Sample		• The measures taken to ensure sample security.	•	All sampling packaging and security
security				completed by Rumble personnel,
				from collection of sample to delivery
				at laboratory.
Audits	or	• The results of any audits or reviews of sampling	•	No audits completed.
reviews		techniques and data.

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Section 2 Reporting of Exploration Results

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Criteria			JORC Code explanation	JORC Code explanation	Commentary	Commentary
Mineral			•	Type, reference name/number, location and	•	The Earaheedy Project comprises
tenement		and		ownership including agreements or material issues		of a granted exploration license –
land	tenure			with third parties such as joint ventures,		E69/3464 (75% Rumble and 25%
status				partnerships, overriding royalties, native title		Zenith Minerals) and one
				interests, historical sites, wilderness or national		exploration license application
				park and environmental settings.		ELA69/3787 (100% Rumble)
			•	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.	•	E69/3464 is in a state of good standing and has no known impediments to operate in the area.
Exploration			•	Acknowledgment and appraisal of exploration by	•	Exploration solely completed by
done by	other			other parties.		Rumble Resources
parties
Geology			•	Deposit type, geological setting and style of	•	The Earaheedy Project Deposit
				mineralisation.		type is unconformity related
						sandstone hosted Zn-Pb type. Also
						MVT (Mississippi Valley Type) style
						associated with carbonates has
						been identified. Current work by
						Rumble has identified unconformity
						related sandstone hosted Zn Pb
						type.
Drill	hole		•	A summary of all information material to the	•	Table 1 – Exploration Target
Information				understanding of the exploration results including a
				tabulation of the following information for all	•	ASX – Drilling Commenced at
				Material drill holes:		Earaheedy Zinc Project – 25th
				o easting and northing of the drill hole collar		March 2021
				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			•	In reporting Exploration Results, weighting	•	Historic drilling cut-off grades used
aggregation				averaging techniques, maximum and/or minimum		include:
methods				grade truncations (e.g. cutting of high grades) and		o 0.5% Zn
				cut-off grades are usually Material and should be		o 0.5% Zn + Pb
				stated.		o >0.1% Zn
			•	Where aggregate intercepts incorporate short	•	The Zn:Pb ratio is variable over the
				lengths of high-grade results and longer lengths of		project area. >0.1% Zn cutoff was
				low-grade results, the procedure used for such		used to demonstrated continuity of
				aggregation should be stated and some typical		mineralised trends. Note –
				examples of such aggregations should be shown in		exploration is reconnaissance and
				detail.		initially testing undrilled areas.
			•	The assumptions used for any reporting of metal	•	Historic drilling – if diamond drilling
				equivalent values should be clearly stated.		or RC composite – weighted
						average used.
Relationship			•	These relationships are particularly important in the	•	Drilling is vertical. Mineralisation is
between				reporting of Exploration Results.		flat. Width of mineralisation is true
mineralisation			•	If the geometry of the mineralisation with respect to		width
widths		and		the drill hole angle is known, its nature should be
intercept				reported.
lengths			•	If it is not known and only the down hole lengths
				are reported, there should be a clear statement to
				this effect (e.g. ‘down hole length, true width not

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Criteria	JORC Code explanation	Commentary
	known’).
Diagrams	• Appropriate maps and sections (with scales) and	•	Image 1 - Earaheedy Project –
	tabulations of intercepts should be included for any		Plan of Current and Historic
	significant discovery being reported These should		Drilling and Prospect Locations
	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	•	Not applicable. Wet analysis of
reporting	Results is not practicable, representative reporting		drilling assays pending.
	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,	•	pXRF analyser is used only to
substantive	should be reported including (but not limited to):		gauge >1000ppm Zn. If sample is
exploration	geological observations; geophysical survey		>1000ppm Zn and/or within a
data	results; geochemical survey results; bulk samples –		mineralised section, 1m RC
	size and method of treatment; metallurgical test		samples are sent for wet analysis
	results; bulk density, groundwater, geotechnical		(4 acid digest multi-element)
	and rock characteristics; potential deleterious or
	contaminating substances.
Further work	• The nature and scale of planned further work (e.g.	•	RC drilling is ongoing
	tests for lateral extensions or depth extensions or	•	Diamond drilling Planned to follow
	large-scale step-out drilling).		up current RC drill program
	• Diagrams clearly highlighting the areas of possible
	extensions, including the main geological
	interpretations and future drilling areas, provided
	_this information is not commercially sensitive. _

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