Ardea Resources Limited (Ardea or the Company) is pleased to announce further significant gold intercepts from the Bardoc Tectonic Zone (BTZ) gold project at the KNP Goongarrie Hub.

The BTZ gold project spatially overlaps and is encompassed by Ardea's tenure at Goongarrie. Several of the intercepts being reported represent follow-up drilling to previous discoveries (Lily Albany, Zeus), whilst others represent new hits that will require further work (BD-X3 and BD-X4).

Additionally, recent programs have identified anomalism throughout many of the target areas that will provide a valuable first step towards possible future gold discoveries (BD-X3, BD-X4, Goongarrie West, Brighton-Grafters line of lode)

Ardea's Managing Director, Andrew Penkethman, said: 'Ardea's systematic KNP gold targeting under lake cover has been effective in discovering extensive orogenic gold mineralisation, commencing at Lily Albany. This emerging gold discovery is only 70km northwest of the City of Kalgoorlie-Boulder. With Ardea tenements covering 65km of strike along the major gold controlling structure, the Bardoc Tectonic Zone, multiple gold targets have been defined and will continue to be systematically explored where practical to do so around the KNP Goongarrie Hub infrastructure drilling.

The Ardea Team are also awaiting assay results from other gold targets recently drilled and look forward to providing updates on these, as information becomes available.' Ardea continues to work towards quantifying the gold camp at and around the KNP Goongarrie Hub. The prime objective of the gold exploration is to map out KNP infrastructure sites, but cognisant that the definition of potential gold revenue streams will maximise return to shareholders. Mineralisation discovered to date could be monetised through custom milling. With further success, a standalone Goongarrie gold operation would be expected to significantly improve future KNP infrastructure utilization

Lily Albany gold prospect

A series of results from RC and diamond drilling continue to build the Lily Albany story. The RC program aimed to extend gold mineralisation in the oxidised zone, whilst the diamond drilling aimed to defined controls on the primary gold mineralization

Lily Albany diamond drill program results

Diamond drilling at Lily Albany successfully intercepted several potential zones of mineralisation. An initial diamond hole was cancelled at 64m following drilling problems and the second hole ALAD0002 was completed to 301m in the Main Lode zone. Gold was intercepted at several intervals throughout the upper 200m of the drill hole in both oxidised and fresh rock. The most interesting intercepts are: ALAD0002 6.8m at 1.48g/t Au from 51m including 3.8m at 2.26g/t Au from 51m and 9m at 1.53g/t Au from 170m including 3m at 3.29g/t Au from 170m The mineralised zone is characterised as follows: Strong alteration and shearing are evident in the host dolerite.

Alteration comprises a locally intense quartz-sericite-pyrite-chalcopyrite assemblage.

Near the centre of the Main Lode, there is a thick quartz(-pyrite-tourmaline-chalcopyrite) vein.

Pervasive alteration is present up and down hole from this Main Lode.

Structural data has confirmed that the body dips steeply WSW, as previously interpreted. The characteristics of this zone are entirely consistent with the orogenic gold style of mineralisation typical of the Eastern Goldfields

Lily Albany RC drill program results

The most recent drilling comprised fifteen extensional oxide zone RC drill holes for 2,122m. Additionally, two diamond drill holes for structural interpretation and geo-mechanics were completed for 365m. This recent RC drill program aimed to define the extent of supergene gold distributions throughout the discovery area. To this end, a smaller RC rig was used that could not penetrate to fresh rock, so this program did not test primary gold mineralisation at depth.

As such, fresh gold mineralisation in bedrock remains open at depth. Because of the depth of transported cover and saprolite, some of the planned RC holes in the more highly mineralised areas were postponed pending the availability of a larger and more powerful rig capable of reliably penetrating water saturated clays and into fresh rock below.

Gold intersections continued to confirm current interpretations of the Lily Albany mineralisation. Coherent gold distributions are now following established patterns, enabling prediction of mineralisation geometries. Intercepts were widespread and included: These results further confirm continuity of the extensive saprolitic gold mineralisation with gold mineralisation open in every direction. This almost certainly reflects primary mineralisation at depth. Work will commence on modelling the saprolitic gold mineralisation to evaluate its potential for open pit mining.

BD-X3 and BD-X4 targets

The BD-X3 and BD-X4 targets are located south and along strike of the historic Goongarrie Gold Mining Centre immediately east of the KNP Goongarrie Hub proposed plant site in an area where the natural topography had been selected as a process water storage site and/or retention pond for water shed from the plant site. The areas were targeted for gold assessment for several reasons, including: Their proximity east of the Pamela Jean and Patricia Anne nickel-cobalt-scandium laterite deposits which requires that the status of the ground be defined for infrastructure or mining purposes.

The areas are located between 3 and 6km south directly along strike from the main Goongarrie Mining Centre, and less than 1km south of the southernmost workings at Duffer and Junction.

The area is mostly covered by a mantle of transported material that has discouraged historic exploration.

Analogous structures to those controlling gold mineralisation at Goongarrie are clearly defined in Ardea geophysical interpretations throughout the BD-X targets.

Brighton-Grafters Gold

Trend First pass shallow reconnaissance aircore drilling has shown extensive anomalism along the Brighton-Grafters Trend on granted mining licence M29/426 within the KNP Goongarrie Hub. The trend, which lies between the historic Brighton gold mine at Goongarrie and the Grafters workings south of Lady Charlotte, and between Lily Albany to the east and the nickel laterite deposits of the KNP to the west, comprises highly prospective mafic lithologies that are known hosts to historic mines along strike. However, exploration beneath cover at the Goongarrie Hub ground has been very limited. Ardea's first-pass programs have successfully identified gold anomalism in several selected target areas. The anomalism is at a shallow level (beneath a veneer of transported material) within the laterite profile. These results are being assessed in detail to determine next steps throughout the area

Goongarrie West

Like the Brighton-Grafters trend, several distinct sites were selected for RC drilling and returned anomalism that is currently being interrogated. Further work at Goongarrie West should utilise widely spaced lines of aircore drilling to define gold anomalism and ground water distributions. The host mafic Missouri Basalt contains significant gold deposits 20km west at the Siberia gold mining centre, and 10km north along strike at the Comet Vale gold mining centre. High water flows were intersected in several holes at Goongarrie West which are being analysed pursuant to the current water extraction licence applications with the State authority. Additionally, the Goongarrie West area has been identified as a potential site for a rail spur line servicing the proposed plant site.

Windanya

Ardea's Windanya Prospect is located 50km northwest of the City of Kalgoorlie-Boulder and is a significant historical gold mining centre. Batches of samples from the recent Windanya diamond drill hole have been dispatched to the laboratory for analysis. The drill hole aimed to intercept several structures including the main Half Mile Reef structure at depth, well below the depth of historic high-grade lode workings. Half Mile Reef (HMR) was a significant gold mine and battery at the turn of the 20th Century. Several structures parallel to the main HMR lode have been modelled and intercepted in the drilling. The results are awaited. High groundwater flow was indicated in the diamond drilling as was also the case for previous RC drilling.

The site is within 20km of proposed KNP borefields so is within pumping distance of the Goongarrie plant site.

Contact:

Andrew Penkethman

Tel: +61 8 6244 5136

About Ardea Resources

Ardea Resources Limited (ASX:ARL) is an ASX-listed resources company, with a portfolio of 100% controlled West Australian-based projects, focussed on: Development of the Kalgoorlie Nickel Project (KNP) and its sub-set the Goongarrie Hub, a globally significant series of nickel-cobalt and Critical Mineral deposits which host the largest nickel-cobalt resource in the developed world at 830Mt at 0.71% nickel and 0.046% cobalt for 5.9Mt of contained nickel and 384kt of contained cobalt (ARL ASX announcement 16 June 2021) located in a jurisdiction with exemplary ESG credentials.

Advanced-stage exploration at compelling nickel sulphide, Critical Mineral and gold targets within the KNP Eastern Goldfields world-class nickel-gold province, with all exploration targets complementing the KNP nickel development strategy

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