Pathfinder Resources : King Tut Maiden Diamond Drilling Program Update

Suite 5, 62 Ord Street West Perth, WA 6005

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Managing Director Shannon Green

Non-Executive Chairman Sufian Ahmad

Non-Executive Director James Myers

Company Secretary Shannon Coates

ASX:PF1

Enquiries regarding this announcement can be directed to:

Company Secretary Shannon Coates

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Media Relations

Media + Capital Partners Angela East

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5 March 2021

King Tut Project

Maiden Diamond Drilling Program Update

• • Maiden diamond drilling program scheduled to commence at King Tut in late March 2021

• • Company is in advanced negotiations with an experienced local drilling contractor

• • Total of 6 diamond drill holes planned, equating to approximately 1,000 metres over an 8-week period

• • Results expected to enable the estimation of potential initial JORC 2012

  Inferred Resource

Pathfinder Resources Ltd (ASX:PF1) ("Pathfinder" or "the Company") is pleased to provide an update on its planned maiden diamond drilling program at its high-grade gold and cobalt King Tut Project in Argentina.

The Company is significantly progressed and is on track to commence diamond drilling in late March 2021. The Company is in advanced negotiations with an experienced local drilling contractor with a base of operations in the region, who will provide a modular diamond drilling rig suitable for this program. The modular style drilling rig enables the Company to minimise the environmental footprint of the maiden diamond drilling program.

The Company is also currently engaged with the local authorities to enable the finalisation of all required approvals and permits. It is anticipated that final approvals will be granted shortly, to enable mobilisation and commencement of drilling works in accordance with the schedule.

The aim of the diamond drilling program is to define the continuity of known mineralisation at depth and provide additional structural information on the regional setting, targeting the gold and cobalt mineralisation along the strike and to the west of the King Tut mine.

The initial program consists of 6 diamond drill holes totalling approximately 1,000 metres with an average expected hole depth of 167 metres. The maiden diamond drilling program has been designed to:

• • Intercept the mineralisation above and below the historical King Tut mine workings;

• • Intercept mineralisation to confirm the presence and initial extent of the mineralised area; and

• • Provide geological data and parameters to assist in estimating a potential initial JORC 2012 Inferred Resource.

Managing Director Shannon Green commented: "To be executing our maiden diamond drilling program now is very exciting and stands as a testament to our team's ability to deliver, and the capabilities of our local team engaged through Condor Prospecting. The rapid advancements that we have made would not have been possible without this. We look forward to reporting the results of the maiden diamond drilling program to our shareholders in the near future."

Project Background

The King Tut Project is located on the renowned metallogenic belt in the foothills of the Andean Mountains in Argentina. Altitude below 3,000m allows year-round access. Figure 1, below shows the project location in relation to the country and region.

Figure 1: Location Map (Guille concession has expired, subject to renewal)

Initial Sampling Program and Results

On 25 January 2021, the Company announced the results of the Company's maiden geological mapping and rock chip sampling program at the King Tut Project undertaken in late 2020. This exploration program confirmed the high-grade gold and cobalt mineralisation extends beyond the King Tut mine. Importantly, results of the geological mapping and sampling also defined the quartz-hosted mineralisation in a vein stack up to 120m wide and currently along a strike length of approximately 200m, however the strike extent remains open.

Gold mineralisation appears to be consistent along strike and to the west of the King Tut mine, with several 20+g/t Au samples. Sampling at the series of stacked veins to the south of the King Tut mine also returned a number of samples in excess of 6g/t Au. Refer to the Company's ASX announcement dated 25 January 2021 for a full list of assay results and JORC sampling and reporting information.

Cobalt mineralisation is generally located in the lower outcropping veins, indicating either a zonation of the mineralisation or that the cobalt mineralisation is specific to depth in the profile, with veins to the south being at higher elevations.

Figure 2 below shows the gold assays location and mapped veins at the King Tut Project from the initial sampling program.

Figure 2: Gold sampling assays location and mapped veins - King Tut Project

The work completed under the maiden exploration program advanced the understanding of the geology at the King Tut Project and confirmed the expectation of extensions to the known mineralisation, providing a solid foundation for the planning of the maiden diamond drilling program.

Maiden Diamond Drill Program

The program consists of 6 diamond drill holes totalling approximately 1,000 metres with an expected average depth of 167 metres.

The initial diamond drilling has been designed to:

• • Intercept the mineralisation of and below the historical King Tut mine workings;

• • Intercept mineralisation to confirm the presence and initial extent of the mineralised area; and

• • Provide geological data and parameters to assist in the estimation of a potential initial JORC 2012 Inferred

  Resource.

The program is set to drill through the known mineralised vein (steeply dipping to the south), intercepting the known mined vein system, and potentially intercepting up to five further veins as indicated from field mapping. Figure 3 shows the potential series of parallel mineralised veins adjacent to the known adits and drives of the King Tut mine.

The width of these veins has the potential each to extend ~1 metre wide, with grades in excess of 10g/t Au / 1% Co, as indicated from the initial surface sampling and historic records.

The program has been designed to provide clarity over the nature and structure of the mineralised veins at depth.

The proposed locations, depths, dip and strike of the 6 drill holes are as below (also reference Figures 3 and 4):

DH1	2.604.303mE	6.858.846mN	220°/60°/140m
DH2	2.604.353mE	6.858.841mN	220°/60°/120m
DH2a	2.604.353mE	6.858.841mN	190°/60°/120m
DH3	2.604.328mE	6.858.808mN	220°/60°/220m
DH4	2.604.315mE	6.858.789mN	220°/60°/200m
DH5	2.604.289mE	6.858.809mN	220°/60°/200m

Total: 1,000m (avg depth 167m)

Figure 3: Plan Location of 6 Diamond Drill holes and the Drill Traces, King Tut Mine

As shown in Figure 4, at the base, drill hole locations 2 / 2a are placed to target the main King Tut vein at depth. As the drill holes progress up the hill, there is increased potential of encountering multiple mineralised veins. Dips and strikes of these adjacent veins are similar to those described in the main King Tut vein, with the rock chip sampling suggesting Au/Co grades similar in nature.