Calidus Resources Limited announced the results from a batch of high-priority assays from two drill holes of the maiden drilling program on E46/10261, west-southwest of the Blue Spec mine in WA's Pilbara region. The drilling program comprises widely spaced scout holes to test about 2km strike length of a zone of strong gold-in-soil anomalies extending for more than 3km along strike associated with the Blue Spec Fault Zone. Owing to the hilly topography, a small- footprint rig is being used for the maiden program.

The gold-in-soil anomalies are coincident with a mapped halo of carbonate alteration and an inner envelope of hematite alteration. Assays of >0.5 g/t Au largely correspond with logged zones of fine disseminated pyrite and thin quartz veins in sandstone. First assays received from maiden RC drilling program 7km from Calidus' Blue Spec project.

Exceptional first assays have been received from maiden RC drilling program 7km from Calidus' Blue Spec project. Significant intersections include: 41m @ 2.37 g/t Au from 32m in 22GORC009, including: 5m @ 3.4 g/t Au from 37m and 9m @ 3.43 g/t Au from 62m. Assays in first two holes correlate strongly with logged and mapped zones of hematite alteration, highlighting potential for substantial scale.

In light of these strong results, another 12 RC holes have been added to the original 20-hole program. Final Investment Decision on the Blue Spec deposit, which is 65km from Calidus' operating Warrawoona project, is set for June quarter, 2023. An economic discovery near Blue Spec would enable Calidus to further leverage the infrastructure at Warrawoona.

The entire tenement lies within metasedimentary rocks of the 2980-2930 Ma Mosquito Creek Basin. Gold deposits across the basin largely consist of epizonal, quartz-vein hosted Au±Sb mineralization associated with flexures or oblique cross- cutting structures of the main E- to ENE-trending shear zones. The deposits at Blue Spec and Gold Spec, immediately east of E46/1026, are very high-grade, narrow quartz lodes.