Carawine Resources Limited announced the first Mineral Resource estimate for the Hercules gold deposit of 463,000t @ 4.8g/t Au (Indicated and Inferred), containing 71,000oz Au, at various cut-off grades. The Mineral Resource demonstrates the high-grade nature of the deposit, and significant upside potential where it remains open to the southwest and at depth. Hercules is part of the Thunderstruck Joint Venture ("TSJV") between Carawine (90% interest) and Thunderstruck Investments Pty Ltd. (10% interest), within the company's large Tropicana North Gold Project located in the north-eastern goldfields of Western Australia. Carawine is the manager of the TSJV and is sole funding exploration, with Thunderstruck Investments Pty Ltd. free carried until the completion of a bankable feasibility study. The Company engaged consultants Snowden Optiro for the estimation and reporting of the Hercules Mineral Resource, with the resource work conducted by Christine Standing. The reported Mineral Resource was estimated from drill hole assay information from 8,157m of reverse circulation ("RC") and 6,524.6m of diamond core ("DD") drilling, completed by Carawine between
November 2020 and May 2022, and historically by Beadell Resources Ltd. between 2009 and 2011. Seven mineralised lodes were interpreted from the data, striking northeast-southwest and dipping steeply to the southeast and vertically . The majority of the Mineral Resource is within five sub-parallel lodes that extend for 400m along strike, from the base of transported cover at about 30m below surface, to a maximum depth of about 330m below surface, where they are truncated by an interpreted shear zone named the "Vein Offset Shear". Two smaller domains located to the southeast of the main set of veins have a strike length of 75m and a vertical extent of 120 m. Individual mineralised lodes vary between 0.5m and 11.4 m thick, with an average thickness of 1.8m. The Mineral Resource estimate for the Hercules deposit is included as Table 1 and has been reported above various cut-off grades according to assumed mining by open pit methods, to a depth of 170m below surface, and by underground methods below 170m, as determined from a pit optimisation used to evaluate the resource model for Reasonable Prospects of Eventual Economic Extraction ("RPEEE"). Top cut grades have been applied to three of the seven mineralised domains with Domains 3 and 5 cut to 60g/t Au and Domain 2 cut to 30g/t Au, appropriate to the data and this style of mineralisation. Further diamond drilling is required to test for extensions to the Hercules Mineral Resource where
mineralisation remains open, with drill holes targeting the offset vein position below the interpreted shear zone, which truncates mineralisation at depth, and targeting along strike to the southwest of the deposit above the offset vein position. Both of these areas are currently untested by drilling, with the design of this program now underway. Additional drilling programs have also been planned for the Tropicana North Gold Project, including follow- up drilling at the Big Freeze prospect on the Neale tenement (part of the TSJV), targeting the recent high- grade gold discovery in drill hole TNRC058 which returned a mineralisation interval of 5m @ 18.2g/t Au from 38m. Air core ("AC") drill targets have been defined along the 12km anomalous Hercules gold trend on the Neale tenement, along with additional targets on the Pleiades, Blue Bell South and Python tenements (Carawine 100%). Carawine's Tropicana North Gold Project is located in the Tropicana and Yamarna regions of Western Australia's north-eastern goldfields, covering approximately 80km strike of the Tropicana Belt and containing strike extensions of the same or similar rock units and structures to those hosting the large Tropicana gold mine operated by AngloGold Ashanti Australia Ltd. ("AGA") in joint venture with Regis Resources Ltd.