Dacian Gold Ltd. provided the following exploration update for its Mt Morgans Gold Operation (MMGO) in Laverton, Western Australia. Dacian's $15 million exploration budget and schedule aims to rapidly evaluate a number of advanced exploration targets across the MMGO with the objective of delineating potential ore sources to extend and bolster the Company's current three-year outlook. Exploration activities have principally focused on the following advanced stage projects: Phoenix Ridge; McKenzie Well; Mt Marven; Cameron Well; Mt McKenzie. In addition to these exploration projects, definition drilling across the near surface portion of the Morgans North deposit (at Westralia) and the Ganymede deposit (at Jupiter) have been targeted for near mine Mineral Resource updates during FY2021. Infill drilling aims to upgrade the maiden Phoenix Ridge Mineral Resource of 481,000t at 8.1 g/t for125,000 oz, located just north of the current Westralia underground deposits. The Company believes Phoenix Ridge forms a key part of its underground strategy as highlighted in its ASX announcement dated 13 July 2020. The 40m by 40m spaced infill program across the extent of the Inferred Mineral Resource was designed to improve the geological confidence across the deposit in preparation for a Mineral Resource update in 2H CY2020. The drilling results have established that the extent of the Phoenix Ridge mineralisation is now well defined. A total of 38 diamond holes were completed for 11,300m at a spacing of 40m by 40m, with drilling indicating the grade and geometry of high-grade mineralisation is influenced by a number of cross cutting structures. Highlights included: 1.7m @ 16.7g/t Au from 96m in 20MMDD0573; 7.5m @ 4.2g/t Au from 221.4m in 20MMDD0557; 6.5m @ 3.3g/t Au from 324.5m in 20MMDD0518; 2m @ 12.0g/t Au from 224.2m in 20MMDD0559; 2.7m @ 5.5g/t Au from 292.7m in 20MMDD0560. In addition to the 40m by 40m drilling, 14 diamond holes for 4,000m at a spacing of 20m by 20m have also been completed. These holes were designed to further increase the drilling density within the high-grade core of the deposit. Highlights included: 8.7m @ 74.7g/t Au from 286.4m in 20MMDD0625W1; 14.9m @ 12.5g/t Au from 258m in 20MMDD0624; 5.2m @ 9.0g/t Au from 309.6m in 20MMDD0625; 5.4m @ 8.4g/t Au from 259m in 20MMDD0619; 8.5m @ 4.0 g/t Au from 239.6m in 20MMDD0618. Significant grades were also encountered within a sequence of banded iron formation (BIF) in the hangingwall (designated the Alpha Package), parallel to the Phoenix Ridge deposit with infill drilling defining a high-grade trend. Highlights included: 0.5m @ 715g/t Au from 299m in 20MMDD0518; 1.1m @ 70.4g/t Au from 288m in 20MMDD0560; 0.5m @ 87.2g/t Au from 246m in 20MMDD0625; 2m @ 23.1g/t Au from 205.3 in 20MMDD0624; 33 RC holes for 3,500m of drilling were also completed, testing for a near surface expression to the north of the deposit with results indicating that there is no significant near surface mineralisation up- plunge of the defined Mineral Resource. The Company plans to complete all infill diamond drilling activities in July with a Mineral Resource update due during the September quarter followed by mining studies shortly after. A framework diamond drilling program is set to commence in late July. The drilling aims to improve the Company's understanding of: Broad structural controls, Mineralisation styles, and The relative timing relationships between mineralisation and intrusive types. The program includes an initial 11 diamond holes for 4,000m of drilling focussed on structural targets. The Company will use the information gained through the framework program to optimise FY2021 RC drilling that aims to identify additional open pit mineralisation across the project.