Iceni Gold : BIF Intersected in Drilling

onlyASX RELEASE 17 March 2022

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BOARD useBrian Rodan

Ex cutive-Chairman

David Nixon

Technical Director

Hayley McNamara

Non-Executive Director

personalKeith Murray Non-Executive Director

Seb stian Andre

Company Secretary

REGISTERED OFFICE

Level 2, 41 Ord Street

West Perth WA 6005

t: [phone]

e: [e-mail]

w:www.icenigold.com.auFor

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ICENI GOLD EXPLORATION UPDATE

BIF Intersected in Drilling

Exploration

Iceni Gold Limited (Iceni or the Company) has 7 key high priority targets within the 14 Mile Well project area. Iceni is actively exploring the target areas using geophysics, Ultrafine (UFF+) soil sampling, air core (AC) and diamond drilling (DD). The ~600km2 14 Mile Well tenement package is situated on the western shores of Lake Carey, ~ 50km from Laverton WA.

Claypan: Drilling Identifies BIF

• Diamond Drilling has continued at the Claypan target area
• BIF and strong alteration with sulphides were intersected in drilling
• Results expected end-Q2

Drill testing at the Claypan target area is ongoing, to date five diamond drill

1. holes have been completed and a sixth is in progress for a total of 1,762.7m. The holes FMDD0038, 39 and 40 have successfully tested beneath the priority 1 zone of the UFF+ gold anomaly 14UF014 and intersected significant zones of strong alteration with associated sulphides.

A number of coincident targets were developed using different exploration disciplines and include: C5 (geology) and 14UF014 (geochemistry). The target area is situated at the structural intersection between the northwest trending Claypan-CeliaFault and the interpreted northern extension of the Castlemaine Fault, specifically in an interpreted flexure along the

Celia Fault.

Field validation and sampling of an interpreted structural target identified outcropping alteration and gold anomalism. A chert/banded iron formation (SCT/BIF) horizon was located cloaked beneath shallow aeolian cover. This horizon has been tracked over a strike length of 2km, it is coincident with the priority 1 zone of the UFF+ Au anomaly 14UF014 and is currently being DD tested.

Figure 1: BIF in FMDD0039 ~109m, the pyrite displays a telegraph texture.

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Figure 2: 14 Mile Well project area, showing the seven key target areas. Diamond drilling is underway within the Claypan target area designed to test beneath surface geochemical and geophysical anomalies. Image is Total Magnetic Intensity (TMI) Reduced to Pole (RTP) (after GSWA).

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Figure 3: The Celia Fault is a major crustal structure know to extend across the Yilgarn Craton for ~700km.

Significant gold deposits spatially related to the Celia Fault include: Jundee, Bronzewing, Darlot, Mt

Morgans, Carosue Dam and Karonie.

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Figure 4: The Celia Fault zone passes along the eastern margin of the 14 Mile Well project, while a splay off this fault, the Castlemaine Fault, passes through the centre of the project area. In the Claypan area the Celia Fault has a significant change in orientation where it interacts with the Castlemaine Fault.

Figure 5: Claypan collar plan showing completed and planned drilling relative to the flexure in the Celia Fault and the 14UF014 Au anomaly priority zones. Arrows highlight the trend of the sub-cropping SCT/BIF beneath thin aeolian cover. Background image TMI RTP Greyscale.

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Figure 5: The UFF+ gold anomaly 14UF014 at Claypan has a priority 1 zone that is

2km long, this priority 1 zone is coincident with the sub-cropping SCT/BIF unit.

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