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

The North 1 target area was previously identified as a potential target by SGC who described it as an "interpreted late (magnetic) intrusive proximal to a major structural intersection and a granite-greenstone contact". Surface rock chip sampling returned elevated Ba/V, Au, Ag, Te and Bi results. This geochemical association suggests a syenitic relationship.

The anomaly is located immediately adjacent to the Castlemaine Fault, which is known to be associated with gold mineralisation. The magnetic bulls-eye anomaly at North 1 has been modelled using 3D magnetic inversion techniques to better define the drill target. The magnetic signature is similar to syenite related deposits in the district (Jupiter, Cameron Well, Wallaby).

The first DD hole at North 1 FMDD0030 has been completed to a depth of 417.8m. The geology in the hole was dominated by pillowed andesitic lavas. Sulphides observed in FMDD0030 were associated with zones of increased brecciation and veining.

The sulphide assemblage is dominated by pyrrhotite and also includes pyrite, chalcopyrite and lesser arsenopyrite. A drill core study was completed by Dr. Walter Witt, specifically to identify vectors to ore. The predominance of biotite in the pillow margins may be an expression of syenite associated potassic alteration but the expected syenite and associated magnetite alteration were not observed in the core.

The interpreted syenite or a synvolcanic massive sulphide deposit may be deeper in the section, beneath FMDD0030. Measurements of petrophysical properties will be taken along the drill core. These measurements will be fed back into the geophysical model to refine it and better predict the location of the modelled body.

The presence of sulphides and potassic alteration (biotite) in the drill core is very promising. Additional holes have been planned to test for the magnetic body beneath FMDD0030.