Iceni Gold Limited (Iceni or the Company) has received the assay results from the 127-hole AC drilling program at TOTK totaling 3,488m surrounding the initial DD program. The DD program was following up gold anomalism identified in surface rock chips and was designed to test down dip and along strike. The DD intersected a sulphide bearing alteration zone within granite.

The final DD results for the program are pending. Significant surface rock chip results at TOTK at North-1 included: 135g/t Au, 1,220g/t Ag & 0.66g/t Te; 101g/t Au, 548g/t Ag & 1.26g/t Te; 61.8g/t Au, 507g/t Ag & 2.06g/t Te; and 22.5g/t Au, 57.8g/t Ag & 0.34g/t Te. Recent AC drilling at TOTK identified three significant gold intersections: FMAC0183 with 2m @ 0.18g/t Au from 20-22m; FMAC0227 with 2m @ 0.11g/t Au from 28-30m; FMAC0231 with 2m @ 0.10g/t Au from 4-6m.

All assay results have now been received and reviewed by the company's geological team. These results will be integrated with the CSIRO UFF Machine Learning (ML) outputs. All AC holes were subjected to a comprehensive bottom of hole interrogation, which included analyses for a broad suite of 64 elements and Short-Wave Infra-Red (SWIR) and Near Infra-Red (NIR) hyperspectral analysis to identify alteration minerals.

A spatial association has been established within the SWIR/NIR and geochemical data. The broader alteration pattern is intensifying towards the north-northwest. This is significant as it suggests a focus for hydrothermal activity and potentially mineralisation may be located north-northwest of the AC drilling.

The gold anomalies identified in the AC drilling at TOTK further reinforce the significant potential for the discovery of gold mineralisation within the 14 Mile Well project, particularly within structures cross cutting the margin of the Danjo intrusion or associated with the Castlemaine Fault along the western margin. The results of the CSIRO UFF ML analysis across the entire 14 Mile Well project area have been received. A review of these results is underway for the remaining targets in the TOTK area.

It is anticipated that these results will assist the company with prioritising the North-1 targets and other targets identified within the 14 Mile Well tenement package. Follow-up exploration work at TOTK has been scheduled for fourth quarter of 2022.