Iceni Gold Limited 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 ~600km2 14 Mile Well tenement package is situated on the western shores of Lake Carey, ~ 50km from Laverton WA.

Highlights: To date Iceni has completed ten DD holes at Claypan; Geochemistry supports potential for Au rich VMS; Identified broad alteration trends that will direct exploration; Additional future drilling planned for potential discovery holes. To date Iceni has completed ten DD holes for 3,023m within the Claypan target area and on completion the rig will mobilise to the Everleigh Well target. The ongoing drilling in the Claypan target area has continued to intersect strong alteration over a very broad area.

This alteration has been interpreted to be associated with a volcanogenic massive sulphide (VMS) type of mineral system. Fluorite was identified in FMDD0043, which is significant because the presence of fluorite is diagnostic of fluids and volatiles being sourced from a nearby magma, possibly of syenitic composition. Fluorite is known to be found within large magmatic associated VMS systems in the Abitibi (like Kidd Creek and Val d'Or) and within the Yilgarn (Teutonic Bore VMS camp).

Some orogenic gold deposits in the Yilgarn are known to have a fluorite association (for example Enterprise at Ora Banda, Songvang at Agnew and the Invincible deposit at Kambalda). The study of the Claypan drill core, by Dr Walter Witt, is progressing, with the aim being to identify alteration, relationships with intrusions and vectors to ore. A number of unusual intrusions have been identified in core.

They have been sampled and sent for petrographic analysis to identify the rock types and understand their significance for mineralisation. A geochemical review of the soil and rockchip geochemistry in the Claypan area was undertaken by Chris Salt, Associate Principal Consultant at SRK. All the samples in the Claypan area displayed sodium depletion, which is significant because sodium depletion is a characteristic of the VMS mineralising environment.

The work was able to classify the rocks in the Claypan area as altered bi-modal rhyolite-andesite volcanics, which is significant as gold rich VMS systems are known to be associated with this lithological association. The study also identified an association between silver and mercury in the Claypan area. These elements are known pathfinders for VMS systems. This review identified broader geochemical and alteration patterns in the Claypan area, including a northwest trending chlorite alteration zone, adjacent to a sericite alteration zone and an interpreted gypsum/anhydrite alteration zone.

This is significant as these types of alteration zones are known to be associated with known VMS, Epithermal and /or Orogenic systems. Ongoing historic data review by Iceni geologists has identified an historic Pulse Electro Magnetic (PEM) survey that was undertaken within the Claypan target area by Esso in 1982 (WAMEX Report A12243). The survey baseline has been re-located in the field so the historic data can be positioned correctly with respect to current exploration work. Esso Exploration were known to be previously exploring for a base metal VMS mineral System at Claypan and based on the results of the PEM Survey, Esso had interpreted and identified several conductors in the Claypan area.

A number of these conductors are located near the boundaries between the geochemical alteration zones (chloritic, sericitic and gypsum/anhydrite). This is significant as these conductors may represent concentrations of sulphides located at these alteration boundaries. These gold anomalies along with the rock chip sampling and the ten hole DD program confirm Iceni's interpretation of a potential gold rich VMS system at Claypan.

It is very important to note that the historic drilling conducted by Esso Exploration was not assayed for gold. The historic PEM outputs will be reviewed by Iceni's geophysical consultants who will provide guidance on the use and interpretation of the data. These conductors will be field validated to assist the geophysical review.

These results further re-enforce the potential for the discovery of VMS mineralisation within the 14 Mile Well project, particularly at the Claypan target area, where geological features consistent with a VMS environment have been strongly observed in field work and the diamond drilling. Data generated from drilling is being analysed and integrated with existing data sets to develop and refine future drilling programs. With the completion of the current DD program at Claypan the Diamond Rig will return to the Everleigh Well area to follow up the recent discovery of native gold in the core. Assay results from DD at Claypan are expected to be received within Third Quarter 2022.