Image Resources NL advised it has received additional encouraging, thick, gold mineralisation drill intersections that expands the mineralisation to the north at the Company's 100%-owned Erayinia tenement and King Prospect located 135km SE of Kalgoorlie in Western Australia. The King Prospect tenements are located within the Erayinia tenement which adjoins Image's 100%-owned Madoonia Downs tenement to the north. The locations of Erayinia, King and Madoonia Downs, relative to Kalgoorlie and surrounding gold mining operations.

The latest infill drill program resulted in a number of significant gold intersections mainly within the central part of the northern mineralised zone, which was previously sparsely drilled. Highlighted intersections include 21m at 2.1g/t from 84m, including 3m at 8g/t from 94m in EYRC119; 37m at 1.4g/t from 65m, including 3m at 16g/t from 99m in EYRC116; and 20m at 1.1g/t from 63m, including 2m at 3.2g/t from 63m in EYRC127. Several intersections are open at depth and will be followed up with deeper RC drilling including the intersections in both EYRC119 and EYRC92.

The recently completed drilling program included 78 RC holes (EYRC59-EYRC137) for 6,361m comprising 1,569 2-4m composites and 769 1m splits, as well as 62 AC holes (EYAC003- EYAC083) for 2,593m comprising 654 2-4m composites and 86 1m splits. Intersections greater than 1g/t Au are summarised and all completed RC and AC drilling. The drilling results have been prepared and reported in accordance with the JORC Code, 2012 edition.

Within the Erayinia tenement and the King Prospect there are many shallow intersections with a total of 309 intersections (ranging from 1 to 13m) greater than 0.5g/t Au, which includes 172 intersections greater than 1g/t Au, 75 greater than 2g/t Au, 36 greater than 3g/t Au and 25 greater than 4g/t Au. The objective of the drilling program, which is continuing, is to extend the overall size and grade of gold mineralisation, especially in the northern zone, and to increase drilling density in the lead up to an inaugural Mineral Resources estimate in Second Quarter 2023 and potentially progressing to a scoping study in 2H 2023. Future RC drilling will focus on the northern end of the north zone where more infill is required as some of the existing line spacing is too coarse.

Also, some targets, mainly to the south, that occur on the western ground magnetic contact where most of the mineralisation occurs, have only been tested with shallow AC drilling. Further AC/RC drilling is planned in areas where the previous AC drilling was unable to reach the desired depth. Gold mineralisation at Erayinia/King is separated into two distinct styles.

Firstly, there is a common horizontal supergene mineralisation located in the lower saprolite and proximal to the surface expression of the primary mineralisation. Secondly, there are four primary gold-hosted, shallow shear zones that strike northwest and dip moderately to the southwest. Strong altered mafic rocks are common in the mineralised zones, containing chlorite and carbonate alteration with minor quartz and with some albite alteration and minor hematite and magnetite.

The most recent drilling was primarily testing wider gaps between the mineralised zones to check continuity of mineralisation. Future drilling will focus on testing higher-grade intersection areas, for potential expansion of gold mineralisation laterally and downwards while searching for higher grades and identification of potential root zones. As previously mentioned, the intersections in EYRC119 of 21m at 2.1 g/t from 84m depth and EYRC92 of 20m at 1.3g/t from 50m depth are promising and open at depth and will be followed up with deeper RC drilling.

Additionally, there is an approximate 3km of potential strike outside the previously identified mineralised areas, that is marked by ground magnetics. Ground magnetics correlate reasonably well with gold mineralisation within the two currently identified mineralised areas. The two current main mineralised zones at Erayinia/King form a key part of a strongly mineralised zone covering an area approximately 1.7km in length by 75m wide.

Some individual holes are also directed at testing the down-dip extension of higher-grade intersections within the multiple westerly dipping lodes. These interpreted multiple stacked lodes may continue at depth and could potentially be similar to some of the larger deposits in the Kalgoorlie districts that have bulk tonnage.