IRIS Metals : High grade gold intercepts confirm potential of Kookynie

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ASX Release: 21st February 2022

High-grade gold intercepts confirm potential of Kookynie Gold Project

Intercepts of up to 22.7g/t Au and 18.3g/t Au at the Lily and Big E Prospects.

Highlights:

• Highly encouraging results received from drilling completed at the 100%-owned Kookynie Gold Project in WA.
• RC drilling at the Lily Prospect intersected high-grade gold mineralisation. Peak intervals include:
• • 8m @ 3.9 g/t Au from 17m, including 1m @ 7.6 g/t Au (LYRC005)
  • 5m @ 6.1 g/t Au from 34m, including 1m @ 22.7 g/t Au (LYRC007)
  • 5m @ 3.0 g/t Au from 26m, including 1m @ 6.7 g/t Au (LYRC006)
  • 6m @ 3.7 g/t Au from 16m, including 1m @12.4 g/t Au (LYRC030)
  • 5m @3.3 g/t Au from 45m, including 1m @ 8.3 g/t Au (LYRC032)
• RC Drilling at the Big E prospect intersected shallow high-grade gold. Peak intervals include:
• • 1m @ 18.3 g/t Au from 9m (BERC004)
  • 1m @ 6.6 g/t Au from 15m (BERC002)
• RC Drilling at the Rise and Shine, Treasure, and Whale prospects all returned notable gold mineralisation supporting the significant potential of the Kookynie Gold Project.
  Peak intervals from Rise and Shine include:
• • 3m @ 2.9 g/t Au from 42m, including 1m @ 6.1g/t Au (RSRC030)
  • 5m @ 1.3 g/t Au from 55m (RSRC012)
  • 5m @ 1.0 g/t Au from 18m (RSRC016)
• Peak intervals from Treasure and Whale include:
• • 1m @ 8.2 g/t Au from 29m (TWRC018)
  • 3m @3.1 g/t Au from 27m, including 1m @ 5.4 g/t Au (TWRC013)
• Planning is currently underway for a much broader 2022 Exploration program to include surface geochemistry, regional Aircore drilling, and follow up RC drilling.

IRIS Metals Limited ("IRIS" or the "Company") (ASX:IR1) is pleased to announce positive drill results from its maiden reverse circulation (RC) drill program at the Company's Kookynie Gold Project, located approximately 60km south of Leonora, in the gold fields of West Australia. In a highly successful first drill program at Kookynie, near-surface gold mineralisation has been identified across all prospects drilled (Figure 1).

Directors	IRIS Metals Limited	Contact Details
Simon Lill, Non-Executive Chairman	ASX: IR1	[e-mail]
Tal Paneth, Executive Director		www.irismetals.com
Peter Marks, Executive Director	Registered Office	ABN
Chris Connell, Non-Executive Director	Level 6, 400 Collins Street	61 646 787 135
David Franks, Company Secretary	MELBOURNE VIC 3000

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Exploration Manager, Andrew Wood, commented: "To say we have hit the ground running from commencing RC drilling within days of listing, to then report high-gradegold intercepts from all prospects drilled, is an understatement. It is extremely encouraging to see high-gradegold drill intercepts returning from a range of lithologies confirming the potential of IRIS Metals' tenure at Kookynie. The recent gold discovery by our neighbors at much greater depths than our average reported intercept also builds excitement. It highlights the potential of the Kookynie Gold Project to host mineralisation at depth in areas where we have only scratched the surface."

Figure 1: Peak Intercepts of IRIS Metals maiden drill program.

Directors	IRIS Metals Limited	Contact Details
Simon Lill, Non-Executive Chairman	ASX: IR1	[e-mail]
Tal Paneth, Executive Director		www.irismetals.com
Peter Marks, Executive Director	Registered Office	ABN
Chris Connell, Non-Executive Director	Level 6, 400 Collins Street	61 646 787 135
David Franks, Company Secretary	MELBOURNE VIC 3000

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Lily:

RC drilling at the Lily prospect tested the strike and depth extent of previously reported mineralisation. Historical drilling at Lily recorded gold mineralisation in quartz veins in sheared dolerite. The historic drill collars could not be found at the prospect hence the RC drilling completed aimed to confirm the veracity of reported intercepts.

Peak intervals include:

8m @ 3.9 g/t Au from 17m, including 4m @ 5.2 g/t Au and 1m @ 7.6 g/t Au (LYRC005) 5m @ 3.0 g/t Au from 26m, including 1m @ 6.7 g/t Au and 1m @ 5.3 g/t Au (LYRC006) 5m @ 6.1 g/t Au from 34m, including 1m @ 22.7 g/t Au and 1m @ 3.6 g/t Au (LYRC007) 6m @ 3.7 g/t Au from 16m, including 1m @12.4 g/t Au and1m @ 4.0 g/t Au (LYRC030) 5m @3.3 g/t Au from 45m, including 1m @ 4.4 g/t Au and 1m @ 8.3 g/t Au (LYRC032)

4m @2.6 g/t Au from 25m, including 1m @ 7.8 g/t Au (LYRC035)

Drilling at Lily centred on a local ENE trending structure marked by historic mine workings and recent prospecting. RC drilling intercepted high-grade gold mineralisation in a quartz vein within a broad shallow dipping zone of sheared dolerite persistent over several drill lines.

The ENE trending mineralised shear persists from near surface, down dip to fresh dolerite and remains open down dip and along strike to the ENE.

Figure 2: Lily Long Section showing gram metre pierce points, open to the East North-East and down dip.

Directors	IRIS Metals Limited	Contact Details
Simon Lill, Non-Executive Chairman	ASX: IR1	[e-mail]
Tal Paneth, Executive Director		www.irismetals.com
Peter Marks, Executive Director	Registered Office	ABN
Chris Connell, Non-Executive Director	Level 6, 400 Collins Street	61 646 787 135
David Franks, Company Secretary	MELBOURNE VIC 3000

For personal use only

Figure 3: Lily Cross Section looking West, mineralization remains open down dip.

Additional drilling programs are planned to test for mineralisation along strike and at depth.

The Company's recently completed Aeromagnetic data interpretations identified an additional 3 high priority targets proximal to Lily requiring further investigation.

The Company looks forward to systematically and methodically testing possible extensions to Lily and the surrounding additional targets with the view to expanding this prospect as part of IRIS' 2022 exploration program.

Directors	IRIS Metals Limited	Contact Details
Simon Lill, Non-Executive Chairman	ASX: IR1	[e-mail]
Tal Paneth, Executive Director		www.irismetals.com
Peter Marks, Executive Director	Registered Office	ABN
Chris Connell, Non-Executive Director	Level 6, 400 Collins Street	61 646 787 135
David Franks, Company Secretary	MELBOURNE VIC 3000

For personal use only

Big E Prospect and the Rise and Shine

RC drilling at the Big E prospect 700m to the South-West of Rise and Shine is centred on small historical workings and costeaning. Limited drilling intersected shallow high-grade ENE trending shear hosted vein style mineralisation cross cutting the local mafic sequence.

Peak gold intervals include:

• 1m @ 18.3 g/t Au from 9m (BERC004)
• 1m @ 6.6 g/t Au from 15m (BERC002)

RC drilling at Rise and Shine aimed to confirm mineralisation reported in historic RAB drilling surrounding the historic Rise and Shine workings and to further test lateral and depth extents. RC drilling intersected gold mineralisation on several 40m spaced drill sections testing 240m of strike length. Geology intersected was dominated by mafic volcanics with an ENE trending altered shear zone containing quartz veining intercepted at depths of up to 70m downhole across the prospect.

The ENE trending structure was mineralised across several sections, containing apparent southerly dipping Low-Grade mineralisation.

Peak gold intervals include:

• 3m @ 2.9 g/t Au from 42m (RSRC030)
• 1m @ 2.4 g/t Au from 11m (RSRC008)
• 5m @ 1.3 g/t Au from 55m (RSRC012)
• 5m @ 1.0 g/t Au from 18m (RSRC016)

At Big E, the opportunity remains to test along strike and down dip from initial high-grade intercepts. The Big E prospect has very limited exploration work targeting Gold mineralisation. The discovery of high- grade mineralisation in the initial drill program at the Big E prospect supports the Company's view that there exists good potential for economic mineralisation.

The Company's recently completed Aeromagnetic interpretation identified an additional 9 high priority targets located in the areas surrounding Big E and Rise & Shine.

Directors	IRIS Metals Limited	Contact Details
Simon Lill, Non-Executive Chairman	ASX: IR1	[e-mail]
Tal Paneth, Executive Director		www.irismetals.com
Peter Marks, Executive Director	Registered Office	ABN
Chris Connell, Non-Executive Director	Level 6, 400 Collins Street	61 646 787 135
David Franks, Company Secretary	MELBOURNE VIC 3000