IRIS Metals Limited announced the completion of interpretation of high-resolution aeromagnetic survey data covering its newly acquired tenure at Kookynie, located approximately 60km south of Leonora, in the gold fields of Western Australia. Aeromagnetic and Radiometric Survey: The detailed aeromagnetic survey was completed by Magspec Airborne Surveys Pty Ltd. in 2021 as part of IRIS' initial data acquisition. The survey data was collected at 50m line spacing and average sensor height of 30m above ground level.

The survey comprised 6,342-line kilometers in total. Given that the acquired tenure is within the initial survey area, IRIS was able to incorporate the new tenements into the project-wide structural interpretation Data Interpretation & Analysis: Interpretation of the Kookynie airborne geophysical survey has identified an additional 2 high priority structural geological gold targets for evaluation. This is in addition to the previously reported 24 initial aeromagnetic targets across the tenement package.

IRIS looks forward to integrating these targets into its exploration plans moving forward. WA Exploration Plan: As noted in IRIS' latest quarterly, the Company has undertaken a detailed review of both historical information and newly acquired information through IRIS' aeromagnetic studies at Kookynie and Leonora, and also its maiden RC and AC drill data at Kookynie. While IRIS achieved some wide and high-grade intercepts across its various prospects, the results achieved at its highest priority Rise & Shine prospect, where 34 RC holes and 29 AC holes were drilled, were not in line with original expectations.

Consequently, the Company will focus on refining drill targets over new areas that have the size potential to deliver economic resources. Accordingly, a soils geochemistry program targeting geophysical anomalies is planned to commence in the coming weeks. These programs will initially focus on Kookynie, followed by similar works at Leonora.