Kalamazoo Resources : Ashburton Drilling Confirms Significant Potential

ASX Announcement

24 January 2022

Ashburton Gold Project Drilling Confirms Significant

Regional Exploration Potential

Highlights
only
use	• Kalamazoo has received assay drilling results for 18 Reverse Circulation (RC) and 70 Aircore (AC)
holes completed during the 2021 Phase II drilling program focused on five regional "greenfields"
prospects outside of the known 1.65Moz Mineral Resource at the Ashburton Gold Project
• At the Annie Oakley Prospect, highly encouraging moderate grade gold intercepts contained within
broad zones of gold anomalism were returned with best results including:
	o 4m @ 2.67 g/t Au from 17m (KARC0124)
personal	o 2m @ 4.09 g/t Au from 57m (KARC0133)
o 3m @ 1.63g/t Au from 37m (KARC0126)
• The Annie Oakley drilling results support its exploration potential to discover additional shallow
o 6m @ 2.2g/t Au from 93m incl 1m @ 4.22g/t Au from 96m (KAAC0067)

high-grade oxide gold resources

• At the largely untested Petra Prospect, AC drilling discovered a >500m wide +10ppb Au anomaly within the major northwest striking fault corridor that hosts the Mt Olympus and Zeus deposits

• Kalamazoo considers the Petra Prospect to be a high priority target with the hallmarks of being a significant 'Carlin Type' gold deposit discovery and will be followed up in 2022

• At the St Helens Prospect, AC drilling intersected encouraging gold anomalism proximal to the West Olympus Deposit with best results including:

• 1. 4m @ 1.46g/t Au from 76m (KAAC0070)
• Planning is underway for an extensive Phase III exploration program to commence early 2022

ForKalamazoo's Director and Ashburton Project Manager Paul Adams said today, "The remaining results from ur Phase II regional drilling campaign has confirmed the significant potential to expand the oxide and

sulphide resources at our 1.65Moz Ashburton Gold Project.

Highlights include continued encouraging results at the Annie Oakley Prospect, located close to the existing Waugh Deposit, which provides us with greater confidence for the discovery of additional shallow oxide gold resources, whilst the promising gold anomalism discovered at the Petra Prospect provides support for an entirely new "Carlin-style" (i.e., Mt Olympus deposit) discovery.

These results plus other regional exploration targets will be the subject of an aggressive Phase III exploration campaign planned for early 2022."

Perth	ASX: KZR	Melbourne
16 Douro Place	ACN: 150 026 850	Unit 3, 328 Reserve Road
West Perth WA 6005	[e-mail]	Cheltenham VIC 3192
1300 782 988	www.kzr.com.au	[phone]

Kalamazoo Resources Limited (ASX: KZR) ("Kalamazoo" or "the Company") is pleased to advise that assays have been received for the remaining 18 RC and 70 AC drillholes undertaken in the 2021 Phase II drill program. These drillholes targeted regional or "greenfields" prospects outside of the known 1.65Moz gold resource areas at the Ashburton Gold Project (AGP).

The five regional gold prospects targeted were:

only	• Annie Oakley Prospect located approximately 800m NW of the 68koz @ 3.6g/t Au Waugh Resource
• Petra Prospect located approximately 3kms NW of the 1.08Moz @ 2.2g/t Au Mt Olympus Resource
• St Helens Prospect located approximately 1km W of the Mt Olympus Resource
•	Triple M Prospect located 1km SE of the 72koz @ 2.2g/t Au Zeus Resource
•	Mae West Prospect located 750m north of the 399Koz @ 3.4g/t Au Peake Resource

The results from the five regional gold prospects support a key objective for the AGP, which is the discovery of significant new additional oxide and sulphide gold resources as part of Kalamazoo's mine project development strategy.

useVarious geological investigations and target generation exercises are underway at Annie Oakley, Petra and other prospects for input into the Phase III exploration program scheduled to commence in Q1 2022.

personalFor

Figure 1: Geology map showing the historical open pit mines and locations of the prospects and drill holes described in this report

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Annie Oakley Prospect

The Annie Oakley Prospect is located approximately 800m north-west of the historical Waugh Pit and was discovered from sporadic outcrops of disseminated pyrite and quartz vein mineralisation hosted within a thick succession of conglomerate and greywacke units. The Prospect occurs at a significant structural intersection at the north-western end of the 2.5km long west-northwest striking gold anomaly ("Waugh Zone") that hosts the Waugh Deposit (Figures 1 and 2).

onlyTwelve shallow RC holes (929m) were drilled on five 40m spaced drill sections that targeted mineralised structures identified during field mapping campaigns. Best results include:

1. 4m @ 2.67g/t Au from 17m incl 1m @ 5.88 g/t Au from 17m (KARC0124) o 2m @ 4.09g/t Au from 57m incl 1m @ 6.93g/t Au from 57m (KARC0133) o 3m @ 1.63g/t Au from 37m (KARC0126)

The drilling intercepts typically occur as 1m to 4m wide zones of low to medium grade gold mineralisation within a broad 10m to 25m wide zone of strong weathering and common >0.1g/t Au anomalism (Figure 3). These results support previously reported drilling intercepts of:

use	o 8m	@ 3.56g/t Au from surface (KARC0015)
o	7m @ 2.07g/t Au from surface (KARC0016)
o	2m	@ 9.49g/t incl 1m @17.85g/t Au from 40m (KARC0122).

Kalamazoo considers these early-stage Annie Oakley results to be strongly analogous to the high-grade mineralisation observed at the nearby Waugh Pit, with great potential for a new shallow oxide gold resource

personaldiscovery. This will be the focus of further investigation and drilling in 2022. For

Figure 2: Location map of the Annie Oakley Prospect and the Waugh Pit within the broader "Waugh Zone" mineralisation highlighted by the soil Au grade-contour overlay. Intercepts are shown as gm Au (Au grade x intercept length) coloured squares.

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use only
personal	Figure 3: Example drill section at Annie Oakley showing key gold mineralised intercepts.

Petra Prospect

The Petra Prospect is located at the western end of the Diligence Dome with a structural setting similar to that found at the 1.08M oz Mt Olympus Resource (Figure 1). The Petra Prospect is considered an under- explored, conceptual "greenfields" target mainly due to the presence of an extensive blanket of transported cover.

One drill traverse, consisting of 12 x 30m spaced AC drill holes (1,504m) was drilled to test the northwest extension of this fault corridor and an IP chargeability anomaly that was identified at the Prospect by Northern Star Resources Ltd (ASX: NST) in 2018. These AC drill holes encountered thick palaeochannel sediments which presented difficult drilling conditions.

ForThe drilling has identified a +500m long >10ppb Au anomaly centred at the base and top of a 25m to 40m thick calcareous clay unit within the palaeochannel filling strata (Figure 4). The drilling also intersected Duck Creek Dolomite below the palaeochannel on the north side of the fault corridor. These two features are highly encouraging and support that a significant 'Carlin Type' gold deposit may exist in this area. This will be the focus of further investigation and drilling in 2022.

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only
use	Figure 4 Section view showing the 500m long >10ppb Au anomaly within the calcareous clay layer of
	the palaeochannel.

One additional AC hole (132m) was completed at the Petra Prospect to test a surface Au soil anomaly. The hole intersected heavily silicified and jasper altered siltstone at 70m below Cenozoic transported sediments, with weak Au anomalism occurring at 76m to 84m. The silicification and jasper alteration was considered encouraging and two RC holes were subsequently drilled on 60m spacings to the north of the AC hole to

test for primary mineralisation. Although these two RC holes did not return any significant assay results, personalfurther investigation is warranted.

St Helens Prospect

The St Helens AC drill program consisted of 57 AC holes (3,901m) in seven drill sections with 120m to 240m line spacing and approximately 30m hole spacings (Figure 5). The program was designed to test for 'Peake Type' mineralisation below shallow transported cover.

The program intersected the broadly gold anomalous basal Mt McGrath sandstone and conglomerate package in the northern most holes of the section lines with significant mineralisation intercepted in the eastern most fences proximal to the West Olympus RC drilling targeting this same unit. Best intercepts include:

1. 6m @ 2.2g/t Au from 93m incl 1m @ 4.22g/t Au from 96m (KAAC0067) o 4m @ 1.46g/t Au from 76m (KAAC0070) (*4m composite sample)
   o 1m @ 1.99g/t Au from 55m (KAAC0043) o 1m @ 1.42g/t Au from 42m (KAAC0068)

ForThe significant intersections will be the subject of further review in 2022, given their proximity to the promising West Olympus RC drilling results previously reported.

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