Koonenberry Gold Ltd. report the commencement of an EM geophysical survey at the Atlantis Au-Cu Prospect. Planned Electromagnetic Survey Nine 1.5km long Moving-Loop Electromagnetic lines at 100m line spacing and 50m station spacings have been designed at the Atlantis Prospect to test for the presence of conductive bodies potentially representing sulfide mineralisation. A SMARTem24 receiver combined with a high temperature SQUID sensor will be used.

GEM Geophysics, an industry leading geophysical contractor, have been mobilised to site and will complete the work within about 10 days. The location of high-grade copper rock chip samples (15.3%1 and 5.62%6 Cu) was recently verified in the field and malachite was observed to follow the subvertical tuffaceous siltstone stratigraphy. The siltstone is flooded by silica alteration in many places and is chert at peak silica.

Whilst the target deposit model is not definitive, may be looking at a Volcanogenic Massive Sulphide (VMS) target (hosted within the Bittles Tank Vol canics), with possible co-existing Orogenic Gold (Stawell Gold Mine ­ Type). Rock Chip Petrography Supporting the prospectivity and survey design are nine samples from the 2019 Atlantis rock chip program submitted for Petrographic analysis to Teale & Associates (2020). Slab of sample KB03113, showing an abundance of copper-bearing malachite.

The rock is oxidised, malachite veined siltstone. The thin section contains infill veins composed of quartz and oxidised sulphides which are flanked by zones of silicification and sericite development. Secondary malachite has replaced the adjacent meta-tuffaceous siltstone.

The quartz-sulphide (now oxidised) infill veins were emplaced pre-syn the observed fabric-forming event. The fabric is rotated into the veins and sericite development enhanced. The sericite "wraps" the veins.

The veins now contain crystalline quartz, trace carbonate, malachite, goethite, and sericite. Photomicrograph of sample KB03113, showing acicular malachite developed within the vein and replacing former sulphide. Magnification is 100x; scale bar = 75.

Plane Polarised Light (PPL). Other Field Activity Status In parallel with the rock chip sampling, additional soil sampling (729 sites) has been completed in February to the SE and NW of the Lasseters Prospect, as well as infill sampling at Crystal Palace, with the aim of better defining robust drill targets at both. All assays are pending.

Numerous areas along favourable prospective structures have also been sampled with first-pass reconnaissance exploration and rock chip sampling over the past two weeks. All assays are pending. Further reconnaissance exploration with rock chip sampling will continue in March.