Pearl Gull Iron Limited announced the first results from its maiden exploration program on Cockatoo Island. Pearl Gull commenced exploration drilling in July 2021, initially focussed on the Switch Pit prospect followed by drilling of the North Bay and Magazine Pit prospects. The diamond drilling program is on track for completion prior to the wet season (which commences in November 2021). The Switch Pit prospect area is a key target as it was historically used as a mine access ramp and thought to contain significant iron mineralisation. In addition, the `Seawall Haematite' deposit has been mined since the 1950's as a source of premium grade iron ore and was interpreted to extend south east into Mining Lease M04/235, held by Pearl Gull. Assay results have been received for the first diamond drill hole (21SWDD01) which was positioned to test the along strike continuation of the Seawall Haematite. The assay results are exceptional with a very high iron grade of 69.5% Fe over 44.7m down hole. The hole was drilled vertically to maximise sample recovery and as a result the true width of mineralisation is unknown but historical mining records suggest a true width of approximately 40m. The confirmation that the Seawall Haematite unit continues along strike is encouraging and presents a clear target for ongoing exploration. A plan view image of the Switch Pit drill hole traces is shown below along with the interpreted trend of the high-grade Seawall Haematite intersected in hole 21SWDD01. The Cockatoo Formation is a key target for iron mineralisation and its surface expression has been draped over the image in transparent blue. The cross section below displays the diamond drilling hole traces including hole 21SWDD01 and the exceptionally high grades seen from 20m depth. The first 20m of hole 21SWDD01 intersected fill and haematite rich sandstones and quartzite scree which averaged 52.1% Fe. Details of all individual assay results are included in Appendix-Technical Information below. Next assays expected: A total of 16 diamond drill holes for ~2,445m have now been completed with samples from 9 entire holes (inc. 21SWDD01) and two incomplete holes dispatched to the laboratory, with assay results expected to be received steadily over the coming weeks. The remaining samples will be dispatched to the laboratory at the completion of the drilling program in October 2021.