Redcastle Resources : Outstanding High Grade Shallow RC Drilling Results

For personal use only

ASX Announcement

DATE: 6th July 2022

Outstanding High Grade Shallow RC Drilling

Results at Redcastle

Highlights:

• Step out RC drilling program intersects numerous high grade values from near surface environment
  o 10m @ 29.16g/t Au from 6m, including 1m @ 250.00g/t Au from 11m o 3m @ 26.62g/t Au from 34m, including 1m @ 54.64g/t Au from 35m o 3m @ 10.36g/t Au from 61m, including 1m @ 20.12g/t Au from 62
  o 2m @ 15.06g/t Au from 20m, including 1m @ 27.50g/t Au from 20m o 3m @ 7.07g/t Au from 54m, including 1m 12.03g/t Au from 54m
• RC1 will continue to expand the drilling program to follow up these and other results
• Results of the recently completed auger sampling expected soon

Redcastle Resources Ltd (Redcastle or Company) is pleased to advise the results of the recently completed RC drilling program at the company's flagship Redcastle Gold Project.

The Company successfully completed a 21 hole program for 1,362m with numerous shallow high grade results achieved. This drilling was designed to step out along strike from the most recent results. The results listed here are the initial batch of samples including 4 metre composites, with the final single metre splits still pending.

The aim now is to continue the exploration program to extend the strike length of the near surface known mineralisation, and to complete further RC drill holes to test the extent of gold mineralisation at other targets. Planning for this work has already commenced.

Initial results from the recently completed auger programme are expected shortly. In addition, the auger crew will commence systematic sampling of surface stockpiles and dumps that remain on site from the historic intensive shallow mining operations.

Page | 1

For personal use only

Photo 1 View Looking West Along the Redcastle Reef

In addition the geological team has completed the digitization of historic data. This data will further refine the geological interpretation with the overall aim of defining drill targets.

Figure 1 Location Map

For further details on the Company's RC drill programme and auger drill programme please see the previous announcement dated 17th February and 16th May, 2022.

Page | 2

For personal use only

Photo 2 View Looking Southwest, Queen Alexandra Target

Figure 2 Redcastle Reef Cross Section 695260mE

Page | 3

For personal use only

Figure 3 Queen Alexandra Cross Section 695260mE

Figure 4 Queen Alexandra Drill Hole Map

Page | 4

Table 1 Significant (+1g/t Au) Drilling Results

For personal use only

Hole	From		To		m		g/t Au
RRC093		54		57		3	7.07
Including		54		55		1	12.03
RRC094		20		21		1	1.09
and		34		37		3	26.62
including		35		36		1	54.64
RRC095		9		10		1	1.38
and		79		80		1	3.08
and		83		88		5	3.86
RRC096		8		9		1	1.96
RRC097		16		17		1	3.16
and		61		64		3	10.36
including		62		63		1	20.12
RRC099		20		22		2	15.06
Including		20		21		1	27.50
and		70		71		1	1.86
RRC100		24		28		4	1.58
RRC101		32		36		4	1.82
RRC103		13		14		1	2.13
RRC105		6		16		10	29.16
including		11		12		1	250.00
RRC106		26		27		1	1.50
RRC108		14		16		2	2.06

Note that RRC101 is a 4m composite sample.

Table 4 Collar Details for the new Holes

Hole	E	N	RL	Depth	Dip	Az	Target
RRC089	395396	6792630	445	40	-60	180	Queen Alexandra
RRC090	395393	6792651	445	80	-60	180	Queen Alexandra
RRC091	395358	6792601	443	60	-60	180	Queen Alexandra
RRC092	395347	6792630	445	79	-60	180	Queen Alexandra
RRC093	395308	6792621	444	61	-60	180	Queen Alexandra
RRC094	395275	6792621	444	60	-60	180	Queen Alexandra
RRC095	395270	6792650	444	97	-60	180	Queen Alexandra
RRC096	395230	6792648	443	40	-60	180	Queen Alexandra
RRC097	395235	6792665	444	80	-60	180	Queen Alexandra
RRC098	395191	6792668	444	40	-60	180	Queen Alexandra
RRC099	395193	6792687	444	79	-60	180	Queen Alexandra
RRC100	396393	6792772	453	49	-60	0	Redcastle Reef
RRC101	396386	6792752	452	60	-60	0	Redcastle Reef

Page | 5