White Rock Minerals : 31.12.21 Quarterly Activities & Cashflow Report

ASX and Media Release

Thursday, 27th January 2022

Quarterly Activities Report - for the Quarter ended 31 December 2021

ASX Code: WRM		Key Highlights
OTCQX: WRMCF
		Woods Point Gold Project, Victoria- Morning Star Gold Mine
Issued Securities		High grade gold intersections from Kenny's Reef:-
Shares: 151.8 million		• 1.0 metre at 34.2g/t gold from 19.8 metres (21L7006),
Options: 10.9 million		• 1.1 metres at 21.8g/t gold from 6.9 metres (21L7007),
only
Cash on hand (31 Dec 2021)		• 0.3 metres at 320g/t gold from 14.2 metres (21L7008),
	• 2.2 metres at 27.5g/t gold from 43.8 metres (21L7012),
use
A$5.8M		• 4.1 metres at 21.2g/t gold from 52.0 metres (21L7012), and
Market Cap (25 Jan 2022)		▪ Including 0.6 metres at 66.4g/t gold from 52.6 metres, and
A$33.8M at $0.22 per share		▪ Including 0.7 metres at 60.6g/t gold from 55.4 metres.
		• 1.5 metres at 21.9g/t gold from 8.3m (21L7021),
Directors & Management		▪ Including 0.4 metres at 64.6/t gold from 9.4 metres.
Peter Lester		Two diamond drill rigs currently drilling the Gap Zone and Dickenson South targets, with
Non-Executive Chairman
	initial assays highly encouraging. Significant results (true width) include:-
personal
	• 0.4 metres at 29.8g/t gold from 193.2 metres (21SDS001) in the Whitelaw Reef
Matthew Gill
M naging Director &		▪ including 0.2 metres at 51.4g/t gold from 193.2 metres,
Chief Executive Officer		• 0.6 metres at 21.5g/t gold from 54.8 metres (21SDS003) in the Whitelaw Reef,
		• 0.4 metres at 12.7g/t gold from 117.7 metres (21SDS005) in the Exhibition Reef,
Paul McNally		and
Lead Non-Executive Director		• 3.7 metres at 6.1g/t gold from 59.1 metres (21SDS006) in the Age of Progress Reef
Jeremy Gray		▪ Including 1.8 metres at 10.0g/t gold from 59.5 metres
Non-Executive Director		Woods Point Gold Project, Victoria- Regional
Ch istopher Wellesley		Review of data across the Company's strategic 660km² tenement package occurred during
	the Quarter. The 1.5km long Wallaby-Eldorado-Shakespeare trend has been identified as a
Non-Executive Director
	high priority exploration target for a 2022 regional exploration program.
Toni Griffith		Red Mountain silver-zincVMS and IRGS Project, Alaska
Chief Financial Officer
	At the Kiwi VMS prospect, rock chip assay results from massive sulphide float returned up to
Shane Turner		16% copper, 8% zinc and 316g/t silver. A fixed loop electromagnetics geophysical survey has
	identified a strong (conductivity thickness of 40 siemens) and discrete 400 metre long
Commercial Manager &
For		conductor proximal to the high-grade copper rock chip float. The source of the conductivity
Company Secretary		response is potentially a copper-rich massive sulphide deposit that is drill-ready.
R han Worland		Mt Carrington gold and silver Project, NSW
Exploration Manager
		Thomson Resources progressed the EIS and DFS under the Earn-In joint venture with the
or further information, contact:		Company.
Matthew Gill or Shane Turner
Phone: [phone]		Corporate
[e-mail]		Successful completion of the Placement to institutional and sophisticated investors, with
www.whiterockminerals.com.au		9,375,000 shares issued at an issue price of $0.24 per Share, raised $2.25 million. A 1 for 4
		pro-ratanon-renounceable Entitlement Offer of fully paid ordinary shares is currently open
		to existing eligible shareholders, seeking to raise up to $9.1 million, closing on Friday 28
		January 2022 at 5pm.

Woods Point Gold Project, Victoria - Morning Star Gold Mine

White Rock's vision is to ramp-up exploration drilling throughout the Morning Star Gold Mine in order to define sufficient mineral inventory in multiple reef positions, prior to considering recommencement of production in 2022.

Considerable progress was achieved to this end during the second half of calendar 2021. This included the drilling onlyprogram at the Kenny's target area (Figure 1) that had commenced in June and continued into the December quarter.

Additional target areas, such as the Gap Zone and Dickenson South (Figure 2), were identified following a review of data. Two diamond drill rigs were added to the fleet during the December quarter to accelerate the exploration plan.

The Kenny's target area is the northern extension of the historically mined Whitelaw, Campbell and Burns Reef systems. This area offers the potential for multiple high-grade quartz veins to be defined by drilling over an area of 150 metres strike length within the host dyke that extends over 75 metres in width.

usepersonalFigure 1: Long section view looking towards the west showing the Morning Star host dyke, historic stoping and mine development and all historic & current drill hole traces.

Abundant visible gold in the drill core from the Kenny's target area gave considerable encouragement that these reef extensions are capable of carrying high-grade gold "pay runs" that will provide a future focus for mine planning. Significant assay results1 announced during the quarter are provided in Table 1 below.

For

Table 1: Significant intersections for underground drilling at the Kenny's target area completed in 2021.

1 Refer WRM ASX Announcement of 12 October 2021 "High-grade gold intersections from underground exploration drilling at the Woods Point

Gold Project, Victoria."

Analysis of historic mining and exploration data carried out during the quarter identified the Gap Zone as one of the Company's highest priority high-grade gold targets for drill testing at the Morning Star gold mine. It represents an area with 200 metres of vertical extent between areas of historic mining that occurred above 10-level (>500,000 ounces past production) and below 14-level (>300,000 ounces of past production).

There has been little drilling in this Zone and so offers significant potential to identify new high-grade quartz reef onlystructures along the 600-metre strike length of the host dyke, extending across its full 60-80 metre width.

Diamond drill contractor Deepcore Australia Pty Ltd commenced work with an underground electric hydraulic drill rig in October with plans to conduct an 11,500 metre diamond drill program for approximately 50 holes to test the full extent of the Gap Zone2 (Figure 2).

Deepcore also mobilised a track mounted surface drill rig during the quarter to drill the Dickenson South gold target (Figure 2). A first pass drill program totalling 3,000 metres in 16 drill holes has been planned to provide systematic coverage across the Dickenson South gold target, with 3 drill hole rings on sections spaced 20 to 40 metres apart.

The Dickenson South target is only sparsely drill tested with significant historic drill hole intersections at the southern nd of the host dyke including3:

• 2.6 metres at 16.9g/t gold including 0.3 metres at 132.7g/t (MS364), and
• 0.8 metres at 13.2g/t gold including 0.3 metres at 33.4g/t (20MS01)

useQuartz reef face sampling along the 4-level drive in the vicinity of historic stoping of the Dickenson Reef, close to the main shaft, previously returned assay results including:-

• 0.6 metres at 3,140g/t gold,
• 0.5 metres at 127g/t gold,
• 0.5 metres at 3.8g/t gold, and
• 0.6 metres at 2.3g/t gold.

personalWhite Rock's primary objective at the Morning Star Gold Mine is to identify and drill areas of the dyke that have the potential to host multiple high-grade gold quartz reefs. Utilising existing development infrastructure will support a low

capital restart of production from multiple reef locations. The Dickenson South target area is one such primary target in the mine due to its size, multiple high-grade gold bearing reef potential and proximity to surface and existing infrastructure.

Post quarter, White Rock announced encouraging results from Dickenson South. These included visible gold intersected in multiple adjacent drill holes at the Age of Progress Reef (21SDS003, 005 & 006) and Whitelaw Reef (21SDS005).

Significant results (true width) include4:

• 0.4 metres at 29.8g/t gold from 193.2 metres including 0.2 metres at 51.4g/t from 193.2 metres (21SDS001) in the Whitelaw Reef,
• 0.6 metres at 21.5g/t gold from 54.8 metres (21SDS003) in the Whitelaw Reef,
• 0.4 metres at 12.7g/t gold from 117.7 metres (21SDS005) in the Exhibition Reef, and
• 3.7 metres at 6.1g/t gold from 59.1 metres including 1.8 metres @ 10.0g/t gold from 59.5 metres (21SDS006) in the Age of Progress Reef.

ForPreliminary interpretations suggest over eight reefs exist with the potential for economic mineralisation extending across the Dickenson South target area.

1. Refer WRM ASX Announcement of 12 October 2021 "Drilling Starts in the High-Grade Gold Gap Zone Target at the Morning Star Gold Mine."
2. Refer WRM ASX Announcement of 26 October 2021 "Second Drill Rig Starts at the Morning Star Gold Mine, Testing High Grade Gold Quartz
   Reefs at the Dickenson South Target."
3. Refer WRM ASX Announcement of 18 January 2022 "Multiple visible gold intercepts at Dickenson South Target, Morning Star Gold Mine."

For personal use only

Figure 2: Cross-section of the Morning Star gold mine showing west and east-dipping mineralised faults that transect a diorite dyke, highlighting the Gap Zone and the Dickenson South target.

Woods Point Gold Project, Victoria - Regional

The Walhalla Synclinorium is host to an estimated 6Moz of gold production, and White Rock controls a 660km² tenement package covering the core area. The Company is committed to systematically assessing this significant tenement package using modern exploration methods to identify targets with the potential to host million-ounce gold quartz reef deposits.

onlyThe Company's land package contains 197 of the 320 gold mineral occurrences recorded in the Synclinorium5 (Figure 3), with 73 gold deposits recording production at >10g/t gold, of which 34 are >30g/t. The majority of these have ever been drilled with only 8 gold prospects in White Rock's exploration tenements having records of drilling.

As the first modern explorers on historically proven ground, the Company sees great potential upside from this exploration program and looks forward to progressing its plans during 2022, starting with the Wallaby-Eldorado- Shakespeare trend, stretching over 1.5 kilometres.

A pipeline of high priority prospects has already been identified, with the Wallaby deposit identified as one of the usehighest priority targets that is drill ready. Wallaby is a historic deposit that had minor production of 24,000 tonnes @

9g/t for 7,000 ounces gold from within 100 metres of surface above the water table. Dyke dimensions and quartz reef distribution allow comparisons with the Morning Star Gold Mine (past production > 850,000 ounces at >26g/t), uggesting similar potential, yet the Wallaby prospect has never been drill tested.

Approximately 600 metres south along strike from Wallaby is the Eldorado prospect where there has been 13,000 ounces of historic gold production at 75g/t gold. A further 1,000 metres to the south along strike is Shakespeare where there was 4,000 ounces of historic gold production at 8g/t gold.

personalExploration using geology, geochemistry and geophysics to map the geometry, distribution and continuity of both the dyke host and associated mineralisation could see the Wallaby prospect grow significantly. The Company has commenced the process to permit drilling at Wallaby with 5 -10 km of track access being planned.

The second opportunity identified by the Company across the Woods Point Gold Project is to utilise modern exploration technologies to identify new grassroot targets not identified historically; the grassroots opportunity.

The best systematic exploration completed historically was during the initial gold rush in the 1800's when prospectors ampled the creeks and ridgelines. This exploration effort yielded the 320 primary gold mineral occurrences throughout the Walhalla Synclinorium.

Most modern exploration has been ad hoc at best, with exploration records showing no evidence of systematic surface xploration such as stream sampling. The Company plans to undertake a thorough investigation to assess the suitability of modern exploration techniques applicable to assisting in the identification and prioritising of targets.

For

5 Refer GeoScience Victoria, Geoscientific Databases 2010, GIS data of mineral occurrences and boreholes and ASX Announcement

of 17 November 2021 "High Priority Gold Targets identified at the Woods Point Gold Project, Victoria"