White Rock Minerals : Continuing High-Grade Drill Results - Morning Star Gold Mine

ASX ANNOUNCEMENT

24 March 2022

Further high-grade gold drill results at the onlyMorning Star Gold Mine reveal another potential

new mining area

Key Highlights

• The Stacpoole Reef at the Morning Star underground Gold Mine at Woods Point, Victoria, shows strong potential to be an additional production area in any restart scenario.

• This newly identified area is potentially over 120 metres in strike length and up to 20 metres
use	down-dip, with significant true widths greater than three metres where the Stacpoole and Age of
	Progress Reefs merge along the eastern margin of the host dyke.

• This area, centred on an area of limited historic mining, is located at the southern end of the dyke, nearby the existing Morning Star Adit on 2 level, offering quick access once further drilling confirms its prospectivity.

• Significant assay results for the Stacpoole Reef from the current surface drilling campaign include:

personal	o 3.8 metres at 5.5g/t gold in 21SDS007 including 0.6 metres at 19.5 g/t gold (true width).
o 3.7 metres at 6.1g/t gold in 21SDS006 including 1.8 metres at 10.0g/t gold (true width)
o 5.3 metres at 3.7g/t gold in 22SAP005 including 0.4 metres at 20.1g/t gold (true width)

White Rock Minerals Limited (ASX: WRM; OTCQX:WRMCF), ('White Rock' or 'the Company') is pleased to provide an update on surface drilling that is targeting the Stacpoole and Age of Progress Reefs within the Dickenson South target area at the Morning Star underground Gold Mine.

The recent drill program has returned multiple high-grade gold intersections through the Stacpoole Reef in a number of contiguous drill holes, providing the Company with confidence that the Stacpoole Reef could form one of multiple production areas in any restart scenario. Following on from high-grade gold drill hole results at the Age of Progress and Whitelaw Reefs (ASX Announcement 18th January 2022), the Dickenson Reef (ASX Announcement 1st March 2022) and the Whitelaw Reef (ASX Announcement 7th March 2022), together with current drilling adjacent to recent mining of the McNally Reef, these four areas are now undergoing mine planning as part of the assessment process ahead of any re-start of underground mining.

ForOf particular significance, the Stacpoole Reef shows strong potential for a significant "high-grade" zone to exist along the eastern margin of the dyke with high grades (>10g/t) encountered in multiple drill holes (21SDS007, 21SDS006, 22SAP005 & MSA24). The prospective portion of the Stacpoole vein occurs where it merges with the Age of Progress Reef (Figure 3) with several significant true width mineralised intervals greater than three metres, often with a high-grade core greater than 10g/t gold.

Figure 1 highlights where the "high-grade" zone could extend for over 120 metres of strike and up to 20 metres down-dip. The Stacpoole Reef "high-grade" target area includes the following intersections:

• 3.8 metres @ 5.5g/t gold in 21SDS007 including 0.6 metres @ 19.5g/t gold (true width)
• 3.7 metres @ 6.1g/t gold in 21SDS006 including 1.8 metres @ 10.0g/t gold (true width)
• 5.3 metres @ 3.7g/t gold in 22SAP005 including 0.4 metres @ 20.1g/t gold (true width)
• 1.1 metres @ 13.5g/t gold in MSA24 (true width)

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Drilling of the untested southern extension of the Stacpoole Reef (Figure 1) is currently underway while the surface drill rig completes infill drilling on the Dickenson Reef below (Figure 2).

onlyuse personalFigure 1: Long section view through the Stacpoole Reef showing current and historic true width drill intersection pierce points, the

limited historic stoping on the Age of Progress Reef and the potential "high-grade" target area along the eastern edge of the dyke where the Stacpoole and Age of Progress Reef come together (refer Figure 3). Stacpoole Reef intersections outlined in orange and Age of Progress intersections outlined in yellow.

White Rock's primary objective at the Morning Star underground Gold Mine is a low capital cost restart of production from multiple reef locations. We seek to achieve this by identifying and drilling areas of the dyke with potential to host multiple high-grade gold quartz reefs proximal to existing underground development infrastructure.

The Dickenson South target area is one such primary target with multiple high-grade gold bearing reefs, and roximity to surface and existing underground infrastructure (Figure 2).

Surface diamond drilling of the underground Dickenson South target commenced in late 20211 with initial Foresults from the first holes reported in January 20222 and further results reported earlier in March 20223. To

date, 20 diamond drill holes have been completed for 3,147 metres, testing mineralised reefs including the Age of Progress, Stacpoole, Exhibition, Shamrock, Dickenson and Whitelaw reefs, between surface and Level 6 at the Morning Star Gold Mine.

Complimenting the results previously reported for the first ten holes in the program, complete assay results have now been received for a further seven surface diamond drill holes (22SDS011 and 22SAP001-006). Significant drill intersections from the latest drill holes are summarised in Table 1 below. All drill assays

1. Refer White Rock Minerals ASX Announcement 26th October 2021 "Second Drill Rig Starts at the Morning Star Gold Mine, Testing High Grade Gold Quartz Reefs at the Dickenson South Target".
2. Refer White Rock Minerals ASX Announcement 18th January 2022 "Multiple visible gold intercepts in drilling at the Dickenson
   South Target, Morning Star Gold Mine".
3. Refer White Rock Minerals ASX Announcement 1st March 2022 "High-grade Gold Drill Results - Morning Star Gold Mine".

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>1g/t gold from the current program at the Dickenson South target are provided in Table 3. Assay results are pending for hole 22SDS012a, 013 & 014.

Table 1: Significant intersections and new intersections through the Stacpoole and Age of Progress Reef's from surface drilling at the Dickenson South target area, drill holes 21SDS001 to 22SDS011 and 22SAP001-006, plus selected historic drill holes in the target area for reference.

only		Hole ID			From (m)			To (m)			Interval			True Width			Au (g/t)			Reef
		21SDS001	52.10		52.30		0.20		0.20		8.32			Age of Progress
		21SDS003	53.25		53.48		0.23		0.20		10.90			Age of Progress
		21SDS006	59.10		62.90		3.80		3.74		6.11			Stacpoole
		including	59.52		61.40		1.88		1.80		9.95			Stacpoole
use		21SDS007	119.48		123.51		4.03		3.79		5.47			Stacpoole
	including	121.07		121.75		0.68		0.64		19.45			Stacpoole
	22SDS008	149.00		153.72		4.72		3.34		2.73			Stacpoole
	Including	153.15		153.72		0.57		0.40		7.46			Stacpoole
	22SDS009	57.36		57.55		0.19		0.19		2.67			Stacpoole
	22SDS010	51.00		53.85		2.85		2.58		2.24			Stacpoole
personal
	22SDS011	136.27		139.41		3.14		2.41		1.39			Stacpoole
	22SAP001	74.75		78.00		3.25		3.20		1.54			Stacpoole
		22SAP002	78.13		79.08		0.95		0.93		5.80			Stacpoole
		22SAP003	67.10		68.80		0.7		0.68		4.83			Age of Progress
		22SAP003	74.60		76.45		1.85		1.79		3.17			Stacpoole
		22SAP005	51.50		52.10		0.60		0.58		13.60			Age of Progress
		22SAP005	58.10		63.45		5.35		5.32		3.71			Stacpoole
		including	61.35		61.75		0.40		0.38		20.05			Stacpoole
		22SAP006	61.40		62.2		0.80		0.78		5.07			Stacpoole
		MSA24	4.00		5.10		1.10		1.08		13.45			Stacpoole

This target area, between surface and 6 Level, contains multiple mineralised reefs within 100 metres of the existing shaft and accessible from multiple levels. These reefs include the Age of Progress, Stacpoole,

ForExhibition, Shamrock, Dickenson and Whitelaw reefs (Figure 2). Drilling results have been extremely encouraging with multiple high-gradeintersections across various reefs. These results support the interpretation that there may be an extension of the mineralisation from historic stoping with existing development access near the shaft, through to the southern dyke margin.

A three-dimensional interpretation of the reefs is well advanced (Figure 3) and is being used to inform targets for closer spaced drilling that have the potential to contribute to a near-term production restart without the need for extensive capital works, such as the Stacpoole and Dickenson Reefs.

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use only
personalFor
Figure 2: Long section view looking west highlighting the Dickenson South target area. The long section view shows the host
dyke, historic stoping and mine development and all drill hole traces, together with the location of the Reefs currently being drill
tested as part of the mining restart assessment.
		West		East

Figure 3: Schematic cross section ~12,890mN looking north showing the interaction of the various mineralised reefs intersected in

drilling as part of a 3D model.

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This announcement has been authorised for release by the board.

Competent Persons Statement

The information in this report that relates to exploration results is based on information compiled by Mr Rohan Worland who is a Member of the Australian Institute of Geoscientists and is a consultant to White

onlyRock Minerals Ltd. Mr Worland has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr Worland consents to the inclusion in the report of the matters based on this information in the form and context in which it appears.

No New Information or Data

useThis announcement contains references to exploration results and Mineral Resource estimates, all of which have been cross-referenced to previous market announcements by the Company. The Company confirms that it is not aware of any new information or data that materially affects the information included in the relevant market announcements and in the case of estimates of Mineral Resources, that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed.

About White Rock Minerals

White Rock Minerals is an ASX listed explorer and near-stage gold producer with three key assets:

personalFor	• Woods Point - New asset: Victorian gold project. Bringing new strategy and capital to a large-
	660km2 exploration land package and high-grade mine (past production >800,000oz @ 26g/t).
	• Red Mountain / Last Chance - Key Asset: Globally significant zinc-silver VMS polymetallic and
	IRGS gold project. Alaska - Tier 1 jurisdiction.
	• Mt Carrington - Near-term Production Asset: JORC resources for gold and silver, on ML with a
	PFS and existing infrastructure, with the EIS and DFS being advanced by JV partner.

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