White Rock Minerals : Further High-Grade Gold Results - Morning Star Gold Mine,Vic

Further high-gradegold results from drilling at

the Morning Star underground Gold Mine

ASX ANNOUNCEMENT

7th March 2022

onlyKey Highlights

• The northern extension of the Whitelaw Reef at the Morning Star underground Gold Mine at Woods Point, Victoria, shows good potential for a second significant new mining area.
• This "high-grade"gold target area on the Whitelaw Reef is potentially over 100 metres in strike length and up to 30 metres across strike, centred on an area of limited historic mining and which is close to existing development.
• Recent drill intersection assay results from the Whitelaw Reef include:

use	o 4.3 metres at 9.3g/t gold in 22KPL9002 including 0.3 metres at 68.3g/t gold (true width).
o	0.2 metres at 56.6g/t gold in 22KPL9004 (true width).

• Previous drilling results from the Whitelaw Reef included1:

o 0.8 metres at 34.1g/t gold in 21L7006 including 0.3m at 107g/t gold (true width).

• 1. 0.6m at 74.8g/t gold in MS402 (true width).
• The Whitelaw Reef has a history of high-grade gold production2 with 65,421 tonnes at 31.2g/t gold mined for 65,600 ounces reported from mining activities during 1920-1927.

personalWhite Rock Minerals Limited (ASX: WRM; OTCQX:WRMCF), ('White Rock' or 'the Company') is pleased to provide an update on underground drilling and further assay results from the Kenny's target

area at the Morning Star underground Gold Mine in Victoria. The Kenny's target area includes multiple high-grade gold structures including the Whitelaw Reef, the Upper and Lower Burns Reefs, and the Upper and Lower Campbell Reefs. This target area is located between 6 Level and 9 Level, at the northern end of the dyke where existing development provides access to the Whitelaw Reef and the immediate "high-grade" target area that is currently being assessed for its future mining potential.

During 2022 an underground drilling program comprising 6 holes for 526 metres was completed from 9 ForLevel to provide infill definition of the Whitelaw "high-grade" target area along the eastern edge of the

dyke. This program was a follow-up to an earlier program in 2021 where 27 holes for 1,002 metres were completed from 7 Level1. Together with previous historic drilling and underground face sampling of minor stoping, a "high-grade" gold target area of some 100 metres strike length and up to 30 metres across- strike width has been defined on the Whitelaw Reef. The Whitelaw Reef target area, which contains numerous high-grade drill intercepts (Figure 1 and Table 1), will now undergo a detailed assessment of

1. Refer ASX Announcement 12th October 2021 "High-grade gold intersections at Woods Point Gold Project".
2. Refer Department of Primary Industries "Walhalla-WoodsPoint-Tallangallook Special map area geological report,
   Geoscience Victoria", Geological Survey of Victoria Report 127, 2006.

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its mining potential before being included in any production restart forecasts that include multiple "high- grade" gold target areas that continue to be assessed through the ongoing underground and surface drilling campaign.

Table 1: Significant intersections for underground drilling through the Whitelaw Reef. New results are highlighted in orange. Results for previous underground drill holes completed during 2021 and 2022, and historic drilling (MS holes) with intercepts through the Whitelaw Reef "High-Grade" target area, are provided for overall context, with some drill intercepts being revised to reflect new interpretations and additional assay results.

only		Hole ID			From (m)			To (m)			Interval			True Width			Au (g/t)			Reef
			22KPL9002			60.8			65.40			4.60			4.32			9.32			Whitelaw
			including			64.55			65.05			0.50			0.32			68.25			Whitelaw
			22KPL9004			47.8			48.15			0.35			0.22			56.60			Whitelaw
		21L7002	32.10		33.65		1.55		1.00		6.18			Whitelaw
use
including	32.10		32.50		0.40		0.26		10.20			Whitelaw
21L7006	19.80		20.80		1.00		0.82		34.19			Whitelaw
		including	20.15		20.45		0.30		0.25		107.00			Whitelaw
		21L7021	26.50		27.20		0.70		0.66		7.39			Whitelaw
		including	26.90		27.20		0.30		0.28		15.90			Whitelaw
		MS024	20.39		20.77		0.38		0.33		21.90			Whitelaw
		MS025	36.27		37.82		1.55		1.00		13.43			Whitelaw
personalFor	MS402	79.15		80.8		1.65		0.56		74.88			Whitelaw
MS406	76.6		77.85		1.25		1.08		7.19			Whitelaw
MS411	71.8		72.65		0.85		0.74		7.02			Whitelaw

Figure 1: Whitelaw Reef long section plan view showing the Morning Star host dyke (green), historic mining and mine development (blue) and all historic & current drill hole traces with pierce point intersections. The Whitelaw Reef structure extends to the northern margin of the dyke where there has only been limited historic mining. The "high-grade" target area with 100 metres of strike and 30 metres across strike extent is defined by drill intercept pierce points shown.

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The underground drill rig has now moved to the southern end of the mine, still on 9 Level, where it is completing definition drilling on extensions to the recently mined McNally Reef with a view to recommencing mining in the near term (Figure 2). The underground drill rig will then resume drill testing the highly prospective Gap Zone between 10 Level and 14 Level in conjunction with continuing to drill nearer-term production targets above 9 Level as it progresses through different drill sites along 9 Level.

onlyWhile the McNally Reef is being drilled, White Rock will undertake a mining assessment of the Whitelaw Reef to determine whether it can be included in future development and production plans or requires additional drilling to reach a decision point.

In addition to the McNally and Whitelaw Reefs as potential future mining areas for high-grade gold, the surface drill rig has been completing drill holes that will assist in the assessment of near-term development and production potential for a further two working areas close to the Main Shaft; the Age of

useProgress and Stacpoole Reefs, accessed via 2 Level, and infill drilling on the Dickenson Reef that can be accessed via 4 Level (Figure 2).

These current drill programs potentially deliver four working areas for future mining, dependent on the outcome of an assessment of drilling results for each, providing White Rock with a pathway to recommence mining at:

personal	1.	McNally Reef extensions where development is in place to commence mining immediately;
2.	needed to enable mining to commence in the mid-term.
	Dickenson Reef where sufficient development is in place to commence mining in the short term;
	3.	Stacpoole / Age of Progress Reefs where development is in place and minor infrastructure
		requirements will allow mining to commence in the short term; and
	4.	Whitelaw Reef where minor development is required and more substantial infrastructure is

While drilling at the Kenny's target area focused on the Whitelaw Reef, the target area also includes the Upper and Lower Burns Reefs, and the Upper and Lower Campbell Reefs. Each of these reefs had some historical exploitation. Drilling has targeted the extensions of these reefs down plunge to the north from areas of historic production, especially along the eastern edge of the dyke where the reefs come closer together.

ForAssay results have now been received for all holes except the last drill hole 22KPL9006. All drill assays >1g/t gold are provided in Table 3 below.

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onlyuse

personalFigure 2: Long section view looking towards the west showing the Morning Star host dyke (green), historic mining and mine development (blue) and all historic & current drill hole traces. The Whitelaw Reef structure extends to the northern margin of

the dyke where there has only been limited historic mining. For

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Table 3: Drill intersections >1.0g/t gold for underground drilling at the Kenny's target area completed during 2021 and 2022,

and historic drilling (MS holes) with intercepts through the Whitelaw Reef "High-Grade" target area. New results are

highlighted in orange. Results for previous underground drill holes completed during 2021 and 2022 are provided for overall

context, with some drill intercepts being revised to reflect new interpretations and additional assay results.

only		HoleID			From (m)			To (m)			Interval (m)			True Width (m)			Au (g/t)			Reef
	22KPL9001			11.90			12.26			0.36			0.10			1.58			-
	22KPL9001			33.11			33.39			0.28			0.09			2.36			-
	22KPL9001			75.25			75.80			0.55			0.32			3.85			Whitelaw
	22KPL9002			50.15			50.45			0.30			0.19			1.72			Tills
	22KPL9002			51.90			52.45			0.55			0.30			3.21			Tills
	22KPL9002			60.80			65.40			4.60			4.32			9.32			Whitelaw
	including			64.55			65.05			0.50			0.32			68.25			Whitelaw
use		22KPL9002			77.55			78.75			1.20			0.85			4.38			Lower Campbell
	including			77.55			77.85			0.30			0.21			11.85			Lower Campbell
		22KPL9003			46.25			47.10			0.85			0.74			1.09			Tills
		22KPL9003			51.67			52.04			0.37			0.35			1.04			Whitelaw
		22KPL9003			64.64			65.13			0.49			0.42			1.09			Lower Campbell
		22KPL9003			76.56			77.85			1.29			0.86			2.20			Upper Campbell
personal		22KPL9004			28.2			28.65			0.45			0.42			1.09			Tills
	22KPL9004			43.4			43.8			0.40			0.31			3.00			Whitelaw
	21L7004			30.30			31.11			0.81			0.67			3.92			Lower Burns
		22KPL9004			47.8			48.15			0.35			0.22			56.60			Whitelaw
		22KPL9004			63.6			63.85			0.25			0.24			1.77			Lower Campbell
		22KPL9005			42.75			43.05			0.30			0.23			2.36			Tills
		22KPL9005			52.1			52.4			0.30			0.19			1.51			-
		22KPL9005			55.7			56.05			0.35			0.32			1.10			-
		22KPL9005			69.9			70.45			0.55			0.48			3.76			Whitelaw
		22KPL9005			71.85			72.25			0.40			0.35			1.21			Lower Campbell
		21L7002	28.00		29.05		1.05		0.67		6.45			Whitelaw
		21L7002	32.10		33.65		1.55		1.00		6.18			Whitelaw
		including	32.10		32.50		0.40		0.26		10.20			Whitelaw
		21L7003	23.55		23.9		0.35		0.20		1.45			Upper Campbell
		21L7004	25.46		26.15		0.69		0.49		1.90			Lower Burns
For
	21L7005	12.87		13.20		0.33		0.27		1.71			Lower Burns
	21L7005	20.00		20.96		0.96		0.08		1.34			Lower Burns
		21L7006	16.20		16.70		0.50		0.36		6.00			Whitelaw
		21L7006	19.80		20.80		1.00		0.82		34.19			Whitelaw
		including	20.15		20.45		0.30		0.25		107.00			Whitelaw
		21L7006	25.30		26.3		1.00		0.91		1.90			Whitelaw
		21L7007	6.91		8.00		1.09		0.55		21.75			Lower Campbell
		including	7.50		8.00		0.50		0.25		42.00			Lower Campbell
		21L7008	14.22		14.50		0.28		0.23		320.00			Lower Burns
		21L7009	10.25		10.65		0.40		0.36		1.63			Lower Burns
		21L7009	35.85		36.00		0.15		0.11		3.02			Upper Burns
		21L7009	38.00		38.90		0.90		0.69		1.52			Upper Burns

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