Zuleika Gold Limited provided an update on recent exploration activity, including soil geochemistry results from Menzies and Goongarrie. Geochemical soil sampling has been completed at prospects in the Kalgoorlie area and encouraging results from the program at Menzies returned. The remaining soil sampling at Goongarrie is scheduled to recommence in late March after vehicular access to the more isolated parts of the tenements was re-established.

Field validation and drill hole planning has been completed for the encouraging soil geochemistry anomalies identified at Zuleika North and Grants Patch prospects. Drilling is scheduled for the second quarter after the remaining geochemical results are received so that the most prospective targets can be prioritised. The soil results at Menzies define several gold anomalies in areas with encouraging structural preparation and prospective greenstone lithologies.

In-field review will be completed, and possibly in-fill geochemistry completed, prior to drill planning. One anomaly is 2km long and coincides with a line of poorly tested historical workings. 503 soil samples were collected at the Company's Menzies Project in late 2022 and early 2023.

The samples were recovered on a 200m-by-200m staggered grid (nominally weighing 250 grams) and collected manually from a depth of about 10-20cm below surface. Previous work in the area had focussed on the Exploration License in the western part of the tenement package. This recent sampling focussed on the prospective and structurally prepared greenstone-granite contact.

Assaying was completed at Labwest, using the UltrafineTM assay technique developed by the CSIRO to better detect subtle anomalies under transported cover. Samples were assayed for 52 elements. The best gold result returned from this campaign was 154 ppb, with an average background of 11 ppb.

Two distinct anomalies were defined. 1. Anomaly 1 coincides with a sheared lithological contact alongside an extensive zone of historical underground workings. Only shallow and limited historical drilling exists at this zone and potential remains to define extensive mineralisation.

The drill approval process has commenced with drilling planned for the coming quarter. 2. Anomaly 2 has a 4km east-west strike orientation but appears to be largely associated with a transported alluvial regolith. The eastern end of the area overlies greenstone and potentially represents in-situ anomalism.

Field validation will be completed prior to any further work. The soil sampling results are considered highly encouraging for Anomaly 1 and subject to field validation and approvals, drilling is anticipated in the coming quarter. A soil sampling program commenced at Goongarrie late in 2022 and was partially completed.

Access to the more remote parts of the tenement package reduced sampling productivity and hence the remaining program was deferred until clearance of existing overgrown tracks was completed. With access now available, the crew is re-mobilising and should complete the program in coming weeks. Samples were and are being recovered on both 400m by 400m and 200m by 200m staggered grid spacing (nominally weighing 250 grams) and collected manually from a depth of about 10-20cm below surface.

Previous work in the area had involved several phases of auger sampling and a number of extensive nickel and gold anomalies have been outlined. This program is aimed at better defining these zones and extending the coverage to all prospective areas, prior to future drill testing. Assays for 492 samples have been received with around 250 samples remaining to complete the program.

The remaining areas to be sampled cover the central zone of E29/1010 that has the most significant previously defined in-soil anomalism for both gold and nickel.