Gibb River Diamonds : Excellent Metallurgical Recoveries at Edjudina Gold Prospect

ASX RELEASE

26 November 2020

ASX Code: GIB

Excellent Metallurgical Recoveries from Bottle Roll Testing

of the Neta Lodes Gold Discovery

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1.0 Neta Lodes Metallurgical Testing - Bottle Rolls

Gibb River Diamonds Limited ('GIB' or the 'Company') is pleased to announce that initial metallurgical testing of the recently discovered Neta Lodes Gold Prospect at the Edjudina Gold Project has produced excellent gold recoveries of 92.6% in 48 hours.

These results are a first pass and not optimised, further test work, including gravity, is underway and will be reported once results have been received and assessed.

This metallurgical work was undertaken by the Perth based Nagrom laboratory that is an industry recognised specialist in gold metallurgical assessments. The metallurgical sample was composited from the Phase 1 Neta Lodes aircore drilling program, using a weighted average for grade.

The metallurgical sample was drawn from samples taken from the Phase 1 aircore drill samples taken from between 8m and 55m in depth (downhole) and is considered to be representative of the style of mineralisation found at Neta Lodes above the Base of Oxidation3. All of the samples used had been bagged, in plastic cyclone bags, during the drilling program to ensure there was no contamination.

The 48 hour bottle roll cyanide leach test was conducted with a 500g sample with a head assay of 2.198ppm Au. This material had been ground to a P80 of 75 microns (80% of the particles are smaller than 75 microns). The initial cyanide dose was 500ppm.

The Gold extraction results from this process were as follows:

Table 1: Percentage Gold extraction from 24 Hour Cyanide Bottle Rolls Extraction (%)

Time	Au
0 Hours	0.0%
2 Hours	72.8%
4 Hours	82.7%
8 Hours	89.7%
24 Hours	91.8%
48 Hours	92.6%

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Cyanide consumption was 0.11kg/tonne and lime addition was 1.20kg/tonne, which is considered a low consumption of reagents.

1.1 Metallurgical Results Conclusion

The Board considers the recoveries, residence times and reagent consumption rates for this initial work to be an excellent outcome.

There is also considerable scope to optimise these results with further testing by changing variables including grind size, residence time, reagent concentrations, regrinds etc and these will be looked at as the project progresses.

Additional metallurgical work will also be required when deeper drilling is conducted at Neta which is planned for early next year.

2.0 Phase 2 Aircore Drilling Program Update

The Phase 2 aircore drilling program has experienced two rig breakdowns which has delayed completion of the planned program. Drilling is currently underway and results will be announced once all assays have been received and assessed.

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3.0 Summary

The Board is very pleased with these excellent first pass metallurgical recoveries, which give a good indication as to what can be expected from the oxidised areas of the Neta Gold discovery at Edjudina.

The Company is looking forward to reporting the gold gravity metallurgical recovery data and the important assay results from the ongoing Phase 2 aircore drilling program as these results become available and are assessed.

Jim Richards
Executive Chairman	Enquiries To: Mr Jim Richards [phone]

For various Table 1's and associated supporting technical data regarding the original drilling and exploration at Neta, refer to the references below:

References:

1GIB Acquires Option to Purchase the Historic and High Grade Edjudina Gold Project in the Eastern Goldfields of WA; GIB ASX Release dated 16 July 2020

2Triumph Project Exploration Report; Nexus Minerals Limited dated 15 August 2019

3Major Drilling Discovery at Edjudina Gold Project, WA includes 36 metres at 4.0 g/t Au from 4 metres; GIB ASX Release dated 8 October 2020

For a further list of references used in previous releases refer to GIB ASX Announcement dated 25 August 2020

Competent Persons Statement

The information in this report that relates to exploration results, sampling and testwork is based on information compiled by Mr. Jim Richards who is a Member of The Australasian Institute of Mining and Metallurgy and a Member of the Australian Institute of Geoscientists. Mr. Richards is a Director of Gibb River Diamonds Limited. Mr. Richards has sufficient experience which is relevant to the style of mineralisation, type of deposit and type of testwork 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. Richards consents to the inclusion in the report of the matters based on the information in the form and context in which it appears.

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Edjudina Gold Project - Location Map

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