Gibb River Diamonds : Iroquois Soil Sampling Highlights Zinc-Lead Feeder Zone

ASX RELEASE

28 February 2022

ASX Code: GIB

only	Iroquois Soil Sampling Highlights Zinc-Lead Feeder Zone
	________________________________________________________________________

Gibb River Diamonds Limited ('GIB') is pleased to report the following soil sampling results and highlights from the Iroquois Zinc-Lead discovery in the Earaheedy Basin as reported by ur Joint Venture partner Strickland Metals Limited (ASX: 'STK') to the ASX on 28 February

2022.

useGIB welcomes these exciting soil sampling results and looks forward to the next round of drilling at Iroquois.

The Iroquois Prospect is a Joint Venture between STK (80%) and GIB (20% free-carried to Bankable Feasibility Study).

The information below is from the STK release dated 28 February 2022, the full STK release and Table 1 are also included as Appendix A to this report:

personal	Key Points:
∙	anomalism
	Soil sampling (conducted subsequent to the October 2021 Iroquois discovery) demonstrates
		copper anomalism maps the interpreted feeder zone structure exceptionally well at Iroquois
	∙	Identification of a possible second parallel feeder structure to the south-east of Iroquois
	∙	Drilling to date has occurred primarily on the western edge of the main structure
	∙	New heritage surveys expected to be undertaken in early April 2022 in preparation for follow
		up RC drilling
	∙	Further soil sampling to occur to further define the extents of the existing copper soil
Jim Richards BSc (hons) Geology, MAusIMM, MAIG
For			Enquiries To: Mr Jim Richards [phone]
Executive Chairman

The information in this report that relates to the GIB minority interest in the Joint Venture over E69/2820, has been derived from information reported to the ASX by Strickland Metals Limited (ASX: STK), as referenced in this report and 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 GIB River Diamonds Limited. Mr. Richards 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 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.

Appendix A Strickland Metals Limited ASX Release Dated 28 February 2022

Gibb River Diamonds Limited	1/16 Ord Street	T [phone]	E	[e-mail]
ABN 51 129 158 550	West Perth WA 6005		W www.gibbriverdiamonds.com

Strickland Metals Limited	Postal & Registered Office
ACN 109 361 195	[phone]
[e-mail]	Suite 8, 7 The Esplanade
www.stricklandmetals.com.au	Mt Pleasant WA 6153

28 February 2022

onlyKey Points:
	• Soil sampling (conducted subsequent to the October 2021 Iroquois discovery) demonstrates
	copper anomalism maps the interpreted feeder zone structure exceptionally well at Iroquois
use	• Identification of a possible second parallel feeder structure to the south-east of Iroquois
• Drilling to date has occurred primarily on the western edge of the main structure - previous
drilling constrained by historic native title heritage clearance
• New heritage surveys expected to be undertaken in early April 2022 in preparation for follow up
RC drilling
• Further soil sampling to occur to further define the extents of the existing copper soil anomalism

IROQUOIS SOIL SAMPLING HIGHLIGHTS ZINC-LEAD FEEDER ZONE

COPPER ANOMALISM STRONGLY DEFINES FEEDER ZONE STRUCTURE TO ZN-PB MINERALISATION

Introduction

Strickland Metals Limited (ASX:STK) ("Strickland" or "the Company") is pleased to provide an update on its Iroquois personalZn-Pb discovery located in the Earaheedy Basin (80% Strickland; 20% Gibb River Diamonds Ltd (ASX:GIB)).

Management Comment

Andrew Bray, Chief Executive Officer, said, "After announcing our exciting zinc-lead discovery at Iroquois last October, we've spent considerable time trying to understand the geology and mineralisation to assist with follow- up drill plan design.

While the soil sampling program generated broad multi-element anomalies, the elevated copper anomalism maps the structure incredibly accurately. We believe these are the feeder zones for the mineralised fluids. This is a big step forward not only for effectively drilling the existing zinc-lead mineralisation, but also for locating further feeder zones throughout the wider prospect.

In light of this interpretation, it is evident that the drilling we've completed to date (including the discovery holes) is predominantly on the western edge of the main structure. Further programs will target the north-east extensions, and also drill on the eastern side of the feeder zone, where we expect to intersect similar mineralisation to what we've seen on the western side.

ForThe same elevated copper anomalism and geochemical signature was observed south-east of the Iroquois mineralisation, representing potentially a second feeder zone. Interestingly, this anomalism is located directly along a fault structure from the previously intersected mineralisation.

Native Title Heritage Surveys are scheduled to take place in early April 2022. Depending on confirmation of cleared areas, we are in the fortunate position of being able to expedite any drilling given that the Company has an RC rig and diamond rig on site for the remainder of 2022. Additional rigs will also be added during the year, providing the Company with further flexibility around Iroquois programs.

Iroquois Soil Sampling

The Company is very pleased to provide an update on its Iroquois discovery, previously announced to the market on 14 October 2021.

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r personal use only

Figure 1: Iroquois soil sampling program with interpreted feeder zone structure

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Resources Ltd's exciting multiple Zn-Pbdiscoveries

respect to Rumble

location with

Figure 2: Project

Pleasingly, the Company has scheduled a heritage survey to occur in early April 2022 over the Iroquois prospect

and surrounding areas. Upon receipt of the Heritage Clearance report, the Company plans for follow-upRC drilling personalto commence possibly as early as April 2022.

Strickland is in the enviable position of having rigs full time on site for the remainder of 2022, providing maximum flexibility around further programs at Iroquois and the surrounding areas.

Other Exploration Work at Iroquois

Given how effective soil copper anomalism appears to be at mapping the interpreted Zn-Pbfeeder structure, Strickland is planning for substantial soil programs in the immediate proximal areas to the known mineralisation.

Separately, the Company is considering a ground based induced-polarisation(IP) geophysical program to further assist with targeting.

For

As can be seen in Figure 1, elevated copper anomalism maps the interpreted 'feeder zone' structure very accurately. The Company's growing understanding of the mineralisation and geological structures will greatly assist with further drill program design. Indeed, the anomalism appears to grow stronger to the east / north-eastof previous

onlydrilling.

A total of 1,565 soil samples were collected at 25 metre spacings (north-south)and 100m (east-west)and were submitted to LabWest for Au and a full suite of multi-elementanalysis. The results of this work has expanded a broad, coherent soil multielement anomaly (Cu-Ag-Pb-Sb-W-Zn)to over 1.5km in length.

In what could be a potentially very promising development, the sampling also identified a separate potential feeder structure to the south-east.The same geochemical signature (coupled with elevated copper anomalism) was observed directly along the fault structure from Iroquois (Figure 1).

useNative Title

Previous drilling has been constrained by historic native title heritage clearance surveys. These historically cleared holes are denoted by the small green circles in Figure 1. Drilling closer to the interpreted zone (i.e. drilling to the east) has not been a historically available option.

Figure 3: Completed camp setup for Yandal and Earaheedy projects

onlyuse

personalThe Company looks forward to providing further updates to the market as its various exploration programs progresses.

This ASX announcement was approved and authorised for release by the Chief Executive Officer of the Company.

For more information contact:

Andrew Bray

Chief Executive Officer Phone: [phone] [e-mail]

ForCompetent Person Statement

The information in this report that relates to Exploration Results or Mineral Resources is based on information compiled or reviewed by Mr Peter Langworthy who is a consultant to Strickland Metals Limited and is a current Member of the Australian Institute of Mining and Metallurgy. Mr Peter Langworthy has sufficient experience, which is relevant to the style of mineralisation and types of deposit under consideration and to the activities undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the "Australasian Code of Reporting of Exploration Results, Mineral Resources and Ore Reserves". Mr Langworthy 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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