Gibb River Diamonds Limited announced that Phase 8 Aircore drilling at the Ace of Hearts Prospect has discovered a new mineralised structure which includes a drill intersection of 7m at 2.53g/t Au from 9 metres This new Ace of Hearts target has considerable potential as it is open for 900 metres to the north and south. Follow-up drilling is required. The Neta Prospect core area has been extended to the south-east through the discovery of a mineralised supergene calcrete horizon with grades up to 3.2g/t. New Lode-style mineralisation has also been identified in this area including 7m at 0.89g/t from 15m and 10m at 0.51g/t from 33m.

Further drilling is required in this area. A field trip was recently conducted to the Company's Lithium Generative Project leases in the vicinity of Mount Magnet, WA and additional fieldwork is planned. Gibb River Diamonds Limited's (`GIB' or the `Company') Edjudina Gold Project (GIB 100%) is well located in the heart of the Eastern Goldfields of WA.

The Project's, excellent logistics and proximity to an active haul road (to Northern Star's Carosue Dam mill) both add to the potential for the development of gold discoveries at the project. GIB announced results from the Phase 8 Aircore (AC) drilling program at the Edjudina Gold Project, which took place from 9 to 12 August 2022. A total of 42 holes were drilled for 1,485 metres, with no accidents or lost time incidents.

A total of 540 samples were assayed as either one metre cyclone splits (172 samples), one metre spear samples (162 samples) or composite samples (206 samples), mainly 6 metre composites. Blank, duplicate, standard, and repeat samples were added as necessary to ensure data integrity for future resource calculations. Unusually long assay laboratory turnaround times have caused a significant delay to the reporting of these results and this issue continues to affect the wider gold exploration sector.

Phase 8 Aircore drilling at the Ace of Hearts Prospect has discovered a new mineralised structure which includes a drill intersection from GAC480 of 7m at 2.53g/t Au from 9 metres. This new Ace of Hearts target has considerable potential as it is open for 900 metres to the north and south. Hole GAC 481 is situated 20 metres south-east of GAC480 and targeted the same structure.

GAC481 returned 7m @ 0.57g/t from 6m and although the tenor of mineralisation is lower than in GAC480, the result is very favorable as the two holes do correlate and indicate a mineralised structure with considerable strike potential. GAC480 and 481 were drilled on a minor topographic high with 1.5m thick outcropping boudinaged quartz veins with surrounding argillic/limonitic alteration of the host phyllites. The structure hosted artisanal gold workings.

These are highly encouraging results which open up further extension targets along strike and down-dip. This area is previously undrilled and has considerable potential. The area is now a target for future follow-up drilling.