Gibb River Diamonds : Phase 6 Drilling Identifies New Gold Targets at Edjudina WA

ASX RELEASE

13 January 2022 ASX Code: GIB

For personal use only

Phase 6 Drilling Identifies New +300 metre Targets

at Edjudina Gold Project, WA

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• Phase 6 aircore drilling at the Edjudina Gold Project has identified two new +300 metre strike length targets for follow-up drilling at the Ace of Hearts and Triumph prospects
• Phase 6 drill intersection highlights include:

Hole ID	From (m)	To (m)	Interval (m)	Au (g/t)	Prospect
GAC452	21	25	4	4.59	Triumph
including	21	22	1	13.80	Triumph
GAC458	0	26	26	1.09	Neta
GAC457	14	25	11	1.36	Neta
GAC446	14	17	3	2.29	Triumph
GAC449	27	31	4	1.16	Triumph
GAC455	18	30	12	0.48	Triumph
GAC425	20	23	3	1.22	Ace of Hearts

Plus numerous other mineralised intersections (Appendix A)

• Infill drilling at Neta confirms the consistency of gold mineralisation to surface (26m @ 1.09 g/t from surface)
• The ten Phase 6 drill holes at the Triumph Prospect delineated a new 300m mineralised target zone on five separate drill lines. Mineralisation was encountered in every drillhole. The consistency of this mineralisation, and the identification of high-grade zones are highly encouraging
• At the Ace of Hearts Prospect, 160m wide-spaced reconnaissance drilling returned a very encouraging 3m @ 1.20g/t from 20m. Mineralisation is open both up and down dip, and over a strike length of 360m. This provides an excellent target for follow-up aircore drilling and may prove to be a significant discovery
• Phase 6 drilling encountered numerous intersections of mineralised porphyry (acid intrusive rock) at both the Ace of Hearts and Triumph prospects. This raises the prospectivity for the Edjudina field to host large-tonnageporphyry-style gold deposits. The Company is reviewing all Edjudina data with a view to targeting porphyry-style gold

Phase 6 drilling at the Neta Prospect,

Edjudina Gold Project

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

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1.0 Edjudina Gold Project

GIB 100%

Gibb River Diamonds Limited ('GIB' or the 'Company') is pleased to announce results from the Phase 6 AC (aircore) drilling program at the Edjudina Gold Project (GIB 100%), which took place from 5 to 29 November 2021. A total of 98 holes were drilled for 3,397 metres. There were no accidents or lost time incidents, although several days were lost to wet weather and lightning shutdowns. Further delays to the reporting of these results were incurred due to large third party sample loads at the assay laboratory.

A total of 1,268 samples were assayed as either one metre splits (788 samples) or as composite samples (480 samples), mainly 6 metre composites. Blank, duplicate, standard, and repeat samples were added as necessary to ensure data integrity for future resource calculations.

Edjudina's location, excellent logistics and proximity to an active haul road (to Northern Star's Carosue Dam mill) all add to the potential for development of discoveries at the project.

Figure 1: Edjudina Gold Project - Location Map

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Figure 2: Edjudina Gold Project - Prospects Location Map with Phase 6 Drilling

2.0 Phase 6 AC Drilling Results

The Phase 6 AC drilling program targeted the greenfields Ace of Hearts Prospect and the historic Triumph Prospect, with some minor infill drilling at the Neta and Perseverance prospects. This program was successful in identifying two new plus 300 metre strike length targets for follow-up drilling at Ace of Hearts and Triumph.

Importantly, numerous drillholes returned significant gold intersections within intrusive porphyries (acid intrusive rocks), which has generated a new and exciting exploration model for the Edjudina gold project.

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Table 1: Phase 6 Drilling Results - Significant Intercepts

Hole ID	From	To	Interval	Au	Prospect	Comment
(m)	(m)	(m)	(g/t)
GAC446	14	17	3	2.29		inc. 1m @ 3.98gt; qtz and porphyry
GAC448	24	26	2	0.76		Phyllite
GAC449	27	31	4	1.16	Triumph	mineralised porphyry and phyllite
GAC451	26	30	4	0.57	mineralised porphyry
GAC452	21	25	4	4.59		mineralised qtz and porphyry
including	21	22	1	13.80
GAC455	18	30	12	0.48		two 6m composites
GAC382	6	12	6	0.29		6m composite
GAC391	24	30	6	0.52	Ace of	6m composite
GAC393	27	38	11	0.30	5m and 6m composites
GAC397	21	27	6	0.29	Hearts	6m composite
GAC425	12	18	6	0.65		6m composite
20	23	3	1.22		inc. 1m @ 2.92g/t; qtz and porphyry
GAC457	14	25	11	1.36		Carlsen lode
including	14	19	5	2.10	Neta Lodes
GAC458	0	26	26	1.09	includes 6m comp of 0.43g/t
including	11	19	8	2.31		Carlsen lode
GAC456	6	18	12	0.33	Perseverance	Porphyry and phyllite

Notes:

Intervals are reported as drilled and are not reported as true widths All holes were drilled at -60 degrees, depths are downhole depths

Appendix A contains drilling results for every hole, which includes further significant results. Qualifiers for this table are in Appendix A

Detailed geology of the Neta Lodes Prospect is in the GIB ASX release dated 8 October 20203

3.0 Triumph Prospect

The Triumph Prospect (Figure 3) is a 400 metre long zone of historic workings dating from the early 1900s, with reported production of 6,382 oz Au @ 24.5 g/t from the Triumph area1.

GIB drilled ten holes at Triumph, delineating the southern 300m of Triumph workings. Mineralisation was encountered in every drillhole, including 4m @ 4.56g/t from 21m (including 1m @ 13.80 g/t), and 3m @ 2.29g/t from 14m. The consistency of this mineralisation, and the identification of high-grade zones within the mineralised envelope are highly encouraging.

Importantly, gold appears to be hosted within porphyry, an acid igneous rock, and porphyry-associated quartz veins, with minor to moderate sericite-limonite alteration of the local host phyllites. This opens up the prospectivity and exploration of the Edjudina field for large-tonnageporphyry-hosted gold deposits (see para 7.0).

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3.1 Follow up drill testing

Due to this highly encouraging drilling at Triumph, infill drilling will be conducted during future campaigns. As mineralisation is open in all directions there is considerable potential for extensions to the Triumph lode. Future drilling will test these extensions and explore for possible large-scaleporphyry-style mineralisation.

Figure 3: Triumph Prospect Plan View - Phase 6 Drilling Results Highlights

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