Great Southern Mining : High Grade Gold Intersected at Amy Clarke

ASX: GSN

ASX ANNOUNCEMENT

17 January 2022

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High Grade Gold Intersected at Amy Clarke

Highlights

• High-gradegold results with standout intersection of 8m @ 6.7g/t Au including 4m @ 12.5 g/t Au from 32m in 21ACAC0147 at the Amy Clarke Prospect, within the Duketon Gold Project, Western Australia.
• New shallow gold intersections have excellent correlation with kilometre-scale gold in soil and immobile pathfinder elements and form a newly defined mineralised trend.
• High grade bedrock intersections suggest the source of the gold anomalies is close by.
• Scale and strike continuous anomalism highlights the potential of the Amy Clarke Prospect to host a significant gold deposit at depth.
• Multi-element,bottom of hole analysis results to be received which will be used to vector in on deep drill targets.

Great Southern Mining Limited (ASX: GSN) ("GSN" or the "Company") is pleased to announce the results of the aircore drill program conducted at one of its regional targets at the Duketon Gold Project named Amy Clarke, located 60km north of Laverton, Western Australia.

GSN's Chief Executive Officer, Sean Gregory, commented:

"These new shallow aircore results are an exciting development for the Amy Clarke Prospect. The geological team have spent the last year progressing this area from a conceptual target to now an area that has intersections of high-grade gold. It also demonstrates that the methodology employed by the exploration team is working to progress our projects towards discovery. We are still waiting on bottom of hole multielement analysis and 1m gold assay data from the mineralised aircore intervals that will be used to vector in on the areas of interest which will require further drill testing."

Suite 4, 213 Balcatta Road,	www.gsml.com.au
Balcatta, WA 6021 Australia
T [phone]	ACN: 148 168 825
ABN: 37 148 168 825
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Figure 1 - Plan view of Amy Clarke, highlighting gold in soil contours and recent aircore drilling results that form a coherent

mineralised trend.

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Technical Discussion

A 172-hole aircore program for 5,586m was completed during December last year at the Amy Clarke Prospect. The objective of the drill program was to assess the gold potential of the kilometre-scale gold in soil anomalies delineated in September last year (Refer ASX Announcement 28/9/21).

The drilling was regarded as highly successful and multiple holes encountered gold anomalism that form a coherent gold trend. The trend can be traced north-south through the prospect and every drill line, bar one, intersected gold anomalism. This newly defined gold trend also corelates well with the previously identified gold in soil trend (Figure 1).

Significant assay results include:

• A standout assay result of 8m @ 6.73 g/t Au from 32m including 4m @ 12.5 g/t Au in 21ACAC147;
• 4m @ 0.55 g/t Au from surface in 21ACAC007;
• 4m @ 0.52 g/t Au from 44m in 21ACAC029;
• 4m @ 2.13 g/t Au from surface in 21ACAC038;
• 4m @ 1.23 g/t Au from surface in 21ACAC055;
• 8m @ 0.31 g/t Au from 32m in 21ACAC065;
• 4m @ 0.57 g/t Au from 32m in 21ACAC078; and
• 4m @ 0.50 g/t Au from 16m in 21ACAC085.

The standout intersection of 8m @ 6.73 g/t Au from 32m including 4m @ 12.5 g/t Au in 21ACAC147 is significant on multiple lines of evidence. Firstly, it forms part of a much larger anomaly which has excellent correlation with kilometer-scale gold in soil anomaly. The intersection is the first high-grade gold discovered in the Amy Clarke area, with grades inline with those found in gold deposits throughout the Goldfields, demonstrating that Amy Clarke may host a gold deposit of economic significance.

The position of the high-grade intersection is also highly encouraging as it sits 32m to 40m downhole within a sheared basalt with quartz veining in fresh rock below the weathered zone. A thin veneer (0.5- 10m) of cover is typical throughout the prospect area and the majority of gold intersections are within highly sheared mafic bedrock. Hole 21ACAC147 was one of only 24 holes of the program drilled deeper than 40m (maximum depth 60m) and highlights that deeper drilling is required at Amy Clarke.

The positioning of the gold anomalies is of particular interest as the anomalies reside in a magnetic low feature housed on each flank by distinct magnetic high features which are conspicuous landforms of Banded Iron Formation (BIF) ridges in the area. The magnetic low channel can be traced north to the Erlistoun gold deposit and is interpreted to be the same position along strike that host the 322 koz @ 1.9g/t Erlistoun deposit owned by Regis Resources Limited (Refer ASX: RRL Announcement 18/1/11).

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Figure 2 - Recent maximum gold in aircore drilling with soil anomalies at Amy Clarke over TMI2VD magnetic data, highlighting the position of anomalism relative to the magnetic low channel and cross cutting north-east structures

Cross cutting secondary structures have been interpreted, represented as breaks in the magnetic high features on the total magnetic intensity data. These north-eastern structures are believed to act as fluid traps which aids in localising mineralisation and commonly occur proximal to large gold deposits in the Duketon Belt. Two cross cutting features have been identified at Amy Clarke and have a proximal relationship to the gold in soil anomalies, with the southern structure in close proximity to the new high- grade intersection (Figure 2).

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Bismuth in soils showed excellent correlation with the gold in soil anomaly with concentration towards the centre 'hotspots'. Aircore drilling has confirmed that bismuth is a good proxy for gold mineralisation as the main mineralised trend and the high-grade intersection (4m @ 12.5 g/t Au in 21ACAC147) sit directly in line with the bismuth anomaly (Figure 2).

Gold association with pathfinder elements such as bismuth indicate that the source of the anomalies is less likely to be transported as these elements are less mobile within the weathering regime.

Amy Clarke Next Steps

GSN have submitted bottom of hole samples for multi-element analysis to the laboratory, which will be used to vector in on deep drill targets. 1m samples from the anomalous 4m intervals are presently being collected to be sent to the laboratory for further gold analysis, which is expected to yield higher-grade individual assays.

A geology mapping exercise led by Outcrop Exploration is set to take place over the Amy Clarke/Ogilvies area (for previous drilling results at Ogilvies, refer to ASX announcement of 23/9/21) in the month to investigate the anomalous trends and further refine regional target areas. Once complete, an appropriate drill design will be finalised.

Southern Star Drilling

The Company is also pleased to report that 2 diamond drill holes at Southern Star for 320m have also been completed and are presently being cut for assay. The geological information collected from these holes will inform the planned Reverse Circulation (RC) drilling program at Southern Star, for which an RC rig has been booked to commence in the current quarter.

This announcement is authorised by the Executive Chairman of GSN.

For Further Information Contact:

John Terpu, Executive Chairman; or

Sean Gregory, CEO

[phone]

About Great Southern Mining

Great Southern Mining Limited is a leading Australian listed gold exploration company. With significant land holdings in the world-renowned gold districts of Laverton in Western Australia and Mt Carlton in North Queensland, all projects are located within 25km of operating gold mills and major operations.

The Company's focus is on creating shareholder wealth through efficient exploration programs and strategic acquisitions of projects that complement the Company's existing portfolio of quality assets.

For further information regarding Great Southern Mining Limited please visit the ASX platform (ASX: GSN) or the Company's website www.gsml.com.au.

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