Iceni Gold : Gold Intersected in Drilling at Everleigh Well

ASX RELEASE

ICENI GOLD EXPLORATION UPDATE

Everleigh Well Drilling Intersects Gold

Exploration

Iceni Gold Limited (Iceni or the Company) has 7 key high priority targets within the 14 Mile Well project area. Iceni is actively exploring the target areas using geophysics, Ultrafine (UFF+) soil sampling, air core drilling (AC) and diamond drilling (DD). The ~600km2 14 Mile Well tenement package is situated on the western shores of Lake Carey, ~ 50km from Laverton WA.

• • 30km of the prospective Castlemaine Fault in 14 Mile Well Project

Everleigh Well: Drilling Intersects Gold in Mineralisation

Gold has been identified in DD core from the Everleigh Well target area (see figures 1 & 2).

Drillhole FMDD0032 was designed to test coincident targets associated with the Castlemaine Fault. The hole was initially drilled to 445m, but after geological evaluation it was re-entered and extended to 579.8m. It intersected a broad zone of structural disruption, interpreted as the Castlemaine Fault. That broad zone was associated with strong alteration and gold was observed at a downhole depth of 224.6m in FMDD0032 (see figure 2).

At this location a number of primary targets are coincident. The targets were developed using a variety of exploration disciplines and include: FMD21 (geophysics), EW27 (geophysics), CSA04 (geology) and 14UF009 (geochemistry).

The observation of native gold associated with sulphides is significant as it demonstrates the structures at this location are carrying gold mineralisation.

Figure 1: Photomicrograph of gold at 224.6m in drill hole FMDD0032.

ASX RELEASE 21 April 2022

ASX CODE: ICLBOARD

Brian Rodan Executive-Chairman

David Nixon Technical DirectorHayley McNamara Non-Executive DirectorKeith Murray Non-Executive Director

Sebastian Andre Company Secretary

REGISTERED OFFICE Level 2, 41 Ord Street West Perth WA 6005 t: [phone] e:[e-mail]:www.icenigold.com.au

• • Drilling intersected gold in mineralisation at Everleigh Well

• • Mineralisation is hosted within the Castlemaine Fault

Dr Walter Witt (ex. GSWA & UWA) was engaged by the Company to complete a geological study on the drill core from FMDD0032. Dr Witt's study included petrographic analysis of a sample from 224.6m downhole in

FMDD0032. This work confirmed the volcanic texture of the protolith was completely destroyed, with the sample presenting a brecciated texture with quartz-carbonate-pyrite infill in a quartz-muscovite-pyrite host.

Stringers of chlorite and rutile were observed, with aggregates of rutile interpreted as replacing igneous titano-magnetite. Disseminated pyrite contained inclusions of chalcopyrite, pyrrhotite and native gold (figure 1).

Figure 2: Oblique schematic section along FMDD0032 through the Castlemaine Fault. Gold was identified at a depth of 224.6m, within the ~130m thick zone of strong alteration within FMDD0032 through the Castlemaine Fault.

Figure 3: 14 Mile Well project area, showing the seven key target areas. Gold was identified in drill hole FMDD0032 within the Everleigh target area, DD is underway at Claypan and AC drilling is ongoing at Guyer. Image is Total Magnetic Intensity (TMI) Reduced to Pole (RTP).

Figure 4: The Celia Fault is a major crustal structure known to extend across the Yilgarn Craton for ~700km.

Significant gold deposits spatially related to this fault include: Jundee, Bronzewing, Darlot, Mt Morgans, Carosue Dam and Karonie. Background image TMI RTP (after GSWA).

Figure 5: The Celia Fault zone passes along the eastern margin of the 14 Mile Well Project while a fault splay, the Castlemaine Fault, passes through the centre of the project. Drillhole FMDD0032 was designed

to test the Castlemaine Fault in the Everleigh target area.

Figure 6: Approximately 30km strike length of the prospective Castlemaine Fault is located within the 14 Mile Well project. To the south the fault is spatially associated with known gold mineralisation at

Yundamindera. To the north the fault interacts with the Celia Fault Zone within the Claypan Target area.