Iceni Gold Limited announced that Gold nuggets have been discovered in the north Guyer area, coinciding with the UFF+ gold anomaly 14UF003. The presence of the gold nuggets provides physical evidence that supports the UFF+ results. The majority of the nuggets are <1g.

They are well rounded, indicating they have been transported, and were found within the surface alluvium. The rounded nuggets have a deep yellow color and have a high purity with a gold-silver ratio of 95-99% gold (analyzed by pXRF). The angular nuggets have a pale yellow color and a lower purity with a gold-silver ratio of 85% gold (analyzed by pXRF).

The high purity is caused by weathering removing the silver or Supergene processes, upgrading the gold. The Supergene process involves gold being weathered from a nearby primary source, then transported in solution within the groundwater and re-deposited. The gold precipitates out of the groundwater within the weathered profile forming new nuggets or plating new gold onto existing nuggets.

The angular nuggets are of interest because they have not travelled far and are interpreted to be close to the primary source. They have a gold-silver ratio that is consistent with the composition of gold expected from an orogenic primary source. In relation to the disclosure of visual exploration results, the company cautions that the visual identification, estimates of mineral abundance or point pXRF measurements should never be considered a proxy or substitute for laboratory analyses.

Laboratory assay results are required to determine the size and grade of any visible mineralization reported. The company will update the market when laboratory analytical results become available. Iceni recently completed the Guyer Air Core drilling program, with 363 holes for 23,000m.

The drilling was designed to test across the interpreted position of the Guyer Shear along the eastern side of the Danjo Granite, and covers the area within the UFF+ gold anomaly and the recently discovered nugget trend. The assay results from this drilling are imminent. Gold nuggets and gold specimen stone have been recovered from the Everleigh Well target area near the existing diamond drillholes FMDD0032 and FMDD0034.

The nuggets/specimens from Everleigh were found in the transported surface alluvium. The direction of transport from the primary bedrock source is interpreted to be from the northwest. The specimens are large and are interpreted to be close to source.

The gold-silver ratios of these specimens range between 80-90% gold (analyzed by pXRF), which is consistent with the expected values for gold derived from a primary source.