Iceni Gold Limited announced that it has 7 key high priority target areas within the 14 Mile Well project area. Iceni is actively exploring the target areas using geophysics, Ultrafine (UFF+) soil sampling, air core (AC) drilling and diamond drilling (DD). The approx.

800km 14 Mile Well tenement package is situated on the western shores of Lake Carey, approx. 50km from Laverton WA. New Gold UFF+ Soil Anomaly: Surface Geochemistry: Surface geochemistry forms part of the foundational data used by explorers when assessing the prospectivity of a project.

Surface geochemistry data can include a variety of sample types including soil, stream, rock chip or vegetation samples. At the 14 Mile Well Project the primary surface geochemistry data sets are UFF+ soil and rock chip samples. UFF+ sampling is conducted on a regular grid across the entire project while rock chip sampling is limited to areas where rock is available at surface for sampling.

UFF+ Background: CSIRO UFF+ sampling commenced on the 14 Mile Well Project over four years ago as part of an ongoing research program. Sampling culminated in the 2021 field season, with over 11,000 UFF+ samples being collected. There are now over 16,000 UFF+ samples in the 14 Mile Well data set.

The CSIRO UFF+ technique was developed to target ultra-fine soil particles, less than 2 microns in size. The workflow involves a physical step to retain the ultra-fine microparticles and a chemical step to test for the presence of gold and other elements. The ultra-fine soil particles, such as clays and iron oxides, have more surface area which can collect gold and other metals that move through the environment and so form geochemical signatures of orebodies lying many metres below the surface, potentially hidden beneath transported cover.

This method has allowed the Company to generate new exploration targets that were previously unknown. Analysis of UFF+ samples has provided measurements of 52 elements, Near Infra-Red (NIR) and Fourier Transform Infra-Red (FTIR) hyperspectral data, Electrical Conductivity (EC), soil acidity (pH), colour and soil sizing. UFF+ soil samples at 14 Mile Well have identified a number of anomalous areas.

Of particular interest are the areas with anomalous gold values associated with favorable alteration mineral distributions, pathfinder elements (like silver or tellurium), or geophysical features. The areas with higher gold grades or more anomalous samples are considered to be more prospective. Exploration effort is focused in these areas as they have an increased probability for the discovery of an ore body.

Au Soil Anomaly: Burges Bore 14UF016-8 Identified: Analysis of results from the UFF+ soil program has identified a significant 2km long gold soil anomaly. The soil anomaly, known as Burges Bore - 14UF016-8, is located near the Guyer Well Target Area. The anomaly displays a gold only geochemical pattern and is interpreted to be on the contact of the Danjo Granite and the surrounding greenstones.

The areas of elevated gold occur where the granite contact is interpreted to be intersected by a series of north-northwesterly trending structures. The gold anomaly is 2km long and over 1km across. Extension of the UFF+ gold anomaly to the northeast links with the adjacent anomaly 14UF005 within the Guyer Well target area.

Sample lines are spaced 400m apart, with sample spaced 50m apart along lines (400m x 50m). This new gold soil anomaly creates fresh drilling opportunities in a new prospect area that remains significantly underexplored. To date the Company has identified over eight new coherent gold anomalies from the UFF+ soil sampling within the 14 Mile Well Project, this reinforces the significant potential for the discovery of gold mineralisation within the 14 Mile Well project, particularly where gold anomalism is higher grade, clustering and supported by geophysics.

The Burges Bore - 14UF016-8 gold anomaly supports the nearby anomalism already identified within the Guyer Well target area. This new anomaly is highly encouraging and is considered to be a positive indicator for the possible presence of Intrusion Related Gold or Orogenic Gold mineralisation. Follow-up on-ground exploration work at this new prospect is underway.