North Stawell Minerals Ltd. provided an update on its exploration programs. The aircore rig has continued the regional, first pass drill program, targeting mineralisation beneath shallow cover that has potential to be structural repeats of the multi million ounce gold deposit at Stawell. North Stawell Minerals is exploring for repeats of the multi-million ounce Stawell Mine under a thin blanket of un-mineralised sedimentary cover (the Murray Basin). A distinct advantage of exploring for this type of mineralisation is that a basalt core controls mineralisation sites, and the basalt can be remotely mapped with geophysics (i.e. beneath the blanket of cover).

A high resolution airborne gravity survey conducted in the June quarter fiscal year 2021 completed the data suite required to efficiently explore, and an aircore rig has been testing regional targets since October 2021. Within the basalt structures, additional targeting is possible. Observations of controls on mineralisation in the Stawell Mine and modelling of ore-controls indicate that mineralisation is most likely to occur on the contacts (or proximal to the contacts) of the basalt cores where changing geometries create dilation zone (fold hinges, embayments, etc) and create space where mineralisation is deposited.

Where these locations are interpreted in geophysics, drilling is prioritised. Twenty-three aircore holes were completed for 1,563m at Lubeck Tip. Drilling was on four lines spaced on 150-600m testing a discrete gravity and magnetic target with no prior drilling.

Drill holes on each line are approximately 100m apart. Gold mineralisation returned in drilling includes several thick intercepts of anomalous grades, and remains open along strike to the north and south, and is not constrained to the west. The geophysical target is also open to the north, south and west, and totals 1,500m in strike length.

13 of 23 holes returned anomalous gold grades. Four of the drillholes end in anomalous gold grades. Better anomalous results at Lubeck Tip include: 30 m at 0.1 g/t Au from 39m (NSAC0173), 22 m at 0.11 g/t Au from 47m (NSAC0172),18 m at 0.11 g/t Au from 50m (NSAC0165),16 m at 0.11 g/t Au from 49m (NSAC0171), 3 m at 0.52 g/t Au from 54m (NSAC0163).

Results occur over 1,000m strike of the geophysics anomaly (1,500m total) and are notable for the wide zones identified (200-380m). This laterally extensive zone with broad downhole anomalous gold is a very encouraging indicator that the drilling has identified an area with increased potential for a significant gold system. The interpreted structural architecture further enhances the prospectivity of the target.

Located on the eastern margin of the Stawell Gold Corridor, Lubeck Tip lies in a similar structural position to Stawell, Wildwood and Kewell, which all have demonstrated gold mineralisation. The target is likely the northern continuation of the Old Roo prospect, 5.5km to the South. The target is also hosted in the hanging wall of thrust slice in a regionally significant transpressional fault system, and the anomalous gold occurs between two bounding faults.

Areas with more complicated structural geology can create additional opportunities for gold mineralisation emplacement. Geophysical inversion modelling interprets the basalt dome to be near-surface but drilling has intersected altered metasediments throughout. This is interpreted to indicate that the top of the potential mineralisation system has not been eroded off prior to the Murray Basin cover being deposited.

As such, the `roof' of the ore system may be intact, potentially explaining the broad zones of anomalous mineralization observed. The geology also supports a prospective gold system. and includes multiple similarities to Stawell-type gold prospects: Located in the hanging wall of a major regional fault, Located in the far east of the Stawell Gold Corridor, Geology includes extensive sericite and chlorite alteration, Pyrite-pyrrhotite-arsenopyrite sulphides occur in multiple holes, Increased quartz veining occurs throughout, Local porphyry dykes occur.Overlapping magnetic and gravity anomalies, with interpreted geological complexity ­ are a vector to mineralisation.

Host rocks include variable chlorite and sericite alteration, typical of Stawell-type hydrothermal mineral systems. Multiple species of sulphides occur, including pyrrhotite, pyrite, arsenopyrite and minor chalcopyrite. Quartz veining is increased at the target and porphyry dykes (which exploit pre-existing structures at Stawell and Wildwood) have been identified in drill cuttings. Arsenic occurs discretely in the target area, and generally increases to the south.

Also apparent from the drilling, the basement is more elevated through the areas with gold occurrences. This relationship is not unusual around the Stawell Corridor, with the silicification in the host rocks making the geology more weathering resistant, and becoming more elevated. No significant gold results (>1g/t Au) were returned at Lubeck Tip aircore program.

Re-splits of 3m composites are not yet returned.Anomalous gold results (>0.05g/t Au) at Lubeck Tip are summarised. A multipurpose rig is on site and drilling. The first hole was collared at the Wimmera Park prospect, 12km along strike from the Stawell Mine.

The RC rig will test several known gold trends to the north and west of the Stawell Mine, principally at the Darlington trend of historic mines, the historic Germania field at the margin of the Murray Basin, and the Deep Lead and Pleasant Creek prospects in the western tenements. Details of the RC program will be released as the rig completes target areas.