Oakajee : Quarterly Activities and Cashflow Report

Oakajee Corporation Limited

ACN 123 084 453

Registered Office

39 Clifton Street

NEDLANDS WA 6009

Telephone: [phone]

Facsimile: [phone]

30 October 2020

Company Announcements Office

ASX Limited

QUARTERLY ACTIVITIES REPORT

FOR THE PERIOD ENDED 30 SEPTEMBER 2020

During the quarter, Oakajee Corporation Ltd ("Oakajee" or "the Company") continued early stage exploration and preparation work across its Paynes Find Gold Project in Western Australia and its Birrindudu Nickel Project in the Northern Territory.

Figure 1 - Project location

Paynes Find Gold Project - Western Australia

The Paynes Find Gold Project is located adjacent to the Paynes Find settlement, approximately 455km by road northeast of Perth. The land holding represents the second largest exploration project area within the Paynes Find Greenstone Belt which has produced more than 72,000oz of gold.

The Paynes Find Gold Project covers mostly greenstone sequences along strike and to the west of the Paynes Find Gold camp. Whilst the Paynes Find Gold Project has been explored since the 1970's, little effective testing of the greenstone sequences has been undertaken due to fragmented tenement holdings and alluvial cover limiting the effectiveness of conventional soil sampling.

Figure 2 - Paynes Find Gold Project location plan

During the September quarter, the Company completed a soil sampling program and two auger sampling programs.

Figure 3 - Paynes Find Gold Project -Soil and auger sampling locations over magnetics.

The soil sampling program covered an area of historic gold anomalies and extensions 4km northeast of Paynes Find (Figures 3 and 4). A total of 200 x -1.6mm soil samples were collected on a 200m x 50m and 100m x 100m grid. This work defined 7 gold anomalies over 2km strike and 1 base metal anomaly (Table 1 and Figure 3). The gold anomalies are spatially associated with copper anomalies. At the northern end of the sampling area anomaly 7 is defined by Cu-Pb-Zn over 400m x 200m open to the north.

Historic rock chip samples from a small prosecting pit on a gossanous quartz vein near the southern end of the base metal anomaly were reported with assays of up to 0.6g/t Au, 440g/t Ag 1.2% Cu, 9.6% Pb, 0.36% Zn. Three shallow drill holes were reported to have been drilled to test the rock chip results though no location co-ordinates or assays were provided. A Reverse Circulation hole drilled in 2017 tested presumably the same gossanous vein returned 6m @ 18.4g/t Ag, 0.43% Pb and 0.19% Zn and 2m @ 0.4% Cu, 0.24g/t Au. The collar position of this hole is shown in figure 4. No follow up drilling was reported.

Table 1: Paynes Find Gold Project Soil and Auger Geochemistry anomalies

ID	Sample	GDA E	GDA N	Tenement	Max	Anomaly Ass	Anomaly	Comments
Type	Au ppb	Dimensions
1	Soil	564690	6765730	E59/2312	95	Au-Cu	800mx200m	Area of historic sampling
2	Soil	564990	6766140	E59/2312	205	Au	200m x 50m	Possible NE extension of
#1
3	Soil	564300	6766650	E59/2312	60	Au -Cu	800m x100m	Open to south
4	Soil	565000	6767050	E59/2312	22	Au	100m x100m	Open to north east
5	Soil	564800	6766950	E59/2312	12	Au-Cu	100m x 100m
6	Soil	564600	6767150	E59/2312	23	Au	100m x 200m	Open to north
7	Soil	564450	6767060	E59/2312	4	Cu-Pb-Zn	400m x 200m	0pen to north
8	Soil	563500	6766850	E59/2312	11	Au	100m x100m
								Margin of magnetic high
								and adjacent to CRA EM
9	Auger	558825	6759620	E59/2055		Cu-Pb-Zn	1200m x300m	conductor (approximate
								location). Open along
								strike north and south.
10	Auger	559600	6759500	E59/2055		As-Bi-Pb-Zn	400m x 300m	Associated with isolated
	magnetic high.
								Margin of CRA EM
11	Auger	558440	6759950	E59/2055		Bi-Pb-Zn	200 x100m	conductor and magnetic
								high. Open to the north.
						Au-As-Bi-Cu-		Adjacent to CRA EM
12	Auger	562600	6765750	E59/2312	5	600m x 200m	conductor and magnetic
Pb
							high.
								Adjacent to magnetic
13	Auger	562880	6766250	E59/2312	6	Au-As-Bi	200m x 300m	high and west of CRA
EM conductor. Open to
								the north.
								East of CRA conductor
14	Auger	563030	6765750	E59/2312	13	Au-Bi	200m x 100m	adjacent to a magnetic
								high. Open to the south.
								Northern end of CRA
15	Auger	563170	6766260	E59/2312		As-Bi-Pb	400m x200m	conductor along strike
	from 14 and open to the
								north.

Two orientation auger geochemistry sampling programs were completed in the September quarter to test three historic airborne electromagnetic (AEM) conductors defined in the early 1980's while searching for volcanic massive sulphide deposits similar to the Golden Grove Cu-Zn mine 90km to the NW (Figures 3,5 and 6). Follow up ground surveys were recommended though there is no report of the work being completed. No digital data is available for the AEM survey and the location of the conductors can only be considered approximate.

The two AEM conductors are 7km apart associated with a NE trending magnetic high that is thought to indicate a banded iron formation. There is no outcrop and the cover is aeolian sand. The area of the conductors was tested by an Auger program comprising 171 samples completed on 200m and 300m spaced lines to a nominal 1.5m depth.

The northern auger program (Anomalies 12-15 in Table 1 and Figure 5) returned several low level multielement geochemical anomalies comprising Au-As-Bi-Cu-Pb spatially associated with the magnetic high and the approximate location of the historic AEM conductors.

The southern auger program (Anomalies 9-11 in Table 1 and Figure 6) also returned several multielement anomalies comprising As-Bi-Cu-Pb-Zn over the 1km strike tested. The anomalies are associated with the magnetic high and are close to the approximate position of the historic AEM conductors. The geochem anomalies are open along strike to the north and south.