Ozz Resources : ACQUIRES HISTORIC HIGH-GRADE LEONORA GOLDFIELD

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ASX RELEASE

Australian Securities Exchange Limited Via e-lodgement	Friday, 4th March 2022
ASX Code: OZZ

OZZ ACQUIRES HISTORIC HIGH-GRADE LEONORA GOLDFIELD

Strategic acquisition further strengthens OZZ's exploration pipeline in Tier-1 mining district

Key Points:

• OZZ has expanded its footprint in the highly prospective Leonora district by acquiring the Linger and Die Goldfield.
• The tenements have the potential to host high-grade gold mineralisation, with historical mining delivering grades of 1-2 ounces per tonne.
• Drill testing to date has been largely shallow and patchy in a structurally complex area, providing significant potential for new discoveries.
• An historical intercept of 9m @ 17.04g/t Au from 76-85m (DWRC013) is indicative of the area's untested potential.
• Potential for toll treatment of high-grade mineralisation at nearby Leonora processing plants.
• Outright asset purchase, with the consideration comprising cash, shares and a royalty.

WA-focused gold explorer OZZ Resources Limited (ASX Code: OZZ - "OZZ Resources") is pleased to announce the strategic acquisition of an entire historical goldfield in the highly prospective Leonora mining district, further strengthening its already substantial exploration footprint in the area.

The Company has acquired four tenements containing the significant historic Linger and Die mining operation, contiguous with its recently acquired Pinnacle Well Project, located 30km north of Leonora (see Figure 2).

The acquisition - for consideration comprising cash and shares - is for 100% of the tenements and includes an established 7-bedroom mining camp that will be used to support OZZ's exploration efforts in the area.

OZZ Managing Director, Jonathan Lea, commented: "Given the historic production, which saw grades typically exceeding an ounce to the tonne, this acquisition provides scope for the definition of high-gradeResources that could be toll-treatedat nearby plants or form the basis of a standalone operation in conjunction with the adjacent and highly prospective Pinnacle Well and Mt Davis Projects."

"With existing understanding of the geological controls on mineralisation being limited, and with only patchy and typically shallow drilling completed to date, there are multiple, high-potential targets to be drill tested in 2022 and beyond."

"This is a fantastic addition to our Leonora portfolio, and we look forward to getting on the ground in the near future to commence exploration activities."

Figure 1 - OZZ Resources' WA gold projects

Ozz Resources I ACN 643 844 544 I 9/186 Hay Street, Subiaco, WA 6008 I www.ozzresources.com.au

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Project Summary

The Linger and Die Goldfield (also known as Dodgers Well) is a collection of 15 defined historical prospects covering an area extending over 1km east-west and 2km north-south and has a similar prospective geological setting to the nearby 4.1Moz King of the Hills deposit.

Historical production records indicate that average grades of between 1-2 ounces per tonne were extracted from the late 1800's. Two small open cuts (<30m deep) were developed in the 1980's/90's and toll-treated at nearby plants or the state battery in Leonora. One pit returned processed grades in excess of 10g/t and the other approximately 4g/t. The tenements are currently the site of a small crushing and gravity gold plant that is retreating historical dumps and treating alluvial material and some primary ores. Treatment records for all forms of mineralisation indicate the presence of coarse gold with generally high metallurgical recoveries.

Exploration coverage to date has been uneven and generally focused on potential near-surfacehigh-grade zones that were justifiable at the time, with a much lower gold price than today. Only in the past decade has a greater understanding of the likely mineralisation controls been developed and many targets and potential extensions remain either untested or poorly tested.

No drilling has been undertaken at the project since 2014.

There are believed to be two main structural controls on the mineralisation, with existing drilling also suggesting the potential for a number of subsidiary faults or shears as being favourable for gold enrichment. An easterly plunge to the mineralisation on the Linger and Die (L&D) trend explains why drilling under the existing pit has failed to define extensions (with the exception of an un-explainedhigh-grade intercept under the Linger and Die Pit of 9m @ 17g/t).

The L&D trend and possible splays of this trend potentially continue in both directions onto OZZ's tenement E37/1246, forming several kilometres of undrilled strike potential (Figures 3 & 5).

Figure 2 - OZZ Resources Leonora Projects and Regional Geology

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Project Detail

The Linger and Die leases are located approximately 28km north of Leonora. The Project comprises tenements P37/9139, P37/8573, E37/1234 & E37/1235, which are contiguous with OZZ's Exploration Licence E37/1246 and cover a total area of 762Ha (Figures 2 & 3). The project area is located 29km north of Leonora and can be accessed from the Goldfields Highway via a formed dirt track of 12km. A three -building mining camp containing seven bedrooms, a kitchen, laundry and other facilities is located on-site and forms part of the purchase.

The Linger and Die area is located within the Archaean aged Yilgarn Craton of Western Australia and lies within the Kurnalpi terrane of the Eastern Goldfields Superterrane. The Eastern Goldfields Superterrane comprises elongated belts of deformed and metamorphosed volcanic and sedimentary rocks intruded by granitoid plutons and batholiths that trend predominantly north-northwest.

Linger and Die occurs in a broad regional zone of greenstones and granitoids bounded by the north-west trending Keith- Kilkenny Lineament, just to the west, and the Laverton Tectonic Zone to the east. The Archaean sequence within the area is dominated in the north by granitoids on the southern edge of the Bundarra Batholith which locally contain partially assimilated rafts of greenstone.

The granitoids intrude a greenstone sequence to the south which includes felsic volcanics and intrusives, with minor sediments, basalts and gabbros. Intense local shearing along the contact between the Bundarra Batholith and the greenstone sequence is interpreted to represent a possible thrust event. A prominent east-west trending Proterozoic dolerite dyke traverses the area. Broad colluvial and alluvial flats with low to moderate relief hills and breakaways located to the north dominate the physiography of the area.

Figure 3 - Linger and Die Goldfield Prospects and Geology

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Historical Production

Historical gold production from the project area is estimated to total 5-10,000 ounces from 1897 to the present day.

The historical Dodgers Well Mining Centre produced a reported 1,994 troy ounces of gold from 1,395 tonnes of ore at an average gold grade of 1-2 ounces between 1897-1911. The most productive historical mine was the granite-hosted Myrtle/Glen Lyon group, which yielded over 1,000 troy ounces of gold at a grade of >2oz/t.

Two small open cut pits were developed during the 1980's and 1990's - the Linger and Die Main Pit (several thousand tonnes crushed over two mining campaigns at a reported head grade around 10g/t) and the Linger and Die Well Pit (Figure 4), (17,269t of ore treated at the Harbour Lights Mine with a grade of 3.9g/t Au and a 90% recovery). The pits are approximately 200-300m apart on the east-west trending Linger and Die Shear.

Shaft spoils from the historical Glen Lyon and Myrtle workings were processed at the State Government Battery at Leonora and 1,788g of gold was recovered from a 300-tonne ore parcel at a calculated head grade of 7.76g/t gold.

Eluvial mining and, more recently, gold detecting over the area has recovered a significant but unknown amount of gold in the form of eluvial nuggets. A small-scale crushing and gravity plant is currently operating on site recovering gold from eluvial sources, historical mine spoil and shallow hard rock mining.

Figure 4 - Linger and Die Well Pit - looking east - note quartz veining in main face and south dipping veins in northern wall

Exploration History

Modern exploration in the area focused on base metal mineralisation and, from the 1970's-90's, a number of companies undertook exploration. Gold exploration is recorded from the 1980's with a number of campaigns of mapping, rock chip sampling and limited shallow RAB and RC drill testing. These efforts culminated in mining of the two small, 25-30m deep, high-grade pits at Linger and Die and Linger and Die Well.

Exploration continued sporadically until 2008. Re-sampling of historic drill holes during this period indicated the presence of coarse gold with highly variable results reported. The results from the earlier drilling are poorly documented.

Terrain Minerals Ltd (Terrain) explored the tenements from 2008 until 2015 and completed one RAB and two RC drilling programmes, mainly around the known workings. The hole details and drilling intercepts for the RC drilling are included in Figures 5-7), Appendix 1 and documented in JORC Table 1.

Analysis of the 25 RC drill hole results, coupled with geological mapping, suggested the possibility of structurally controlled and potentially high-grade plunging ore shoots. Further drilling was recommended.

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In 2014 Terrain undertook a shallow RAB program of 44 holes for 2,151m targeted at extensions of the east-west trending Linger and Die mineralised trend, and the north-south trending Glen Lyon and Myrtle workings (Figures 5 & 6). Results from the programme did not intersect any higher grades although low level anomalism was noted in holes up to 200m east of the Linger and Die workings. Since 2014, no drilling has been reported and only small-scale prospecting has been undertaken.

Figure 5 - Localised geology with all recorded drill coverage

Mineralisation and Exploration Potential

Most of the historical production from the area is related to two main structures - the NNW trending Myrtle/Glen Lyon (MGL) structure and the WNW trending and north dipping Linger and Die (L&D) shear. A splay from the L&D shear is interpreted to trend west through the Sheffield workings.

The exploration completed to date has largely focused on targeting near-surface mineralisation, but the structural complexity of the area has limited its effectiveness.

Apart from the two main orientations of mineralisation, numerous shallow workings with encouraging rock chip sample results and unexplained drill intercepts indicate significant potential for high-grade mineralisation to be defined at moderate depth.

The conclusions from Terrain's exploration efforts clearly reflect the geological uncertainty of the mineralisation controls and supported the need for further exploration at multiple targets.