Pacgold Limited provided the remaining drilling assay results following completion of the diamond (`DD') and reverse circulation (`RC') drill programme at its Alice River Gold Project (`Project') in North Queensland, where a total of 39 holes were completed (2,007m DD and 5,018m RC). Pacgold has now received the results for the remaining 14 holes of first drill programme. Central Target ­ F1a Zone: The latest assay results from the 2021 drilling continue to define robust high-grade gold zones within the broader F1a zone.

Based on Pacgold's wide-spaced drilling, there are strong indications that the gold grades within the system are increasing with depth, and this is supported by geological interpretation. Two of the highest-grade intersections, 6m @ 17.5g/t Au (ARDH027) and 17m @ 9.3g/t Au1 (ARDH026), are both open at depth approximately 200m below surface and highlight outstanding potential for the system to continue at depth. Based on this initial programme, Pacgold's interpretation of the geometry of the high-grade gold zone is being further refined.

The F1a zone is interpreted to comprise northern and southern high-grade lodes, separated by a large-scale central zone containing a zone of lower-grade gold mineralisation in the order of 0.8g to 1.5g/t Au. Detailed structural analysis of the drill core is in progress, to assist in further developing this interpretation. The high-grade intersection of 6m @ 17.5g/t Au from 216m in ARDH027 is within a broader intersection of 43m @ 3.0g/t Au from 213m downhole depth.

Visible gold was observed within a 1m interval from 217m which assayed 79.1g/t Au. F1a Zone - Strike Potential: Drilling success to date and confirmation of mineralisation model unlocks enormous scope on the Project, with significant potential for the system to define a large-scale resource. Shallow gold mineralisation is now clearly defined over >3.5km of strike, encompassing the Central and Southern targets, which lie within an encompassing >30km-long, highly prospective structural corridor containing several regional gold prospects with encouraging limited historical scout drilling.

Recent drilling by PGO underpins a robust interpretation that the F1a zone could extend over 700m in strike, from greater than 100m depth below surface and remains open in all directions. F1a Northern Extension: High-grade gold has been returned from the first pass scout drill hole targeting the F1a Extension Zone. This new zone is interpreted as the faulted offset continuation of the F1a zone and is represented in the IP geophysics as a 2.5km long (open) linear resistivity low, reflecting the prospective Alice River Shear Zone.

Results include: 7m @ 3.1g/t Au from 197m incl. 2m @ 9.8g/t Au from 198m (ARDH031). This early high-grade result now highlights an additional 2.5km of strike potential, which has not been previously drilled, and is closely associated with a linear IP resistivity low which trends north-west from the Central Target and is concealed by shallow sand cover.

2km to the north of drillhole ARDH031, historical shallow drilling completed by Cyprus Gold Australia Corporation in the late 1980's intersected 6m @ 4.8g/t Au from 22m (ARAT282, CR21646), as part of a very limited scout drilling programme. The drilling by Cyprus was completed 200m to the east of the resistivity low target zone defined by Pacgold in the IP geophysics data. Two other Pacgold drill holes (ARDH011 and ARDH030) were completed on the target proximal to ARDH031, although it now appears that both these holes were completed west of the F1a Extended zone target and are now considered not deep enough to reach the target zone.

Southern Target: Pacgold completed a first-pass shallow RC drilling programme, representing the first drill programme in more than 30 years on the Southern Target. The programme, along 1.7km of strike in late 2021 comprised 10 holes for 1,488m completed on several IP geophysical targets.