Reach Resources : Primrose Exploration Update

For personal use only

21 July 2022

PRIMROSE EXPLORATION UPDATE

• Five tenements peripheral to the main tenements at Paynes Find were tested by a small RC drilling program for the purpose of meeting minimum exploration expenditure.
• Tenements located to the West of the Company's primary gold prospects at Blue Heaven and the Pansy Pit (Primrose Gold Project), following up on low order soil geochemical anomalies.
• 39 RC drill holes were completed for a total of 1,006m.
• Gold mineralisation confirmed north of Pansy Pit at historic Jacamar workings.

Reach Resources Limited (ASX: RR1) ("Reach" or "the Company") is pleased to announce assay results from a small RC drilling program which tested base metal and gold targets peripheral to the Company's Blue Heaven and Pansy Prospects within the Primrose Gold Project, located approximately 420 km northeast of Perth, Western Australia ("Project"). The modest program was designed to test base metal and gold targets on tenements held by Reach Resources that surround the main gold projects at Blue Heaven and Pansy. These tenements were all due for renewal and had not been adequately tested to determine their exploration potential.

Drilling Program

Samples collected at Jacamar on P59/2059 were collected at 1 m intervals while the remaining samples were collected as 3 m composites by carefully scooping representative samples off 1 m chip piles placed alongside the drill rig. The drill holes were designed to be inclined 60 degrees approximately orthogonal to the regional dip of the stratigraphy with most of the holes drilled to 29 m depth.

Reach Resources Limited | Level 4, 216 St Georges Terrace, Perth WA 6000 | P: [phone]| web:reachresources.com.au

Email: [e-mail] | ABN 79 097 982 235 | ASX:RR1

For personal use only

Figure 1 - Paynes Find Project Location Plan

Reach Resources Limited | Level 4, 216 St Georges Terrace, Perth WA 6000 | P: [phone]| web:reachresources.com.au

Email: [e-mail] | ABN 79 097 982 235 | ASX:RR1

For personal use only

Table 1: Drill hole collar summary.

	Hole ID	Depth		Dip	Azimuth	Easting	Northing
	22PF001		29	-60	93	567208	6762502
	22PF002		29	-60	91	567232	6762503
	22PF003		39	-60	56	567175	6762504
	22PF004		34	-60	89	567148	6762499
	22PF005		47	-60	90	567274	6762331
	22PF006		29	-60	79	567260	6762328
	22PF007		29	-60	90	567243	6762324
	22PF008		29	-60	91	567227	6762323
	22PF009		29	-60	87	567217	6762320
	22PF010		29	-60	60	567199	6762319
	22PF011		29	-60	270	567712	6762410
	22PF012		29	-60	270	567725	6762410
	22PF013		29	-60	270	567740	6762410
	22PF014		29	-60	270	567753	6762401
	22PF015		26	-60	90	565515	6763894
	22PF016		26	-60	103	565466	6763890
	22PF017		25	-60	94	565416	6763896
	22PF018		26	-60	90	565366	6763897
	22PF019		18	-60	90	565316	6763903
	22PF020		6	-60	310	565553	6765700
	22PF021		50	-60	294	565512	6765721
	22PF022		26	-60	294	565466	6765746
	22PF023		25	-60	301	565425	6765770
	22PF024		25	-60	306	565385	6765804
	22PF025		25	-60	290	565342	6765823
	22PF026		25	-60	285	565287	6765836
	22PF027		25	-60	288	565241	6765853
	22PF028		25	-60	275	565188	6765859
	22PF029		25	-60	275	565137	6765860
	22PF030		25	-60	274	565086	6765858
	22PF031		25	-60	223	565031	6765855
	22PF032		20	-60	275	564981	6765857
	22PF033		6	-60	275	564933	6765853
	22PF034		14	-90		565316	6765831
	22PF035		8	-90		565566	6765749
	22PF036		8	-90		565596	6765793
	22PF037		8	-90		565624	6765833
	22PF038		33	-60	90	565095	6762203
	22PF039		42	-60	90	565049	6762208

Reach Resources Limited | Level 4, 216 St Georges Terrace, Perth WA 6000 | P: [phone]| web:reachresources.com.au

Email: [e-mail] | ABN 79 097 982 235 | ASX:RR1

For personal use only

Figure 2: Drill collar locations and interpreted geology (after Ninghan 1:500,000 sheet, WAGS)

Reach Resources Limited | Level 4, 216 St Georges Terrace, Perth WA 6000 | P: [phone]| web:reachresources.com.au

Email: [e-mail] | ABN 79 097 982 235 | ASX:RR1

For personal use only

Significant Intersections

Three holes intersected gold >1 g/t Au and seven holes intersected pegmatite, Table 2.

Table 2 Significant drill intersections - >1 Au g/t and pegmatite.

Hole ID	Easting	Northing	Depth	Dip	Azimuth	From	To	Interval	g/t Au	Pegmatite
22PF003	567175	6762504	39	-60	56	17	18	1	3.14
22PF005	567274	6762331	47	-60	90	14	15	1	2.09
22PF006	567260	6762328	29	-60	79	28	29	1	3.35
22PF011	567712	6762410	29	-60	270	27	29	2*	1.26
22PF020	565553	6765700	6	-60	310	0	6	6*		Pegmatite
22PF021	565512	6765721	50	-60	294	0	50	50*		Pegmatite
22PF022	565466	6765746	26	-60	294	0	26	26*		Pegmatite
22PF025	565342	6765823	25	-60	290	0	9	9		Pegmatite
22PF034	565316	6765831	14	-90		0	9	9*		Pegmatite
22PF035	565566	6765749	8	-90		0	8	8*		Pegmatite
22PF036	565596	6765793	8	-90		0	8	8*		Pegmatite

*Hole mineralised at end of hole.

P50/2059 assays returned from the pegmatites were anomalous in Rb, Ta, Be and Sn but were not at economic levels. Holes P59/2060 and P59/2061 failed to produce any anomalous values.

P59/2059, P59/2060 and P59/2061

Three tenements to the west of Blue Heaven, P59/2059, P59/2060 and P59/2061, were held for their base metal potential in interpreted felsic and mafic volcanic units. All three tenements were almost entirely covered by transported sheetwash sediments that covered any bedrock except in the northwest of the tenements where there is limited outcrop of mafic rocks. A reconnaissance soil sampling program carried out by Reach during April 2021 identified low order geochemical anomalies on the three tenements that were to be tested by this drilling.

Figure 3: Location of drill holes and interpreted geology - P59/2059 (after Ninghan 1:500,000 sheet, WAGS)

Reach Resources Limited | Level 4, 216 St Georges Terrace, Perth WA 6000 | P: [phone]| web:reachresources.com.au

Email: [e-mail] | ABN 79 097 982 235 | ASX:RR1