Strickland Metals : Further Gold Mineralisation Intersected At Dusk til Dawn

FURTHER GOLD MINERALISATION INTERSECTED AT DUSK TIL DAWN

MINERALISED ZONE EXTENDED FURTHER DOWN DIP AT YANDAL PROJECT

Strickland Metals Limited	Postal & Registered Office
ACN 109 361 195	[phone]
[e-mail]	Suite 8, 7 The Esplanade
www.stricklandmetals.com.au	Mt Pleasant WA 6153

19 January 2022

onlyHighlights

• Final four holes from Dusk til Dawn extend gold mineralisation further down dip
• Resource remodelling underway and expected in coming weeks
• Results open up two exciting corridors with up to twenty look-a-like targets within ~10km strike

useStrickland Metals Limited (ASX:STK) (Strickland or the Company) is pleased to provide an update on its exploration programs at Dusk til Dawn.

Management Comment

Andrew Bray, Chief Executive Officer, said, "These holes represent the balance of the results from the 2021 RC program at the Dusk til Dawn prospect. The drilling has confirmed the Company's reinterpretation of the mineralisation at the prospect, with all holes intersecting the targeted zones where predicted. Remodelling of the mineralisation is underway, with an updated Mineral Resource expected in early February 2022.

Most excitingly, our growing understanding of the mineralisation in this area opens up a tremendous opportunity to i tersect repeats of this style of mineralisation. There are twenty look-a-like targets within ~10km of strike in the immediate surrounding region.

Six of these look-a-like targets were drilled prior to the RC program concluding in December 2021, with all holes intersecting the targeted alteration zones. Due to ongoing laboratory delays, the results from these initial holes are not due until mid-February 2022."

Dusk til Dawn

The Company is pleased to report the balance of results from its drilling at Dusk til Dawn.

•	DTDR014: 10 metres @ 3.1g/t Au from 314 metres;
personal•	DTDR011: 11m @ 2.0g/t Au (incl 5m @ 3.2 g/t Au) from 249m;
•	DTDR012:	5m	@ 1.0g/t Au from 255m; and
•	DTDR013:	6m	@ 1.3g/t Au from 262m.

ForThese results are down dip from the previously reported results which were released to the ASX on 30 November 2021 as part of the same RC program:

• DTDR001: 33 metres @ 3.6g/t Au from 61 metres;

• DTDR007: 12 metres @ 2.5g/t Au within 24 metres @ 1.6g/t Au from 196 metres;

• DTDR002: 10 metres @ 1.9g/t Au within 32 metres @ 1.2g/t Au from 120 metres;

• DTDR003: 11 metres @ 2.0g/t Au from 157 metres;

• DTDR005: 6 metres at 2.4g/t Au within 9 metres @ 1.8g/t Au from 179 metres;

• DTDR010: 7 metres @ 2.2g/t Au from 212 metres;

• DTDR004: 10 metres @ 1.6g/t Au from 117 metres; and

• DTDR006: 7 metres @ 1.6g/t Au from 218 metres.

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use only

personalA full table of significant intersections is included in Appendix A of this release, with details of the drilling provided in the JORC (2012) Table 1 included in Appendix B.

Figure 1: Dusk til Dawn cross section

The results confirm the Company's new interpretation of the mineralised plunge at Dusk til Dawn.

All holes intersected the modelled alteration zone where predicted. This developing understanding bodes very well for further discoveries in the surrounding terrain given the effectiveness of the current set of geophysical and

g ochemical techniques used at Dusk til Dawn.

Updated Mineral Resource

Work is ongoing for the remodelling of the Dusk til Dawn Mineral Resource. The existing resource stands at 3,495,600

t	nnes at 1.0g/t Au for 108,900 ozs Au. The Company believes that correctly orientating the mineralised plunge will
p	tentially lead to a material increase in both grade and tonnage.
For

The results of this remodelling should demonstrate the excellent potential to build a substantial mineralised inventory in the immediate surrounding region should the nearby 'look-a-like' targets also be mineralised.

This updated Mineral Resource is expected to be announced in early February 2022.

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Figure 2: Plan view Dusk til Dawn mineralisation

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personalNearby Exploration

A total of six holes for 1,464 metres were drilled to test six regional geophysical 'look-a-like' targets prior to the RC program concluding on 19 December 2021. All holes intersected varying degrees of potassic alteration, suggesting

Forst ong potential for repeats of the Dusk til Dawn gold mineralisation.

Due to ongoing laboratory delays, these results are not expected until mid-February 2022.

C nfirmation of our new understanding of the Dusk til Dawn gold mineralisation opens up a tremendously exciting part of the northern Yandal gold belt region.

Strickland re-logged the historic drilling in the area and identified a large alteration corridor to the north and south of Dusk til Dawn. A similar alteration corridor has also been identified on the parallel Big Daddy trend to the east (see Figure 3).

As announced to the ASX on 4 August 2021, a project wide gravity survey highlighted a series of clear, related gravity features at the Dusk til Dawn prospect. The Company was of the view that the pyrite content (which has a very close

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association with the gold mineralisation) was generating the subtle gravity high feature. The shape of the gravity feature at Dusk til Dawn also complimented the revised modelled plunge in alteration/mineralisation.

Furthermore, an external alteration study was conducted on the first 6 historic RC holes (ACDR001 to ACDR006) drilled across the Dusk til Dawn prospect. This work concluded that the prospect is a broad, post-peak metamorphic, potassic, hydrothermal alteration zone, with a core inner zone (gold associated) of biotite-calcicplagioclase-Kfeldspar-quartz- pyrite. The core biotite-rich potassic alteration zone is broad and suggests there was significant fluid flow (i.e. potential onlyfor a very large mineralisation system). This 'core' zone has been repeatedly intersected where predicted during the

recent Dusk til Dawn drilling.

Within the newly identified alteration corridors, there are up to twenty 'look-a-like'gravity features which the Company now believes could be suggestive of areas of more intense alteration. If the Dusk til Dawn model repeats throughout both corridors, it is potentially an incredibly exciting discovery and demonstrates a project with very large scale potential.

For usepersonal

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Figure 3: Dusk til Dawn look-a-like targets

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Figure 4: Prospect locations

onlyuse personalForThis ASX announcement was approved and authorised for release by the Chief Executive Officer of the Company.

Y urs faithfully Strickland Metals Limited

Andrew Bray

Chief Executive Officer

For more information contact: Phone: [phone] [e-mail]

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