Tulla Resources : Drill Results - Scotia Mining Centre

ASX Announcement

8 December 2021

Drill Results evidence outstanding growth at Scotia Mining Centre

onlyTulla Resources Plc (ASX:TUL) (Tulla Resources or the Company) is pleased to provide a further update on high grade drilling results from recent step out drilling 300 metres to the South of the Green Lantern Mineral Resource and the ongoing Scotia Deeps expansion drilling program. The drilling is focused on extending the k own mineralisation and converting current Inferred and Unclassified material to Indicated Mineral Resource and Probable Ore Reserves.

Key Highlights

For personal use

• Green Lantern South

• 1. 3m @ 11.58 g/t Au from 61.0m.
  1. 2m @ 4.19 g/t Au from 16.0m.
  1. 10m @ 2.62 g/t Au from 94.0 m inc. 2 m @9.97 g/t Au from 99.0 m.
• Scotia Deeps
• 1. 4 m @ 25.32 g/t Au from 203 m.

• 1. 2 m @ 7.16 g/t Au from 146 m. o 2 m @ 8.99 g/t Au from 258 m.
     o 1.3 m @ 14.09 g/t Au from 396.7 m. o 3.28 m @ 10.15 g/t Au from 303 m. o 2.1 m @ 44.60 g/t Au from 322.9 m.
     o 15.7 m @ 6.8 g/t Au from 332 m inc 1 m @ 47.00 g/t Au from 346.7 m. o 2 m @ 11.69 g/t Au from 238 m.
     o 6 m @ 4.13 g/t Au from 222 m. o 4 m @ 5.2 g/t Au from 266 m.
     o 9.2 m @ 4.02 g/t Au from 394.4 m. o 0.6 m @ 70.65 g/t Au from 472.6 m. o 4 m @ 4.77 g/t Au from 226 m.
• The recent high resolution drone magnetic survey was successful in identifying prospective structures. Resultant step out drilling demonstrates strong mineralisation 300 metres to the south of the current Green Lantern Mineral Resource.
• Drilling within Scotia Deeps continues to confirm the continuity of mineralisation within areas which are currently Inferred Resource or Unclassified Mineralisation.
• A Mineral Resource and Ore Reserve update is planned for March 2022 quarter, with modelling to commence in January 2022.

• Drilling in the area is ongoing with six active drill rigs currently deployed.

Commenting on the results, Executive Chairman, Kevin Maloney said:

"These drill results are further strong evidence that the Scotia Mining Centre will deliver significant high-grade ore to the current Phase One mine plan and will underpin the upgrade to the Norseman Gold Project Mineral Resource and

onlyOre Reserve expected to be announced in the March 2022 quarter. It is more good news for our investors."

Green Lantern

As previously advised, a detailed drone magnetic survey has now been completed over the entire Scotia Mining Centre.

The survey has generated several additional drill targets, including the continuation of the Green Lantern mineralisation along strike to the south of the current Mineral Resource. A step out line 300 metres to the south of usethe current Green Lantern Open Pit shell has returned high grade intercepts consistent with those seen in the existing

Green Lantern deposit. Results returned on this line in two holes were:

• 3 m @ 11.58 g/t Au from 61.0 m.
• 2 m @ 4.19 g/t Au from 16.0 m.
• 10 m @ 2.62 g/t Au from 94.0 m inc. 2 m @9.97 g/t Au from 99.0 m.

ersonalp

Infill drilling continues in the Inferred areas of the existing Green Lantern Mineral Resource. Results have

continued to meet model expectations and are included in the table of assays.

Green Lantern

Section 6404745N

LE

RC

21

_

2

33

LE

LE

RC

21

21

2

_

_

2

35

36

2m @ 4.19 g/t Au

4m @1.32 g/t Au

3m @11.58 g/t Au

For

10m @ 2.62 g/t Au inc 2m @ 9.97 g/t Au

New Results

5 g/t Au

0.5 g/t Au

New drilling

Mineralisation

Basalt

0 M

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Scotia Deep Results

The Scotia Orebody presents an outstanding high grade underground opportunity which is currently open in all directions below the planned open pit and has potential to be substantially larger than the currently defined mine

plan. Additional high grade underground ounces will directly extend mine life and potentially increase annual gold
useonly
production.
personal	Figure: Scotia Long Section

Scotia Mining Centre

The Scotia Mining Centre is located approximately 25km south of Norseman and was discovered in 1893. The Forhistoric production recorded from the Scotia mine via open pit and underground mining was 811,000 tonnes

@ 5.9 g/t Au for 155,000 ounces. Scotia was actively mined from 1987 until 1996.

Scotia hosts several Mineral Resource areas in close proximity, and several zones where high grade mineral occurrences have not yet been classified. The Norseman Gold Project joint venture has been very successful in demonstrating the value of the Scotia Mining Centre, with a current Mineral Resource of 10,618,000 tonnes @ 2.2g/t Au for 753,000 ounces and Ore Reserve of 4,216,000 tonnes @ 2.2 g/t Au for 298,000 ounces (Refer to ASX release on 27 September 2021 titled Annual Mineral Resource & Ore Reserve Statement").

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609000N

only	SCOTIA SIF
607000N
use
SCOTI
Salt
GREEN LANTERN
personal
605000N
LEGEND
603000N
	Figure: Plan view of Scotia Mining Centre

ForThe mineralisation at Scotia is hosted by a shear zone that transects the Woolyeenyer Formation. The geological environment differs from that at Norseman, in that the stratigraphy has been subjected to higher metamorphic

grades. Primary gold is located in shear zones with quartz sulphide veins predominantly pyrrhotite and is structurally controlled by closely spaced brittle faults of varying orientations.

Norseman Gold Project (Tulla Resources 50%)

The Company's key asset is a 50% interest in the Central Norseman Gold Project (the "Project"), an historic gold province near the town of Norseman in the Goldfields of Western Australia which commenced operations in 1935.

The other 50% in the Project is held by ASX listed company Pantoro Limited through its wholly owned subsidiary,

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Pantoro South Pty Ltd ("Pantoro South") via a farm-in and joint venture agreement dated 14 May 2019 ("FJVA").

The Project is located at the southern end of the Norseman-Wiluna greenstone belt in the Eastern Goldfields Province of the Yilgarn Block in Western Australia. It lies approximately 725 kilometres east of Perth, 200 kilometres

south of Kalgoorlie and 200 kilometres north of Esperance.

only	The Project comprises 148 near continuous mining
tenements (including pending applications) over
approximately 70 kilometres of strike covering
approximately 750 square kilometres. The Project has
produced in excess of 5.5Moz of gold since 1935 and is
considered one of the highest-gradelarge-scale gold
use
projects in Western Australia.
The current Mineral Resource is 42.0Mt @ 3.4 g/t for
4.5Moz with an ore reserve of 713Koz (100% basis)
with the majority of Mineral Resources on granted
mining leases. The Project has significant exploration
upside potential.
Many of the Mineral Resources defined to date remain
	open along strike and at depth, and many of the
	Mineral Resources have only been tested to shallow
	depths. In addition, there are numerous anomalies and
mineralisation occurrences which are yet to be tested adequately to be placed into Mineral Resources, with several
highly prospective targets already identified.
personalThis ASX release was authorised by the Board.

The Project is serviced by existing infrastructure supported by the local Shire and State infrastructure. Construction has commenced on a new 1.0Mtpa carbon in leach processing plant with production scheduled to recommence in August 2022.

The Company owns 100,000,000 shares in Pantoro Limited representing approximately 7.1% of the capital of Pantoro Limited.

For further enquiries please contact:

ForKevin Maloney| Executive Chairman | Ph: + 61 (0) 2 9095 4266 | Email: [e-mail] or investor relations enquiries:

Jane Morgan - Investor and Media Relations

Jane Morgan Management + 61 (0) 405 555 618| Email: [e-mail]

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