ASX Announcement

5 April 2022

Mineral Resource and Ore Reserve Update for Scotia Mining Centre and Mainfield

Tulla Resources Plc ("Tulla Resources" or the "Company") (ASX:TUL) is pleased to announce an update to the Mineral Resource Estimates and Ore Reserve at the Scotia deposit, which forms part of the Scotia Mining Centre and O'Brien's Underground at Mainfield at the Norseman Project (TUL:50%).

Key Highlights:

  • • Increases in the Ore Reserve and Life of Mine Plan at Norseman will directly contribute to further mine life extension at Norseman. The Norseman Project Ore Reserve now stands at 12.9 Mt @ 2.2 g/t for 900,000 ounces, an increase of 49% since the October 2020 DFS (100%).

Scotia Mining Centre:

  • • Latest drill program focussed on Scotia Deeps, resulting in a 776% upgrade in the Scotia Underground Ore Reserve since completion of the DFS in October 2020. The Scotia Underground Ore Reserve now stands at 1.26 Mt @ 4.5g/t for 184,000 ounces.

  • • Current Life of Mine plan for the Scotia Underground mine, inclusive of blocks in the Inferred Mineral Resource category now stands at 1.44 Mt @ 5.1 g/t for 214,000 ounces. Mineralisation remains open in all directions.

  • • The total Scotia Mining Centre Mineral Resource now stands at 12.4 Mt @ 2.3g/t for 906,000 ounces. Mineral resources are well drilled with 70% of the Mineral Resource inventory in the Indicated category.

  • • The Scotia Deposit remains open to the north and at depth with no known geological features that could cause the orebody to terminate. Drilling along strike is ongoing.

Mainfield:

  • • Additional work including verification of existing drill core and Mineral Resource modelling at the O'Brien's deposit has been completed. The O'Brien's deposit is due west of the Bullen underground mine with underground access substantially completed during previous operations. Development of O'Brien's will provide good access for drilling platforms for the high grade Crown Reef in the Mainfield.

  • • An updated O'Brien's Mineral Resource Estimate at Mainfield of 0.13 Mt @ 9.5 g/t Au for 40,000 ounces.

  • • O'Brien's Underground Reserve stands at 0.13 Mt @ 5.0 g/t Au for 21,000 ounces.

Commenting on the results Tulla Resources' Executive Chairman, Kevin Maloney said: "This updated Mineral Resource and Ore Reserve for Scotia is very significant as it increases the life of mine at this key mining centre and is in line with the focussed development strategy at the Norseman Project."

Pantoro South Pty Ltd, the manager of the Norseman Project JV, has provided the following update of the Mineral Resources and Reserve at Scotia Mining Centre and Mainfield.

Scotia

The Scotia gold deposit is located approximately 25 kilometres south of Norseman and was discovered in 1893, seven months after the original find at the Maybell Deposit in the Dundas field. The historic production recorded from the Scotia mine from Central Norseman Gold Corporation production via open pit an underground mining between 1987 and 1996, was 811,000t @ 5.9 g/t Au for 155,000 ounces.

The Scotia deposit is a key part of the Phase One DFS completed in October 2020, and since that time the JV has completed an extensive infill and extensional drilling program. During 2021 and into early 2022 an additional 55,647 metres of drilling from 91 reverse circulation and 85 diamond Core drill holes has been completed. Drilling during 2021/2022 has targeted the underground mineral resources at the Scotia deposit.

The current drilling which is designed to achieve spacing suitable for Ore Reserve calculation (nominally 30m x 30m), has continued to increase resource confidence, infilling multiple lodes and further refining understanding of the controls on mineralisation.

The current Scotia Deposit Mineral Resource is detailed in Table 1.

Reporting

Group

CutOff

Indicated

Inferred

Total

T (Kt)

Au (g/t)

Ounces (kOz)

T (Kt)

Au (g/t)

Ounces (kOz)

T (Kt)

Au (g/t)

Ounces (kOz)

Open Pit

Underground

0.5

1,947

3.3

207

1,506

1.6

78

3,452

2.6

286

2

1,413

5.4

243

348

3.8

42

1,761

5.0

285

Total

3,359

4.2

450

1,854

2.0

120

5,213

3.4

571

Table 1: Scotia Deposit Mineral Resource

N.B. Tonnages are dry metric tonnes. Minor discrepancies may occur due to rounding.

Figure 1: Long Section of Scotia

ylno esu lanosrep roF

The Scotia deposit is the key ore source within the Scotia Mining Centre. The Scotia Mining Centre includes several Mineral Resource areas and a number of additional zones with mineralisation not yet classified as Mineral Resources. Ongoing growth within the Scotia Mining Centre is considered highly likely with drilling ongoing.

609000N

607000N

605000N

389000E

SCOTIA SIF DISCOVERY

SCOTIA PIT DESIGN

Salt Pan

GREEN LANTERN

Section 6404745N

Sedimentary Iron Formation 603000N

LEGEND

Basalt

Dolerite

Granite

Felsic Intrusive

Figure 2: Plan of Scotia Mining Centre

The Current Mineral Resource at the Scotia Mining Centre is shown in Table 2.

Underground

Resources

Indicated

Inferred

Total

T (kt)

Au (g/t)

Ounces (kOz)

T (kt)

Au (g/t)

Ounces (kOz)

t (kt)

Au (g/t)

Ounces (kOz)

Scotia

1,413

5.4

243

348

3.8

42

1,761

5.0

285

Total Underground

1,413

5.4

243

348

3.8

42

1,761

5.0

285

Open Pit Resources

Indicated

Inferred

Total

t (kt)

Au (g/t)

Ounces (kOz)

t (kt)

Au (g/t)

Ounces (kOz)

t (kt)

Au (g/t)

Ounces (kOz)

Scotia

1,947

3.3

207

1,506

1.6

78

3,452

2.6

286

Green Lantern

3,962

1.4

180

2,849

1.4

132

6,811

1.4

312

Freegift

-

-

-

254

1.5

13

254

1.5

13

Panda

68

2.8

6

65

1.9

4

133

2.4

10

Total Open Pit

5,977

2.0

393

4,674

1.5

227

10,650

1.8

621

Grand Total

7,390

2.7

636

5,022

1.7

269

12,411

2.3

906

Table 2: Scotia Mining Centre Mineral Resource

N.B. Tonnages are dry metric tonnes. Minor discrepancies may occur due to rounding

The Ore Reserve at the Scotia Mining centre is shown in Table 3 below.

Total Ore Reserves

Probable

Total

kt

Au (g/t)

kOz

kt

Au (g/t)

kOz

Scotia Underground

1,260

4.5

180

1,260

4.5

180

Scotia Open Pit

1,427

3.6

163

1,427

3.6

163

Panda Open Pit

14

6.7

3

14

6.7

3

Green Lantern Open Pit

2,646

1.3

111

2,646

1.3

111

Total

5,347

2.7

457

5,347

2.7

457

Table 3: Scotia Mining Centre Ore Reserve

N.B. Tonnages are dry metric tonnes. Minor discrepancies may occur due to rounding

O'Brien's

The O'Brien's deposit is located approximately 200 metres west and 160 metres below the Bullen West orebody within the Bullen Underground Mine. O'Brien's sits approximately 500 metres below surface in virgin ground. The O'Brien's Lode, was first identified in the 1950's by Norseman Gold Mines

(NGM).

The O'Brien's Mineral Resource estimate was re-evaluated using 13,729 metres of historical diamond drilling from 51 drill holes with a visual review of available core conducted on 14 holes from 45 holes physically verified.

The Mineral Resource estimate is defined over an approximate down-dip extent of 330 metres, and is dipping 30 degrees to the east with a strike length of 460 metres. Extensions to the orebody through additional drilling are considered likely.

Reporting

Group

Grade Cut Off (g/t)

Indicated

Inferred

Total

T (Kt)

Au (g/t)

Ounces (kOz)

T (Kt)

Au (g/t)

Ounces (kOz)

T (Kt)

Au (g/t)

Ounces (kOz)

Underground

2

112

10.3

37

18

2.9

3

130

9.5

40

Table 4: O'Brien's Mineral Resource Estimate

N.B. Tonnages are dry metric tonnes. Minor discrepancies may occur due to rounding

The O'Brien's underground Ore Reserve includes an access strategy from the lower levels of the existing Bullen mine development, with previous Bullen infrastructure reinstated to support the mining activity. The geometry and size of the orebody is strongly aligned to small-scale mining methods. Importantly, accessing the O'Brien's underground will provide an ideal platform for further exploration in the highly prospective Crown Reef, which has been a major high grade contributor to historical production, but has yet to be significantly investigated at depth.

Probable

TotalT (Kt)Au (g/t)Ounces (kOz)T (Kt)Au (g/t)Ounces (kOz)

129

5.1

21

129

5.1

21

129

5.1

21

129

5.1

21

Table 5: O'Brien's Ore Reserve

N.B. Tonnages are dry metric tonnes. Minor discrepancies may occur due to rounding

Figure 3: Long Section of O'Brien's

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Tulla Resources plc published this content on 05 April 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 05 April 2022 04:37:02 UTC.