Zeus Resources : Wiluna Project Gravity Survey

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1 December 2021

Wiluna Project Gravity Survey

Zeus Resources Ltd (ACN 139 183 190) (ASX: ZEU) ("Zeus" or "the Company") is pleased to announce a gravity survey of its Wiluna Project (E53/1603 & ELA53/2197) was completed in middle November 2021.

Wiluna Project (E53/1603 & ELA53/2197)

The Wiluna Project comprises one exploration licence (E53/1603) and one exploration licence application (ELA53/2197), covering part of the Kukkuburra Palaeochannel developed over granite and greenstone basement (Figure 1). Zeus commenced a four-phase exploration program to target Muriate of Potash potential. (See Zeus ASX announcement dated 1 November 2021)

Figure 1. New Application of Zeus

The Company engaged Western Geophysics Pty Ltd in WA to undertake this Phase 1 geophysical compilation and interpretation for gold targets in August 2021. Based on the results of a desktop

www.zeusresources.com Suite 105, 25-29 Berry Street North Sydney NSW 2060 Australia Tel: [phone] ACN: 139 183 190

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evaluation, this project is being re-positioned as a Muriate of Potash project replacing the former uranium focus as well as a gold exploration project.

The Company engaged Atlas Geophysics to complete a gravity survey (Phase 2), including gravity acquisition and processing (192 new gravity stations at 200m spacing on kilometre spaced lines) to cover the southern part of the Wiluna Project (Figure 2).

Gravity data were acquired using Scintrex CG5 digital gravity meters and Hi Target differential GNSS receivers. Expected accuracy of this gravity survey would be better than 0.02 mGal with recorded elevations accurate to better than 2cm.

This gravity survey commenced on 14 November and lasted 4 days.

Figure 2. Wiluna Project gravity survey stations completed (within the red box).

Figure 3 is residual bouger gravity (gravity minus the calculated regional gravity trend). The blue line is an interpretation of the Kukkuburra Palaeochannel axis which is approximately the deepest part of the channel. The paleochannel extends southeast into the application area resulting in 8 km lying within Zeus tenure. This work will help to define the location for the hydrological pump test drill holes.

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Figure 3. Residual Bouger gravity anomaly image. The blue colour is indicativeof low density values interpreted to be due to the paleochannel. The interpreted deepest part of the paleochannel is represented by the thin green line.

Western Geophysics Pty Ltd currently is collecting more data and defining the locations of the drill holes. The next phase of exploration program will be drilling and a hydrological pump test within the granted tenement (E53/1603).

2021 Annual General Meeting and Closing Date for Director Nominations

The Company advises that its 2021 Annual General Meeting will be held on Friday, 14 January 2022. Further details relating to the meeting will be advised in the Notice of Meeting which will be made available to all shareholders and lodged with ASX in coming weeks.

In accordance with the ASX Listing Rules and the Company's Constitution, valid nominations for the position of Director are required to be lodged at the registered office of the Company at below address, 20 Business days before the meeting being 5:00 pm (AEDT) on Tuesday, 14 December

2021.

Company's Registered Address:

Suite 105

25 - 29 Berry Street

North Sydney NSW 2060

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JORC Code, 2012 Edition - Table 1 Report

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Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections.)

Criteria		JORC 2012 Code Explanation	Commentary
Sampling techniques		•	Nature and quality of sampling	•	No sampling conducted at this stage.
			(eg cut channels, random chips, or
			specific specialised industry
			standard measurement tools
			appropriate to the minerals under
			investigation, such as down hole
			gamma sondes, or handheld XRF
			instruments, etc). These examples
			should not be taken as limiting
			the broad meaning of sampling.
		•	Include reference to measures	•	N/A
			taken to ensure sample
			representivity and the
			appropriate calibration of any
			measurement tools or systems
			used.
		•	Aspects of the determination of	•	N/A
			mineralisation that are Material
			to the Public Report.
Drilling techniques		•	Drill type (eg core, reverse	•	No drilling conducted at this stage.
			circulation, open-hole hammer,
			rotary air blast, auger, Bangka,
			sonic, etc) and details (eg core
			diameter, triple or standard tube,
			depth of diamond tails, face-
			sampling bit or other type,
			whether core is oriented and if so,
			by what method, etc).
Drill sample recovery		•	Method of recording and	•	No drilling conducted at this stage.
			assessing core and chip sample
			recoveries and results assessed.
		•	Measures taken to maximise	•	N/A
			sample recovery and ensure
			representative nature of the
			samples.
		•	Whether a relationship exists	•	N/A
			between sample recovery and
			grade and whether sample bias
			may have occurred due to
			preferential loss/gain of
			fine/coarse material.
Logging		•	Whether core and chip samples	•	N/A
			have been geologically and
			geotechnically logged to a level of
			detail to support appropriate
			Mineral Resource estimation,
			mining studies and metallurgical
			studies.

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Sub-sampling techniques and sample preparation

Quality of assay data and laboratory tests

•	Whether logging is qualitative or	•	N/A
	quantitative in nature. Core (or
	costean, channel, etc)
	photography.
•	The total length and percentage	•	N/A
	of the relevant intersections
	logged.
•	If core, whether cut or sawn and	•	N/A
	whether quarter, half or all core
	taken.
•	If non-core, whether riffled, tube	•	N/A
	sampled, rotary split, etc and
	whether sampled wet or dry.
•	For all sample types, the nature,	•	N/A
	quality and appropriateness of
	the sample preparation
	technique.
•	Quality control procedures	•	N/A
	adopted for all sub-sampling
	stages to maximise representivity
	of samples.
•	Measures taken to ensure that	•	N/A
	the sampling is representative of
	the in situ material collected,
	including for instance results for
	field duplicate/second-half
	sampling.
•	Whether sample sizes are	•	N/A
	appropriate to the grain size of
	the material being sampled.
•	The nature, quality and	•	N/A
	appropriateness of the assaying
	and laboratory procedures used
	and whether the technique is
	considered partial or total.
•	For geophysical tools,	•	Gravity data were acquired with Scintrex CG5
	spectrometers, handheld XRF		digital gravity meters. The accuracy of the
	instruments, etc, the parameters		processed gravity data is ±0.01 milligals.
	used in determining the analysis	•	Elevation and location data were acquired
	including instrument make and		using differential GNSS GPS receivers. The
	model, reading times, calibrations		accuracy of the elevation data is ± 2cm.
	factors applied and their	•	Data quality was checked by completing
	derivation, etc.		repeat measurements at various stations
		•	All gravity data are levelled to the Australia
			gravity network
•	Nature of quality control	•	N/A
	procedures adopted (eg
	standards, blanks, duplicates,
	external laboratory checks) and
	whether acceptable levels of
	accuracy (ie lack of bias) and
	precision have been established.

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