Gibb River Diamonds : Neta Lodes Target for Drilling

About this update from Gibb River Diamonds Limited

ASX RELEASE 4 November 2020 ASX Code: GIB Neta Lodes Gold Discovery On-strike Drill Target of 1,250 metres ________________________________________________________________________ 1.0 Neta Lodes Drill Target Gibb River Diamonds Limited ('GIB' or the 'Company') is pleased to announce the main drill target for the upcoming drill program at the Neta Lodes gold discovery. The Neta Lodes Prospect is a part of the Edjudina Gold Project (GIB Option to acquire 100%) located in the heart of the Eastern Goldfields in Western Australia. The Neta Lodes extension target is a co-incident gold in soils anomaly with calcrete cover which runs on-strike for 1,250 metres from the tenement boundary in the south, through the Neta Lodes discovery, to the banded iron formation (BIF) anticline boundary to the north (Figure 1). Previous soil geochemical survey data indicates a strong gold-in-soils anomaly (1996 data) over much of the target area, albeit from incomplete coverage. Many of the soil samples within the target area have >50ppb Au with some samples closer to Neta Lodes having >200ppb Au; which is a very strong tenor for a gold-in-soils anomaly. Deeper drilling at the Neta Lodes discovery will also be conducted in this program. Other targets may be drilled if time allows. Calcrete Cover at the Neta Lodes Discovery Executive Chairman Jim Richards at the site of the new Neta Lodes discovery at the historic Neta Mine at Edjudina, WA. The trench is in front of Mr Richards shows the massive calcrete cover which has hampered previous prospecting and exploration programs Gibb River Diamonds Limited 1/16 Ord Street T +61 8 9422 9555 E [email protected] ABN 51 129 158 550 West Perth WA 6005 W www.gibbriverdiamonds.com ASX RELEASE 2.0 Neta Lodes Geology and Geomorphology One scenario for interpreting the geological history of the Neta Lodes target area is: Archaean (circa 2.75 billion years): the Neta Lodes replacement style gold mineralisation occurred during the formation of the host anticline in a period of intense volcanic and tectonic activity. Permian (252-300 million years): massive ice sheets and erosion stripped the cover from the Edjudina area exposing rocks which approximate to todays landform. Mesozoic (252-65 million years): Minor erosion forms a shallow valley between the harder BIF's. The Neta Lodes mineralisation preferentially erodes to form the lowest point in the valley, this is due to the Neta Lodes rocks having a more friable and softer habit as compared with surrounding country rock. Cenozoic (<65 million years): calcrete rocks form to preferentially cover the lowest points in the valley. Calcrete is formed as a result of climatic fluctuations in arid and semiarid regions. Calcite is dissolved in groundwater and, under drying conditions, is precipitated as the water evaporates at the surface. As a result of this, calcrete often preferentially forms in surficial low points where water accumulates. Calcrete is exceptionally strong and durable, especially when mixed with silica (as silcrete), as has been observed at Edjudina. 3.0 Drill Target Prospectivity At Edjudina and especially at the Neta Prospect, the calcrete cover is especially thick (up to 1.5 metres) and very hard. This hampered prospecting in the area and even in the 1980's it was reported that excavators were unable to penetrate the calcrete layer and blasting with explosives was required which hindered the program. This raises the prospectivity of the current drill target area. Various observations and factors all coincide to make the current Neta Lodes drill target especially prospective: The Neta Lodes style of mineralisation is friable and weathers recessively forming low points in the valley. The calcrete cover preferentially forms in the low points in the valley. The drill target area would have been challenging to prospect for old-timers lacking modern equipment to penetrate the calcrete and so this area is under-explored. The gold-in-soils anomaly within the target zone is consistent and of a high tenor. (Gold can become entrained in calcrete during the formation of the calcrete to create gold anomalism). The drill target runs directly on-strike from the recently discovered Neta Lodes mineralisation (approximately 330 0 ). 3.0 Summary and Lookahead The 1,250 metre on-strike drill target at Neta Lodes is especially exciting. The concurrence of the gold-in-soil anomaly with the calcrete cover; both of which are on-strike from the Neta Lodes gold discovery makes for an especially prospective and high quality target. The Company is looking forward to drilling this target in the imminent Phase 2 aircore drill program. Page 2 of 14 ASX RELEASE Figure 1: Neta Lodes Drill Target Strike - 1,250 metres Jim Richards Executive Chairman Enquiries To: Mr Jim Richards +61 (0)408 902 314 Page 3 of 14 ASX RELEASE References: 1 GIB Acquires Option to Purchase the Historic and High Grade Edjudina Gold Project in the Eastern Goldfields of WA; GIB ASX Release dated 16 July 2020 2 Triumph Project Exploration Report; Nexus Minerals Limited dated 15 August 2019 For a further list of references used in previous releases refer to GIB ASX Announcement dated 25 August 2020 Competent Persons Statement The information in this report that relates to exploration results, sampling and testwork is based on information compiled by Mr. Jim Richards who is a Member of The Australasian Institute of Mining and Metallurgy and a Member of the Australian Institute of Geoscientists. Mr. Richards is a Director of Gibb River Diamonds Limited. Mr. Richards has sufficient experience which is relevant to the style of mineralisation, type of deposit and type of testwork under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr. Richards consents to the inclusion in the report of the matters based on the information in the form and context in which it appears. Page 4 of 14 Appendix A: Gold-in-soils Assay Results mE mN Au mE mN Au mE mN Au mE mN Au MGAz51 MGAz51 ppb MGAz51 MGAz51 ppb MGAz51 MGAz51 ppb MGAz51 MGAz51 ppb 446820 6710166 0 447938 6708015 3 446895 6709323 5 449003 6707891 18 446828 6709914 6 447908 6707989 3 446880 6709310 5 449033 6707916 84 446858 6709940 0 448117 6708168 0 446865 6709297 36 449063 6707942 21 446888 6709965 0 448147 6708194 2 446850 6709284 192 448589 6707406 11 446918 6709991 0 448177 6708219 6 446835 6709272 6 448604 6707419 53 446948 6710016 0 448207 6708245 5 447168 6709427 3 448619 6707432 9 446837 6709662 40 448237 6708271 1 447138 6709402 0 448634 6707445 11 446867 6709688 26 448267 6708296 35 447108 6709376 0 448649 6707457 22 446897 6709713 17 448297 6708322 0 447078 6709351 3 448664 6707470 10 446927 6709739 6 448327 6708347 0 447048 6709325 2 448679 6707483 8 446957 6709765 7 448356 6708373 5 447018 6709299 21 448694 6707496 30 446986 6709790 0 448386 6708399 0 446988 6709274 15 448708 6707509 14 447016 6709816 0 448416 6708424 0 446959 6709248 5 448723 6707522 7 447046 6709841 0 448446 6708450 3 446929 6709223 5 448738 6707534 2 447076 6709867 3 448476 6708475 0 446899 6709197 5 448753 6707547 4 447106 6709893 0 448506 6708501 0 446869 6709171 4 448768 6707560 11 446935 6709487 11 448536 6708527 9 447202 6709327 14 448783 6707573 46 446905 6709462 12 448216 6707993 0 447187 6709314 4 448798 6707586 7 446875 6709436 156 448186 6707968 0 447172 6709301 3 448813 6707598 7 446846 6709410 26 448156 6707942 18 447157 6709289 2 448828 6707611 13 446965 6709513 10 448126 6707916 0 447142 6709276 5 448843 6707624 15 446995 6709538 34 448096 6707891 0 447127 6709263 0 448858 6707637 11 447025 6709564 10 448066 6707865 0 447112 6709250 5 448873 6707650 15 447055 6709590 13 448036 6707840 1 447097 6709237 0 448888 6707662 40 447085 6709615 27 448245 6708019 0 447082 6709225 2 448903 6707675 50 447114 6709641 16 448275 6708044 0 447067 6709212 5 448918 6707688 86 447144 6709666 1 448305 6708070 0 447052 6709199 4 448933 6707701 35 447174 6709692 4 448335 6708096 0 447038 6709186 0 448948 6707714 201 447204 6709718 0 448365 6708121 0 447023 6709173 11 448962 6707726 46 447234 6709743 0 448395 6708147 3 447008 6709161 2 448977 6707739 31 447063 6709338 2 448425 6708172 1 446993 6709148 16 448992 6707752 14 447033 6709312 3 448455 6708198 0 446978 6709135 16 449007 6707765 12 447003 6709287 8 448484 6708224 0 446963 6709122 7 449022 6707778 172 446974 6709261 5 448514 6708249 0 446948 6709109 54 449037 6707790 25 446944 6709235 1 448544 6708275 0 446933 6709097 17 449052 6707803 13 446914 6709210 3 448574 6708300 0 447236 6709227 5 449067 6707816 292 446884 6709184 8 448604 6708326 0 447206 6709201 7 449082 6707829 26 446854 6709159 3 448634 6708352 0 447176 6709176 28 449097 6707842 43 446824 6709133 7 448664 6708377 0 447146 6709150 13 449112 6707854 43 447093 6709363 2 448344 6707844 2 447117 6709124 17 449127 6707867 60 447123 6709389 0 448314 6707818 6 447087 6709099 13 448653 6707332 30 447153 6709415 10 448284 6707793 0 447057 6709073 19 448683 6707357 4 447183 6709440 3 448254 6707767 4 447027 6709048 16 448713 6707383 5 447213 6709466 5 448224 6707741 0 446997 6709022 13 448743 6707408 4 447242 6709491 6 448194 6707716 0 447360 6709203 6 448772 6707434 4 447272 6709517 6 448164 6707690 0 447345 6709190 10 448802 6707460 8 447302 6709543 0 448373 6707869 7 447330 6709178 12 448832 6707485 5 447332 6709568 0 448403 6707895 10 447315 6709165 5 448862 6707511 4 447362 6709594 2 448433 6707921 2 447300 6709152 18 448892 6707536 6 447392 6709619 0 448463 6707946 4 447285 6709139 29 448922 6707562 34 447191 6709188 8 448493 6707972 0 447270 6709126 22 448952 6707588 56 447161 6709163 13 448523 6707997 2 447255 6709114 36 448982 6707613 31 447131 6709137 10 448553 6708023 15 447240 6709101 34 449012 6707639 30 447102 6709112 13 448583 6708049 7 447225 6709088 27 449041 6707664 16 5 mE mN Au mE mN Au mE mN Au mE mN Au MGAz51 MGAz51 ppb MGAz51 MGAz51 ppb MGAz51 MGAz51 ppb MGAz51 MGAz51 ppb 447072 6709086 38 448612 6708074 1 447210 6709075 11 449071 6707690 41 447042 6709060 38 448642 6708100 1 447195 6709062 14 449101 6707716 17 447012 6709035 13 448672 6708125 10 447181 6709050 26 449131 6707741 42 446982 6709009 8 448702 6708151 6 447166 6709037 8 449161 6707767 75 447221 6709214 4 448732 6708177 1 447151 6709024 10 449191 6707793 65 447251 6709240 0 448762 6708202 0 447136 6709011 17 448687 6707231 6 447281 6709265 6 448792 6708228 0 447121 6708998 25 448702 6707244 17 447311 6709291 4 448472 6707694 24 447106 6708986 16 448717 6707257 8 447341 6709316 0 448442 6707669 7 447091 6708973 9 448732 6707270 9 447371 6709342 0 448412 6707643 4 447076 6708960 8 448747 6707282 5 447400 6709368 0 448382 6707618 7 447061 6708947 2 448762 6707295 7 447430 6709393 0 448352 6707592 8 447046 6708934 5 448777 6707308 1 447460 6709419 0 448322 6707566 1 447031 6708922 17 448792 6707321 1 447490 6709444 3 448292 6707541 0 447424 6709129 8 448807 6707334 0 447520 6709470 1 448501 6707720 26 447394 6709103 29 448822 6707347 0 447550 6709496 1 448531 6707746 27 447364 6709077 6 448837 6707359 2 447319 6709039 156 448561 6707771 12 447334 6709052 38 448851 6707372 0 447289 6709013 12 448591 6707797 7 447304 6709026 25 448866 6707385 4 447259 6708988 17 448621 6707822 4 447274 6709001 18 448881 6707398 4 447230 6708962 5 448651 6707848 5 447245 6708975 17 448896 6707411 6 447200 6708937 13 448681 6707874 6 447215 6708949 5 448911 6707423 24 447170 6708911 2 448711 6707899 0 447185 6708924 5 448926 6707436 12 447140 6708885 94 448741 6707925 3 447155 6708898 3 448941 6707449 6 447110 6708860 497 448770 6707950 9 447125 6708873 5 448956 6707462 25 447349 6709065 108 448800 6707976 9 447095 6708847 4 448971 6707475 36 447379 6709090 14 448830 6708002 26 447488 6709054 4 448986 6707487 238 447409 6709116 27 448860 6708027 14 447473 6709041 8 449001 6707500 52 447439 6709141 3 448890 6708053 11 447458 6709028 8 449016 6707513 104 447469 6709167 2 448920 6708079 4 447443 6709015 11 449031 6707526 96 447499 6709193 3 448600 6707545 11 447428 6709003 0 449046 6707539 36 447528 6709218 4 448570 6707519 14 447413 6708990 4 449061 6707551 30 447558 6709244 2 448540 6707494 11 447398 6708977 4 449076 6707564 26 447588 6709269 0 448510 6707468 0 447383 6708964 5 449091 6707577 6 447618 6709295 0 448480 6707443 16 447368 6708951 0 449105 6707590 22 447648 6709321 0 448450 6707417 0 447353 6708939 0 448751 6707157 8 447678 6709346 4 448420 6707391 2000 447338 6708926 4 448781 6707182 16 447447 6708890 3 448630 6707571 5 447324 6708913 13 448811 6707208 73 447417 6708864 2 448659 6707596 3 447309 6708900 3 448841 6707233 4 447388 6708838 0 448689 6707622 12 447294 6708887 0 448871 6707259 15 447358 6708813 2 448719 6707647 11 447279 6708875 4 448901 6707285 5 447328 6708787 6 448749 6707673 6 447264 6708862 5 448930 6707310 0 447298 6708762 0 448779 6707699 2 447249 6708849 5 448960 6707336 7 447268 6708736 9 448809 6707724 6 447234 6708836 0 448990 6707361 33 447238 6708710 5 448839 6707750 94 447219 6708823 0 449020 6707387 18 447477 6708915 9 448869 6707775 5 447204 6708811 0 449050 6707413 246 447507 6708941 4 448898 6707801 9 447189 6708798 0 449080 6707438 16 447537 6708966 41 448928 6707827 5 447174 6708785 0 449110 6707464 26 447567 6708992 9 448958 6707852 13 447159 6708772 0 449140 6707489 34 447597 6709018 4 448988 6707878 23 448408 6707769 6 449169 6707515 26 447627 6709043 0 449018 6707904 19 448423 6707782 18 448920 6707171 0 447656 6709069 0 449048 6707929 59 448437 6707795 10 448935 6707184 0 447686 6709094 7 448728 6707396 8 448452 6707808 4 448950 6707197 7 447716 6709120 2 448698 6707370 5 448467 6707820 15 448965 6707210 20 447746 6709146 0 448668 6707344 31 448482 6707833 8 448979 6707223 0 447776 6709171 3 448638 6707319 8 448497 6707846 20 448994 6707236 6 447806 6709197 0 448608 6707293 0 448512 6707859 3 449009 6707248 6 6 mE mN Au mE mN Au mE mN Au mE mN Au MGAz51 MGAz51 ppb MGAz51 MGAz51 ppb MGAz51 MGAz51 ppb MGAz51 MGAz51 ppb 447836 6709222 4 448578 6707268 0 448527 6707872 8 449024 6707261 1 447575 6708740 0 448548 6707242 0 448542 6707884 4 449039 6707274 2 447545 6708715 3 448758 6707421 1 448557 6707897 5 449054 6707287 19 447516 6708689 0 448787 6707447 4 448572 6707910 60 449069 6707300 24 447486 6708663 0 448817 6707472 0 448587 6707923 6 449084 6707312 15 447456 6708638 0 448847 6707498 0 448602 6707936 6 449099 6707325 7 447426 6708612 1 448877 6707524 0 448617 6707948 3 449114 6707338 7 447396 6708587 3 448907 6707549 12 448632 6707961 24 449129 6707351 3 447366 6708561 0 448937 6707575 27 448647 6707974 7 449144 6707364 11 447605 6708766 0 448967 6707600 20 448662 6707987 9 449159 6707376 29 447635 6708791 0 448997 6707626 34 448677 6708000 5 449174 6707389 45 447665 6708817 5 449026 6707652 6 448691 6708012 17 449189 6707402 40 447695 6708843 4 449056 6707677 8 448706 6708025 12 449204 6707415 86 447725 6708868 8 449086 6707703 12 448721 6708038 9 449219 6707428 57 447755 6708894 0 449116 6707728 67 448736 6708051 3 449233 6707440 96 447784 6708919 18 449146 6707754 29 448751 6708064 11 448999 6707110 18 447814 6708945 8 449176 6707780 27 448766 6708076 5 449029 6707135 7 447844 6708971 17 448856 6707246 7 448781 6708089 8 449058 6707161 6 447874 6708996 0 448826 6707221 9 448796 6708102 4 449088 6707186 80 447904 6709022 2 448796 6707195 4 448811 6708115 46 449118 6707212 56 447934 6709047 7 448766 6707169 48 448826 6708128 25 449148 6707238 96 447964 6709073 35 448736 6707144 5 448841 6708140 8 449178 6707263 17 447994 6709099 12 448706 6707118 2 448487 6707707 12 449208 6707289 14 447703 6708591 0 448676 6707093 1 448516 6707733 23 449238 6707314 46 447673 6708565 2 448886 6707272 3 448546 6707758 22 449268 6707340 323 447644 6708540 0 448915 6707297 77 448576 6707784 17 449297 6707366 57 447614 6708514 3 448945 6707323 1 448606 6707810 12 449347 6707278 438 447584 6708488 2 448975 6707349 4 448636 6707835 11 449332 6707265 190 447554 6708463 0 449005 6707374 8 448666 6707861 8 449317 6707253 458 447524 6708437 0 449035 6707400 24 448696 6707886 5 449302 6707240 187 447494 6708412 0 449065 6707425 167 448726 6707912 21 449287 6707227 184 447733 6708616 0 449095 6707451 20 448755 6707938 12 449272 6707214 0 447763 6708642 7 449125 6707477 15 448785 6707963 439 449257 6707201 163 447793 6708668 0 449155 6707502 47 448815 6707989 13 449242 6707189 19 447823 6708693 0 448984 6707097 8 448845 6708014 121 449227 6707176 8 447853 6708719 2 449014 6707122 3 448875 6708040 400 449212 6707163 37 447883 6708744 6 449044 6707148 4 448905 6708066 17 449197 6707150 7 447913 6708770 0 449073 6707174 255 448401 6707504 8 449182 6707137 6 447942 6708796 2 449103 6707199 106 448416 6707517 6 449167 6707125 6 447972 6708821 5 449133 6707225 20 448431 6707530 14 449152 6707112 2 448002 6708847 0 449163 6707250 37 448446 6707543 5 449137 6707099 0 448032 6708872 0 449193 6707276 29 448461 6707556 47 449251 6707844 20 448062 6708898 0 449223 6707302 23 448476 6707568 16 449280 6707869 20 448092 6708924 0 449253 6707327 67 448491 6707581 14 449310 6707895 50 448122 6708949 0 449283 6707353 100 448506 6707594 32 449199 6707541 30 447831 6708441 0 446863 6709814 10 448521 6707607 19 449229 6707566 30 447802 6708416 1 446848 6709801 8 448536 6707620 22 449259 6707592 0 447772 6708390 3 446833 6709788 2 448551 6707632 11 449289 6707618 80 447742 6708365 0 446912 6709726 7 448565 6707645 28 449319 6707643 75 447712 6708339 3 446882 6709701 24 448580 6707658 31 449349 6707669 20 447682 6708313 2 446852 6709675 22 448595 6707671 45 449379 6707694 10 447652 6708288 0 447065 6709728 5 448610 6707684 19 449409 6707720 10 447622 6708262 0 447050 6709716 3 448625 6707697 53 449438 6707746 5 447861 6708467 0 447035 6709703 7 448640 6707709 14 449468 6707771 5 447891 6708493 5 447021 6709690 7 448655 6707722 11 449327 6707391 110 447921 6708518 2 447006 6709677 6 448670 6707735 12 449357 6707417 65 7 mE mN Au mE mN Au mE mN Au mE mN Au MGAz51 MGAz51 ppb MGAz51 MGAz51 ppb MGAz51 MGAz51 ppb MGAz51 MGAz51 ppb 447951 6708544 1 446991 6709664 16 448685 6707748 9 449387 6707443 60 447981 6708569 3 446976 6709651 40 448700 6707761 44 449417 6707468 75 448011 6708595 6 446961 6709639 26 448715 6707773 22 449447 6707494 70 448041 6708621 58 446946 6709626 124 448730 6707786 17 449477 6707519 60 448070 6708646 2 446931 6709613 62 448745 6707799 11 449507 6707545 20 448100 6708672 4 446916 6709600 50 448760 6707812 6 449537 6707571 35 448130 6708697 4 446901 6709587 0 448775 6707825 4 449566 6707596 15 448160 6708723 1 446886 6709575 98 448790 6707837 6 449596 6707622 15 448190 6708749 7 446871 6709562 52 448805 6707850 34 449291 6707101 20 448220 6708774 0 446856 6709549 25 448819 6707863 18 449321 6707127 1080 448250 6708800 9 446841 6709536 8 448834 6707876 38 449351 6707152 110 448280 6708825 0 446826 6709523 14 448849 6707889 7 449381 6707178 940 447959 6708292 3 447129 6709654 0 448864 6707901 10 449411 6707203 940 447930 6708266 7 447099 6709628 5 448879 6707914 9 449440 6707229 1840 447900 6708241 8 447070 6709602 16 448894 6707927 21 449470 6707255 850 447870 6708215 8 447040 6709577 8 448909 6707940 11 449500 6707280 0 447840 6708190 18 447010 6709551 19 448924 6707953 8 449530 6707306 530 447810 6708164 3 446980 6709526 8 448939 6707965 5 449560 6707332 75 447780 6708138 11 446950 6709500 8 448954 6707978 12 449590 6707357 50 447750 6708113 21 446920 6709474 9 448969 6707991 15 449620 6707383 15 447989 6708318 0 446890 6709449 5 448984 6708004 5 449650 6707408 20 448019 6708343 7 446860 6709423 10 448999 6708017 5 449680 6707434 25 448049 6708369 0 446831 6709398 11 448465 6707430 6 449709 6707460 5 448079 6708394 0 447149 6709541 1 448495 6707455 10 449739 6707485 10 448109 6708420 6 447134 6709528 2 448525 6707481 22 449598 6707105 110 448139 6708446 0 447119 6709515 2 448555 6707507 18 449628 6707131 55 448169 6708471 1 447104 6709502 0 448585 6707532 40 449658 6707157 70 448198 6708497 0 447089 6709489 6 448615 6707558 11 449688 6707182 40 448228 6708522 0 447074 6709476 2 448644 6707583 14 449718 6707208 0 448258 6708548 1 447059 6709464 5 448674 6707609 6 449748 6707233 350 448288 6708574 0 447044 6709451 4 448704 6707635 8 449778 6707259 45 448318 6708599 10 447029 6709438 7 448734 6707660 6 449808 6707285 45 448348 6708625 0 447014 6709425 5 448764 6707686 5 449837 6707310 10 448378 6708650 0 446999 6709412 9 448794 6707711 8 449867 6707336 15 448408 6708676 0 446984 6709400 5 448824 6707737 10 449897 6707361 10 448087 6708143 4 446969 6709387 4 448854 6707763 43 449906 6707110 20 448058 6708117 0 446954 6709374 12 448884 6707788 4 449936 6707135 0 448028 6708091 1 446939 6709361 18 448913 6707814 8 449965 6707161 0 447998 6708066 0 446924 6709348 11 448943 6707839 15 449995 6707186 10 447968 6708040 6 446910 6709336 7 448973 6707865 22 450025 6707212 10 450055 6707238 15 8 JORC Code, 2012 Edition - Table 1 The below data is taken from Accession Report A50990, "Annual Report on the Exploration of the Yarri Project Area" by Mount Edon Gold Mines (Aust) Ltd, 23 rd December 1995 - 22 nd December 1996. Section 1 Sampling Techniques and Data Criteria JORC Code explanation Commentary Sampling ∙ Nature and quality of sampling (eg cut channels, random chips, or ∙ 1996 soil sampling by Mt Edon Gold Mines: 250g soil samples were techniques specific specialised industry standard measurement tools appropriate collected using the -6 +2mm fraction on lines propagated at right to the minerals under investigation, such as down hole gamma angles to existing baselines using compass and hip-chain. First pass sondes, or handheld XRF instruments, etc). These examples should samples were collected at either 400 x 40m spacing or 200 x 20m not be taken as limiting the broad meaning of sampling. spacing. Infill samples were collected at 100 x 20m, or 50 x 20m, as ∙ Include reference to measures taken to ensure sample representivity follow-up sampling to define anomalism detected in previous surveys. and the appropriate calibration of any measurement tools or systems used. ∙ Aspects of the determination of mineralisation that are Material to the Public Report. ∙ In cases where 'industry standard' work has been done this would be relatively simple (eg 'reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay'). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (eg submarine nodules) may warrant disclosure of detailed information. Drilling ∙ Drill type (eg core, reverse circulation, open-hole hammer, rotary air ∙ n/a. techniques 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 ∙ Method of recording and assessing core and chip sample recoveries ∙ n/a. recovery and results assessed. ∙ Measures taken to maximise sample recovery and ensure representative nature of the samples. ∙ Whether a relationship exists 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 have been geologically and ∙ n/a. geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies. ∙ Whether logging is qualitative or quantitative in nature. Core (or 9 Criteria JORC Code explanation Commentary costean, channel, etc) photography. ∙ The total length and percentage of the relevant intersections logged. Sub- ∙ If core, whether cut or sawn and whether quarter, half or all core ∙ Samples submitted to Amdel laboratories were analysed for gold only sampling taken. using method PREP5/AA9. The 250g sample was pulverized and a techniques ∙ If non-core, whether riffled, tube sampled, rotary split, etc and 50g charge digested in hot aqua regia and analysed by graphite whether sampled wet or dry. furnace AAS to a detection limit of 0.001ppm. and sample ∙ For all sample types, the nature, quality and appropriateness of the ∙ Samples submitted to Kal Assay Laboratories were analysed for gold preparation sample preparation technique. only using method FA50PB. The 250g sample was pulverized and a ∙ Quality control procedures adopted for all sub-sampling stages to 50g charge digested in hot aqua regia and analysed by fire maximise representivity of samples. assay/AAS to a detection limit of 0.002ppm. ∙ Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate/second-half sampling. ∙ Whether sample sizes are appropriate to the grain size of the material being sampled. Quality of assay data and laboratory tests The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total. For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc. Nature of quality control procedures adopted (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (ie lack of bias) and precision have been established. The analytical procedures described above are industry standard for gold soil sampling. These digests are considered a total technique. The use of blanks, standards and duplicates is not discussed in the Mount Edon annual report. Verification of sampling and assaying ∙ The verification of significant intersections by either independent or ∙ n/a. alternative company personnel. The use of twinned holes. Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols. Discuss any adjustment to assay data. Location of ∙ Accuracy and quality of surveys used to locate drill holes (collar and ∙ Soil samples were collected on lines propagated at right angles to data points down-hole surveys), trenches, mine workings and other locations existing baselines using compass and hip-chain. used in Mineral Resource estimation. ∙ Datum is MGA94 zone 51. ∙ Specification of the grid system used. ∙ Quality and adequacy of topographic control. Data ∙ Data spacing for reporting of Exploration Results. ∙ Initial sample spacing was 400 x 40m or 200 x 20m. Follow-up spacing ∙ Whether the data spacing and distribution is sufficient to establish the sampling was at 100 x 20m or 50 x 20m. 10 Criteria JORC Code explanation Commentary and degree of geological and grade continuity appropriate for the Mineral ∙ No sample compositing was recorded. distribution Resource and Ore Reserve estimation procedure(s) and classifications applied. ∙ Whether sample compositing has been applied. Orientation ∙ Whether the orientation of sampling achieves unbiased sampling of ∙ n/a. of data in possible structures and the extent to which this is known, considering relation to the deposit type. ∙ If the relationship between the drilling orientation and the orientation geological of key mineralised structures is considered to have introduced a structure sampling bias, this should be assessed and reported if material. Sample ∙ The measures taken to ensure sample security. ∙ Not recorded. security Audits or ∙ The results of any audits or reviews of sampling techniques and data. ∙ Not recorded. reviews 11 Section 2 Reporting of Exploration Results Criteria JORC Code explanation Commentary Mineral ∙ Type, reference name/number, location and ownership including ∙ E31/1179 is held by CoxsRocks (10%) and Nexus Mt Celia Pty Ltd tenement agreements or material issues with third parties such as joint (90%). and land ventures, partnerships, overriding royalties, native title interests, ∙ As detailed in GIB's ASX release dated 16 th July 2020 , GIB acquired historical sites, wilderness or national park and environmental an Option to purchase 100% of E31/1179 for $110k with no private tenure settings. royalties or encumbrances. The Option deal is for six months and can status ∙ The security of the tenure held at the time of reporting along with any be exercised at any time in that period for the payment of $330,000 known impediments to obtaining a licence to operate in the area. (plus GST), plus 5.5m GIB shares and 5.5m GIB options. Exploration ∙ Acknowledgment and appraisal of exploration by other parties. done by other parties GIB is compiling a database of historic mining and exploration activity. A brief chronology is included below: The main period of mining activity on the Edjudina line of workings (the 'Edjudina Line') occurred between 1897 and 1921. Government Geologist Andrew Gibb Maitland made the first documented description of the Edjudina Line in 1903, which was followed up by reports in 1903 and 1905 by State Government Mining Engineer Alexander Montgomery. These reports described a number of private batteries being run on the Edjudina Line at this time, with some ore also carted to the nearby State Battery at Yarri. A minor revival in mining took place from 1936-1939, which was curtailed by the start of World War 2. In 1974-75 Australian Anglo American Ltd explored the Edjudina line, followed by United Nickel Exploration, Cambrian Exploration and Penzoil of Australia Ltd (1979-81). In 1993 Pancontinental picked up the ground and conducted drilling operations, relinquishing the ground in 1995. Little exploration work was conducted over the next 14 years with the exception of Gutnick Resources who are reported as having completed some wide spaced drilling during this time, however a complete dataset for this work is still being sourced. Mount Edon Gold Mines (Aust) Limited conducted -6 +2mm soil sampling on a 200 x 40m and 100 x 20m grid in 1996. From 2010 to 2014 CoxsRocks Pty Ltd, a WA based private company, conducted a ground magnetic survey, auger soil geochemistry and limited aircore drilling. The Edjudina Gold Project has been held by Nexus Mt Celia Pty Ltd from 2014 to present with one limited RC drilling program conducted in that time. 12 Criteria JORC Code explanation Commentary Geology ∙ Deposit type, geological setting and style of mineralisation. ∙ Historic reports describe mineralisation as occurring within silicified, boudinaged stromatolites which were mineralized and then deformed during diagenesis and regional deformation. In this situation gold is stratabound and almost entirely hosted within the quartz boudins. ∙ GIB believes there also was a broader hydrothermal alteration event at Neta in which Au mineralisation is associated with Si-Fe alteration and possibly with porphyry intrusion forming replacement style mineralisation. Gold mineralisation does not appear to be associated with sulphides. Drill hole ∙ A summary of all information material to the understanding of the ∙ See Appendix A (Soil Samples). Information exploration results including a tabulation of the following information for all Material drill holes: o easting and northing of the drill hole collar o elevation or RL (Reduced Level - elevation above sea level in metres) of the drill hole collar o dip and azimuth of the hole o down hole length and interception depth o hole length. ∙ If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case. Data ∙ In reporting Exploration Results, weighting averaging techniques, ∙ Not recorded. aggregatio maximum and/or minimum grade truncations (eg cutting of high n methods grades) and cut-off grades are usually Material and should be stated. ∙ Where aggregate intercepts incorporate short lengths of high grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail. ∙ The assumptions used for any reporting of metal equivalent values should be clearly stated. Relationshi ∙ These relationships are particularly important in the reporting of ∙ Not applicable to soil sampling. p between Exploration Results. mineralisati ∙ If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported. on widths ∙ If it is not known and only the down hole lengths are reported, there and should be a clear statement to this effect (eg 'down hole length, true width not known'). 13 Criteria JORC Code explanation Commentary intercept lengths Diagrams ∙ Appropriate maps and sections (with scales) and tabulations of ∙ See Maps, Tables and Figures within the body of this announcement. intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views. Balanced ∙ Where comprehensive reporting of all Exploration Results is not ∙ n/a. reporting practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results. Other ∙ Other exploration data, if meaningful and material, should be reported ∙ n/a. substantive including (but not limited to): geological observations; geophysical exploration survey results; geochemical survey results; bulk samples - size and method of treatment; metallurgical test results; bulk density, data groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances. Further ∙ The nature and scale of planned further work (eg tests for lateral ∙ GIB's phase 2 AC drilling campaign and geological targeting is work extensions or depth extensions or large-scalestep-out drilling). discussed in this ASX announcement ∙ Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive. End 14 This is an excerpt of the original content. To continue reading it, access the original document here .

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