Gibb River Diamonds : Phase 6 Drilling Identifies New Gold Targets at Edjudina WA

About this update from Gibb River Diamonds Limited

ASX RELEASE 13 January 2022 ASX Code: GIB For personal use only Phase 6 Drilling Identifies New +300 metre Targets at Edjudina Gold Project, WA __________________________________________________________________ Phase 6 aircore drilling at the Edjudina Gold Project has identified two new +300 metre strike length targets for follow-up drilling at the Ace of Hearts and Triumph prospects Phase 6 drill intersection highlights include: Hole ID From (m) To (m) Interval (m) Au (g/t) Prospect GAC452 21 25 4 4.59 Triumph including 21 22 1 13.80 Triumph GAC458 0 26 26 1.09 Neta GAC457 14 25 11 1.36 Neta GAC446 14 17 3 2.29 Triumph GAC449 27 31 4 1.16 Triumph GAC455 18 30 12 0.48 Triumph GAC425 20 23 3 1.22 Ace of Hearts Plus numerous other mineralised intersections (Appendix A) Infill drilling at Neta confirms the consistency of gold mineralisation to surface (26m @ 1.09 g/t from surface) The ten Phase 6 drill holes at the Triumph Prospect delineated a new 300m mineralised target zone on five separate drill lines. Mineralisation was encountered in every drillhole. The consistency of this mineralisation, and the identification of high-grade zones are highly encouraging At the Ace of Hearts Prospect, 160m wide-spaced reconnaissance drilling returned a very encouraging 3m @ 1.20g/t from 20m. Mineralisation is open both up and down dip, and over a strike length of 360m. This provides an excellent target for follow-up aircore drilling and may prove to be a significant discovery Phase 6 drilling encountered numerous intersections of mineralised porphyry (acid intrusive rock) at both the Ace of Hearts and Triumph prospects. This raises the prospectivity for the Edjudina field to host large-tonnageporphyry-style gold deposits. The Company is reviewing all Edjudina data with a view to targeting porphyry-style gold Phase 6 drilling at the Neta Prospect, Edjudina Gold Project 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 For personal use only 1.0 Edjudina Gold Project GIB 100% Gibb River Diamonds Limited ('GIB' or the 'Company') is pleased to announce results from the Phase 6 AC (aircore) drilling program at the Edjudina Gold Project (GIB 100%), which took place from 5 to 29 November 2021. A total of 98 holes were drilled for 3,397 metres. There were no accidents or lost time incidents, although several days were lost to wet weather and lightning shutdowns. Further delays to the reporting of these results were incurred due to large third party sample loads at the assay laboratory. A total of 1,268 samples were assayed as either one metre splits (788 samples) or as composite samples (480 samples), mainly 6 metre composites. Blank, duplicate, standard, and repeat samples were added as necessary to ensure data integrity for future resource calculations. Edjudina's location, excellent logistics and proximity to an active haul road (to Northern Star's Carosue Dam mill) all add to the potential for development of discoveries at the project. Figure 1: Edjudina Gold Project - Location Map Page 2 of 25 ASX RELEASE For personal use only Figure 2: Edjudina Gold Project - Prospects Location Map with Phase 6 Drilling 2.0 Phase 6 AC Drilling Results The Phase 6 AC drilling program targeted the greenfields Ace of Hearts Prospect and the historic Triumph Prospect, with some minor infill drilling at the Neta and Perseverance prospects. This program was successful in identifying two new plus 300 metre strike length targets for follow-up drilling at Ace of Hearts and Triumph. Importantly, numerous drillholes returned significant gold intersections within intrusive porphyries (acid intrusive rocks), which has generated a new and exciting exploration model for the Edjudina gold project. Page 3 of 25 ASX RELEASE For personal use only Table 1: Phase 6 Drilling Results - Significant Intercepts Hole ID From To Interval Au Prospect Comment (m) (m) (m) (g/t) GAC446 14 17 3 2.29 inc. 1m @ 3.98gt; qtz and porphyry GAC448 24 26 2 0.76 Phyllite GAC449 27 31 4 1.16 Triumph mineralised porphyry and phyllite GAC451 26 30 4 0.57 mineralised porphyry GAC452 21 25 4 4.59 mineralised qtz and porphyry including 21 22 1 13.80 GAC455 18 30 12 0.48 two 6m composites GAC382 6 12 6 0.29 6m composite GAC391 24 30 6 0.52 Ace of 6m composite GAC393 27 38 11 0.30 5m and 6m composites GAC397 21 27 6 0.29 Hearts 6m composite GAC425 12 18 6 0.65 6m composite 20 23 3 1.22 inc. 1m @ 2.92g/t; qtz and porphyry GAC457 14 25 11 1.36 Carlsen lode including 14 19 5 2.10 Neta Lodes GAC458 0 26 26 1.09 includes 6m comp of 0.43g/t including 11 19 8 2.31 Carlsen lode GAC456 6 18 12 0.33 Perseverance Porphyry and phyllite Notes: Intervals are reported as drilled and are not reported as true widths All holes were drilled at -60 degrees, depths are downhole depths Appendix A contains drilling results for every hole, which includes further significant results. Qualifiers for this table are in Appendix A Detailed geology of the Neta Lodes Prospect is in the GIB ASX release dated 8 October 2020 3 3.0 Triumph Prospect The Triumph Prospect (Figure 3) is a 400 metre long zone of historic workings dating from the early 1900s, with reported production of 6,382 oz Au @ 24.5 g/t from the Triumph area 1 . GIB drilled ten holes at Triumph, delineating the southern 300m of Triumph workings. Mineralisation was encountered in every drillhole, including 4m @ 4.56g/t from 21m (including 1m @ 13.80 g/t), and 3m @ 2.29g/t from 14m. The consistency of this mineralisation, and the identification of high-grade zones within the mineralised envelope are highly encouraging. Importantly, gold appears to be hosted within porphyry, an acid igneous rock, and porphyry-associated quartz veins, with minor to moderate sericite-limonite alteration of the local host phyllites. This opens up the prospectivity and exploration of the Edjudina field for large-tonnageporphyry-hosted gold deposits (see para 7.0). Page 4 of 25 ASX RELEASE For personal use only 3.1 Follow up drill testing Due to this highly encouraging drilling at Triumph, infill drilling will be conducted during future campaigns. As mineralisation is open in all directions there is considerable potential for extensions to the Triumph lode. Future drilling will test these extensions and explore for possible large-scaleporphyry-style mineralisation. Figure 3: Triumph Prospect Plan View - Phase 6 Drilling Results Highlights Page 5 of 25 This is an excerpt of the original content. To continue reading it, access the original document here .

View stock analysis, news, and events for Gibb River Diamonds Limited