Calidus Resources Limited announced further drilling results which support its strategy to grow the inventory, production and mine life at its Warrawoona Gold Project. The growth strategy involves the definition and development of gold deposits within trucking distance of Warrawoona. The drilling programs were designed to follow up on initial results1 testing the potential for Blue Spec East to host a shallow Mineral Resource which would be amenable to open pit mining and the possibility for Marble Bar to contribute to high-grade ore.

Results from the latest drilling campaign confirms these mineralised zones are within 20m of the surface, with several intercepts encountered less than 10m below surface. Blue Spec East: The Blue Spec Project lies within metasedimentary rocks of the 2980-2930 Ma Mosquito Creek Basin. Gold deposits across the basin largely consist of quartz-vein hosted Au±Sb mineralization2 associated with flexures or oblique cross-cutting structures of the main E- to ENE-trending shear zones.

The deposits at Blue Spec and Gold Spec, immediately east of E46/1026, are very high-grade, narrow quartz lodes. The results of a Feasibility Study on the Blue Spec and Gold Spec deposits were released on the 29 September 20223. At Blue Spec East, about 400m east of the old Blue Spec deposit, historic drilling yielded several significant intercepts.

However, most of these intercepts were greater than 120m below surface and the geometry of the controlling structures was unclear. In January 2022, the company completed 13 holes for 1,034m to identify the potential for intercepts at depths that may support open pit mining and to provide a better understanding of the geometry of the mineralisation. These results were reported on 2 June 20221, with best intercepts of 52m at 1.40g/t Au from 22m in 22BSRC010 and 20m at 1.41g/t Au from 44m in 22BSRC009.

However, a full-sized RC rig had to be used owing to limited rig availability, so testing for mineralisation near surface was not possible owing to constraints imposed by the topography. Drilling results: In late November 2022, the company conducted a program of 6 RC holes for 282m using an L8 grade control rig with a small footprint that is capable of drilling holes at shallow angles. The holes were designed to test for mineralisation near surface and the intercepts from the previous program.

The best intercepts, using a cut-off of 0.5g/t Au, a minimum width of 1m, and a maximum of 2m of internal waste, consist of: 10m at 1.54g/t Au from 35m in 22BSRC024, 14m at 1.05g/t Au from 34m in 22BSRC022, and 10m at 1.34g/t Au from 33m in 22BSRC026. Marble Bar: On E45/5172, just outside Marble Bar, the company drilled eight RC holes for 676m in December 2021 to test the down-dip potential of the main quartz reef which was the focus of historic mining on the goldfield. Results from previous the company drilling included intercepts of 2m at 8.03g/t Au from 22m in 21MBRC005 (incl.

1m at 11.87g/t from 23m), 2m at 6.75g/t Au from 48m in 21MBRC002 (incl. 1m at 12.94g/t from 48m), and 2m at 4.53g/t Au from 85m in 21MBRC007 (incl. 1m at 8.34g/t from 85m).

The only historic holes were drilled immediately adjacent to the quartz reef. The reef strikes north to northwest and dips at about 20° to the west. Drilling results: In early December 2022, seven closely spaced RC holes for a total of 462m were drilled over a small portion of the reef to determine the continuity of grade.

Drilling of holes designed to test down-dip extensions of the reef further south had to be postponed owing to extreme heat. The best intercepts, using a cut-off of 0.5g/t Au, a minimum width of 1m, and a maximum of 2m of internal waste, consist of: 2m at 12.29g/t Au from 78m in 22MBRC021 and1m at 15.08g/t Au from 60m in 22MBRC014. Intercepts reported previously at Marble Bar include 2m at 8.03g/t Au from 22m in 21MBRC005, 2m at 6.75g/t Au from 48m in 21MBRC002 and 2m at 4.53g/t Au from 85m in 21MBRC0071.