Golden Mile Resources : Encouraging Drill Results at Yarrambee

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ASX Announcement

ASX: G88

10 March 2022

Encouraging Drill Results at Yarrambee

Golden Mile Resources Limited (ASX: G88; "the Company") is pleased to advise that it has received the assay results from RC drilling at its Yarrambee Project (Fig 1). The drilling has successfully identified a promising new copper and zinc sulphide horizon at the TBW prospect and the potential for further base metal mineralisation at both the Tank & Chi targets located within the Narndee Cluster.

• 2m @ 2.29% copper and 5m @ 6433 ppm zinc (including 1m @ 2.0% zinc) at the TBW target
• Copper and zinc mineralisation intersected at TBW opens a new promising target horizon within the Narndee Cluster
• MLEM to be extended south at TBW where the EM conductors remain open
• Planned drilling to test the EM conductors identified in the MLEM at Narndee South, ND-4 and T5-9 targets is still to be completed
• The drilling at the Tank target was incomplete and the results received from the completed holes were inconclusive. Further drilling and downhole EM surveys are required

Figure 1. Golden Mile's Yarrambee Base Metals Project, Murchison Region, WA. Approximate outline of November 2021

MLEM survey & June 2021 HEM survey

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As previously reported, Golden Mile Resources Ltd completed 7 reverse circulation ("RC") drill holes for 1,168m in December 20211. The RC drill programme was the commencement of the systematic testing of base metal (Cu, Ni, Zn, Pb) targets at the Company's 100% owned Yarrambee Project. A total of 48 bedrock conductors were identified following a geophysical helicopter airborne electromagnetic ("AEM") survey and a follow-up moving loop electromagnetic ground survey ("MLEM") was completed that covered part of the Narndee Cluster in the December 2021 Quarter2.

The initial drilling was focused on 7 higher priority EM conductors identified in these surveys located within the Narndee cluster3 (Table 1 & Figure 2 & 3). However, difficult ground conditions prevented the programme to be fully completed with the Narndee South, ND-4 and TB5-7 targets remaining untested and the drilling at the Tank target incomplete.

Table 1. Yarrambee MLEM targets.

Prospect		Target	Conductance (S)	Depth to top	Comment
	(m)
Narndee South	Lower Conductor	1,500-3,000	~75-100	Clear local/discrete bedrock
conductors. Models as two plates, one
(Central
	Upper Conductor	2,000-4,000	~50-75	main western conductor and another
Anomaly)
	immediately east and slightly shallower
TBW		Western Conductor	~3,000-6,000	50-100	Complex body with two sources with
	Eastern Conductor	~5,000-10,000	~50-75	high conductance
		Tank	~7,000- >>9,000	~175	High conductance anomaly of
		reasonably large aerial size
		Chi	~3,000-6,000	~50-75	Moderate to high conductance with
		shallow depth to top
	Lambda C (SW Anomaly)	~1,000-2,000	~60-100	Clear local/discrete bedrock conductor
	with moderate conductance.

The best results from the RC drilling are summarised in Table 2 below:

Table 2. Summary of best RC drill results at Yarrambee

Hole No	From	To	Width	Au	Ag	Cu	Zn	Pb		Comments	Target
(g/t)	(g/t)	(ppm)	(ppm)	(ppm)
YERC001	61	62	1	0.009	3.93	838	1515	1765	1m	@ 0.18% Pb and 0.15% Zn	Chi
from 61m.
YERC001	64	65	1	0.007	1.5	523	1345	170	1m	@ 0.13% Zn from 64m	Chi
YERC001	70	72	2	0.009	2.03	1557	1192	69	2m	@ 0.16% Cu and 0.12% Zn	Chi
from 70m
YERC002	235	240	5	0.023	0.91	2954	216	6	Tank 5m @ 0.3% Cu from 235m	Tank
YERC003	40	41	1	0.001	0.02	1110	140	3	1m	@ 0.11% Cu from 40m	Tank
YERC003	42	43	1	0.018	0.18	1105	72	9	1m	@ 0.11% Cu from 42m	TBW
YERC003*	48	52	4	0.023	0.59	1290	185	3	4m	@ 0.13% from 48m	TBW
YERC003	57	59	2	0.140	5.5	2.285 %	241	8	2m @ 2.29% Cu and 5.5 g/t Ag	TBW
from 57m
YERC003	79	80	1	0.013	0.19	1010	138	2	1m	@ 0.1% Cu from 79m	TBW
YERC003	84	85	1	0.039	1.32	3080	224	1	1m	@ 0.3% Cu from 84m	TBW
									5m	@ 0.64% Zn and 0.24% Cu
YERC004	120	125	5	0.014	0.89	2421	6433	2	from 120m, including 1m @ 2.0%	TBW
									Zn from 121m
YERC004	133	134	1	0.003	0.25	1025	169	2	1m	@ 0.10% Cu from 133m	TBW

Composites over > 1000 ppm Cu, Pb and Zn. *4m interval sample that needs to be resampled per 1m splits

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TBW Prospect

At the TBW prospect the drilling identified a new promising copper, zinc, and silver target horizon in drill holes YERC003 (2m @ 2.29% Cu and 5.5 g/t Ag from 57m) and YERC004 (5m @ 0.64% Zn and 0.24% Cu from 120m, including 1m @ 2.0% Zn from 121m). See Figures 2 and 3.

Fortunately, downhole EM was completed on YERC003 however due to the poor ground conditions YERC004 collapsed before the survey could be conducted. Modelling of the down hole EM at YERC003 has not yet been completed however it should provide more accurate guidance for the planned follow up RC drilling.

Chi

Tank

ND1-4

TB5-7

TB8-9

Narndee

South

Lambda C

TBW

Figure 2. Location of targets, RC drillholes and those holes with the best intersections at the Narndee Cluster

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Also, encouragingly at TBW the MLEM potentially maps the target horizon to the most southern extent of the survey and may therefore remain open in that direction. The Company geophysicist has recommended that the MLEM be extended further south to close off the EM anomaly in this direction prior to follow-up drilling.

The drilling at TBW not only directly demonstrates the potential for economic base metal at the prospect specifically but also indirectly the potential for new targets horizons to be discovered not only within the Narndee Cluster but also the larger Yarrambee project itself.

Tank & Chi Prospect

Only 2 of the 5 holes planned have been completed at the Tank and Chi prospects (Fig 2). Due to the difficult ground conditions the deeper planned hole YERC007 at Tank did not reach its target depth and both YERC007 and YERC002 collapsed before the downhole EM could be completed.

Due to the lack of downhole EM and no obvious geological intervals that may explain the EM anomaly the Company believes the drilling at Tank is inconclusive and that it is possible YERC007 may have not intersected the target.

The shorter YERC002 hole did make it to its target depth however because there was no downhole EM it cannot be confirmed whether it intersected the EM conductor or whether it was off hole and/or there are further nearby off hole targets. The drill hole was not planned to test the second deeper EM target which YERC007 was designed to intersect.

The Company believes the anomalous results (see Table 2) encountered in YERC002 (Tank target) and YERC001 (drilled at the nearby Chi target) is an indication that the potential remains for significant base metal within the Tank and Chi target areas and that the Company needs to complete the planned programme as well as revisit YERC007.

Narndee South, ND-4 and T5-9 Targets

Due to difficult ground conditions, that significantly slowed the drilling rate, the planned drilling at the Narndee South, ND-4 and T5-9 Targets was not completed. This work will now be completed when drilling resumes at the Narndee Cluster following up the above-mentioned programmes.

Further Work

• Interpretation and modelling of DHEM & FLEM
• Extend the MLEM survey south at TBW target
• follow-upRC drilling at TBW, Tank and Chi
• Complete planned RC drilling at the Narndee South, ND-4 and T5-9 Targets
• Planning is underway for follow-up RC drilling to start sometime in May
• Continue follow-up of targets identified in the AEM survey outside of the Narndee Cluster including Redhead

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Table 3. Drill Hole Collar Summary Table

Target	Hole No	Easting	Northing	Depth	Dip	Azimuth
CHI	YERC001	615802	6801446	80	-70	270
TANK	YERC002	615582	6801498	252	-55	270
TBW	YERC003	616225	6798804	110	-60	225
TBW	YERC004	616339	6798766	144	-60	225
LAMDA-C	YERC005	614986	6798897	216	-60	85
TB8-9	YERC006	616158	6800437	162	-60	10
TANK	YERC007	615522	6801617	204	-60	270

References

1	Yarrambee Drilling Update	01 MAR 2022
2	RC drilling underway at Golden Mile's Yarrambee Project	01 DEC 2021
3	Ground EM confirms high priority targets at Yarrambee	08 NOV 2021

This Announcement has been approved for release by the Board of Golden Mile Resources Limited.

For further information please contact:

Grant Button - Non-Executive Director

Golden Mile Resources Ltd (ASX: G88)

ABN 35 614 538 402

1. [phone]

1. [e-mail]

1. www.goldenmileresources.com.au

Note 1: Refer ASX announcement on the said date for full details of these results. Golden Mile is not aware of any new information or data that materially affects the information included in the said announcement.