Golden Mile Resources : RC drilling to commence at G88's Yarrambee Cu-Zn-Ni Project

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ASX Announcement

ASX: G88

26 November 2021

RC drilling to commence at Golden Mile's

Yarrambee Cu-Zn-Ni Project

Highlights

• Reverse Circulation (RC) rig mobilised and anticipated to be on site later today with drilling to commence over the weekend
• 2-3,000mprogram designed to test high priority targets defined by a ground based moving loop electromagnetic (MLEM) survey which followed up the regional helicopter- borne EM (HEM) survey completed in July
• Modelling of conductors in the Narndee cluster has defined nine high priority, drill-ready base metals targets associated with geological horizons considered prospective for base metals copper (Cu) - zinc (Zn) and nickel (Ni) mineralisation
• Targets include the high conductance Tank anomaly, a very conductive, aerially extensive conductor 'blind' to the HEM survey where the first hole of the upcoming program will be drilled
• Site preparations have now been completed with Golden Mile's field crew on site ready for the program to commence over the coming weekend

Commenting on the upcoming drill program at Yarrambee, Golden Mile's Managing Director James Merrillees said:

"The identification of the Tank anomaly, which was 'blind' to the airborne system, is an exciting development, and adds to the suite of high priority anomalies corroborated by the ground survey.

"It's great to be in the field again at Yarrambee with a powerful RC rig for this high impact drill program, testing discrete bedrock conductors in an area where historical exploration has defined widespread smoke and copper-zinc and nickel mineralisation.

"Results from the airborne survey and subsequent ground-based EM have exceeded our expectations in "seeing through" the cover and defining exciting base metals targets we believe were invisible to earlier explorers.

"Golden Mile's team has completed drill site preparation and are awaiting the rig's arrival over the weekend."

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ASX Announcement

ASX: G88

Golden Mile Resources Ltd (ASX:G88, "Golden Mile" or "the Company") is pleased to advise that preparations for the upcoming reverse circulation (RC) drill program are well advanced with an RC rig now mobilising to site with drilling expected to get underway over the weekend.

The Company's Yarrambee Project covers prospective portions of the Narndee Igneous Complex (NIC) approximately 500km north-east of Perth, within the Murchison Region of Western Australia (Figure 1).

Golden Mile's Yarrambee Project comprises more than 800km2 of tenements covering the NIC, considered prospective for Ni-Cu-PGE mineralisation (e.g. Voisey's Bay, Nova, Julimar), and Volcanogenic Massive Sulfide (VMS) Cu-Zn mineralisation (e.g. Golden Gove, DeGrussa).

Figure 1: Golden Mile's Yarrambee Base Metals Project, Murchison Region, WA. Approximate outline of November 2021 MLEM survey & June 2021 HEM survey.

ASX Announcement

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Figure 2: Yarrambee HEM survey. Main block image is 25Hz base channel 23 Bfield (Z component). Northeast block image is 12.5Hz base frequency (channel 457 Z component). Background image regional magnetics (RTP-TMI). Areas of broad conductive responses reflect conductive overburden (e.g., saline groundwater).

A helicopter-borne EM (HEM) survey undertaken by the Company in July identified 48 individual conductors interpreted to be related to bedrock features (refer Figure 2 and G88 ASX Announcement 14 October 2021)1.

A subsequent ground-based moving loop EM (MLEM) survey focussed on a cluster of anomalies adjacent to the Narndee VMS (Cu-Zn) prospect. This anomaly cluster is associated with widespread surficial copper-zinc anomalism, gossanous outcrops, mineralised structures, exhalative rocks (BIFs and cherts) and felsic volcanism (refer Figure 3 and G88 ASX Announcement 5 November 2021)1.

During the MLEM survey a high conductance anomaly ('Tank') was identified in the northwest of the survey area (refer Figure 3). The Tank target was only seen as a weakly anomalous feature in the airborne survey, which the Company's geophysicist considers may be related to the high conductance of the anomaly as well as the depth to the top of the conductor, which at ~150m is at the limit of the airborne system's resolution.

The Tank anomaly is considered a high priority target for follow up given its strength and areal extent, and modelling of the remainder of the MLEM anomalies has now been completed to site collars for the upcoming drill program (refer Table 1 below).

ASX Announcement

ASX: G88

Table 1:Yarrambee MLEM targets.

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

Figure 3: Yarrambee MLEM survey and targets with modelled conductance (Siemens). Main image is a CH30 B-field (Total Field) anomaly map with background 25Hz base CH23 B-field (Z component) from the XCITETM HEM survey. Targets in orange to be tested in current drilling program.

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ASX Announcement

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Golden Mile's Yarrambee Project, drill site preparation at Tank, November 2021