Golden Mile Resources : RC drilling underway at Golden Mile's Yarrambee Project

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ASX Announcement

ASX: G88

01 December 2021

RC drilling underway at Golden Mile's Yarrambee

Cu-Zn-Ni Project

Highlights

• 2-3,000mReverse Circulation (RC) drilling program has commenced testing high priority targets at Yarrambee
• Modelling of targets in the Narndee cluster has defined nine high priority, drill-ready base metals targets considered prospective for base metals copper (Cu) - zinc (Zn) and nickel (Ni) mineralisation
• Targets include the newly identified Tank anomaly, a highly conductive and extensive anomaly picked up in the recent ground survey and 'blind' to airborne surveys
• Portable XRF (pXRF) analyser on site to assist in identifying mineralisation and to prioritise samples for processing

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

"We are pleased to start this high impact drilling program which kicked off over the weekend at Chi and the newly identified and highly conductive 'Tank' anomaly, and then extends to other high priority targets identified from our airborne and ground electromagnetic surveys.

"The RC program is targeting bedrock conductors in an area where historical exploration identified widespread alteration and base metals mineralisation. These proximal indicators coupled with our geophysical surveys have defined high potential targets for this program which is expected to take about two weeks to complete.

"The team in the field are routinely checking samples with a portable XRF analyser to assist in identifying mineralisation and prioritising samples for laboratory analysis."

Golden Mile's Yarrambee Project, drilling underway, November 2021

ASX Announcement

ASX: G88

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Golden Mile Resources Ltd (ASX:G88, "Golden Mile" or "the Company") is pleased to advise that its reverse circulation (RC) drill program at the Yarrambee Cu-Zn-Ni Project is now underway.

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

ASX: G88

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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 aerial 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
	TBW	Western Conductor	~3,000-6,000	50-100	Complex body with two
use	Eastern Conductor	~5,000-10,000	~50-75	sources with 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
				Clear local/discrete bedrock
Lambda C (SW Anomaly)	~1,000-2,000	~60-100	conductor with moderate
				conductance.
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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.

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ASX Announcement

ASX: G88

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

For further information please contact:

James Merrillees - Managing 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.

About Golden Mile Resources Ltd

Golden Mile Resources Ltd (Golden Mile; ASX: G88) is a Western Australian focused mineral exploration company with projects in the Eastern Goldfields, Murchison and South-West regions.

The Company's gold projects are located in the highly prospective Eastern Goldfields region, namely the Leonora (Benalla, Ironstone Well and Monarch prospects), Darlot and Yuinmery Gold Projects.

The Yarrambee Project, an ~816km2 landholding located in the Narndee-Igneous Complex (NIC) in the Murchison region, is considered prospective for Ni-Cu-PGE as well as Cu-Zn VMS mineralisation.

The Company also holds the Quicksilver nickel-cobalt project, located about 350km south east of Perth.