Golden Mile Resources : Yarrambee Drilling Update

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ASX Announcement

ASX: G88

01 March 2022

Yarrambee RC Drilling Update

Golden Mile Resources Ltd (ASX: G88; "the Company") would like to provide an update on the status of the Yarrambee RC drilling.

• Assay results expected in approximately 3 weeks
• Data from downhole and ground EM has been received
• Further ground MLEM required at TBW target
• Further drilling required within the Narndee Cluster

As previously reported, Golden Mile Resources Ltd completed 7 reverse circulation ("RC") drill holes for 1,168m in December 2021.1 In addition to the drilling the Company completed downhole electromagnetic geophysical surveys ("DHEM") on 4 of the holes as well as a fixed loop ground electromagnetic ("FLEM") geophysical survey at the TBW target.

The laboratory analysing the samples submitted from the Yarrambee RC drilling has indicated that the assay results are expected to be received by the Company in approximately 3 weeks. The data from downhole EM ("DEH") and fixed loop ground EM ("FLEM") carried out after the drilling was completed has now also been received by the Company's consultant geophysicist.

The RC drill programme was the commencement of the systematic testing of base metal (Cu, Ni, Zn, Pb) targets at Yarrambee identified in a geophysical helicopter airborne electromagnetic ("AEM") survey and follow-up moving loop electromagnetic ("MLEM") survey carried in the December 2021 Quarter.2 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).

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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Table 1. Yarrambee MLEM targets.

only	Prospect	Target	Conductance	Depth to	Comment
(S)	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 body with two
TBW				sources with high
Eastern Conductor	~5,000-10,000	~50-75
use		conductance
				High conductance anomaly
	Tank	~7,000- >>9,000	~175	of reasonably large aerial
				size
				Moderate to high
	Chi	~3,000-6,000	~50-75	conductance with shallow
				depth to top
				Clear local/discrete bedrock
Lambda C (SW Anomaly)	~1,000-2,000	~60-100	conductor with moderate
For personal					conductance.

Figure 2. Yarrambee MLEM survey and targets within the Narndee cluster 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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The RC holes were designed to test EM plates modelled from the MLEM data. The holes were sampled where there were anomalous base metal concentrations using the handheld XRF machine. The summary of the sample intervals, lithology ad description of sulphide types is summarised in Table 2 and locations shown on Figure 3.

Table 2. Drill Hole Sample Interval Summary for Yarrambee RC Drilling

Target	Hole ID	Fro	To	Width	Lithology	Sulphide style	Sulphides	DHEM
m	Minerals
CHI	YERC00	61	72	11	Basalt,	Up to 40%	pyrite, sphalerite,	No
1	ultramafic	Disseminated	chalcopyrite
Tank	YERC00	235	240	5	basalt	Up to 15%	pyrite, sphalerite	No
2	Disseminated
TBW	YERC00	50	51	1	basalt	Up to 10%	pyrite	Yes
3	Disseminated
TBW	YERC00	122	125	3	basalt	Up to 5%	pyrite	No
4	Disseminated
Lambda-	YERC00	161	168	7	Shale, rhyolite	Up to 5%	pyrite/pyrrhotite	Yes
C	5	Disseminated
	YERC00				Ironstone,	Up to 20%
TB8-9	124	160	6	ultramafic,	pyrite	Yes
6	Disseminated
				basalt
Tank	YERC00	193	201	8	basalt	Up to 10%	pyrite, sphalerite,	No
7	Disseminated	chalcopyrite

Ground conditions were difficult and 4 of the 7 holes collapsed before casing for DHEM could be installed resulting in only 3 holes surveyed. DHEM provides a more accurate assessment whether the target conductor was intersected, the nature of the conductor and whether there are areas off hole that require further drilling. An assessment whether further drilling is required to collect DHEM in some of these areas will be made once the results are received.

In addition to the DHEM a small ground FLEM survey was completed at the TBW target and is now recommended by the Company's geophysical consultant that the ground MLEM be extended south of this prospect where it is thought that there are possible additional conductors.

The poor ground conditions affected the drilling at the Tank target where it is not clear whether the target was intersected in the deeper YERC002 drill hole. Additionally, hole YERC007 does not appear to have reached a second deeper EM plate model.

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

Golden Mile's Yarrambee Project is adjacent to tenements held by Aldoro Resources Ltd (ARN:ASX) and comprises more than 800 km2 of tenements covering the NIC. The Company considers the project prospective for Ni-Cu-PGE mineralisation (e.g., Voisey's Bay, Nova, Julimar), and Volcanogenic Massive Sulphide (VMS) Cu-Zn mineralisation (e.g., Golden Gove, DeGrussa).

Further Work

• Interpretation and modelling of DHEM & FLEM to commence once assays are received
• Follow-upRC drilling where required
• Extend the MLEM survey south at TBW target
• Continue follow-up of targets identified in the AEM survey outside of the Narndee Cluster including Redhead

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Figure 3. Plan showing location of drill holes and EM plate models at the Narndee Cluster

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Table 3. Drill Hole Location 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	Quarterly Activities Report	31	JAN 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.