Cauldron Energy Limited updated its shareholders regarding the progression of desktop work undertaken on its highly prospective Blackwood Goldfield Joint Venture Project. Cauldron's experienced exploration team first initialised the historical review in 2019 upon completion of the Heads of Agreement and subsequent Due Diligence process 1 for the Project. By the end of the third quarter 2020, the Company had established a systems-style exploration model, a series of working 3D geological models and several new exploration target areas, identified both at surface 2 and down-plunge of the known, mined, reefs. For ease of reference, Blackwood was compartmentalised into the Eastern Reef (Annie Laurie /Grace Egerton) and Western Reef (Sultan /Pioneer) systems. Historic accounts state that Blackwood's first gold discovery was in 1855 at Jackson's Creek, Golden Point 4. The finding of one gold nugget started the gold rush of the area. The bonanza gold grades being discovered both from alluvial and quartz reef sources, resulted in rapid population growth and the establishment of villages such as Blackwood and Barrys Reef. Mining reports document Blackwood's population as approx. 13,000 in September 18555. The rapid population expansion mirrors the better-documented gold-rushes of surrounding regions. However, Blackwood's exceptional gold grades were all located within the top 60 ­ 150 metres (m) of rock. There has been very little exploration undertaken at depth down-dip and plunge of the historically mined areas, leaving great potential for remaining ore reserves of similar exceptional gold grades. Since 2020, additional historical information has been found and added to the Cauldron Blackwood database. In 2021, the initiation of drilling activities near the Annie Laurie Reef coincided with a renewed review of these data. A schematic long section of the Western Reef mines was compiled from historical mine reports, showing historically reported fractured vein systems of up to 9m in thickness, containing grades of up to 920 g/t gold (Au) within the Western Reef system.