Cazaly Resources : Exploration Update - Ashburton Surface Sampling

EXPLORATION UPDATE

ASHBURTON SURFACE SAMPLING

ASX ANNOUNCEMENT

14 March 2022

onlyCazaly Resources Limited (ASX: CAZ, "Cazaly" or "the Company") is pleased to announce the receipt of assay results for the first on ground regional exploration program completed across the recently granted tenements on the Ashburton Project, located in the Pilbara region of Western Australia.

REGIONAL SCALE TARGET AREAS

useAnalytical results were received for 1,211 surface sediment samples collected across the Ashburton Project during November and December 2021. The regional stream sediment sampling program will provide the first comprehensive geochemical dataset across the entire Ashburton project area, and has already successfully identified major regional scale (Figure 1) mineralised structures:

• Two anomalous gold-copper mineralised trends extend over 50km in the northern project area, and

• Strong base metal signatures highlight the prospectivity of regional scale structures in the southern

personalFor		project area.
In addition, targeted soil sampling has highlighted the following anomalies:
• 10km long Au-Cu trend at New Finish prospect,
•	7km long base metal (Cu-Ag-Pb-Zn) trend at Warden Pool prospect,

• 3km long base metal (Cu-Ag-Pb-Zn) trend at Ram Hole Creek prospect.

Figure 1. Ashburton Project with surface sampling completed to date and interpreted mineralised trends.

L3, 30 Richardson Street West Perth WA 6005 PO BOX 396 West Perth WA 6872 Ph: [phone] www.cazalyresources.com.au

Figure 2. Copper assay results showing anomalous copper values at Warden Pool over 7 strike kilometres and Ram Hole Creek over 3 strike kilometres.

This first pass regional surface sampling program has covered the majority of E08/3260 and 3261. Additional surface sampling will be completed on the remainder

onlyof E08/3262, 3265, and 3272 to provide a comprehensive regional scale geochemical dataset for the entire tenement package. Interpretation of the geochemical data has commenced and work to date is presented in this announcement. Further in depth geochemical studies will be undertaken to generate vectors towards mineralistion and identify areas that require further work. Infill sampling will be completed

usein due course to further refine target areas.

In addition to the success of the regional stream sediment sampling programme highlighting the major mineralized trends, the targeted prospect scale soil sampling has confirmed anomalous metal values over

10km strike at New Finish, over 3km strike at Ram Hole personalCreek and 7km strike at Warden Pool (Figures 2 & 3).

This initial phase of targeted prospect scale sampling was collected on a broad 400m x 200m spacing. The next phase of work at these prospects will include infill soil sampling to refine anomalism and, where required, aircore drilling across stratigraphy to provide litho-geochemistry and determine the distribution of metals in the regolith profile. Anomalous assays are listed in Table 1. Details regarding sampling techniques and reporting of results is included in Appendix 1.

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Figure 3. Gold assay results showing anomalous gold values across 10 strike kilometres at New Finish.

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Cazaly holds the rights to a major land position covering 2,450km2 in the Ashburton Basin, in the Pilbara region of Western Australia. The project covers major regional structures considered to be highly prospective for large base metal and gold deposits and occurs in the region hosting Northern Star's (ASX:NST) Paulsen's gold deposit and Kalamazoo's (ASX:KZR) recently acquired Mount Olympus gold deposit.

onlyCazaly's MD Tara French commented "The majority of the Ashburton project now has a comprehensive regional surface geochemical dataset that will be used to progress exploration using the mineral systems approach. While it is still very much early days this dataset confirms the potential for the area to host not only gold mineralisation more akin to the Carlin style of deposit, but the central and southern portions of the project area also show anomalous Ag-Pb-Zn-Cu metal signatures analogous to the Abra base metal deposit. The remainder of the tenement areas will be sampled during the next phase of field activities."

ENDS

useFor and on behalf of the Cazaly Board

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For further information please contact:

Tara French (MD) / Clive Jones (Executive Director)

Cazaly Resources Limited

ABN 23 101 049 334

Tel: [phone] E: [e-mail]: www.cazalyresources.com.aupersonalThe information contained herein that relates to Exploration Results is based upon information compiled or

reviewed by Mr Don Horn, who is an employee of the Company. Mr Horn is a Member of the Australasian Institute of Mining and Metallurgy and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which they are undertaking to qualify as a Competent Persons as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr Horn consents to the inclusion of his name in the matters based on the information in the form and context in which it appears.

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Table 1. Anomalous surface samples >3ppb Au.

	Sample	North	East	RL	Prospect	Lease ID	Ag	As	Au	Cu	Hg	Pb	Sb	Tl ppm	Zn	Carlin
only	ID						ppm	ppm	ppb	ppm	ppm	ppm	ppm		ppm	D Score
AS0747	7444637	467130	206	Mt Dawson	E08/3260	0.02	6.65	13.2	39.90	0.004	11.62	0.61	0.175	73.0	3
AS0772	7444824	464003	212	Mt Dawson	E08/3260	0.05	4.95	4.4	31.08	0.145	8.69	0.64	0.099	52.1	3
AS0810	7443580	466979	203	Mt Dawson	E08/3260	0.02	6.75	3.9	42.19	0.031	16.83	0.72	0.183	75.5	4
AS0813	7444091	467276	210	Mt Dawson	E08/3260	0.01	6.96	3.1	41.85	0.015	14.47	0.66	0.190	75.2	4
AS0898	7446706	459549	200	Mt Dawson	E08/3260	0.03	6.62	5.2	38.31	0.025	12.64	1.02	0.179	57.1	3
AS0914	7447371	460395	201	Mt Dawson	E08/3260	0.03	7.21	3.0	34.17	0.022	11.16	0.90	0.176	49.2	3
AS0915	7447547	460495	200	Mt Dawson	E08/3260	0.03	8.19	4.3	35.99	0.012	13.62	0.89	0.162	54.4	3
AS0918	7446014	459149	200	Mt Dawson	E08/3260	0.03	6.68	3.1	37.66	0.017	11.57	0.78	0.166	60.5	3
use	AS0943	7419189	500011	230	Warden Pool	E08/3261	0.05	5.94	4.1	35.08	0.021	10.78	0.46	0.120	47.7	1
	AS0964	7419537	500210	234	Warden Pool	E08/3261	0.05	5.94	3.4	40.04	0.033	10.91	0.50	0.123	49.9	2
	AS0968	7419334	500557	234	Warden Pool	E08/3261	0.06	4.93	6.1	51.11	0.029	11.53	0.57	0.117	49.4	2
	AS0969	7419507	500656	233	Warden Pool	E08/3261	0.08	6.17	3.2	45.78	0.103	11.96	0.60	0.134	55.1	4
	AS0971	7419401	496437	227	Warden Pool	E08/3261	0.04	7.06	3.3	51.11	0.041	11.53	0.58	0.147	53.8	3
	AS0989	7431079	495325	252	New Finish	E08/3261	0.02	6.34	11.4	31.51	0.005	11.62	0.75	0.137	56.0	3
	AS0990	7430908	495228	251	New Finish	E08/3261	0.02	5.37	3.1	26.50	0.002	9.38	0.83	0.108	43.6	1
personalr	AS0995	7430039	494732	254	New Finish	E08/3261	0.01	7.14	3.4	32.68	0.006	12.71	0.73	0.120	55.5	2
AS1004	7430112	493395	264	New Finish	E08/3261	0.01	4.95	12.5	24.47	0.003	9.89	0.89	0.077	63.0	3
	AS1005	7430286	493494	278	New Finish	E08/3261	0.04	4.52	11.2	26.47	0.104	8.22	1.46	0.074	29.6	5
	AS1006	7430463	493592	263	New Finish	E08/3261	0.01	4.56	3.6	29.48	0.051	5.40	0.56	0.047	65.3	3
	AS1014	7431701	493841	253	New Finish	E08/3261	0.02	6.24	5.5	24.82	0.013	9.35	0.75	0.087	50.8	2
	AS1016	7431353	493642	255	New Finish	E08/3261	0.02	5.26	3.3	28.81	-0.002	11.42	0.64	0.130	61.5	1
	AS1018	7431006	493443	257	New Finish	E08/3261	0.02	1.09	11.6	11.83	0.023	4.54	1.86	0.013	86.9	4
	AS1022	7430310	493047	280	New Finish	E08/3261	0.02	4.36	3.5	24.48	0.044	9.94	1.11	0.075	45.7	3
	AS1031	7430485	496371	249	New Finish	E08/3261	0.02	2.99	3.0	15.51	0.044	4.17	0.47	0.053	22.4	2
	AS1044	7429742	496868	250	New Finish	E08/3261	0.03	4.44	5.0	29.66	0.058	8.15	0.57	0.095	47.1	3
	AS1045	7429518	497661	249	New Finish	E08/3261	0.03	3.81	16.3	31.63	0.008	48.52	0.34	0.063	81.3	3
	AS1047	7429171	497462	244	New Finish	E08/3261	-0.01	7.38	9.0	28.59	0.002	9.32	0.59	0.124	56.5	3
	AS1050	7429146	497909	245	New Finish	E08/3261	0.01	6.32	3.1	29.35	0.004	9.16	0.58	0.125	63.2	1

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Sample	North	East	RL	Prospect	Lease ID	Ag	As	Au	Cu	Hg	Pb	Sb	Tl ppm	Zn	Carlin
ID						ppm	ppm	ppb	ppm	ppm	ppm	ppm		ppm	D Score
AS1056	7428873	495610	249	New Finish	E08/3261	-0.01	5.43	28.3	24.47	0.014	7.65	0.67	0.075	51.3	3
AS1112	7430539	495946	250	New Finish	E08/3261	-0.01	5.09	3.4	34.31	0.003	9.28	0.72	0.114	54.2	1
AS1113	7429956	493760	258	New Finish	E08/3261	0.01	4.34	4.2	25.89	0.019	8.54	0.89	0.072	50.9	1
AS1122	7431516	494655	251	New Finish	E08/3261	-0.01	5.52	5.7	36.55	-0.002	11.65	0.79	0.136	60.6	2
AS1123	7431690	494757	252	New Finish	E08/3261	-0.01	5.29	3.1	33.64	0.004	8.40	0.68	0.106	62.9	1
AS1126	7431366	493202	255	New Finish	E08/3261	-0.01	5.42	5.6	30.84	0.002	9.29	0.57	0.106	50.4	2
AS1139	7429045	496928	244	New Finish	E08/3261	0.04	5.52	76.0	33.67	0.070	7.11	0.64	0.085	57.4	5
AS1142	7429701	497764	249	New Finish	E08/3261	0.02	4.44	3.0	29.22	0.032	7.84	0.50	0.092	57.4	1
AS1146	7429662	498214	246	New Finish	E08/3261	-0.01	8.01	3.3	39.51	0.010	11.18	0.51	0.123	56.7	2
AS1149	7428947	498254	243	New Finish	E08/3261	-0.01	5.46	8.0	34.67	0.004	5.64	0.58	0.115	46.8	2
AS1150	7428745	498144	243	New Finish	E08/3261	-0.01	7.27	3.4	38.22	0.006	14.56	0.57	0.150	66.7	3
AS1152	7428572	498505	244	New Finish	E08/3261	0.01	8.49	10.4	31.95	0.008	8.98	0.63	0.113	58.4	3
AS1153	7428748	498605	244	New Finish	E08/3261	-0.01	10.36	6.2	11.20	0.010	5.19	0.97	0.069	18.0	3
AS1157	7428726	499051	240	New Finish	E08/3261	0.01	8.57	12.2	27.57	0.003	10.41	0.71	0.137	54.2	4
AS1158	7428553	498952	239	New Finish	E08/3261	0.01	8.48	3.8	30.27	0.006	11.37	0.62	0.139	61.6	3
AS1159	7428353	499295	240	New Finish	E08/3261	-0.01	7.82	22.9	25.55	0.004	8.71	0.55	0.123	52.0	4
AS1161	7428719	499493	244	New Finish	E08/3261	0.02	6.31	29.3	33.00	0.006	9.77	0.51	0.120	64.9	3
AS1162	7428876	499596	245	New Finish	E08/3261	0.02	8.85	17.8	38.30	0.012	10.09	0.70	0.124	59.3	3
AS1163	7429062	499706	242	New Finish	E08/3261	0.01	7.37	3.7	32.81	0.012	9.64	0.62	0.102	55.4	2
AS1170	7428999	500589	246	New Finish	E08/3261	0.03	7.92	10.7	26.12	0.021	7.17	0.40	0.063	48.2	3
AS1200	7415767	511904	246	Ram Hole Creek	E08/3261	0.01	5.48	4.9	52.26	0.014	9.41	0.59	0.102	57.7	2
AS1202	7429122	498355	254	New Finish	E08/3261	0.01	5.42	4.7	27.11	0.028	11.04	0.92	0.107	36.2	2
AS1203	7429295	498455	245	New Finish	E08/3261	-0.01	5.95	4.6	32.30	0.003	9.33	0.66	0.151	50.6	3
AS1208	7429612	499105	250	New Finish	E08/3261	0.01	8.62	3.1	36.51	0.027	9.46	0.67	0.080	34.8	2
AS1209	7428899	499150	242	New Finish	E08/3261	0.02	10.19	7.8	39.07	0.016	12.68	0.65	0.154	84.1	4
AS1210	7429072	499249	244	New Finish	E08/3261	-0.01	7.09	16.0	33.20	0.003	10.91	0.54	0.112	69.6	3
AS1211	7429246	499348	242	New Finish	E08/3261	0.01	34.49	3.5	39.44	0.004	10.14	0.69	0.096	59.7	3
AS1212	7429419	499447	241	New Finish	E08/3261	-0.01	9.75	4.0	41.67	0.009	10.35	0.47	0.124	62.3	2
AS1213	7429397	499893	241	New Finish	E08/3261	-0.01	6.50	3.1	31.08	0.002	7.42	0.56	0.113	54.9	1
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