Gibb River Diamonds : Iroquois Zinc-Lead Project Update

Iroquois Zinc-LeadProject Update

EXPLORATION INCLUDING DRILLING TO RECOMMENCE AT IROQUOIS

________________________________________________________________________

ASX RELEASE

27 July 2022

ASX Code: GIB

only

Gibb River Diamonds Limited ('GIB') is pleased to report the following Iroquois Zinc-Lead Project update as reported by our Joint Venture partner Strickland Metals Limited (ASX: 'STK') to the ASX on 27 July 2022 (Appendix A).

use		Iroquois Project Key Points:
		∙ Drilling program to commence subject to approvals and heritage clearances.
		∙ Native title heritage survey to be requested for August 2022.
		∙ Initial 5,000m of drilling in follow up to the highly successful 2021 program.
		∙ A further 5,000m of drilling will be planned subject to the success of the initial program.
		∙ Soil sampling and geophysical programs planned across broader project area to locate
		further 'feeder structures' where highest grade Zn-Pb mineralisation is likely to occur.
		∙ Formal Joint Venture Agreement complete.
	Program
	Strickland and Gibb River Diamonds have now entered a formal Joint Venture Agreement which supersedes a
personalhistorical Option Agreement of September 2012. Strickland is the Manager of the Joint Venture.
For	Further geological mapping and rock chip sampling will be undertaken with a focus on expanding known
mineralised zones and locating elevated copper geochemical anomalies (please refer to ASX announcement
28th February 2022). In addition, a trial IP survey will be undertaken to understand the effectiveness across
known mineralised zones.
Previous drilling has been constrained by historic native title heritage clearance surveys. These historically
cleared holes are denoted by the small green circles in Figure 3. Drilling closer to the interpreted zone (i.e.
drilling to the east) has not been historically possible hence further clearance surveying is required.
	The Company will request a heritage survey for August 2022 over the Iroquois prospect and surrounding areas.
	Upon receipt of the Heritage Clearance report, the Company is planning	for follow-up drilling to commence
	shortly thereafter. The Company envisages initially completing at least 5,000m of RC and diamond drilling within
	12 months from approvals and clearances. As part of this program, initial metallurgical testwork will also be
	undertaken. A further 5,000m of drilling will also be planned subject to the success of the previous program.
(STK comments end)
		Gibb River Diamonds Limited	1/16 Ord Street	T [phone]	E [e-mail]
		ABN 51 129 158 550	West Perth WA 6005		W www.gibbriverdiamonds.com

The Iroquois Prospect is a Joint Venture between STK (80%) and GIB (20% free-carried to Bankable Feasibility Study). The information below is from the STK release dated 27 July 2022, with minor modifications:

ASX RELEASE

GIB Conclusion

onlyGibb River Diamonds Limited welcomes this update on the Iroquois Zinc-Lead Project and

ooks forward to drilling re-commencing as soon as is practicable. The signing of the full-form Joint Venture Agreement between STK and GIB also provides more certainty moving the

Project forward to the next phase.

use
Jim Richards BSc (hons) Geology, MAusIMM, MAIG
Executive Chairman	Enquiries To: Mr Jim Richards [phone]
personaland a Member of the Australian Institute of Geoscientists. Mr. Richards is a Director of GIB River Diamonds
References:

Iroquois Lead-Zinc Prospect (WA). First Drilling Results; Phosphate Australia Limited (now GIB) ASX Announcement dated 7 November 2011

High Grade Mississippi Valley-TypeZinc-Lead Discovery in Earaheedy Basin; Strickland Metals Limited; ASX Announcement dated 14 October 2021

Iroquois Zinc-Lead Project Update; Strickland Metals Limited; ASX Announcement dated 27 July 2022

The information in this report that relates to the GIB minority interest in the Joint Venture over E69/2820, has been derived from information reported to the ASX by Strickland Metals Limited (ASX: STK), as referenced in this report and compiled by Mr Jim Richards who is a Member of The Australasian Institute of Mining and Metallurgy

Limited. Mr. Richards has sufficient experience which is relevant to the style of mineralisation and type of deposit Forunder consideration and to the activity which he is undertaking to qualify as Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves.

Mr. Richards consents to the inclusion in the report of the matters based on the information in the form and context in which it appears.

Appendix A Strickland Metals Limited ASX Release Dated 27 July 2022

Page 2 of 2

Strickland Metals Limited	Postal & Registered Office
ACN 109 361 195	[phone]
[e-mail]	Level 4, 15 Ogilvie Road
www.stricklandmetals.com.au	Mt Pleasant WA 6153

27 July 2022

only		IROQUOIS ZINC-LEAD PROJECT UPDATE
	EXPLORATION INCLUDING DRILLING TO RECOMMENCE AT IROQUOIS
Key Points:
	• Drilling program to commence subject to approvals and heritage clearances.
	• Native title heritage survey to be requested for August 2022.
use	• Initial 5,000m of drilling in follow up to the highly successful 2021 program.
• A further 5,000m of drilling will be planned subject to the success of the initial program.
•	Soil sampling and geophysical programs planned across broader project area to locate further
		'feeder structures' where highest grade Zn-Pb mineralisation is likely to occur.
	• Arrival of third drill rig to the Yandal project allows flexibility to undertake a series of targeted drill
		programs at Iroquois with drilling continuing at the Company's flagship Millrose gold project.
	• Formal Joint Venture Agreement complete.
Introduction
personal

Strickland Metals Limited (ASX:STK) ("Strickland" or "the Company") is pleased to provide an update on the Iroquois zinc-lead project (80% Strickland, 20% Gibb River Diamonds).

Management Comment

A drew Bray, Chief Executive Officer, said: "After making an exciting zinc-lead discovery at Iroquois late last year, we are pleased to provide an update on future exploration plans for the project.

The arrival of a third rig at our flagship Millrose gold project (located approximately 100km south of Iroquois) provides Strickland the flexibility and opportunity to undertake a series of targeted programs at Iroquois. This allows us to continue advancing Iroquois while determining the best course of action for its possible future development.

We will commence with a 5,000m program with a further 5,000m of drilling to be planned subject to continued positive r sults. Initial metallurgical testwork will also be planned.

As part of recommencing work at Iroquois, a large soil sampling program will be undertaken. Previous work conducted by Strickland has demonstrated that elevated copper in soil is an accurate marker of the 'feeder structure' which controls the zinc-lead mineralisation. The Company believes that future soil and geophysical programs will assist with locating further structures which can then be drill tested.

ForBetween Strickland's discovery at Iroquois, and Rumble Resources Ltd's considerable success at the neighbouring Earaheedy Project is shaping up as a very exciting base metal province. Most pleasingly, Strickland controls approximately 30km of strike along the Earaheedy Basin contact.

Iroquois Project

Strickland's Iroquois project lies adjacent to Rumble Resources Ltd's (ASX:RTR) Earaheedy Basin project. Significant results from the Company's maiden RC program in 2021 at Iroquois include1:

• IQRC001: 23m @ 5.5% Zn + Pb from 108m (combined), including;

14m @ 4.5% Zn from 108m (true depth 90m) and9m @ 7% Zn + Pb from 135m (true depth 110m)

1 See ASX Release dated 14th February 2022.

1

Figure 1: Cross section showing strong mineralisation proximal to the "feeder zone" structure

• IQRC003: 12m @ 5.4% Zn + Pb from 58m (combined), including;

6m @ 6.2% Zn from 58m (true depth 50m) and6m @ 4.6% Zn + Pb from 96m (true depth 80m)

• IQRC004: 3m @ 7.6% Zn from 65m (within a broader 14m @ 2.2% Zn)
• IQRC005: 10m @ 3.7% Zn from 123m (within a broader 20m @ 2.4% Zn)
• IQRC010: 8m @ 5.2% Zn from 95m; and

5m @ 10.1% Zn + Pb from 110 m (within a broader zone of 18m @ 4.2% Zn + Pb)

onlyDue to the Company's primary focus on its flagship Millrose gold project, both of the Company's drill rigs had been allocated to the Millrose programs. However, with the impending arrival of a third rig Strickland is now in the position to be able to undertake ongoing targeted programs at Iroquois to follow up previous results as well as new areas of geochemical anomalism.

usepersonalI oquois represents an exciting prospect for the Company, particularly given its proximity to Rumble Resources Ltd's substantial discoveries at its Earaheedy Project (see Figure 2).

For

2

Figure 2: Iroquois Project location compared to RTR's Earaheedy Project

onlyuse

personalProgram

Strickland and Gibb River Diamonds have now entered a formal Joint Venture Agreement which supersedes a historical Option Agreement of September 2012. Strickland is the Manager of the Joint Venture.

Further geological mapping and rock chip sampling will be undertaken with a focus on expanding known mineralised zones and locating elevated copper geochemical anomalies (please refer to ASX announcement 28th February 2022). In addition, a trial IP survey will be undertaken to understand the effectiveness across known mineralised zones.

P evious drilling has been constrained by historic native title heritage clearance surveys. These historically cleared holes are denoted by the small green circles in Figure 3. Drilling closer to the interpreted zone (i.e. drilling to the east) has not been historically possible hence further clearance surveying is required.

The Company will request a heritage survey for August 2022 over the Iroquois prospect and surrounding areas. Upon receipt of the Heritage Clearance report, the Company is planning for follow-up drilling to commence shortly thereafter. The Company envisages initially completing at least 5,000m of RC and diamond drilling within 12 months Forf om approvals and clearances. As part of this program, initial metallurgical testwork will also be undertaken. A further

5,000m of drilling will also be planned subject to the success of the previous program.

3