Great Northern Minerals : Camel Creek delivers 202,000 oz Gold and 9,000 t Antimony

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ASX ANNOUNCMENT

8 March 2022

Camel Creek delivers 202,000 oz of Gold and 9,000 t of Antimony

Highlights:

• Initial Camel Creek Mineral Resource Estimate (MRE) of 2.4Mt @ 2.6 g/t Au & 0.4% Sb (202,000 oz Au & 9,000 tonnes of antimony)
• Camel Creek contains a significant antimony component - highlights opportunity to produce a high-value antimony concentrate
• 65% of Camel Creek MRE is located in the Hinge Zone - open at depth and strike - potential exists to significantly increase initial resource with further drilling
• Initial Camel Creek MRE drives a material increase in the Golden Ant Project MRE
• • Updated Golden Ant Project MRE of 6.1Mt @ 2.0 g/t Au (386koz Au)
  • 111% increase in contained gold from 183 koz to 386 koz Au
  • 65% increase in overall resource tonnes from 3.7Mt to 6.1Mt
• Fully funded drill programs approved for 2022 aiming to further grow the resource base at Camel Creek and within the Golden Ant Project area.

Great Northern Minerals Limited ("GNM" or the "Company") (ASX: GNM) is pleased to announce the initial Camel Creek Mineral Resource Estimate (MRE) of 2.4Mt @ 2.6 g/t Au & 0.4% Sb (202 koz Au & 9,000 tonnes Sb), part of GNM's Golden Ant Project in North Queensland. The Camel Creek MRE increases the contained gold in the Golden Ant Project MRE by 111% to 386 koz Au plus 9,000 tonnes Sb.

Table 1 Initial Camel Creek Mineral Resource Estimate (0.5 g/t Au cut-off grade)

	Classification	Tonnes	Gold	Antimony	Contained Gold	Contained Antimony
		(kt)	(g/t)	(Sb %)	(koz)	(tonnes)
Camel Creek (1)	Indicated	1,440	2.7	0.4%	127	5,700
	Inferred	970	2.4	0.3%	75	3,300
	Sub Total	2,410	2.6	0.4%	202	9,000

Tonnages and grades are rounded. Discrepancies in totals may exist due to rounding.

(1) Widenbar & Associates 3 March 2022

Great Northern Minerals Limited	T: +618 6214	0148
ABN 22 000 002 111	Level 1, 33 Colin Street
www.greatnorthernminerals.com.au	West Perth, WA	6005
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GNM CEO & Managing Director, Cameron McLean said: "We are pleased to announce the initial Camel Creek Mineral Resource Estimate of 2.4Mt @ 2.6 g/t Au & 0.4% Sb (202 koz Au & 9,000 tonnes Sb). Camel Creek also contains significant antimony, raising the potential to produce an antimony concentrate at Camel Creek.

This is a material step forward for GNM, increasing the contained gold at our Golden Ant Project by 111% to 386 koz Au and will underpin the Golden Ant Project Scoping Study.

Exploration activities will continue at our Golden Ant Project as we seek to further increase the Mineral Resource and, as part of the Scoping Study, seek to better understand the potential for higher grade Mineral Resources at depth at Camel Creek and Golden Cup."

1. Camel Creek Mineral Resource Estimate

Great Northern Minerals Limited (ASX: GNM) ("GNM" or the "Company") is pleased to announce the initial Mineral Resource Estimate of 2.4Mt @ 2.6 g/t Au & 0.4% Sb (202 koz Au & 9,000 tonnes Sb) for the Camel Creek deposit, part of GNM's Golden Ant Project in Far North Queensland.

Table 2 Initial Camel Creek Mineral Resource Estimate (0.5 g/t Au cut-off grade)

	Classification	Tonnes	Gold	Antimony	Contained Gold	Contained Antimony
		(kt)	(g/t)	(Sb %)	(koz)	(tonnes)
Camel Creek (1)	Indicated	1,440	2.7	0.4%	127	5,700
	Inferred	970	2.4	0.3%	75	3,300
	Sub Total	2,410	2.6	0.4%	202	9,000

Tonnages and grades are rounded. Discrepancies in totals may exist due to rounding.

(1) Widenbar & Associates 3 March 2022

The Camel Creek Project is part of GNM's Golden Ant Project and is located approximately 200km northwest of Townsville in north-eastern Queensland.

Figure 1 Camel Creek Project Location

Great Northern Minerals Limited	T: +618 6214	0148
ABN 22 000 002 111	Level 1, 33 Colin Street
www.greatnorthernminerals.com.au	West Perth, WA	6005
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The Camel Creek deposit lies wholly within Mining Leases MLs 10168, 10175 and 10192 which are held by Golden Ant Mining Pty Ltd. Great Northern Minerals Limited acquired 100% of issued capital of Golden Ant Mining Pty Ltd in August 2020 and now holds a 100% interest in Mining Leases. The Mining Leases are all granted.

1.1. Potential to Increase the Camel Creek MRE

To date, the majority of the Camel Creek Mineral Resource Estimate is located within the Hinge Zone (comprising 61% of the total resource by volume and 65% by tonnage, at 0.5 Au g/t cut-off).

Figure 2 Camel Creek Aerial Plan View; MRE and GNM drilling

The Hinge Zone is open at depth and strike and GNM intends to carry out a systematic drilling program in 2022 to target these potential extensions and also to support the potential for a high grade UG mining operation.

Great Northern Minerals Limited	T: +618 6214	0148
ABN 22 000 002 111	Level 1, 33 Colin Street
www.greatnorthernminerals.com.au	West Perth, WA	6005
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Figure 3 Camel Creek Aerial Plan View; MRE, GNM drilling and resource classification

Figure 4 Central (Hinge Zone) Area Resource Classification Long Section

Great Northern Minerals Limited	T: +618 6214	0148
ABN 22 000 002 111	Level 1, 33 Colin Street
www.greatnorthernminerals.com.au	West Perth, WA	6005
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For personal use only

2. Golden Ant Project Mineral Resource Estimate

The initial Camel Creek Mineral Resource Estimate (MRE) of 2.4Mt @ 2.6 g/t Au & 0.4% Sb (202koz Au

• 9,000 tonnes Sb) has driven a material increase in the Golden Ant Project Mineral Resource to 6.1Mt @ 2.0 g/t Au (386koz Au).

Table 3 Updated Golden Ant Project Mineral Resource at a 0.5 g/t Gold cut off

	Resource	Tonnes	Gold	Antimony	Contained Gold	Contained Antimony
	Classification	(kt)	(g/t)	(Sb %)	(koz)	(tonnes)
Camel Creek (1)	Indicated	1,440	2.7	0.4%	127	5,700
	Inferred	970	2.4	0.3%	75	3,300
	Sub Total	2,410	2.6	0.4%	202	9,000
Big Rush (2)	Indicated	2,236	1.7	-	99	-
	Inferred	1,203	1.8	-	54	-
	Sub Total	3,439	1.8	-	153	-
Golden Cup (3)	Indicated	-	-	-	-	-
	Inferred	279	3.4	-	30	-
	Sub Total	279	3.4	-	30	-
Camel Creek		2,410	2.6	0.4%	202	9,000
Big Rush		3,439	1.8	-	153	-
Golden Cup		279	3.4	-	30	-
Golden Ant Project	Total	6,128	2.0	-	386	-

Tonnages and grades are rounded. Discrepancies in totals may exist due to rounding.

(1) Widenbar & Associates 3 March 2022

(2) Great Northern Minerals ASX release dated 21 February 2021

(3) Great Northern Minerals ASX release dated 9 December 2019

The successful completion of the Camel Creek MRE supports the Golden Ant Scoping Study, designed to assess mining, metallurgical, environmental parameters of the project and to investigate and determine the optimum path forward to understand the potential economics of both the Camel Creek mineralised zones and also the potential integration of the entire Golden Ant project.

2.1. Potential to Increase the Golden Ant MRE

To date, GNM has completed Mineral Resource Estimates for its Camel Creek, Golden Cup and Big Rush deposits delivering a total Mineral Resource of 6.1Mt @ 2.0 g/t Au (386 koz Au). GNM believes that there is significant potential to increase this resource.

All deposits (Camel Creek, Golden Cup and Big Rush) are open at depth and strike and GNM intends to undertake targeted exploration at these deposits, targeting potential high-grade mineralisation at depth.

The Golden Cup deposit is only defined to 70 metres vertical depth and further deeper drilling at depth is likely to define additional mineralisation in this area.

GNM is currently planning a drilling program to test the Golden Cup depth extensions and this program is scheduled to commence in Q2 2022.

Great Northern Minerals Limited	T: +618 6214	0148
ABN 22 000 002 111	Level 1, 33 Colin Street
www.greatnorthernminerals.com.au	West Perth, WA	6005
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