Great Southern Mining : Large Scale Mineralised System Identified at Amy Clarke

ASXASXAS

ASX: GSN

ASX ANNOUNCEMENT

13 April 2022

Large Scale Mineralised System Identified at Amy Clarke

Highlights

• • 1-metre (1m) split sample results now received from 2021 Air Core program at the Amy Clarke Prospect, part of the Company's Duketon Gold Project in Western Australia.

• • Standout intersection of 5m @ 8.2 g/t Au including 1m @ 33.5 g/t Au from 33m in 21ACAC0147.

• • Multi-element, bottom of hole analysis results indicates pathfinder elements are typical of a large-scale mineralised gold system.

• • The newly discovered shallow gold intersections have excellent correlation with kilometre-scale gold in soil and immobile pathfinder elements in bottom of hole results and form a newly defined mineralised trend.

• • High-grade bedrock intersections suggest the source of the gold anomalies is close by with bottom of hole analysis results to be used to vector in on deeper drill targets and additional targets along strike.

• • Scale and strike continuous anomalism highlight the potential of the Amy Clarke Prospect to host a significant gold deposit.

Great Southern Mining Limited (ASX: GSN) ("GSN" or the "Company") is pleased to announce the 1m split and bottom of hole multi-element results of the aircore drill program conducted in late 2021 at one of its regional targets, Amy Clarke, in the Duketon Gold Project, located 60km north of Laverton, Western Australia.

GSN's technical consultant, Marcus Willson, commented:

"These high-grade gold results discovered in the Amy Clarke area, are in line with those found in gold deposits throughout the Goldfields, indicating that Amy Clarke may host a gold deposit of economic significance. The bottom of hole multi-element analysis and 1m gold assay data from the mineralised aircore intervals clearly map out the mineralised system over a strike length of approximately 4km.

These results will be utilised to vector in on the areas that require further drill testing."

GSN's Executive Chairman, John Terpu, commented:

"GSN acquired this tenement in mid-2020 and at that time, the tenement had not been subject to any significant drilling or on ground exploration since Sons of Gwalia undertook shallow RAB drilling in 1993. GSN is effectively the first Company to drill the Amy Clarke area and we are proud of the geological team who have spent the last year progressing this area from a conceptual target to an area that has intersections of high-grade gold, open at depth and along strike which has already been mapped to a strike length of 4km."

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Figure 1 - Plan view of Amy Clarke, highlighting bottom of hole Arsenic contours and recent aircore drilling results that form a coherent mineralised trend.

Technical Discussion

A 172-hole aircore program for 5,586m was completed in December last year at the Amy Clarke Prospect (Refer ASX announcement 17/01/22). The results of this announcement relate to the 1m samples taken from the previously identified anomalous 4m composite samples. In conjunction, a separate, bottom of hole sample of each drillhole was also taken for multielement analysis which has been utilised to map the newly identified mineralised system.

The drilling was regarded as highly successful and multiple holes encountered gold anomalism that forms a coherent gold trend. The trend can be traced north-south through the prospect and every drill line, with the exception of one, intersected gold anomalism. This newly defined gold trend also correlates well with the previously identified gold in soil trend (Refer ASX announcement 25/11/21).

Significant 1m gold assay results include:

• • A standout assay result of 5m @ 8.2 g/t Au including 1m @ 33.5 g/t Au from 33m in 21ACAC0147;

• • 1m @ 1.2 g/t Au from 2m in 21ACAC007;

• • 2m @ 0.6 g/t Au from 16m, 1m @ 2.5 g/t Au from 24m and 1m @ 0.7 g/t Au from 32m in 21ACAC022;

• • 1m @ 3.95 g/t Au from 47m in 21ACAC029;

• • 3m @ 1.5 g/t Au from 1m in 21ACAC055;

• • 1m @ 0.5 g/t Au from 1m, 1m @ 0.66 g/t Au from 12m, 2m @ 0.5 g/t Au from 20m and 1m @ 1.3 g/t Au from 35m in 21ACAC065;

• • 2m @ 1.1 g/t Au from 4m and 1m @ 0.7 g/t Au from 21m in 21ACAC066;

• • 1m @ 0.5 g/t Au from 27m and 2m @ 0.4 g/t Au from 35m and 1m @ 1.7 g/t Au in 21ACAC077;

• • 1m @ 0.6 g/t Au from 18m and 1m @ 0.3 g/t Au from 35m in 21ACAC084;

• • 2m @ 0.7 g/t Au from 20m in 21ACAC104;

• • 1m @ 0.7 g/t Au from 58m in 21ACAC136; and

• • 1m @ 1.7 g/t Au from 20m and 1m @ 0.8 g/t Au from 25m in 21ACAC172.

Multi-Element Discussion

The standout intersection of 5m @ 8.2 g/t Au including 1m @ 33.5 g/t Au from 33m in 21ACAC147 is significant in isolation but also as it forms part of a much larger anomaly which has excellent correlation with kilometre-scale pathfinder elements. The recent bottom of hole analysis clearly maps out the mineralised system with several elements forming distinct trends that corelate with the high-grade gold intersections. Arsenic is mapping out the mineralised shear zone that can be traced for the length of the drilling to date which extends for nearly 4km, with the current extent of drilling remaining open, particularly in the south.

Bismuth showed excellent correlation with the gold anomaly with concentration towards the centre 'hotspots'. Aircore drilling has confirmed that bismuth is a good proxy for gold mineralisation as the main mineralised trend and the high-grade intersection sit directly in line with the bismuth anomaly(Figure 2).

Figure 2 - Plan view of Amy Clarke, highlighting bottom of hole Bismuth contours and recent aircore drilling results that form a coherent mineralised trend.

Gold association with pathfinder elements such as bismuth indicate that the source of the anomalies is less likely to be transported as these elements are less mobile within the weathering regime.

The position of the high-grade intersection relative to sulfur anomaly is also highly encouraging as the sulfur anomaly is strongest in the southern portion which correlates with the high-grade intersection (5m @ 8.2 g/t Au in 21ACAC147).

It should be noted that only a thin veneer (0.5m-10m) of cover is typical throughout the prospect area and the majority of gold intersections are within highly sheared mafic bedrock. Hole 21ACAC147 was one of only 24 holes of the program drilled deeper than 40m (maximum depth 60m) and highlights that deeper drilling is required at Amy Clarke to delineate the mineralised system with additional drilling to the south being a priority.

Figure 3 - Plan view of Amy Clarke, highlighting bottom of hole sulfur contours and recent aircore drilling results that form a coherent mineralised trend.