Iceni Gold Limited has 7 key high priority target areas within the 14 Mile Well project area. Iceni is actively exploring the target areas using geophysics, Ultrafine soil sampling, air core drilling and diamond drilling. The 800km2 14 Mile Well tenement package is situated on the western shores of Lake Carey, 50km from Laverton WA.

Within the district the Castlemaine Fault has been a significant regional focus for hydrothermal activity and associated alteration/mineralisation events. A 30km segment of the Castlemaine Fault passes through the 14 Mile Well Project. Within the Everleigh Well target area a number of targets are coincident.

The targets were developed using different exploration disciplines and include: FMD21 (geophysics), EW27 (geophysics), CSA04 (geology) and 14UF009 (geochemistry). The Everleigh Well target area is located on the western contact of the Danjo Monzogranite, which is classified as a prospective Mafic Group intrusion. This is significant because Mafic Group intrusions are known to be spatially and temporally associated with gold mineralisation in the Kalgoorlie-Kurnalpi Rift.

The target area formed part of the historic Redcastle gold mining centre which was discovered in 1894. The Everleigh area also contains a number of pits and shafts that were previously explored 25 years ago, by BHP among others. The Tatong prospect, located nearby, was discovered by BHP as one of many large soil anomalies which were drill tested by Rotary Air Blast and Reverse Circulation drilling.

The Everleigh Well area was targeted due to positive field mapping observations made by CSA Pty Ltd. geologists in 2018 and 2020, which includes the following positive geological prospectivity indicators: Presence of a prominent fault and cross structures, evident in magnetic and gravity data sets. Albite alteration identified in litho-geochemistry. Interpreted Everleigh Embayment on the margin of the Danjo Batholith.

Alteration zonation identified in previous exploration vectoring towards the embayment. Historic workings trending towards the structural intersection. All assay results have now been received from the initial DD hole FMDD0032 at Everleigh Well.

Three DD holes were completed in the program, for a total of 1,783m. Hole FMDD0032 was re-entered and extended due to the intensity of alteration/veining that was observed downhole and to acquire petrophysical measurements to constrain geophysical models within the area. The drilling was conducted under contract by Westralian Diamond Drillers based out of Kalgoorlie.

The drill core was geologically field logged at the rig site then transported to Kalgoorlie for processing, detailed logging and sampling. DD samples were sent for Au assay to the ALS laboratory in Perth. The Castlemaine Fault is a significant regional structure and is manifest as an extensive zone of veining, brecciation and structural damage.

Within FMDD0032 the Castlemaine Fault has a downhole thickness of 130m. The fault is oriented sub-vertically and strikes northerly. This fault has seen extensive hydrothermal activity evidenced by the abundant alteration assemblages and zones of veining observed within the hole.

The Castlemaine Fault traverses 30km through the entire 14 Mile Well Project area from north to south. The structure is interpreted to be a splay off the Claypan/Celia Fault further to the east. The Company's key target areas are either directly associated with this structure or on structures that link to this fault.

It is interpreted to be a key controlling structure for gold mineralisation within the 14 Mile Well Project. The observation of native gold associated with sulphides, further supported by the gold assays verifies the structures associated with the Castlemaine Fault are carrying gold mineralisation. The majority of gold assay results in FMDD0032 were anomalous with the high result being 1.80g/t. These assay results are highly encouraging because they demonstrate gold is present throughout the entire 900m long diamond drillhole and that gold is being deposited within the granite.

The Company will now focus its exploration activities to locate favorable positions along and associated with the 30km segment of the Castlemaine Fault and the second or third order structures to determine where gold has been deposited in economic concentrations suitable for mining. An integrated geophysical program is underway to support the ongoing exploration work within the Everleigh Well Target Area. The program includes the new acquisition of data by a number of geophysical methods and the integration and modelling of this data in conjunction with existing geophysical data in the area.

The processing will use petrophysical data measured from the recent DD program at Everleigh. The geophysical models will be constrained by this real-world petrophysical data. These models will be used in conjunction with the geological and assay data from the DD program to improve the targeting at Everleigh and increase the probability of success in future drilling programs. The Castlemaine Fault forms the contact between the monzogranite and adjacent greenstone sequence and has been a significant regional focus for hydrothermal activity.

This is the type of structure that is known to be associated with many gold deposits in the Yilgarn Craton. In the Leonora-Laverton Districts a number of deposits are associated with structures interacting with the margins of intrusions. Examples of this style of deposit include Granny Smith, Puzzle North, King of the Hills, Burtville, Jubilee and Yundamindera.

The gold assay results from the DD program demonstrate the right geological processes were occurring at Everleigh. These processes were favorable for the transport and deposition of gold and reinforce the potential for the Castlemaine Fault to be associated with gold mineralisation. The 30km long segment within the 14 Mile Well Project is considered highly prospective for gold mineralisation.

Follow-up on-ground exploration work is underway within the Everleigh Well target area. Although hole FMDD0032 has not delivered economic intersections of gold, the fact that the Company has intersected very anomalous gold from the top to the bottom of a 900m long drillhole is geologically significant.