Kalamazoo Resources : Ashburton Drilling Extends Known Gold Mineralisation

ASX Announcement

20 January 2022

only	Ashburton Gold Project Drilling Extends
	Known Gold Mineralisation
Highlights
	• Kalamazoo has received assay drilling results for 47 Reverse Circulation (RC) holes completed
use	during the 2021 Phase II drilling program at its 100% owned 1.65Moz Ashburton Gold Project
• Assays have also been received for a further nine RC holes and one diamond hole completed during
	the Phase I drilling program at the West Olympus, Peake, and Zeus Deposits
	• At the West Olympus Deposit, which forms part of the current 1.08Moz @ 2.2g/t Au Mt Olympus
	Resource, drilling has identified two additional thick mineralised lodes that remain open down

	plunge with best intercepts including:
personal	o 6m	@ 2.84g/t Au from 136m and 19m @ 1.26g/t Au from 196m (KARC0092A)
o	6m	@ 1.43g/t Au from 45m (KARC0041)
	o	10m @ 2.26g/t Au from 123m incl 2m @ 4.16g/t Au from 128m (KARC0091)

o 5m @ 3.62g/t Au from 100m and 9m @ 2.26g/t Au from 146m (KARC0093) o 7m @ 2.17g/t Au from 143m (KARC0090A)

• The recently completed Phase II drilling has extended shallow gold intercepts 100m to the west of

	the West Olympus Deposit with best intercepts including:
	o 6m @ 1.32g/t Au from 23m (KARC0089)
	o 4m @ 1.16g/t Au from 24m incl 1m @ 3.17g/t Au from 26m (KARC0084)
	o 3m @ 1.26g/t Au from 15m (KARC0083)
	• At the Peake Deposit, shallow gold intercepts have extended the main lode 200m west beyond the
	current 399koz Au @ 3.4g/t Au Peake Resource and identified new sources of oxide gold with best
	intercepts including:
	o 1.2m @ 15.15g/t Au from 79m (KADD0001)
For	o 4m @ 2.01g/t Au from 34m (KARC0044)
o 4m @ 3.14g/t Au from 15m (KARC0073) - footwall
o 1m @ 11.7g/t Au from 48m (KARC0107) - footwall

• At the Zeus Deposit, extensional exploration drilling has confirmed gold mineralised lodes further southwest beyond the current 72koz @ 2.2g/t Au Resource with best intercepts including:

o 9m @ 1.08g/t Au from 177m (KARC0121)

• 1. 5m @ 1.69g/t Au from 118m (KARC0120A)
• Drilling results for the remaining 18 Reverse Circulation (RC) holes and 70 Air Core (AC) holes completed during the 2021 Phase II drilling to be announced shortly
• Planning underway for extensive Phase III drilling/exploration program to commence in early 2022

Perth	ASX: KZR	Melbourne
16 Douro Place	ACN: 150 026 850	Unit 3, 328 Reserve Road
West Perth WA 6005	[e-mail]	Cheltenham VIC 3192
1300 782 988	www.kzr.com.au	[phone]

Kalamazoo's Director and Ashburton Project Manager Paul Adams said today, "The confirmation of a new plunging zone of gold mineralisation at the West Olympus Prospect is a very positive development for the Ashburton Gold Project. A second zone of significant mineralisation in addition to the 1.08M oz Mt Olympus Resource has the potential to increase the scale of open pit mining across both the West Olympus and Mt Olympus deposits which are currently the focus of ongoing feasibility studies.

"The Phase II drilling program was aimed at discovering new oxide resources. The drilling has delivered onlyencouraging results, with shallow oxide gold mineralisation intercepted outside of the current resource

envelopes at both the West Olympus and Peake Deposits. Further work is now required to investigate the potential for zones of supergene enriched gold associated with some of the shallow mineralised intercepts.

"Exploration strategies and planning are well advanced and drill targeting is ongoing for both 'brownfield' and 'greenfield' prospects in preparation for an extensive Phase III drilling campaign at the Ashburton Gold Project in 2022."

usepersonal

For
	Figure 1: Geology map showing the historical open pit mines and locations of the prospects and drill holes
		described in this report

Kalamazoo Resources Limited (ASX: KZR) ("Kalamazoo" or "the Company") is pleased to advise that assays have been received for the remaining Phase I and 2021 Phase II drilling programs which were designed to target potential extensions and upgrades to the existing oxide and primary gold resources (i.e., resource or "brownfields" exploration) at the West Olympus, Peake, and Zeus Prospects at the Ashburton Gold Project (AGP). Further drilling results for several other regional or "greenfields" prospects at the AGP will be reported shortly.

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These results support Kalamazoo's key objectives for the AGP, which include defining new oxide gold resources such as that targeted at the West Olympus and Peake Deposits to support a stand-alone conventional gold processing facility. Secondly, Kalamazoo is focused on the addition of significant fresh (sulphide) resources, such as the newly identified plunging trend of gold mineralisation at West Olympus, which has the potential to contribute significant additional ore to the existing Mt Olympus sulphide resource. Various geological investigations and target generation exercises are ongoing at these as well as other prospects for input into the Phase III exploration program scheduled to commence in Q1 2022.

onlyWest Olympus Deposit

The West Olympus Deposit is located approximately 300m west of the Company's Mt Olympus deposit and is hosted by a north to north-east striking fault (Figure 1). The shallow oxide portion of the West Olympus Deposit has been mined to approximately 30m depth by previous owners and historical drilling has tested the prospect to a maximum depth of 230m below the existing pit. Four deep RC holes in two 80m spaced fans were drilled towards the west to target gaps in the existing drilling and to confirm the interpretation of a significant north-south striking mineralised structure (Figures 2 and 3).

useThe four deep RC holes intercepted a steeply east dipping 40m to 50m wide zone of quartz veining and pyrite-sericite alteration in mudstone and dolomite strata against the faulted basalt contact. Assay results how a continuous zone of gold mineralisation developed around the base of the alteration zone with a true width ranging between 4m to 8m, plus a second parallel zone of gold mineralisation intersected in the southern two drill holes (Figures 2 and 3). The true width of this second zone varies between 3m and 9m and typically comprises several thinner zones associated with quartz veining and pyrite-sericite alteration.

Best intercepts include:

1. 6m @ 2.84g/t Au from 136m and 3m @ 1.75g/t Au from 145m and 19m @ 1.26g/t Au from 196m (KARC0092A)

1. 10m @ 2.26g/t Au from 123m incl 2m @ 4.16g/t Au from 128m (KARC0091)

1. 5m @ 3.62g/t Au from 100m incl 1m @ 11.5g/t Au from 102m and 9m @ 2.26g/t Au from 146m incl 2m @ 5.15g/t Au from 152m (KARC0093)

1. 7m @ 2.17g/t Au from 143m (KARC0090A)

personalTo the west of the West Olympus pit, nine shallow RC holes within three 40m spaced fans were completed to test for new zones of strata-bound gold mineralisation within a locally Au-As anomalous and silica altered

pebbly quartzite and sandstone package that overlies basalt basement (Figures 2 and 3). This style of gold mineralisation formed a significant proportion of the material previously mined at West Olympus. All nine RC holes intersected shallow, wide oxidised gold mineralisation with best intercepts including:

1. 6m @ 1.32g/t Au from 23m (KARC0089) o 1m @ 5.9g/t Au from 12m (KARC0086)
   o 4m @ 1.16g/t Au from 24m incl 1m @ 3.17g/t Au from 26m (KARC0084) o 3m @ 1.26g/t Au from 15m (KARC0083)

For

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use only

Figure 2: Solid Geology plan map showing 2021 Phase II RC holes targeting the West Olympus Fault, the Au-As anomalous pebbly quartzite and sandstone package and the Zoe Fault. Gram-metres Au intercepts (Au grade x intercept length) are shown as gm Au coloured squares, with the historical Mt Olympus and West Olympus

For personal

pit outlines highlighted.

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Figure 3: Drill section at West Olympus showing the two steeply east dipping lenses of north-southstriking

mineralisation following the faulted contact between footwall basalt and hangingwall sediments.

onlyuse

personalA further five RC holes were drilled at 40m spaced intervals to infill gaps in existing drilling and to test for thickened gold mineralisation in the Zoe Fault to the north around the intersection with the basalt and

overlying sediments (Figure 2). Best intercepts include:

1. 16m @ 1.01g/t Au* from 20m and 9m @ 1.64g/t Au from 53m incl 1m @ 3.94g/t Au from 60m (KARC0135) (*4m composite samples)

1. 2m @ 2.60g/t Au from 35m and 8m @ 1.09g/t Au from 69m and 5m @ 1.73g/t Au from 90m (KARC0134)

ForPeake Deposit

The Peake Deposit developed within a planar and steeply south dipping fault cutting mudstones and sandstones and shows significant continuous gold mineralisation over 2,000m strike that is open to the west (Figure 1). Historical mining has targeted shallow supergene enriched oxide gold to a maximum depth of 30m in a single 600m long open pit with 18koz @ 7g/t Au recovered. In the western half of the deposit, drilling becomes relatively sparse with no intercepts shallower than 80m below surface, with none testing the prospective shallow supergene zone.

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