Lycaon Resources : Primary Gold Mineralisation Intersected at Rocky Dam

10m at 1.13g/t gold from 72m (RD21008)

9m at 1.34g/t gold from 97m, including 2m at 4.66g/t gold (RD21009)

9m at 1.34g/t gold from 97m, including 2m at 4.66g/t gold (RD21009) 10m at 1.13g/t gold from 72m (RD21008)

Primary Gold Mineralisation Intersected

at Rocky Dam

ADDRESS	ABN
Level 2, 22 Mount Street	80 647 829 749
Perth WA 6000
PHONE	WEBSITE
[phone]	www.lycaonresources.com

only21 March 2022

useHighlights:

• Primary gold mineralisation intersected within fresh rock including;

• Mineralisation associated with quartz veining, sulphides and sericite ± chlorite alteration typical of orogenic quartz lode style deposits
• Structural interpretation highlights potential northerly plunge to mineralisation and flat-lying extensional features which may be related to a sub-vertical shear

personalLycaon Resources Ltd (ASX:LYN) (Lycaon or the Company) is pleased to announce results of Phase 1 RC drilling which intersected primary gold mineralisation within fresh rock at the Rocky

Dam gold project (Rocky Dam Project) in the Goldfields region of Western Australia.

Drilling successfully intersected primary gold mineralisation within fresh rock with best results of:

ForHistorical drilling at Rocky Dam identified significant oxide mineralisation however, identification of primary gold mineralisation within bedrock had yet to be fully tested (refer DRE.ASX Announcements 15 July 2020 and 12 August 2020). Lycaon's initial drill programme at Rocky Dam aimed to provide a more comprehensive test for bedrock mineralisation by targeting below the oxide mineralisation in a range of drill orientations.

Lycaon's Phase 1 drillholes RD21008 and RD21009 were drilled either side of historical RDRC012 which returned 20m @ 1.1 g/t Au from 40m including 5m @ 3.3 g/t Au from 52m (refer DRE.ASX Announcement 12 August 2020). Significantly, the mineralisation intersected in Lycaon's drilling was in fresh rock, associated with quartz veining, sulphides and sericite ± chlorite alteration, which is typical of orogenic quartz lode style mineralisation found in major gold mines in the Goldfields region of Western Australia (Figure 1 & 2).

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Figure 1. Photograph of RC drill chips from RD21009 (97 - 104 metres) showing visible sulphide and quartz veining present

Figure 2. Photograph of RC drill chips from RD21008 (72 - 80 metres) showing quartz veining and sericite ± chlorite alteration

Mr Thomas Langley, Technical Director commented "The intersection of primary gold mineralisation in fresh rock is a great result in our first round of drilling at Rocky Dam. The drilling was a high priority to better understand potential controls on mineralisation that may help explain the source to the significant supergene mineralisation recorded to date. We are also awaiting the results of the magnetic drone survey recently completed and are progressing with the extensive auger sampling

program across the broader Rocky Dam project area." onlyuse

personalFor

Previous geological interpretations for Rocky Dam highlighted the relationship with regional scale shearing, which traditionally results in a steeper orientation to mineralisation. It is possible that these veins are flat-lying extensional features adjacent to such a shear. An alternative model would be that these veins are folded, which might link to surface mapping during the drill programme which highlighted structural complexity with changes in dip and strike in foliation observed in outcrop.

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A cross section showing results is presented as Figure 3, and mineralisation is currently interpreted to have a relatively shallow easterly dip. Mineralisation is open in this direction as well as along strike to the north.

RD21009 and RD21008 were drilled 50m off section 6608100mN, on which Dreadnought reported significant oxide mineralisation (refer DRE.ASX Announcements 15 July 2020 and 12 August 2020).

No bedrock mineralisation was identified in deeper drilling on this section by Dreadnought or onlyL caon which indicates potential for a northerly plunge to mineralisation.

Further drilling is required to test the interpretation presented above. Lycaon is also considering other methods to identify extensions to mineralisation, including geophysical techniques. The strong association between gold mineralisation and quartz veins bearing 1 - 2 % pyrite may mean that techniques such as Induced Polarisation (IP) are useful for targeting in future drill programs.

usepersonal

For	Figure 3. Cross Section 6608150N showing Lycaon results and historical drilling. (Looking North)

Rocky Dam Project (Gold)

The Rocky Dam Project comprises nine (9) granted and one (1) pending Exploration Licences covering approximately 162.8km², a significant landholding in the highly prospective Norseman - Wiluna Greenstone Belt around the Yindarlgooda Dome within the Eastern Goldfields. The Project is centred 60km northeast of Kalgoorlie via sealed and well-maintained gravel roads. The Project is close to significant mining infrastructure and surrounds gold producer Northern Star Limited's recent Kurnalpi Project acquisition and active explorers Riversgold Limited (ASX:RGL) and Black Cat Syndicate Limited (ASX:BC8).

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• 40m @ 0.6 g/t Au [18m] in RDRC002 including 9m @ 1.7 g/t Au [40m]

• 21m @ 1.0 g/t Au [41m] in RDRC012 including 6m @ 2.8 g/t Au [52m]

• 4m @ 4.1 g/t Au [62m] in RDRC001 including 1m @ 13.8 g/t Au [67m]

• 15m @ 0.4 g/t Au [13m] in RDRC009 including 4m @ 1.3 g/t Au [17m]

• 20m @ 0.6 g/t Au [39m] in RDRC006 including 2m @ 3.0 g/t Au [39m]

• 2m @ 5.9 g/t Au [95m] in RDRC007

Figure 4. Lycaon Resources three major projects located in Western Australia.

onlyuseThe Rocky Dam Project lies within a favourable setting for orogenic gold and base metal-rich Volcanic Massive Sulphide-style (VMS) styles of mineralisation with multiple other prospects

identified throughout the tenure. The large-scale supergene gold mineralisation recorded in personalhistorical drilling demonstrates a fertile project area potentially active during major Yilgarn greenstone mineralisation events, which presents a great opportunity to potentially discover primary

bedrock mineralisation that may be the source of the supergene enrichment.

Exploration work to date at the Rocky Dam Project has identified gold mineralisation at the CRA- N rth Prospect. The prospect was first discovered in the 1990s as a 700m long gold anomaly along a sheared contact of felsic volcanics and black shales. Historical drilling has returned encouraging results delineating thick shallow zones of supergene gold mineralisation. The oxide mineralisation is a sociated with ferruginous quartz veining and sericite alteration, and remains open along strike with best results including:

ForThe significant low order gold mineralisation recorded in historical drilling suggests a mineralised system is present at CRA-North, warranting further drill testing. Initial exploration work programs will consist of RC and diamond drilling planned to delineate the strike extent of the oxide mineralisation and to test for primary mineralisation at depth. Geochemical sampling, geophysics and aircore drilling will be completed at regional targets.

This announcement has been authorised for release by the Directors of the Company.

Thomas Langley - Technical Director

For additional information please visit our website at www.lycaonresources.com

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Competent Person's Statement

The information in this document that relates to Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Mr. Thomas Langley who is a member of the

Australian Institute of Geoscientists (MAIG) and a member of the Australasian Institute of Mining and onlyMetallurgy (MAusIMM). Mr. Thomas Langley is a full-time employee of Lycaon Resources Limited, and is a shareholder, however Mr. Thomas Langley believes this shareholding does not create a conflict of interest, and Mr. Langley has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Mr. Langley consents to the inclusion in this presentation of the matters based on his information in the form and context in which

it appears.

useThe Company confirms that it is not aware of any new information or data that materially affects

the information in the original reports, and that the forma and context in which the Competent Person's findings are presented have not been materially modified from the original reports.

Appendix 1. Significant Intersections from Lycaon Drilling at the Rocky Dam Project

personal
	Hole ID		Easting		Northing			RL		Dip		Azimuth		Total		From		To			Length		Au
									Depth					(m)		(g/t)
		RD21005	398039	6608207		350	-60	90	240	98	100		2	0.87
																152	156		4*	1.02
		RD21007	398100	6608248		350	-60	90	240							NSI
		RD21008	398053	6608154		350	-70	90	246	73	83		10	1.13
																168	172		4*	0.44
																240	244		4*	0.83
		RD21009	398121	6608152		350	-70	90	240	98	107		9	1.34
															incl	98	100		2	4.66
																102	103		1	1.1
		RD21010	398167	6608149		350	-70	180	234	44	48		4*	0.22
																124	128		4*	0.42
		RD21011	398038	6608007		350	-70	90	240	48	52		4*	0.15
		RD21012	398109	6608008		350	-70	90	240	36	44		8*	0.6
															incl	36	40		4*	1.04
																126	127		1	1.17
		RD21013	398067	6607945		350	-60	90	186	36	48		12*	0.3
																140	144		4*	0.63

• denotes composite sample

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Appendix 2. Historical Intersections from drilling at the Rocky Dam Project
		Hole ID		Easting		Northing			RL		Dip		Azimuth		Total		From		To			Length		Au
									Depth					(m)		(g/t)
		RDRC001	398234	6608105		350	-55	270	188	36		39		3	0.1
																62		68		6	0.7
																118		121		3	0.1

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