Meeka Gold : Drilling Identifies Multiple Gold and REE Targets

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ASX Announcement

21st March 2022

Aircore Drilling Identifies Multiple Gold and REE

Targets at Circle Valley

• Two new gold targets identified coincident with a magnetic feature that extends for 5.5km to the Fenceline prospect - regolith gold mineralisation intersected over 700m and 350m respectively
• Improved resolution on gold mineralisation and strike orientation at existing targets Anomaly A and Fenceline
• Follow up RC drilling is now underway at Anomaly A targeting gold mineralisation within the interpreted shear zone defined by these aircore results
• Drilling intersected +20m thick zones of saprolite clays analogous to the horizons hosting the high-grade REE mineralisation 3km to the east (see ASX announcement date 10thMarch 2022)
• 4,700m of drill samples remain at the laboratory to be assayed for gold
• REE assay results from the 2022 aircore drilling program and further REE assays from the 2021 drilling program remain pending

Meeka Gold Limited (ASX:MEK) ("Meeka" or "the Company") is pleased to provide an exploration update for the Circle Valley Project where 13,000m of aircore drilling completed since the start of January has been extremely successful in defining new gold zones and favourable horizons for REE mineralisation.

Two new zones of regolith gold were intersected coincident with a magnetic feature that extends to the Fenceline prospect 5.5km to the east (Figure 1). The drilling was designed to cross the interpreted strike of the two shear zones observed in the aeromagnetic data, with gold mineralisation intersected over a length of 700m and 350m respectively. These two new zones of gold mineralisation provide a significant exploration target for the Company with follow up lines of aircore drilling planned to further test this shear system to the east, toward the Fenceline prospect, in the second half of the year.

In addition to the regional aircore drilling, a more focussed drilling program was completed at Anomaly A (Figure 2), which was extremely successful in defining the strike of mineralisation to the east and west of the RC drill hole completed in January that intersected 36m @ 2.69g/t Au (22CVRC001). Based on this improved understanding of the strike of mineralisation at Anomaly A the Company has commenced a program of deeper RC drill holes to test the interpreted shear zone below these aircore results.

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Regionally, the aircore drilling has also intersected a regolith profile of 10-20m thick orange/red coloured upper saprolite clays within the +20m thick saprolite layer (see Figure 3 - plan and Figure 5 - cross section). This orange/red upper saprolite horizon corresponds with the orange/red upper saprolite profile intersected 3km to the west during the 2021 aircore program (see Figure 4 - cross section), which has subsequently been shown to host significant intervals (+20m thick) of REE mineralisation, including:

• 12m @ 1,003ppm TREO within 36m @ 672ppm TREO from 28m (CVAC017)
• 4m @ 877ppm TREO within 23m @ 514ppm TREO from 48m (CVAC019)

These thicker zones of REE mineralisation sit on the margin of a large paleodrainage feature identified in airborne electromagnetic survey data (airborne EM) compiled by Nova Energy Limited (Nova) during 2007 while exploring for uranium. The exploration model pursued by Nova at the time was redox type uranium deposition at the margin of paleodrainage channels. This paleodrainage feature could also result in significant deposition of REE at the margin of the channel.

Commenting on the progress being made at Circle Valley, CEO Tim Davidson said:

"These results are very exciting for the team as we are beginning to understand the geology and the various styles of mineralisation, both gold and REE, that exist at Circle Valley.

The two new gold zones identified in the north of the tenure are significant in both width of anomalism and strike potential. Both are located on the same shear zone as the Fenceline prospect 5.5km to the east where gold mineralisation has also been intersected in aircore drilling.

With the conclusion of aircore drilling and while we wait for the remaining gold and REE assays to be returned from the laboratory, we have commenced drilling a number of RC holes at Anomaly A to test for gold in the interpreted shear zone below the aircore drilling.

We expect to receive further gold and REE results from the laboratory in the coming week and look forward to updating shareholders with respect to these results as they are received."

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Figure 1: Circle Valley aircore drill results (gold), new gold targets and 1.6km zone of potential REE mineralisation, background magnetics.

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Figure 2: Anomaly A aircore drill results (gold) showing surface gold anomalism and underlying geology.

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Figure 3: Location of previously reported REE assay results from drilling completed during 2021 where orange/red upper saprolite clays were intersected on the margin of a regional paleodrainage feature (Cross Section A-A'), and location of 2022 aircore drill holes where corresponding orange/red upper saprolite clays were intersected (Cross Section B-B').

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