Meeka Gold : Rare Earths Discovered in Drilling at Circle Valley

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ASX Announcement

10th March 2022

Rare Earths Discovered in Drilling at Circle Valley

• Laboratory analysis of aircore drill samples collected during the 2021 field season returned broad zones of rare earth element mineralisation
• 13 of the 14 holes returned grades above 300ppm TREO, including:

1. 12m @ 1,003ppm TREO within 36m @ 672ppm TREO from 28m (CVAC017)

1. 4m @ 1,177ppm TREO within 5m @ 1,040ppm TREO from 36m (CVAC023)

1. 4m @ 1,040ppm TREO within 10m @ 665ppm TREO from 36m (CVAC036)

1. 1m @ 1,521ppm TREO within 4m @ 993ppm TREO from 20m (CVAC035)

• 1. 4m @ 877ppm TREO within 23m @ 514ppm TREO from 48m (CVAC019)
• The average length weighted grade was 652ppm TREO for all samples >300ppm
• Drill holes were selected from each of the various geological domains and weathering profiles within the Circle Valley tenure to assess REE enrichment potential across the project
• Thicker zones of enrichment appear to be coincident with magnetic lows observed in the airborne magnetic data that is suggestive of a deeper regolith profile and/or structural controls
• In addition to rare earths, laboratory results show elevated Scandium grades corresponding with elevated TREO grades - results show a maximum Scandium grade of 63ppm and length weighted average grade of 18ppm all samples >300ppm TREO

Meeka Gold Limited (ASX:MEK) ("Meeka" or "the Company") is pleased to report results from analysis of drilling completed at Circle Valley during June 2021 that were re-assayed for rare earth elements. The samples were previously assayed for gold in 2021, and subsequently by handheld XRF for multielement analysis. The XRF results indicated the potential for elevated levels of rare earth elements, which have now been confirmed by laboratory analysis.

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Assay results include:

• 12m @ 1,003ppm TREO within 36m @ 672ppm TREO from 28m (CVAC017)
• 4m @ 1,177ppm TREO within 5m @ 1,040ppm TREO from 36m (CVAC023)
• 4m @ 1,040ppm TREO within 10m @ 665ppm TREO from 36m (CVAC036)
• 1m @ 1,521ppm TREO within 4m @ 993ppm TREO from 20m (CVAC035)
• 4m @ 877ppm TREO within 23m @ 514ppm TREO from 48m (CVAC019)
• 12m @ 546ppm TREO from 24m (CVAC061)
• 4m @ 533ppm TREO from 20m (CVAC030)
• 9m @ 497ppm TREO from 36m (CVAC021)
• 3m @ 439ppm TREO from 8m (CVAC024)
• 1m @ 484ppm TREO from 24m (CVAC022)
• 8m @ 415ppm TREO from 40m (CVAC038)
• 1m @ 507ppm TREO from 20m (CVAC059)
• 1m @ 521ppm TREO from 26m (CVAC060)

Importantly, laboratory results show very low levels of radionuclides, Uranium (average 4ppm) and Thorium (average 17ppm).

In addition to rare earth elements, samples were also analysed for Scandium with a maximum Scandium grade of 63ppm and a length weighted average grade of 18ppm for all samples >300ppm TREO.

Commenting on these results, CEO Tim Davidson said:

"Gold exploration continues to be our focus at Circle Valley, and based on the work we have done to date we have a view that there is a large gold system driving the anomalism we are seeing in the drilling results. Having said that, the geology team identified some interesting rare earth elements in the handheld XRF data, which we have now confirmed through laboratory analysis to be broad zones of mineralisation.

The broader zones of mineralisation appear to be coincident with lows observed in the aeromagnetic data and where the drilling log shows the upper saprolite has been preserved.

We are in the process of reviewing the regolith profiles logged during the current aircore program and will send prospective samples to the laboratory for REE analysis to better determine the distribution of REE mineralisation within the tenure."

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Table 1 - Summary of Circle Valley drilling intersections >300ppm TREO
Drill Hole ID	Intersection	TREO	LREO	HREO	CREO	NdPr	Sc2O3
	(m)	ppm	(%)	(%)	(%)	(%)	(ppm)
CVAC017	36	672	72%	28%	39%	25%	20
CVAC019	23	514	85%	15%	23%	16%	13
CVAC021	9	497	88%	12%	17%	13%	15
CVAC022	1	484	70%	30%	38%	22%	26
CVAC023	5	1040	71%	29%	38%	22%	11
CVAC024	3	439	80%	20%	31%	24%	5
CVAC030	4	533	84%	16%	27%	22%	11
CVAC035	4	993	83%	17%	31%	28%	13
CVAC036	10	665	92%	8%	10%	6%	17
CVAC038	8	415	77%	23%	32%	22%	55
CVAC059	1	507	88%	12%	23%	20%	8
CVAC060	1	521	85%	15%	26%	21%	6
CVAC061	12	546	82%	18%	25%	18%	12

Note:

TREO (Total Rare Earth Oxide) = La2O3 + CeO2 + Pr6O11 + Nd2O3 + Sm2O3 + Eu2O3 + Gd2O3 + Tb4O7 + Dy2O3 + Ho2O3 + Er2O3 + Tm2O3 + Yb2O3 + Lu2O3 + Y2O3

LREO (Light Rare Earth Oxide) = La2O3 + CeO2 + Pr6O11 + Nd2O3

HREO (Heavy Rare Earth Oxide) = Sm2O3 + Eu2O3 + Gd2O3 + Tb4O7 + Dy2O3 + Ho2O3 + Er2O3 + Tm2O3 + Yb2O3 + Lu2O3 + Y2O3 CREO (Critical Rare Earth Oxide) = Nd2O3 + Eu2O3 + Tb4O7 + Dy2O3 + Y2O3

NdPr = Nd2O3 + Pr6O11

Scandium Oxide = Sc2O3

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Figure 1: Meeka Gold tenure and existing REE explorers within the province.

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Figure 2: Circle Valley Project showing location of drilling and prospective REE exploration target zones within magnetic lows (target zones are coincident with magnetic lows which are interpreted to represent a deeper regolith profile and preserved upper saprolite).

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