Wildcat Resources Limited announced it has completed 1,945m of RC drilling as part of the first phase of a two part drilling program at the Mt Adrah Gold Project in the Lachlan Fold Belt, NSW. The drilling is testing intrusion related gold system (IRGS) targets associated with alteration proximal to the 770Koz Au Hobbs Pipe Gold Deposit. A track-mounted RC rig is now on site to complete the second phase of the drill program. The larger, deep-drilling RC rig used to drill Phase 1 has demobilised from site. Additionally, a high-resolution magnetic survey is underway over the greater Hobbs Pipe area to continue to aid target definition and structural interpretation. The Hobbs Pipe IRGS System: Hobbs Pipe is interpreted as a monzodiorite-hosted IRGS1 (Intrusive Related Gold System). he Hobbs Pipe deposit has a Mineral Resource estimate of 20.5Mt at 1.1g/t Au for 770,000oz Au2. The resource model
interprets that the mineralisation is hosted by a single 200m diameter pipe. The recent drilling demonstrates that the mineral system incorporating Hobbs Pipe is extensive, and it has confirmed that alteration of the type occurring proximal to IRGS-style intrusions exists for over 1km to the southeast of the Hobbs Pipe intrusion. The alteration observed is silica and epidote rich and contains sulphides, comprising dominantly pyrrhotite with lesser pyrite, chalcopyrite and arsenopyrite. The Phase 1 drill holes as they penetrate the section are shown coloured white. Note that these are the only
holes to the southeast of Hobbs Pipe that go below 200m RL. The section shows the outline of the Hobbs Pipe Mineral Resource, the exoskarn at surface in green (which likely extends to depth) and intercepts of monzodiorite. Conceptual monzodiorite intrusion targets are shown on the Hobbs Pipe section. The Hobbs Pipe section is compared with a schematic section through the Northparkes mineral field, which is a porphyry copper gold system and located approximately 225km north of Mt Adrah. Northparkes is associated with a northeast trending splay off the Gilmore Suture (which is also associated with mineralisation at Hobbs Pipe). Northparkes has an existing resource of approximately 400Mt at 0.55% Cu and 0.2g/t Au3. The two sections are the same scale, with the Northparkes section illustrating the multiple mineralised pipes that often form in porphyry and IRGS mineral systems. It is the Company's belief that more mineralised intrusives occur in the Hobbs Pipe area. Hole WCRC006 of the Phase 2 program will test a zone of outcropping brecciated monzodiorite with weathered sulphide box work textures and massive monzodiorite with sheeted veins like those observed at Hobbs Pipe. The target occurs approximately 450m southeast of Hobbs Pipe in a zone of intense hornfels skarn alteration. Previous vertical drill holes nearby have numerous gold intercepts up to 0.53g/t Au, with all the intercepts hosted by skarn altered metasediments. Wildcat has interpreted the anomalous gold in this drilling to represent a near miss, with the best intercept of 28m at 0.48g/t Au from 28m (PGG9) occurring less than 20m from the monzodiorite outcrop. High Resolution Drone Aeromagnetic Survey: The Company has commenced a 30km2 high-resolution drone aerial magnetic survey. The survey is being flown at a line spacing of 35m and a flying height of 30m and is being completed by AirGeoX, using the
drone shown on Figure 5. AirGeoX has also acquired a 1.5km2 high-resolution digital elevation model over Hobbs Pipe to assist with brownfields targeting and resource modelling. The only previous high-resolution magnetic survey was a 2.8km2 ground magnetic survey acquired over the Greater Hobbs Pipe area in 1988. The new survey will significantly expand and improve the geophysical data compared to the 1988 survey and will cover the Gilmore Suture zone extending from north of the Hume Highway at the Diggers Creek Prospect to 1.6km south of Hobbs Pipe and includes the Yaven and Upper Spring Creek Prospects. The data will greatly assist structural interpretation and guide a high-resolution ground gravity survey that
is planned. Next Steps: Complete the Phase 2 RC drill program. Receive assay results from Phase 1 drilling and incorporate into the Hobbs Pipe geological model. Process and evaluate the high-resolution drone aeromagnetic survey. Receive assay results from Phase 2 drilling and incorporate into the Hobbs Pipe geological model. Acquire high-resolution gravity survey. Plan the next phase of exploration.