Alderan Resources : completes sixth hole, first results due this month

ASX ANNOUNCEMENT

8 December 2021

Alderan completes sixth hole at Detroit; first gold results due this

month

HIGHLIGHTS
only	• Alderan completes sixth hole targeting distal disseminated gold deposits in its 10-hole
	(~3,000m) drilling programme at the Detroit copper gold project, Utah, USA.
	• The targets are associated with large and high amplitude magnetic and chargeability IP
use	geophysical anomalies, favourable host rocks containing known copper and gold
mineralisation and mineralised structures.
• Holes 6DD21-004, 005 & 006 testing the ~1km long Northern Extension and Copperhead
chargeability anomalies near the gold mineralised Copperhead fault, intersected the targeted
Tatow stratigraphy which hosts the Mizpah and historical Drum Gold Mine mineralisation.
• The Tatow in these drill holes is locally brecciated, silicified and altered and contains ~10%
pyrite - all indicators of potential gold mineralisation1.
• Expedited gold analysis results expected in December for priority sections of core from these
	holes.

personalAlderan Resources Limited (ASX:AL8) (Alderan or the Company) is pleased to update progress on a 10-hole (~3,000m) drill programme at its Detroit Project located in the Drum Mountains region of western Utah, USA.

Holes 6DD21-004,6DD21-005 and 6DD21-006, the fourth, fifth and sixth holes in the programme, were drilled in the Copperhead area to planned depths of 209.4m, 441.07m and 211.0m respectively. The holes are targeting distal disseminated gold mineralisation on the margins of the Basin porphyry in the Chisholm and Tatow f rmation limestones and clastic sediments which host Alderan's high potential Mizpah and Drum gold deposits 2km and 4km respectively to the southeast.

Hole 6DD21-004 tested the 1.1km long by 500m deep Northern Extension chargeability (>20msec cutoff) anomaly in Tatow and Chisholm formation rocks in close proximity to the Copperhead fault zone while hole 6DD21-005 tested the 0.9km long by 300m deep dumbbell shaped Copperhead chargeability (>20msec cutoff) anomaly between the Copperhead Fault and Chisholm and Tatow rocks beneath the historic Copperhead gold- silver-copper mine. Hole 6DD21-006 tested the Northern Extension chargeability anomaly in Tatow Formation a proximately 200m southeast of hole 6DD21-004. Alderan surface rock samples collected in the Copperhead area assayed up to 3.2% copper and 9.1g/t gold.

Alderan Managing Director Scott Caithness said:

For"Holes 6DD21-004, 005 and 006 successfully traversed the favourable host stratigraphy which contains the known gold mineralisation at the Mizpah prospect and historical Drum Gold Mine 2km and 4km to the southeast. The favourable limestones and calcareous siltstones and shales of the Chisholm and Tatow units intersected in the holes were brecciated, altered and pyritic - all good indicators for possible gold mineralisation in the Great Basin.

"Alderan is submitting samples for lab analysis with gold analyses of some sections of the holes being expedited due to pXRF spot analyses on core indicating elevated indicator elements such as arsenic, antimony, selenium and zinc. Expedited assays are expected in December."

1In relation to the disclosure of visual mineralisation, the Company cautions that visual estimates of mineralisation should never be considered a proxy or substitute for laboratory analysis. Laboratory assay results are required to determine the widths and grade of the visible mineralisation reported in preliminary geological logging. The Company will update the market when laboratory analytical results become available.

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ASX ANNOUNCEMENT

8 December 2021

Detroit Drilling Programme - Updated Status

onlyMajor Drilling, one of the world's leading drilling companies, is progressing a planned 10-hole (~3,000m) diamond drilling programme at the Basin Complex in Alderan's Detroit project where surface exploration identified multiple targets with potential for copper and gold deposits.

Drilling aims to intersect significant copper and gold grades with the goal of rapidly defining an economic mineral resource at the Basin Complex. The targets are associated with

• large and high amplitude magnetic and chargeability IP geophysical anomalies,
• favourable host rocks containing known copper and gold mineralisation, and
• mineralised structures.

useFigure 6 shows the location of the drill sites and Table 1 provides a summary of the location, hole orientation and target rationale for the holes.

Drill hole 6DD21-004 was drilled to a depth of 209.4m testing the Northern Extension chargeability anomaly for a distal disseminated gold deposit in favourable host stratigraphy and in close proximity to the Copperhead Fault. The Northern Extension chargeability anomaly has a 3D inversion model strike length of 1.1km, a width of 500m and depth extent of 500m at a 20 millisecond cutoff. The east-southeast trending Copperhead Fault is interpreted to be one of the major mineralising structures at Detroit with Alderan rock samples collected at the historical

Copperhead mine grading up to 3.1% copper and 9.1g/t gold.

personalThe hole intersected a sequence of altered calcareous shales and siltstones interbedded with limestones and dolomites. The prospective Chisholm and Tatow units were both traversed with the Chisholm intersected over

a downhole length of 61m having strongly developed iron oxide clays and local silicification. The Tatow consists of a 33m length of brecciated, carbonaceous calcareous siltstone and shale with dark fine-grained sulphide flooded bands (see Figures 1 & 2). A 21m length of sheared, carbonaceous and strongly altered Tatow containing >10% sulphides has been sampled and submitted for expedited lab analysis. The hole ended in quartzites below the Tatow.

Drill hole 6DD21-005, testing the 3D inversion modelled 900m long dumbbell shaped Copperhead chargeability anomaly (>20 milliseconds cutoff) in favourable Tatow host stratigraphy near the Copperhead fault ended at a depth of 441.07m. It traverses a similar interbedded fine grained clastic sediment and carbonate sequence as in hole 6DD21-004. The prospective Tatow Formation is intersected over approximately 20m from 389m and consists of silicified, fractured and oxidised, calcareous siltstone with approximately 10% fine grained magnetite and sulphides. A total of 21 samples have been collected from a 31.8m interval for expedited lab analysis.

Drill hole 6DD21-006, testing the Northern Extension chargeability anomaly approximately 200m southeast of hole 6DD21-004, traversed approximately 30m of Tatow clastic sediments which are brecciated throughout. The upper portion is clay altered, carbonaceous and contains fine grained pyrite matrix fill while the lower portion Forshales and siltstones are brecciated, variably silicified and with 5-10% pyrite with dominant marcasite (see Figure

5). The hole bottomed at 211.0m in a fine grained sericitic and pyritic quartzite.

In relation to the disclosure of visual mineralisation, the Company cautions that visual estimates of mineralisation should never be considered a proxy or substitute for laboratory analysis. Laboratory assay results are required to determine the widths and grade of the visible mineralisation reported in preliminary geological logging. The Company will update the market when laboratory analytical results become available.

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ASX ANNOUNCEMENT

8 December 2021

For personal use only

Figure 1: 6DD21-004 @ 94.4-97.15m: Interbedded Tatow siltstone and shale; brecciated; dark bands are flooded with fine grained sulphides.

Figure 2: 6DD21-004 @ 144m: Sheared, carbonaceous and strongly altered Tatow containing +10% fine grained pyrite.

Figure 3: 6DD21-005 @ 387.5m: Brecciated, fractured,	Figure 4: 6DD21-004 @ 385-389m: Tatow Formation
oxidised and silicified Tatow Formation siltstone containing	siltstone with early brecciation, sulphide emplacement,
fine grained pyrite.	silicification and later fracturing and oxidation.
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ASX ANNOUNCEMENT

8 December 2021

Sampling of the holes is ongoing with a batch of 13 samples from a 21m interval in 6DD21-004 and 21 samples from a 31.8m interval in hole 6DD21-005 already delivered to the ALS laboratory in Nevada for expedited gold onlyanalysis. Spot portable XRF (pXRF) analysis suggests that this section has elevated indicator elements such as arsenic, antimony, selenium and zinc and these results should be available in December 2021. Assay turnaround times for routine samples are currently around eight weeks hence results for non-expedited samples

are now expected in February 2022.

Hole 6DD21-006 was the final hole prior to the drill rig receiving a maintenance overhaul during the Christmas- New Year period before recommencing the programme on 10 January 2022.

usepersonal

For	Figure 5: 6DD21-006 @ 64-70m: Brecciated, carbonaceous and clay altered Tatow Formation siltstone with fine
	grained pyritic matrix between clasts.

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ASX ANNOUNCEMENT

8 December 2021

use only
personal	Figure 6: Basin Complex 3D inversion model chargeability anomaly (20-30 millisecond shell; yellow)
	overlying the Basin Main magnetic anomaly (>0.03 SI units cutoff; red) showing the location of all Stage
For	1 planned and completed holes.

Detroit Project1

The Detroit Project is one of four projects held by Alderan (see Figure 6) in the state of Utah, USA. It lies within the Detroit Mining District, approximately 175km southwest of Salt Lake City, and contains numerous historical copper, gold and manganese mines. The district has been explored for copper and gold in the past by major mining companies such as Anaconda Copper, Kennecott, Newmont, BHP and Freeport-McMoRan but no one company was able to build a significant contiguous land position to enable district-wide modern exploration. The United States Geological Survey (USGS) has also explored the area, sampling extensive mineralised jasperoids.

Alderan has a consolidated exploration area at Detroit of 25.5km2 through a series of option agreements with tenement owners. This provides the Company with the opportunity to conduct the first ever modern exploration over the entire mining district.

1. Relevant Alderan ASX announcements which cover its past Detroit project activities and exploration results include 30 September, 15 October &

1. November 2020 and 11 February, 22 February, 8 March, 11 May, 9 June, 21 July, 24 August, 1 September, 21 September, 30 September, 15 October 2021, 12 November 2021.

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