DiscovEx Resources : Edjudina Exploration Results

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ASX ANNOUNCEMENT - DISCOVEX RESOURCES LIMITED

25/01/2022

Edjudina Exploration Results

Aircore drilling and regional soil sampling.

• 4m composite AC results returned from the Octavia Prospect.
• Confirmation of the northern extension of the Celia Shear.
• 2.5km strike length tested with multiple +0.5g/t Au intersections returned.
• Significant results include:
  o 4m@1.03g/t Au from 72m (EDAC107) o 8m@0.87g/t Au from 60m (EDAC077) o 4m@0.66g/t Au from 48m (EDAC116)
• Regional soil sampling completed with results highlighting untested extensions to the Hornet East anomaly.

Putting the Explore back into Modern Exploration

DiscovEx Resources Limited (ASX: DCX, DiscovEx or the Company) is pleased to announce that composite assay results have been returned from aircore drilling completed at the Octavia Prospect, located approximately 250km north-east of Kalgoorlie, Western Australia (Figure 5).

Drilling results include several +0.5g/t Au intersections, spatially associated with the highly mineralised Celia Shear, which is host to the recent Gibb River Diamonds (ASX:GIB) Neta gold discovery. Results show a coherent supergene anomaly and provides encouragement that this structure remains prospective for significant gold mineralisation at depth.

Additionally, encouraging results have been received from a regional soil sampling program that was completed at the Hornet East and Jaguar Prospects.

DCX Managing Director, Toby Wellman, commented:

"Drilling results have confirmed supergene mineralisation consistent with the location of the Celia Shear and highlighted that this structure is "live" for gold mineralisation. More regionally, the delineation of large surface anomalies at Hornet East and Jaguar, within an area that has had limited exploration gives the Company an opportunity to build its prospect pipeline towards a drill ready stage."

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Octavia Prospect - Aircore Drilling

Assay results from the recently completed aircore drilling program at the Octavia Prospect have now been returned, with broad low-level gold mineralisation identified in multiple holes within the 2.5km long target zone. A total of 49 aircore drillholes for 4,403m was completed in November 2021 with initial 4m composite results now returned. All holes were drilled to the south-west and completed on 200 x 80m centres.

Figure 1: Drillhole EDAC088

Drilling was centred on the continuation of the Celia Shear north-west of the recent Neta Lode discovery (ASX:GIB), as the structure intersects an interpreted fold hinge in the local geology. A ~2.5km long zone of this structural trend remained untested by drilling and was the focus of the drill program. Historic intersections within the DiscovEx tenement that are coincident with the location of the shear zone returned significant intersections of 5m @ 3.3g/t Au from 68m (HGRC001) and 2m @ 6.6g/t Au from 60m (CEJRB065) (Figure 2) (refer announcement

"Exploration Update" - 4th of November 2021).

Within this latest round of drilling, numerous elevated gold results were returned sub-parallel to the regional trend of the Celia Shear. Mineralisation generally occurred as a supergene blanket close to the base of complete oxidation with best intersections of 20m @ 0.48g/t Au from 52m including 8m @ 0.87g/t Au (EDAC077), 16m @ 0.37g/t Au from 80m including 4m

• 1.03g/t Au (EDAC077) and 24m @ 0.18g/t Au from 52m including 4m @ 0.49g/t Au (EDAC115) (Figure 3).

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Figure 2: Drill collar positions of completed drillholes from the Octavia AC drilling program

The broad, low-level and flat lying supergene blanket suggests the gold is being generated by a deeper primary source that has not been intersected by the drilling. This primary source is potentially higher grade however is likely to be at depths greater than 100m. Drilling intersected predominantly mafic schist and andesite lithologies with minor interbedded shale and banded iron formations. Quartz veining occurred throughout the sequence, often coincident with geological boundaries. Elevated pyrite (up to 3%) was noted within those holes drilled on the north-eastern edge of the tenement. Lithologies are interpreted as dipping at ~60o to the north-east.

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Soil Sampling - Hornet East and Jaguar Prospects

A regional soil sampling program was completed in late 2021 consisting of 759 samples on 100 x 200m and 100 x 400m spaced patterns. The program was designed to target extensions to soil anomalies generated from previous programs at both the Hornet East and Jaguar Prospects (located approximately 30km east of Octavia). Samples were sieved to -177um prior to being analysed for Au and a suite of multi-elements.

Results at the Hornet East Prospect show a continuous +10ppb gold anomaly, open to the south and with significant single results of 0.14g/t Au (SNS09559) and 0.10g/t Au (SNS09573). The current anomaly has been defined across multiple sample lines (both recent and historic) and extends for approximately 1.2km.

Figure 3: Location of soil assays from the Hornet East Prospect. Background image TMI RTP magnetics

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AC drilling was completed by DiscovEx in early 2020 over the western edge of the anomaly

(refer announcement "Supergene gold at Edjudina" - 14th April 2020) however the core of the anomaly

has yet to be tested with drilling. The current anomaly appears to be spatially associated with a younger granite to the south (Figure 4) with this position potentially in a favourable structural trap consistent with pressure shadow type mineralisation.

Results at the Jaguar Prospect located approximately 5km to the south-west of Hornet East, also show multiple +10ppb gold trends that remain open to the south. Anomalies are more discrete than those observed at Hornet East however are very significant given lack of exploration that has been completed in the area. Further sampling is required to follow-up anomalies generated at both Hornet East and Jaguar and will begin within the first quarter of 2022.

Figure 4: Location of soil assays from the Jaguar Prospect. Background image TMI RTP magnetics