Gibb River Diamonds : Excellent Further Drill Results - Iroquois Zinc Prospect, WA

ASX RELEASE

15 February 2022

ASX Code: GIB

only	Excellent Further Drill Results from the
	Iroquois Zinc-Lead Discovery, WA
	________________________________________________________________________

Gibb River Diamonds Limited ('GIB') is pleased to report the following excellent drill results from the Iroquois Zinc-Lead discovery in the Earaheedy Basin as reported by our Joint Venture usepartner Strickland Metals Limited (ASX: 'STK') to the ASX on 14 February 2022 (Appendix A

with Table 1).

The Iroquois Prospect is a Joint Venture between STK (80%) and GIB (20% free-carried to Bankable Feasibility Study).

(The information below is from the STK release dated 14 February 2022, with minor modifications):

Key Points:

personal	∙ Further results from Iroquois have been received:
	➢ IQRC004: 3m @ 7.6% Zn from 65m (within a broader 14m @ 2.2% Zn)
	➢ IQRC005: 10m @ 3.7% Zn from 123m (within a broader 20m @ 2.4% Zn)
	∙ Intersections directly along strike from Rumble Resources Ltd's (ASX:RTR) very exciting
	Zn-Pb-Ag discoveries in the Earaheedy Basin
	∙ Further assays are awaited from the Iroquois area
	∙ Planning underway for follow up drilling once heritage surveys have been completed
For	Management Comment from Strickland Resources Limited
Andrew Bray, Chief Executive Officer, said: "Despite a lengthy delay in receiving the assays, we are pleased to
	report further Zn-Pb mineralisation in what is shaping to be a very exciting part of the Earaheedy Basin.
	These results demonstrate continuity of the previously intersected mineralisation. From previous mapping we've
	done on the ground, we can see repeats of the dolomite unit proximal to this mineralisation, so we are optimistic
	about the likelihood for repeats of further Zn-Pb mineralisation within the tenement package.
	What's most promising about the area is that these results are directly along strike from Rumble Resources Ltd's
	very large Zn-Pb-Ag discoveries, demonstrating the exciting potential of what could be located within Strickland's
	tenement tenure.
	While our focus is primarily on our gold projects on the Yandal Belt, this is a very exciting secondary project

Gibb River Diamonds Limited	1/16 Ord Street	T [phone]	E	[e-mail]
ABN 51 129 158 550	West Perth WA 6005		W www.gibbriverdiamonds.com

ASX RELEASE

For personal use only

Iroquois Discovery

Strickland Metals Limited is pleased to report further mineralisation intersected at its promising Iroqouis prospect from its 2021 drilling campaign:

• IQRC004: 3m @ 7.6% Zn from 65m (within a broader 14m @ 2.2% Zn)
• IQRC005: 10m @ 3.7% Zn from 123m (within a broader 20m @ 2.4% Zn)

These fresh rock intersections follow from the discovery hole results released to the market on 14 October 2021:

• IQRC001: 23m @ 5.5% Zn + Pb from 108m (combined), including;

14m @ 4.5% Zn from 108m (true depth 90m) and9m @ 7% Zn + Pb from 135m (true depth 110m)

• IQRC003: 12m @ 5.4% Zn + Pb from 58m (combined), including;

6m @ 6.2% Zn from 58m (true depth 50m) and6m @ 4.6% Zn + Pb from 96m (true depth 80m)

Further Zn + Pb intersections were also intersected in within the lower grade, shallow oxide zone:

• IQRC002: 23m @ 1.9% Zn + Pb from 18m;
• IQRC004: 15m @ 1.4% Zn + Pb from 21m; and
• IQRC005: 9m @ 1.7% Zn + Pb from 55m.

Figure 1: Cross section of Iroquois mineralisation

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For personal use only

The discovery is located directly along strike from Rumble Resources Limited's (ASX : RTR) Earaheedy Project Chinook zinc-lead discovery. Both discoveries suggest the Earaheedy Basin margin is emerging as a significant new mineralised province and is highly prospective for further zinc-lead discoveries. Strickland controls approximately 30 kilometres of strike extending from the Rumble Resources Earaheedy Project (Figure 2).

Figure 2: Project location compared to RTR's

Chinook discovery

Figure 3: Close up plan view of intersections

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ASX RELEASE

The drilling to date indicates strong continuity of mineralisation and highlights a substantial potentially mineralised zone which requires further drilling along strike. At this stage, drilling has only occurred on the onlywestern side of a key regional fault structure (Figure 3). Mineralisation is expected to be repeated on the eastern

side of the fault.

The shallow nature of the mineralisation intersected to date also indicates it could potentially be amenable to open cut mining scenarios.

Next Steps

Heritage clearance was unfortunately not completed during Strickland Metals Limited's November 2021 heritage survey due to time constraints. Strickland Metals Limited will shortly lodge a new heritage survey useprogram request with TMPAC, and upon receiving clearance will plan to recommence RC drilling at Iroquois.

Further details of this program will be released to the market in due course.

Strickland Metals Limited is also awaiting assay results from further regional holes from the Iroquois area. (STK comments end)

personalGIB Conclusion

Gibb River Diamonds Limited welcomes these latest results from the Iroquois Prospect as reported by Strickland Metals Limited; with the continuity of mineralisation being especially pleasing. GIB believes these excellent results merit an aggressive and timely follow-up drilling program.

Jim Richards BSc (hons) Geology, MAusIMM, MAIG

Executive Chairman	Enquiries To: Mr Jim Richards [phone]
For

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ASX RELEASE

onlyReferences:

Iroquois Lead-Zinc Prospect (WA). First Drilling Results; Phosphate Australia Limited (now GIB) ASX Announcement dated 7 November 2011

High Grade Mississippi Valley-TypeZinc-Lead Discovery in Earaheedy Basin; Strickland Metals Limited; ASX Announcement dated 14 October 2021

useThe information in this report that relates to the GIB minority interest in the Joint Venture over E69/2820, has been derived from information reported to the ASX by Strickland Metals Limited (ASX: STK), as referenced in this report and compiled by Mr Jim Richards who is a Member of The Australasian Institute of Mining and Metallurgy and a Member of the Australian Institute of Geoscientists. Mr. Richards is a Director of GIB River Diamonds Limited. Mr. Richards has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as Competent Person as defined in the

personal2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr. Richards consents to the inclusion in the report of the matters based on the information in the form and

context in which it appears.

Appendix A Strickland Metals Limited ASX Release Dated 14 February 2022 For

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