Gibb River Diamonds : Neta Lodes Gold Prospect Strike Doubles to 160m

ASX RELEASE

21 December 2020

ASX Code: GIB

Neta Lodes Prospect Strike Doubles to 160 metres

Edjudina Gold Project, WA

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• The Neta Lodes Prospect mineralisation has doubled in strike length from 80 metres to 160 metres as a result of the Phase 2 drilling campaign
• Phase 2 drill intersections at the Neta Lodes Prospect include (in grams per tonne Au):

1m at 5.41g/t	from 1m	(GAC 144)
50m at 0.43g/t	from surface	(GAC 135) includes
20m at 0.69g/t	from surface	(GAC 135)
9m at 0.95g/t	from 31m	(GAC 139)
3m at 1.20g/t	from surface	(GAC 149)
5m at 0.53g/t	from surface	(GAC 147)

Plus numerous other mineralised intersections (Table 1)

• Drilling at the Gawler Prospect has confirmed an excellent target with a strike length of 270m and multiple lodes; shallow workings are also present which require deeper drilling.

Phase 2 drill intersections at Gawler include:
3m at 3.30g/t	from 15m	(GAC 214)
2m at 2.74g/t	from 28m	(GAC 139)
6m at 0.80g/t	from 12m	(GAC 221)

Plus numerous other mineralised intersections (Table 2)

• Staunton Prospect - New Target: Phase 2 drilling found a wide area of significant gold anomalism and strong alteration. There is only one line of GIB drilling within this Prospect area, which includes 30m at 0.32 g/t Au. An untested target zone of 450 metres strike from this intersection requires follow-up drilling.
• Due to the limitations of the aircore rig, no deeper drilling (>68m down-hole) at Neta Lodes or Gawler was possible, these prospects remain fully open at depth
• A contract has been signed with a local RC drilling contractor to provide drilling services commencing late February/early March 2021. This program will target the deeper drilling required at the Neta Lodes and Gawler Prospects which represent very exciting targets

Executive Chairman Jim Richards and GIB Exploration Manager Michael Denny during the Phase 2 aircore drilling campaign at the Neta Lodes Prospect at Edjudina, WA.

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

1.0 Edjudina Gold Project

GIB Option to acquire 100%

Gibb River Diamonds Limited ('GIB' or the 'Company') is pleased to announce results from the Phase 2 aircore drilling program at Edjudina which took place from 3 to 29 November 2020. A total of 157 holes were drilled for 6,162 metres, all holes were drilled at a 60 degree dip. There were no accidents or lost time incidents.

A total of 2,415 samples were assayed either as one metre splits (1,607 samples) or as composite samples (808 samples), mainly 6 metre composites. Blank, duplicate, standard and repeat samples were added as necessary to ensure data integrity for future resource calculations.

The aim of the Phase 2 drilling program was to define the strike extent of the mineralisation at Neta Lodes and Gawler which was discovered in October 2020 and to test various exploration targets in the vicinity of these two prospects.

Due to the limitations of the aircore rig, no deeper drilling (>68m down-hole) at Neta Lodes or Gawler was possible and these prospects remain fully open at depth. There are some very exciting targets at both of these prospects. This includes following up of the Neta Lodes discovery hole (36m at 3.97g/t from 4m) and drilling under the shallow stopes and mineralisation intersected in the Phase 2 drilling at Gawler.

Figure 1: Edjudina Gold Project - Location Map

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ASX RELEASE

The deeper drilling at Neta Lodes and Gawler will be undertaken in a Phase 3 RC program which is scheduled to commence in late February/early March 2021. A contract has already been signed with a reputable RC drilling contractor to provide these services. GIB is looking forward to an active series of drilling programs in 2021 targeting the 13km strike of historic workings and building on the success of the Company's first two drill programs.

On 2 December, GIB announced it had exercised its Option to purchase 100% of the Edjudina Project (E31/1179) 1 and the Company is now the 100% beneficial owner of the project.

Figure 2: Edjudina Gold Project -Prospects Location Map with GIB Drilling

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ASX RELEASE

2.0 Neta Prospect Area Drilling Results

The aim of the Phase 2 drilling in the Neta Prospect area was to test the strike extent of the Neta Lodes mineralisation discovered in the Phase 1 drilling program and to test the gold-in-soil anomaly within calcrete cover in the greater Neta Prospect area. This testing was successful.

1. The Neta Lodes mineralisation strike was doubled from 80 metres to 160 metres. This represents a significant increase in the prospectivity and size of the mineralisation and allows for the positioning of the down-dip drill testing of the Neta Lodes Prospect which will take place in early 2021.
2. The 'Neta Lodes Extension Target' gold-in-soil anomaly directly to the north of Neta Lodes did not discover commercial mineralisation and the gold anomalism appears to be derived from the calcrete chemically 'scalping' mobile gold within the regolith. The drill results confirm that this anomalism is a regolith associated artefact. This area will not be further explored.

Figure 3: Plan view of the Phase 2 Drilling at the Neta and Staunton Prospects

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