Gibb River Diamonds : Phase 3 Drilling Expands Gold Discovery at Edjudina WA

ASX RELEASE

6 April 2021

ASX Code: GIB

Phase 3 Drilling Expands Gold Discovery at Edjudina, WA

includes 30 metres at 2.20 g/t Au from surface

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• Phase 3 RC drilling at the Neta Lodes Gold Prospect, Edjudina, WA has expanded the previous high grade mineralisation and defined two high grade cores from surface
• Phase 3 drill intersections at the Neta Lodes Prospect include (in grams per tonne Au):

30m at 2.20g/t	from surface	(GRC 01)
21m at 2.47g/t	from 69m	(GRC 15)
7m at 6.41g/t	from 10m	(GRC 13)
26m at 1.84g/t	from 19m	(GRC 02)
23m at 1.73g/t	from 61m	(GRC 14)
15m at 2.61g/t	from 20m	(GRC 06)
11m at 2.27g/t	from 76m	(GRC 16)
7m at 2.98g/t	from 23m	(GRC 14)
18m at 1.34g/t	from 72m	(GRC 20)
13m at 1.59g/t	from surface	(GRC 09)
26m at 1.08g/t	from 54m	(GRC 19)

Plus numerous other mineralised intersections (Appendix A)

• The mineralisation is mainly hosted in two bodies - the Carlsen Lode (strike 160 metres) and Kasparov Lode (strike 150 metres), with both containing higher grade cores reporting >10 gram metres. Both lodes remain open at depth
• The Carlsen Lode higher grade core (strike 60 metres) has been defined from surface down to 80 metres and is still open at depth
• Mineralisation from surface, grades, geometry and location indicates potential for bulk open pit mining
• A contract has been signed with a Kalgoorlie drilling contractor to provide aircore drilling services commencing around the 19 May 2021. The aim of this Phase 4 drilling program will be to discover repetitions of Neta Lodes style mineralisation along the 13 km of under- explored and under-drilled strike at Edjudina

GIB Executives Jim Richards and

Michael Denny during the Phase 3

RC Drilling of the Neta Lodes

Prospect at the Edjudina Gold

Project, 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 100%

Gibb River Diamonds Limited ('GIB' or the 'Company') is pleased to announce results from the highly successful Phase 3 RC drilling program at the Neta Lodes Prospect, part of the Edjudina Gold Project (GIB 100%). This program took place from 2 to 11 March 2021. A total of 22 holes were drilled for 1,921 metres. There were no accidents or lost time incidents.

A total of 1,088 samples were assayed either as one metre splits (903 samples) or as composite samples (185 samples), mainly 6 metre composites. Blank, duplicate, standard and repeat samples were added as necessary to ensure data integrity for future resource calculations.

The highly successful Phase 3 drilling program has better defined and expanded the GIB Neta Lodes gold discovery. This is an exciting prospect which displays mineralisation from surface, grades, geometry and location which indicate potential for bulk open pit mining

The discovery of Neta Lodes, the first of its type in the Edjudina field, now provides an mineralisation model which will be used to guide ongoing exploration. Planning for a Phase 4 aircore drilling program is underway, which will be targeting Neta Lodes lookalike deposits along the highly prospective, under-explored and under-drilled 13km strike corridor at Edjudina.

This Phase 4 drilling program is scheduled to commence around the 19 May 2021. GIB has recently signed a contract with a quality Kalgoorlie based drilling contractor to provide these aircore drilling services.

Figure 1: Edjudina Gold Project - Location Map

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ASX RELEASE

Figure 2: Edjudina Gold Project -Prospects Location Map

2.0 Phase 3 RC Drilling Results - Neta Lodes Prospect

The aim of the Phase 3 RC drilling program was to test for extensions to the mineralisation at the Neta Lodes Prospect which was discovered by GIB in October 2020. This Phase 3 program was highly successful, with the size, grades, geometry, excellent metallurgy5 and shallow nature of the Neta Lodes mineralisation now underscoring the outstanding potential to commercialise this discovery.

The Phase 3 drilling program returned multiple outstanding high grade gold intersections including:

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ASX RELEASE

Table 1: Neta Lodes Prospect - Phase 3 RC Drilling Results Highlights

Hole ID	From	To	Interval	Au	Lode	Comment
	(m)	(m)	(m)	(g/t)
GRC01	0	30	30	2.20	Carlsen	Si and Fe-altn minor Qz vn
GRC02	19	45	26	1.84	Carlsen	Intensely Si-Lm altn phyllite
GRC04	100	106	6	1.70	unassigned	6m composite sample
GRC05	0	3	3	3.69	Calcrete	Calcrete cap is mineralised
GRC06	20	35	15	2.61	Carlsen	weathered; Fe-Si altn up to 25% Qz
GRC08	53	64	11	1.22	Lasker	silicified; 10-50% Qz ~5% Py
GRC09	0	13	13	1.59	Kasparov	Up to 10% massive white Qz
GRC13	10	17	7	6.41	Kasparov	incl 2m @ 20.72g/t from 11m
GRC14	23	30	7	2.98	Kasparov	incl 1m @ 13.69g/t, stoped 23.5-
						26.0m
GRC14	61	84	23	1.73	Carlsen/Lasker	Some stoping
GRC15	21	27	6	1.74	Fisher	Stoped 20.3 - 22.8m
GRC15	69	90	21	2.47	Carlsen/Lasker	incl 1m @ 25.40 g/t from 83m
GRC16	76	87	11	2.27	Carlsen/Lasker	incl 2m @ 7.12 g/t from 77m
GRC18	22	31	9	1.65	Kasparov	mod-stronglyLm-altn phyllite, Si alt
GRC18	43	49	6	2.78	Carlsen	Fe-altered phyllite with Qz; bx
GRC19	54	80	26	1.08	Carlsen	Ser; Silicified; incl massive grey Qz
GRC20	12	14	2	4.93	unassigned	Lm-altn phyllite
GRC20	72	90	18	1.34	Carlsen	silicified phyllite c Qz ~1% pyrite
GRC21	78	84	6	1.64	Carlsen	6m composite. Ser phyllite
GRC22	12	38	16	0.53	unassigned	incl 6m @ 1.45 g/t and 6m @ 0.24 g/t
GRC22	61	66	5	1.45	Kasparov	silicified phyllite, 50% Qz ~1% sulfide

Intervals are reported as drilled and are not reported as true widths. Results are uncut Appendix A contains a set of drilling results for every hole which includes further significant results. Qualifiers for this table are in Appendix A.

Detailed geology of the Neta Lodes Prospect is in the GIB ASX release dated 8 October 20203.

The Neta Lodes Prospect has now been confirmed by the results of the Phase 3 drilling program to be a significant discovery of shallow, high grade gold mineralisation:

1. The Carlsen Lode mineralisation has a strike of 160 metres and is shown in Longsection E (Figure 8). Importantly, a well-defined higher grade core at Carlsen (>10 grams Au x metres) has a strike of 60 metres and provides excellent potential for starter material for mining. This core commences from surface, extends to 80 metres depth and is still open at depth. Carlsen also outcrops in artisinal workings as demonstrated by a GIB channel sample of 1 metre @ 5.95g/t.3
2. The Kasparov Lode mineralisation lies sub-parallel to the Carlsen Lode (about 20 metres to the north-east), and is shown in Longsection F (Figure 9). Kasparov is also a coherent mineralised body with a higher grade core which also extends to surface. The Kasparov Lode is still open at depth.
3. There is considerable additional mineralisation within the Neta Lodes drilling envelope which has yet to be placed into the geological model and some further infill and step-out drilling is required to categorise this material and fully define the extent of the lodes.

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ASX RELEASE

Figure 3: Neta Lodes Plan View - Drilling Phases 1 & 3 Results Highlights -

The recently discovered Neta Lodes gold mineralisation is markedly different from the material reportedly mined at the historic underground Neta gold mine and also as reported from workings on the rest of the Edjudina Line, which were a series of high grade quartz boudins with minor gangue mineralisation.

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