Kalamazoo Resources Limited advised that assays have been received for the remaining Phase I and 2021 Phase II drilling programs which were designed to target potential extensions and upgrades to the existing oxide and primary gold resources (i.e., resource or "brownfields" exploration) at the West Olympus, Peake, and Zeus Prospects at the Ashburton Gold Project (AGP). Further drilling results for several other regional or "greenfields" prospects at the AGP will be reported shortly. These results support Kalamazoo's key objectives for the AGP, which include defining new oxide gold
resources such as that targeted at the West Olympus and Peake Deposits to support a stand-alone conventional gold processing facility. Secondly, Kalamazoo is focused on the addition of significant fresh (sulphide) resources, such as the newly identified plunging trend of gold mineralisation at West Olympus, which has the potential to contribute significant additional ore to the existing Mt Olympus sulphide resource. Various geological investigations and target generation exercises are ongoing at these as well as other prospects for input into the Phase III exploration program scheduled to commence in First Quarter 2022. The West Olympus Deposit is located approximately 300m west of the Company's Mt Olympus deposit and
is hosted by a north to north-east striking fault (Figure 1). The shallow oxide portion of the West Olympus Deposit has been mined to approximately 30m depth by previous owners and historical drilling has tested the prospect to a maximum depth of 230m below the existing pit. Four deep RC holes in two 80m spaced fans were drilled towards the west to target gaps in the existing drilling and to confirm the interpretation of a significant north-south striking mineralised structure (Figures 2 and 3). The four deep RC holes intercepted a steeply east dipping 40m to 50m wide zone of quartz veining and
pyrite-sericite alteration in mudstone and dolomite strata against the faulted basalt contact. Assay results show a continuous zone of gold mineralisation developed around the base of the alteration zone with a true width ranging between 4m to 8m, plus a second parallel zone of gold mineralisation intersected in the southern two drill holes (Figures 2 and 3). The true width of this second zone varies between 3m and 9m and typically comprises several thinner zones associated with quartz veining and pyrite-sericite alteration. The Peake Deposit developed within a planar and steeply south dipping fault cutting mudstones and sandstones and shows significant continuous gold mineralisation over 2,000m strike that is open to the west (Figure 1). Historical mining has targeted shallow supergene enriched oxide gold to a maximum depth of 30m in a single 600m long open pit with 18koz @ 7g/t Au recovered. In the western half of the deposit, drilling becomes relatively sparse with no intercepts shallower than 80m below surface, with none testing the prospective shallow supergene zone. Historical exploration drilling at the Peake Deposit had intersected local wide zones of gold anomalism and sporadic low to high grade gold mineralisation in the footwall of the Peake Fault including the adjacent Titus Prospect (Figure 4). Historical footwall intercepts including 8m @ 5.3g/t Au from 48m incl 4m @ 9.3g/t Au from 48m (PARC0019) (ASX: NST 28 July 2011) are thought to be associated with pyrite mineralised and sericite altered subvertical northwest striking faults noted in the Peake pit. During the 2021 Phase II program, 21 RC holes were drilled on ~60m spaced sections to target shallow gold mineralisation associated with northwest striking faults and the adjacent moderately southwest dipping, deeply weathered Titus Prospect (Figure 4). Drill holes testing the Titus Prospect intercepted 1m to 5m wide zones of typically >0.5g/t to 2g/t Au gold mineralisation plus sporadic higher-grade mineralisation hosted within weathered and sericite altered mudstones and chert. The Titus Prospect drill holes also intersected a second, previously unrecognised +20m wide zone hosting 1m to 4m wide zones of gold mineralisation interpreted to be a hangingwall splay of the Titus Prospect. The Zeus Deposit occurs within a south dipping package of coarse clean sandstone beds in the footwall of the Zoe Fault. The mineralised lode outcrops for over 800m along strike before plunging shallowly to the southeast along the contact with the Zoe Fault. The current 72koz @ 2.2g/t Zeus Resource model extends for 240m past the southeast extent of the open pit mine and further historical 80m to 100m spaced drill sections beyond that have extended the known mineralisation an additional 280m to the southeast at ~70- 100m depths (Figure 5). Kalamazoo considers that the Phase II drilling program has highlighted the outstanding potential to add additional oxide and sulphide resources to the Ashburton Gold Project.