For personal use only

ABN 62 009 260 315

Suite 8, Level 3

47 Havelock Street

West Perth WA 6005

PO Box 39

West Perth WA 6872

P: +61 8 9336 3388

www.gmeresources.com.au

ASX ANNOUNCEMENT/MEDIA RELEASE

15 February 2021

Six gold and three nickel anomalies outlined by soil sampling at the Abednego Project

  • Six gold and three nickel targets identified along a seven-kilometre strike length of the highly prospective Federation shear zone
  • Three new coherent nickel anomalies identified adjacent to gold targets
  • Manchester and Newcastle gold targets returned strong gold results up to 141ppb Au and 104ppb Au1 respectively, both coincident with a discrete bullseye magnetic anomaly
  • Large Breakaway gold anomaly 1.2km x 0.15km (+10ppb Au) with results up to 110ppb Au1
  • New gold anomalies identified along strike from mineralisation at Federation and Federation North
  • Ultra-FineFraction (UFF) soil sampling is a new exploration technique developed by LabWest in conjunction with CSIRO as a method to explore for minerals including gold and nickel under transported cover

GME Resources Limited ("GME" or "the Company") (ASX: GME) is pleased to announce the results of a detailed Ultra fine Fraction ("UFF") soil sampling program within the highly prospective Federation shear zone, at the Company's 100% owned Abednego Project, situated approximately 45km east of Leonora, in the Eastern Goldfields of Western Australia (Figure 4).

The UFF soil sampling program comprising 488 samples was completed at the Abednego Project during December 2022. The UFF soil samples were collected on a nominal 100 x 100m, 100 x 50m or 200 x 100m grid. The program was designed to target gold and nickel mineralisation below thin alluvial and sheetwash cover along the highly prospective Federation shear zone, extending to the north-northeast of the Homeward Bound, Federation and Federation North gold deposits (refer ASX announcement dated 14 December 2021 and Figures 1-3).

Results from the program have successfully delineated six discrete gold anomalies and three nickel geochemical anomalies. The Breakaway, Manchester and Newcastle gold anomalies are located directly along strike from Kin Mining NL's (ASX: KIN) recent Mt Flora gold discovery2, located within 1km of the northern tenement boundary (Figures 1-3).

The new exploration targets provide sufficient detail and technical information to enable target prioritisation and the design of follow-up sampling, geological mapping and aircore drilling programs.

Page 1 of 18

  1. Refer body of announcement, Table 1, and Appendix 1 for additional details.
  2. Refer ASX:KIN announcement dated 11 February 2022

For personal use only

Figure 1: GOLD ANOMALIES Plan showing proposed UFF soil gold results and targets, (refer to body of

announcement, Table 1 and Appendix 1 for further details), plan underlain by aeromagnetic image.

Page 2 of 18

For personal use only

Figure 2: GOLD ANOMALIES Plan showing proposed UFF soil gold results and gold targets, (refer to body of

announcement, Table 1 and Appendix 1 for further details), plan underlain by map of regolith geology.

Page 3 of 18

For personal use only

Figure 3: NICKEL ANOMALIES Plan showing proposed UFF soil Ni results and targets, (refer to body of announcement,

Table 1 and Appendix 1 for further details), plan underlain by aerial photograph.

Page 4 of 18

For personal use only

Gold Targets

Six gold anomalies have been outlined by the UFF soil sampling program all located within a seven kilometre zone along the highly prospective Federation shear zone, situated along strike from known mineralisation at the Federation and Federation North deposits (Figures 1-3). The soil anomalies overlie several parallel shears within the Federation shear zone. The Federation North shear is located predominantly within a sequence of felsic, sedimentary and basalt units and the nearby Federation shear occurs at the contact between felsic rocks and a sequence of intercalated high-magnesium basalts, komatiite flows and dolerite. Several bullseye aeromagnetic anomalies are spatially associated with the Federation North, Breakaway, Manchester and Newcastle gold-in soil anomalies.

The Breakaway, Manchester and Newcastle anomalies are located along strike from Kin Mining NL's (ASX: KIN)

recent Mt Flora gold discovery (refer ASX: KIN announcement dated 11 February 2022), where gold mineralisation has been identified just to the north of GME's tenement boundary. Details of the UFF soil anomalies are listed below (refer to Figures 1-3, Table 1 and Appendix 1 for further details).

Strike length and peak assay values from within these targets include;

Newcastle: 1.0km long with peak values of 104ppb Au, 378ppb Te, proximal bullseye magnetic anomaly

Manchester: 1.7km long with peak values of 141ppb Au, 86ppb Te, Proximal bullseye magnetic anomaly

Breakaway: 1.2km long with peak values of 110ppb Au, 223ppb Te, adjacent magnetic anomalies

Link Zone: 0.9km long with peak values of 21ppb Au, 156ppb Te

Federation North: 1.3km long with peak values of 56ppb Au, 91ppb Te, adjacent bullseye magnetic anomaly

Federation: 1.6km long with peak values of 193ppb Au, 86ppb Te, 50ppm As

The background metal content in soils was approximately 3ppb Au, 40ppb Te and 6ppm As across the entire dataset. Gold, tellurium and arsenic are considered excellent pathfinders for Archaean gold mineralisation in Western Australia. Values above 20ppb Au, 70ppb Te and 40ppm As are considered highly anomalous.

Nickel Targets 1-3

The three nickel-(copper-cobalt) anomalies identified by the recent program are associated with a sequence of intercalated high magnesium basalts and komatiite flows (Figure 3). Details of the anomalies are listed below.

Strike length and peak assay values from within these targets include;

Nickel target 1: 1.3km long with peak values of 272ppm Ni, 0.12% Cr, 7ppb Pt, 94ppm Cu and 75ppm Co.

Nickel target 2: 1.0km long with peak values of 946ppm Ni, 0.12% Cr, 9ppb Pt, 103ppm Cu and 175ppm Co.

Nickel target 3: 1.8km long with peak values of 775ppm Ni, 0.15% Cr, 11ppb Pt, 149ppm Cu and 159ppm Co.

The background metal content in soils was approximately 65ppm Ni, 0.02%ppm Cr, 3ppb Pt, 60ppm Cu and 20ppm Co across the entire dataset. Values above 200ppm Ni, 0.1% Cr, 7ppb Pt, 100ppm Cu and 60ppm Co are considered highly anomalous.

The nickel anomalies are located on a seven-kilometre trend which has had no previous exploration for nickel. The two southern targets are associated with high magnesium basalts and komatiite flows located in the hanging wall to the Federation shear and are situated adjacent to the Federation and Link Zone gold targets (Figure 1 - 3). The northern nickel target is located just to the north of the Manchester and Newcastle gold anomalies and may represent a continuation of this sequence. The nickel targets will be evaluated in parallel with follow-up exploration on adjacent gold anomalies.

Page 5 of 18

This is an excerpt of the original content. To continue reading it, access the original document here.

Attachments

  • Original Link
  • Original Document
  • Permalink

Disclaimer

GME Resources Limited published this content on 14 February 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 February 2022 21:53:15 UTC.