Alliance Resources Ltd. announced iron assay results from the RC and diamond drilling programs completed between 2017 and 2020 at the Weednanna gold-iron Deposit, 40 km north of Kimba on the Eyre Peninsula, South Australia. Since 2017 Alliance has drilled 363 RC holes and 5 diamond holes, totaling 50,281 metres, at the Weednanna Deposit to test for economic concentrations of gold. Gold at the Weednanna Deposit is located adjacent to, and on the margins of, ironstone and magnetite-rich skarn that was previously prepared for development by Ironclad Mining Limited (Ironclad) between 2008 and 2014. An iron mineral resource estimate for the Weednanna Deposit was reported by Ironclad in its 2014 Annual Report of 11.2 Mt grading 41.97 % Fe. Alliance is currently updating the geological model for the Weednanna Deposit utilising the additional drilling information acquired since 2017 and a new iron mineral resource estimate will be calculated during September 2020 using the iron assay results presented in this announcement. The updated mineral resource estimate will focus on high-grade direct shipping iron ore (DSO) with the cut-off grade significantly higher than the 25% Fe cut-off previously used by Ironclad. This will likely result in a lower tonnage of higher-grade iron ore for feasibility study assessment. Discussion The Weednanna gold-iron Deposit was discovered by Acacia Resources in 1997 when drilling intersected sporadic gold mineralisation hosted in calc-silicate and magnetite skarn. Since that time, the deposit has been assessed by several explorers for gold and iron. Prior to Alliance acquiring the Wilcherry Project, Ironclad was working towards developing the Weednanna Iron Deposit as part of a larger iron ore mining operation designed to produce DSO and magnetite concentrate. The iron mineral resource estimated for the Weednanna Iron Deposit in 2013 was 11.2 Mt grading 41.97 % Fe. Between February 2017 and March 2018 Alliance drilled 92 RC holes, totaling 14,341 metres, at the Weednanna Deposit to test for economic concentrations of gold. In September 2018, Alliance announced a maiden gold mineral resource estimate for the Weednanna Deposit of 1.097 Mt grading 5.1 g/t gold for 181,000 oz gold (classified 49% Indicated and 51% Inferred). An independent scoping study assessing the commercial viability of the project, including construction of a new 250 ktpa gold plant at Weednanna, was positive and indicated an initial capital cost of approximately $44 million, including an open pit pre-strip of approximately $8 million. Following the maiden gold mineral resource estimate and positive scoping study, Alliance has drilled a further 271 RC holes and 5 diamond holes, totaling 35,940 metres, to increase the size and geological confidence in the Weednanna gold mineral resource. An updated mineral resource estimate is planned to be completed and released to the market in September 2020. Between 2017 and 2019, Alliance's exploration drilling at Weednanna focussed on assessing the commercial viability of establishing a gold mining operation and therefore did not routinely analyse the ironstone and magnetite skarn for iron. During 2020, Alliance began selectively re-analysing the gold drilling sample pulps associated with ironstone and magnetite skarn for an extended iron ore suite of elements and compounds consisting of Fe, SiO2, Al2O3, CaO, MgO, MnO, P, S, K2O, Na2O, TiO2, Cu, Ni, Co, Cr, Pb, Zn, As, Sn, Sr, Zr, Ba, V, Cl and LOI. Where possible 1m split samples were selected, but where not possible, 4m composite scoop samples were re-analysed. During 2020, Alliance has been routinely submitting 1m split drill samples that intersect ironstone and magnetite skarn for the iron ore suite of elements listed above. A total of 2,332 drill sample pulps from the 2017 to 2019 drilling programs have been re-analysed for iron, covering 4,663 metres of drilling, and during the 2020 drilling programs a further 2,746 1m split samples have also been analysed for iron. Most of the Alliance drilling occurs within the boundary of the previous iron mineral resource estimate. Drill collar plans and cross-sections may be found in Figures 1 to 7 and intersections >55 % iron. Significant iron assay results greater than 600%m Fe include: 17m @ 57.3 % Fe from 8m in 18WDRC032; 15m @ 61.2 % Fe from 31m in 18WDRC062, 26m @ 63.1 % Fe from 19m in 18WDRC066, 19m @ 63.6 % Fe from 14m in 19WDRC009, 17m @ 57.1 % Fe from 19m in 19WDRC011, 10m @ 62.2 % Fe from 92m in 19WDRC054, 17m @ 62.1 % Fe from 19m in 19WDRC061, 33m @ 61.6 % Fe from 12m in 19WDRC076, 15m @ 59.8 % Fe from 105m in 19WDRC086, 12m @ 57.1 % Fe from 14m in 20WDRC005, 12m @ 55.5 % Fe from 10m in 20WDRC008, 16m @ 57.5 % Fe from 40m in 20WDRC026, 11m @ 60.3 % Fe from 125m in 20WDRC029, 15m @ 63.8 % Fe from 29m in 20WDRC030, 13m @ 60.5 % Fe from 17m in 20WDRC033, 25m @ 58.3 % Fe from 17m in 20WDRC043, 12m @ 62.6 % Fe from 16m in 20WDRC044, 28m @ 61.0 % Fe from 28m in 20WDRC051, 36m @ 56.8 % Fe from 22m in 20WDRC052, 33m @ 58.5 % Fe from 23m in 20WDRC056, 11m @ 55.1 % Fe from 110m in 20WDRC062, and 16m @ 58.1 % Fe from 188m in 20WDRC072. These iron intersections are concentrated in the central, southern area of the deposit where broad zones of magnetite skarn occur near-surface and are weathered to ironstone. The weathering process increases the iron content of magnetite skarn and produces potential DSO that can be mined, crushed, screened and transported with significantly less capital investment than required to construct a gold processing facility. If the updated iron mineral resource estimate and feasibility studies support it, a staged investment and mining plan is proposed whereby open pit mining of high grade, low impurity iron DSO can be stockpiled onsite and made available to generate revenue at the appropriate time.