Capricorn Metals Ltd. announced strong results returned from Mt Gibson and Karlawinda Drilling. A total of 109,356 metres (696 holes) of RC resource definition and extension drilling programme completed to the end of September 2022. Assays received from 559 holes to date, including 224 holes since the July 2022 update continue to return exceptional results within and extensional to the resource including: 8 metres @ 11.24g/t from 76 to 84m; 8 metres @ 14.51g/t from 203 to 211m; 10 metres @ 7.12g/t from 261 to 271m; 18 metres @ 3.95g/t from 312 to 330m. 24 metres @ 20.9g/t from 48 to 72m; 14 metres @ 12.85g/t from 208 to 222m; 18 metres @ 6.20g/t from 124 to 142m; 47 metres @ 2.36g/t from 78 to 125m. 30,518 metres (135 holes) resource infill and extension RC drilling programme completed over the KGP mine trend from March to August 2022. A 30,000 metre regional exploration AC programme commenced in July 2022. To date 11,323 metres for 313 holes have been drilled with anonymous pathfinders intersected at the Forfar prospect. Assays have now been received from the first 559 holes (91,457 metres). Assays received from 224
holes since the last update continue to return very encouraging results including: Results of this extended programme will underpin an updated MRE and a maiden ORE both targeted for completion in the December 2022 quarter. The assays received from drilling to date continue to line up with the historic data both spatially and for
grade tenor, providing validation of the historic +660,000 metre drill database acquired with the project in July 2021 and the expectation that a significant proportion of the Inferred resource (79.7Mt at 0.8g/t Au for 2.083 million ounces) will be converted to Indicated category. Current and previously reported drilling at the depth extremities of the resource optimisation shells (where historic drill density is broader spaced) and below them has returned results consistent with Capricorn's geological interpretations of mineralisation location, widths and grade tenor. Drilling across the project to date indicates that mineralisation remains open down dip and along strike to the north and south with multiple stacked lodes intersected. Regional Exploration: A 30,000 metre first pass regional exploration AC and RC drill programme is planned to commence in the December 2022 quarter with phase one drilling focusing on the McDonalds/Highway Area. Commencement is pending receipt of approval of submitted POW applications. During the quarter mapping 3km to the north of the mine area has identified north striking historic workings. From the recent geophysical data and lithologies identified the prospective areas are interpreted to be a northern extension of the main Mt Gibson mine trend. The targets are predominantly
located under 5 to 20 metres of cover however an outcropping shear zone interpreted to be an extension of the worked shear was located 200m to the south. Further surface sampling and mapping is planned in the target area with first pass drilling to be undertaken on positive results. During the quarter hydrological exploration and testwork commenced with a total of 15 holes drilled for 1,356 metres. Early testwork identified multiple positive flow locations which will now be targeted to install production water bores for further monitoring and analysis. In the previous quarter a total of 3,522 metres (20 holes) of diamond drilling was completed for technical studies to inform the maiden ORE and feasibility studies. All holes have now been cut and sampled and sent to laboratories for waste rock, metallurgical and geotechnical testwork programmes to investigate and define geochemical properties, optimal processing parameters and associated metallurgical performance of ore and waste. Continued systematic multielement sampling of mineralised and barren downhole RC and DD material throughout the current drill area has been completed to gain an understating of the ore and waste rock geochemical characteristics for environmental applications.