Coolabah Metals Limited released the results of the maiden RC drilling at Gunpowder Creek on the 30th November 2022. The Company was provided by the lab with updated assay results in respect of the drilling program, which were required due to the lab discovering an equipment error which resulted in an under call of higher grade samples. The lab has informed the Company that the error has now been corrected and pulps reanalysed confirming the under call.

The re-analysis shows a significant increase in the originally reported gold results. New re-assayed results from RC drilling at the `Golden Sunset' and `Pearl' Prospect include: + 5m @ 5.70g/t Au from 108m (CGRC002 ¡ 28.5 GM) Golden Sunset + 4m @ 5.18g/t Au from 48m (CGRC008 ¡ 20.7 GM) Pearl + 4m @ 2.43g/t Au from 88m (CGRC003 ¡ 9.7 GM) Golden Sunset + 5m @ 1.29g/t Au from 97m (CGRC004 ¡ 6.4 GM) Golden Sunset + 2m @ 2.43g/t Au from 153m (CGRC004 ¡ 4.9 GM) Golden Sunset The drill program was designed to follow-up the recently reported high-grade gold samples collected at 3 of the 26 historic gold workings situated along a north-north-west trending May Downs Fault. Interpretation of the available drillhole data along with surface indications suggests that the gold intercepts are related to fissure veins that strike approximately 50¦ and dip steeply to the south-east.

The implication of the interpretation is that the fissure veins form in a dextral strike-slip structure which is represented by the May Downs Fault and they should repeat in that same orientation. The company plans to carry out additional follow up RC drilling at the Gunpowder Creek Project as soon as practical to do so. The drilling completed was oriented towards the east, the new interpretation suggests that the optimal drill orientation to test the mineralised fissure veins is towards the north-west and this interpretation also opens up the potential for multiple fissure veins parallel to that identified at Golden Sunset.