Greenstone Resources Limited (ASX:GSR) (Greenstone or the Company) is pleased to provide an update on Phase-2 exploration activities at its flagship Burbanks Gold Project following from the recently announced Burbanks Mineral Resource Estimate (MRE) which now totals 6.1Mt @ 2.4g/t gold for 465,567 ounces of contained gold1 , an increase of over 68% from the previous update, reaffirming the existence of a large scale gold system with a total gold endowment now exceeding 850,000 ounces in the upper 300 metres1 .

The Burbanks Gold Project is located on a granted mining lease just 9.0km south of Coolgardie, Western Australia and is supported by a network of existing infrastructure including grid power, sealed roads and several neighbouring toll treatment plants, all of which will serve to expedite any future production decisions. The Phase-2 drill campaign includes up to 15,000m of diamond and reverse circulation drilling targeting down dip and along strike extensions to known high-grade gold lodes in largely the upper 500 metres and adjacent to the existing mineral resource.

Initial Phase-2 drilling will focus on targeting extensions to known high-grade trends which remain open beneath the Burbanks Mining Centre which historically produced 324,000oz @ 22.7g/t Au from largely the upper 140 metres Managing Director and CEO, Chris Hansen, commented: 'The recently updated resource has served to validate our longstanding conviction for the Burbanks Gold Project, with the total gold endowment now exceeding >850koz in the upper 300m2 . Importantly, with only 30% of the mineralised horizon above 500m tested to date, there is significant potential for future growth which will be tested as part of the Phase-2 drill campaign currently underway.

The exploration strategy at Burbanks for the past 18-months has been focussed on near-surface resource additions to provide the critical mass required for the future resumption of operations. This next phase of exploration at Burbanks will be targeting the high-grade extensions beneath the historic mine workings, which remain open from shallowdepths. Despite historical underground production exceeding 324,000oz @ 22.7g/t gold from largely the upper 140 metres, this area remains underexplored with further extensions at depth supported by limited drilling and underground sampling. The strategic significance of Burbanks cannot be understated, there are only seven ASX listed high-grade preproduction gold projects in Australia1 , with Burbanks being the only project located within the epicentre of the Australian gold mining industry. The Project is surrounded by a network of existing infrastructure, including processing plants, grid power, and sealed roads, all of which will serve to expedite our path to sustainable commercial production.

PHILLIPS FIND REGIONAL DRILL HOLES

Eight drillholes were completed across the regional target of Diablo, Truth and Dunnsville, testing for possible depth extensions to anomalous soil and drillhole values. Drilling at the Dunnsville and Diablo prospects intersected highly anomalous mineralisation and served to collect new fresh rock data to support an updated geochemical interpretation and future targeting. Drilling at the Truth was targeting extensions to several shallow historical drill intercepts, with hole PFRC127 extending known mineralisation here by a further 50 metres. PFRC127 remains open at depth and is highly encouraging, confirming the presence of high-grade gold mineralisation at depth in fresh rock. Future work will focus on structural analysis and interpretation of host rock lithology to better understand the regional controls on mineralisation. Significant intercepts include:

PHILLIPS FIND MINING CENTRE DRILL HOLES

Drilling at the PFMC consisted of 5 holes in total, testing the Company's geological model for the mining centre. Drillholes were targeting potential high-grade plunges below the pits, and confirmed the expected lithology, structure, and mineralisation. The 5 drillholes at the PFMC only focused on a small area of the mining centre, and the data gathered from these drillholes will help focus future targeting in other untested areas. Of the 1,089 shallow holes drilled historically at the PFMC, only 22 of these were diamond, and of these very minimal structural and multi-element data has been collected. The new diamond holes drilled at the PFMC will allow the Company to conduct a comprehensive multi-element and structural review to support future exploration in this area

Contact:

Email: chris.hansen@greenstoneresources.com.au

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