Kalamazoo Resources Limited announced that an updated Mineral Resource Estimate ("MRE") has been completed for the Company's 100% owned Ashburton Gold Project ("AGP" or "the Project") located 40km south of the town of Paraburdoo, in the Pilbara Region of Western Australia. The Ashburton Gold Project was acquired from Northern Star Resources Limited ("Northern Star") in August 2020 and has been a key focus for the Company's West Australian gold exploration program. The MRE was prepared by independent technical consultant CSA Global Pty Ltd. ("CSA") and is based on reverse circulation and diamond drilling totalling 324,804 metres from 11,428 holes, completed by 8 May 2022, which was the date cut- off used for inclusion of results into the resource drilling database.

The updated MRE now stands at 16.2Mt at 2.8g/t Au for 1.44 Moz, estimated to the nearest 10,000 tonnes and 1,000 ounces. The resource includes mineralised material from four deposits, with the large and important Mt Olympus deposit now accounting for 75% of the total resource base ounces. In addition, the Mt Olympus and West Olympus deposits have a combined mid-point Exploration Target of 171,000oz, within a range of 0.6Mt and 1.9Mt at between 3.5g/t and 4.5g/t Au for between 67,500 and 275,000 oz of gold.

This exploration target's potential quantity and grade are conceptual in nature, there has been insufficient exploration to estimate a Mineral Resource and it is uncertain if further exploration will result in the estimation of a Mineral Resource. Optimised pit shells have been used to constrain the resources into Open Pit and Underground resources for the first time since mining of the oxide material was completed by Sipa Resources Limited ("Sipa") in 2004. At the time of acquiring the AGP from Northern Star in August 2020, the reported resource estimate stood at 20.8Mt @2.5g/t for 1.65Moz (which included the 27 Koz Romulus Inferred Resource).

The updated resource now stands at 16.2Mt @ 2.8g/t for 1.44 Moz, showing a 10% uplift in grade over the previous estimate (although this represents a 13% decrease in total ounces across the four deposits). The increase has chiefly resulted from a change in the interpretation of the major lodes at the important Mt Olympus deposit, which has resulted in an increased confidence in the orientation and continuity of the higher-grade gold mineralisation. Consequently, there is a significant increase in the proportion of Indicated material to Inferred material at Mt Olympus compared to the previous estimate and a very significant 24% increase in grade, now estimated at 2.7 g/t Au (previously 2.2g/t Au).

Overall ounces at Mt Olympus remain essentially the same. The Exploration Target mentioned above exists below the optimised pit shell and outside of the wireframed domains at Mt Olympus. This target has been estimated from drilling intersections that are currently too far apart to confidently predict the orientation and continuity of mineralisation.

This mineralisation therefore remains a significant drill target at Mt Olympus and West Olympus. The drill database was set as at 8 May 2022 and contained 14,904 holes drilled by eight separate companies, for a total of 355,000 metres. Only reverse circulation and diamond drill holes were used to estimate resources, representing 77% and 91% of the total number of holes and metres respectively.

The AGP is located in the Ashburton Goldfields in the Southern Pilbara region of Western Australia. Mineralisation is hosted in siltstones, sandstones, conglomerates and dolomites of the Mt McGrath Formation and the Cheela Springs Basalt. The units dip to the south and around Mt Olympus the geology becomes complicated by folding and faulting.

The base of oxidation at Mt Olympus is up to 100m below the original surface. The Project is situated along an axis of a distinct SE plunging antiform which has its southern limb truncated by a large sub-vertical NW-SE striking fault known as the Zoe Fault. Mineralisation is controlled structurally and is associated with minor sulphidic quartz veins and with zones of intense sulphides.

Coarse grained, highly fractured pyrite (typically 5 to 15% of the rock) is the dominant sulphide with minor arsenopyrite and small amounts of chalcopyrite, digenite, covellite and tetrahedrite. Gold occurs as veinlets and blebs in the pyrite. The Peake Deposit developed within a planar and steeply south dipping fault cutting mudstones and sandstones and shows significant continuous gold mineralisation over 2,000m strike that is open to the west.

Historical mining has targeted shallow supergene enriched oxide gold to a maximum depth of 30m in a single 600m long open pit. The Zeus Deposit occurs within a south dipping package of coarse clean sandstone beds in the footwall of the Zoe Fault. The mineralised lode outcrops for over 800m along strike before plunging shallowly to the southeast along the contact with the Zoe Fault.

The Waugh Deposit occurs on the northern side of the Diligence Dome and is located approximately 3km north east of the Mt Olympus Deposit. It is hosted by moderately north dipping siltstones of the Mt McGrath Formation, but most of the mineralisation is within a slightly discordant ironstone breccia, which, in the very few existing drill intersections of fresh rock, are dominated by arsenical pyrite. To interpret the mineralisation, the previous grade control data was inspected by flitch.

This revealed the complex structural trends; these were digitized and formed into wireframe surfaces. These were then used to guide the interpretation of the resource drilling only (i.e. holes >30m deep) with the trends extended vertically, laterally and down plunge. The resultant wireframes are therefore based on wide spaced data but use the unique trends of the close spaced data.

Multiple alternative interpretations are plausible if the resource drillhole data is viewed in isolation from the grade control data, however the use of the grade control reduces the options. Two main trends are present. Along the Zoe Fault, steeply south dipping mineralisation is developed discontinuously.

To the north of the Zoe Fault, moderately south dipping multiple lodes are developed in favourable horizons of the sedimentary package; these are truncated to the northwest by the underlying basalt. The sediment hosted lodes tend to be thicker and higher grade in the footwall of the Zoe Fault, where the highest-grade material forms moderately southeast plunging shoots. A minimum downhole width of 2m was used, with a nominal lower cut-off grade of 0.3g/t. Numerous intersections outside the interpreted lodes were not included due to wide spaced drilling and the uncertainty in how they should be joined to any other intersection.

These have been estimated using a 0.5g/t Indicator method. Mt Olympus extends 950m down plunge, to a maximum depth of -20mRL more than 500m below the natural surface.