Kalamazoo Resources : Victorian Exploration Update and 2022 Program

ASX Announcement

2 February 2022

Highlights

Tarnagulla Gold Project (EL6780)

• Drilling intersected epizonal-style, low level gold mineralised reef structures that are undergoing further 3D structural, multi-element geochemistry and drill target generation investigations

Tarnagulla Gold Project (EL6780)

In September-October 2020, Kalamazoo completed a soil sampling program (59 samples) across its highly prospective Tarnagulla Gold Project as part of a major regional-scale soil geochemistry sampling program in collaboration with the CSIRO1. These soil samples were subjected to Ultrafine+TM multi-element analyses for major and trace elements in a CSIRO-led collaborative leading-edge research project. The surface geochemistry sampling programs are using the latest advanced technologies and research capabilities to assist Kalamazoo identify and prioritise drill targets across its portfolio of gold exploration projects.

ForThe Ultrafine+TM multi-element soil geochemistry results at the Tarnagulla Gold Project revealed a significant 1.4km long linear gold in soil anomaly (>100 ppb Au) that is coincident with a trend of historical high-grade hard rock mine workings (Figure 2). This includes the historic "Poverty Reef" Mine, located approximately 1km along strike to the south which had reported production of 360,000oz @ 92 g/t Au2.

Kalamazoo is pleased to announce that the final regulatory approvals have been obtained to conduct an ~800m RC/diamond drilling program to test highly prospective, coincident structural and soil geochemistry targets. This drilling is scheduled to be completed in Q1/2 2022 dependent upon rig availability.

1. ASX: KZR 19 October 2020
2. Ebsworth, G.B. & Krokowski De Vickerod, J., 2002. Central Maldon Goldfield 1:5000 map area geological report, Victorian Initiative for Minerals and Petroleum Report 75, Department of Natural Resources and Environment

For personal use only

Figure 2: EL6780 (red polygon) and the location of significant gold in soil anomalies on a background aerial photography image - note the location of the historical high-grade Poverty Reef Gold Mine to the south

Castlemaine Gold Project (EL6679, EL6752 and EL7112)

Kalamazoo's Castlemaine Gold Project in the highly endowed goldfields of the Bendigo Zone, Central Victoria, is comprised of three exploration tenements, EL006679 ("Wattle Gully", ~70km2), EL006752 ("Wattle Gully South", 218km2) and EL007112 ("Queens Project JV", ~22km2) for a total area of 310km2 (Figure 1).

onlyKalamazoo's regional soil sampling program across the entire Castlemaine Gold Project (EL6679 and EL6752) was completed in late 2021. The soil surveys were undertaken on 200m x 100m grid with 4,322 samples collected. All samples have been shipped to LabWest (Perth) for Ultrafine+TM multi-element analysis with approximately 80% of the soil sample geochemistry results having been received to date. On the receipt and analysis of the entire geochemistry results, Kalamazoo will commence a detailed review to assist with further field investigations, drill targeting and planning.

As part of its regional-scale soil sampling program Kalamazoo has discovered an encouraging significant ~800m long Au and As in soil anomaly within the hanging-wall of the regional-scale Taradale Fault in useEL006752. This significant linear Au (peak assay 68ppb) and As (peak assay 560ppm) in soil anomaly is along strike of historical mine workings located nearby in the adjacent "Queens" Kalamazoo Resources/Novo Resources Corporation Joint Venture Project (EL7112). Note that the Queens Project JV encircles the Malmsbury goldfield and covers multiple structural extensions of the primary lode Au gold deposits of this important high-grade gold camp (Figure 3). The Malmsbury goldfield is subject to a current drill program as part of the GBM Resources Limited's (ASX: GBZ) and Novo Resources Corporation Joint

Venture (ASX: GBZ 17 Dec 2021).

personalThis significant soil geochemistry anomaly will also be the focus of further field investigations. For

Figure 3: Castlemaine Gold Project EL6752 - Ultrafine+ Au and As in soil assay results. Note the significant coincident Au and As in soil anomaly (dashed blue polygon) directly to the north of the Malmsbury goldfield

Myrtle Gold Project (EL7323)

The Myrtle Gold Project is located within the prospective hangingwall of the Axe Creek Fault, a major northwest trending structure which strikes sub-parallel to the Fosterville fault, located approximately 25km to the north (Figure 4). The Myrtle Gold Project is considered prospective for both Fosterville-style epizonal orogenic Au as well as intrusion related Au ± Mo deposits.

onlyKalamazoo is pleased to announce the commencement of a detailed Ultrafine+TM multi-element soil geochemistry program (~780 samples) across key parts of the project. The soil samples will be collected on a detailed 200m x 100m E-W grid which is expected to be completed by late February 2022 before the samples are submitted for laboratory analyses at LabWest (Perth).

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Figure 4: Location of the Myrtle Gold Project (EL7323) with respect to the major, regional- scale Axe Creek and Redesdale Faults and Fosterville Gold Mine