The Killaloe Project, located in southeast Western Australia approximately 600km east of Perth and 20-30km northeast of the historic gold mining town of Norseman, comprises two, largely contiguous exploration licences (E63/1018 and E63/1713) and a separate mining licence (M63/177) covering a total combined area of 94km2. There are no other land users and access is generally good although sometimes limited by thick bush and weather events. EL 63/1018 is subject to an agreement with Cullen Exploration Pty Ltd (Cullen), with Cullen owning 20% of this tenement.

Historical Exploration

There has been extensive previous exploration by multiple companies since the early 1960s targeting gold and nickel mineralisation.  The project is located in the Eastern Goldfields of Western Australia with the interpreted extensions of major structures within the project area. The basement geology of the project consists of a northwest/southeast trending sequence of Archaean greenstones including mafics, ultramafics, volcanoclastic metasediments and granodiorite. Regionally significant, layer parallel structures are interpreted from regional magnetic data and movement along these may have caused structural thickening. Bedrock exposure varies with fresh outcrops separated by large areas of relatively shallow soil cover.

Historic exploration and recent work undertaken by Liontown has identified number of gold and base metal targets that are drill ready and warrant further work. These include:

• Barrall Prospect – A 4km long gold target defined by the alignment of nugget patches and coincident As-Cu-Te anomalism
• 1713 Prospect – A 800m long coincident gold/arsenic anomaly that remains open along strike
• Buldania Prospect – Multiple historic workings where historic drilling (Pre-1983) recorded significant intersections including:
  • 11m @ 1.7g/t Au from 18m
  • 7.6m @ 2.4g/t Au from 90m
  • 6m @ 4.7g/t Au from 210.6m
• A number of other targets partially tested by previous explorers with better intersections including:
  • 28m @ 2.1g/t Au (Duke Prospect);
  • 48m @ 0.3g/t Au (Gossan East Prospect); and
  • 2m @ 6g/t Au (Cashel Prospect)

In addition to being prospective for gold, previous work has also recorded significant nickel and zinc mineralisation which warrants further assessment.

In 2021, the Company undertook a reconnaissance site visit to the Killaloe project, including a rock chip sampling program. Field reconnaissance and rock chip sampling of historic workings within the Killaloe Gold Project returned multiple high-grade surface samples from licence M63/117 including:

• 6g/t gold from rock chip sampling near working, sample SCG082
• 6g/t gold from rock chip sampling near working, sample SCG083
• 4g/t gold from rock chip sampling near working, sample SCG077
• 3g/t gold from rock chip sampling near working, sample SCG079

The field reconnaissance also included review of historic ultramafic lithologies and gold-silver workings within tenement E63/1018. Handheld XRF analysis indicated anomalous nickel and associated elements, and one selected sample dispatched for laboratory analysis returned 0.14% nickel. A review of historic exploration has identified several targets that require drill testing, and the Company is also reviewing the possibility of a ground EM survey to attempt to define potential high priority targets for assessment.

Maiden Drill Program

Results from the first round of reconnaissance sampling are encouraging, and in conjunction with historic exploration warrant follow-up with Lachlan Star planning to commence a maiden drill program at the Killaloe Gold Project.  The program will target:

• Multiple high-grade gold trends within M63/117 to facilitate mineral resource review
• Historic Gold-Silver workings in E63/1018 testing a strike length of over 1,500m previously undrilled
• Targeting the western ultramafic sequence with anomalous nickel mineralisation within E63/1018

The drilling program, will consist of a minimum of 1,200m of RC drilling, with the majority of the drilling expected to be completed on tenement E63/1018.