Exploration Potential

• Lady Ada & Lady Magdalene (Hyden Option):
  15,000 drilling program POW lodged and drilling ready to commence after approval

• British Hill: drilling expansion

• Lady Lila: future drilling as part of the 15,000 Forrestania hub program will focus on extending mineralisation

Strategic Value

• District-scale hub with pathway to significant growth of current JORC resource base

• 92% of ounces already on granted MLs

JORC Resource Base

Lady Lila: 40,513oz

Lady Ada + Lady Magdalene (Hyden Option): 297,000oz

North Ironcap: 105,953oz

British Hill: 54,625oz

Total Forrestania Hub:
˜498koz Au

Lady Lila
Gold Prospect

JORC compliant inferred Mineral Resource at Lady Lila using a 0.5g/t lower cutoff.

The Lady Lila deposit sits within Exploration Licence P77/4325, 7km south-west of the historic +1Moz Bounty Gold Mine 120km south of Southern Cross in Western Australia and comprises part of the Company’s Forrestania North Project. The FRS drilling programmes have confirmed high-grade gold at depth with open mineralisation in all directions extending the mineralisation 150m to the north. 

Assays from Lady Lila Phase 2 drilling confirm high-grade Au mineralisation, open in all directions, including:

• LLRC017 – 15m @ 1.3g/t Au (from 82m), including 1m @ 5.5g/t Au 

• LLRC023 – 3m @ 5.3g/t Au (from 40m), including 1m @ 15.1g/t Au 

• LLRC020 – 11m @ 1.4g/t Au (from 87m), including 1m @ 7.4g/t Au 

A third drilling campaign of approximately 2,000m over P77/4325 is already planned to further test the extent of the mineralisation both along strike (north–south) and at depth. 

Furthermore, P77/4326 (the southernmost tenement) has only been lightly tested, with historic, widely spaced, shallow RAB drilling completed to an average depth of 54 m. 

A soil sampling campaign infilling historic auger lines revealed gold anomalies in the northern part of P77/4326. The company intends to test these targets at depth, below the previous RAB drilling, using RC drilling. As a result, POW 203751 have been lodged over historic drill tracks. 

HYDEN PROJECT HOLDINGS
Lady Ada & Lady Magdalene
GOLD PROJECT

The total global resource for the project is 6.95Mt @ 1.3g/t Au for 297koz contained gold.

Two advanced open pit gold projects situated on a mining lease, with extensive exploration potential across all tenements.

The Hyden Project comprises two resources both typical Archean, shear-hosted, narrow-vein orogenic gold deposits. Lady Magdalene and Lady Ada are both shear hosted quartz veins in a shallowly east-dipping quartz dolerite unit. Secondary mineralisation exists as a supergene horizon at the primary iron redox front (BOCO). The Blue Haze open pit was mined in early 2003 on what is now the Lady Ada resource. 

Planned drilling under the 15,000m Forrestania hub program will focus on upgrading and expanding the existing resource.

As cornerstone assets of the Forrestania portfolio, Lady Ada and Lady Magdalene represent the largest current resource base. Their scale and location position them as central to any future production strategy.

NORTH IRONCAP
GOLD PROJECT

The deposit hosts a JORC (2012) Compliant Inferred Mineral Resource of circa 105,000oz Au above a 0.5g/t lower cutoff as per below: 

An advanced stage gold exploration asset located south of Southern Cross within the Forrestania Greenbelt.

The project hosts a significant trend of gold mineralisation in its southern area, where extensive drilling, metallurgical test work, and pit design studies were undertaken during the late 1990s.

Preliminary FRS Technical review confirms a high confidence in mining a relatively high ratio of the existing resource via low cost open pit methods.

BRITISH HILL
Gold Prospect

The deposits hosts a JORC (2012) Compliant Mineral Resource of circa 56,000oz Au globally, with 54,625oz above a 0.5g/t lower cutoff as per below: 

British Hill is a longstanding gold prospect within the Southern Goldfields of WA, located 60km SSE of Marvel Loch. It has been developed in recent years by its latest owner / operator, IMD, and represents a near term production opportunity for FRS with several pre-production baseline surveys and approvals already in place. 

Preliminary FRS Technical review confirms a high confidence in mining a relatively high ratio of the existing resource via low cost open pit methods. 

The British Hill project has the majority of base line studies, technical evaluations and various approvals completed with the project now advanced with onsite early works and mining pending submissions and final mining approval. 

Gold
Prospects

Multiple, advanced gold targets:

• Prince – significant Au rock chips including: 28.2g/t Au, 6.1g/t Au, 5.6g/t Au. In close proximity to multiple high-grade historic workings, with historic production up to 19.8g/t Au (see image below).

• Great Southern – historic production at up to 23.1g/t Au, within a high-grade, historic mining centre (see image below). Never effectively drill tested with multiple targets.

• Rabbit Hole – historic Au drilling of 5m @ 4.4g/t Au from surface, never followed up. With strong Au pathfinder geochemistry along a BIF contact.

• Crossroads – DGPR confirmed faulted structures coincident with Au mineralisation, historic results include: 3m @ 5g/t Au.

• Gemcutter North-East – strong, walk up regional Au target with anomalous Au (and Li) within 8km of the historic Bounty gold mine and the Mount Holland lithium mine.

Lithium
Prospects

The Forrestania Project has multiple, advanced lithium targets:

• Tenure adjacent to IGO’s South Ironcap Prospect (recent IGO drilling intersect ~35m @ 1.38% Li2O).

• Forrestania’s South Iron Cap East:

  • Shallow spodumene intersected

  • Results included 2m @ 0.95% Li2O

• Forrestania’s Gemcutter and Giant:

  • 10m @ 1.5% Li2O from 74m

• Gemcutter North-East – strongly anomalous lithium geochemistry ~5km from Covalent Lithium (Wesfarmers-SQM JV) Mt Holland lithium mine.

A recent, potentially significant lithium “discovery” has been made by IGO ~700m west of our ‘South Iron Cap East’ Prospect.

Up to 31 May 2024, IGO had completed 78 holes - ~10,700m of RC and ~8,800m of DD at its South Iron Cap prospect.

Exploration by IGO has extended the mineralised footprint approximately 2km along strike and up to 800m wide. IGO believes there are opportunities to extend the mineralised footprint with additional drilling.