22 Sep 2021

Munda Drill Results

ABN 77 648 687 094 Level 1, 1292 Hay Street, West Perth, WA 6005 Locked Bag 8 West Perth WA 6872 T: +61 8 93221182 F: +61 8 93 21 0556 info@widgienickel.com .au www. widgienickel.com.au 22 September 2021 T hick massive nickel sulphide drilling intersection s confirm high grade nature of mineralisation at Munda Hig h li ght s • Drilling targeting gold mineralisation intersects thick massive nickel sulphides o 2 4m @ 3.22% Ni ckel , 0.20% C opper , 0.5 3 g/t P alladium and 0.26 g/t P latinum from 52m ; including o 16m @ 4.5 8 % Nickel, 0.2 9 % Copper, 0.7 6 g/t Palladium and 0.38 g/t Platinum from 59 m • Result illustrates the potenti a l to identify additional high - grade pods within the existing M u nda Min eral Resource • Widgie to commence n ickel focu s sed drilling campaign, including drilling at Munda , in the coming month W idgie Nickel L imited ( ASX : WIN ) (“ Widgie ” or “the C ompany” ) is pleased to report the assay results from drilling carri ed out at Widgie’s Munda deposit by Auric Mining Ltd ( ASX:AWJ ) (“Auric”) , which has returned thick massive nickel sulphide intersections at Munda . Widgie Managing Director Steve Norregaard said that the drilling intersections were a significant first result for Widgie, particularly considering the purpose of the drilling was primarily targeting gold and undertaken by Auric. “We are very happy with this great resu lt, as it further reinforces the high - grade nature of Munda, the presence of potentially important by - product credits such as copper and platinum group element s , and clearly illustrates that the process of infill drilling at the Munda deposit has the potential to identify additional locali s ed high grade pods . ” “Now that Widgie has been established as a standalone nickel focussed company in a great location, and with substantial cash in the bank , we are all very much looking forwa rd to new exploration results from our planned drill programs . We kick off our maiden drillin g program in the next month , which will be very much targeted towards nickel and associated by - products . ” Munda Geology and Geological Interpretation The Munda tenement lies at the northern end of the Widgiemooltha Dome, a double plunging anticlinal structure cored by deformed granitoid. The stratigraphy of basalt and ultramafi c trends east - west in the vicinity of the Munda deposit. Depth of complete oxidation varies from 10 to 80 metres below the natural surface but is typically around 40-50m metres in depth. While both gold and nickel deposits occur in the Widgiemooltha Dome area, Munda is unusual as gold and nickel occur within the same deposit albeit in adjacent areas, and not in the same rocks. The nickel sulphide mineralisation at the Munda deposit is predominantly associated with the basal contact of a komatiitic ultrama fic (Widgiemooltha Komatiite) with the underlying Mt Edwards Basalt. The mineralisation is found within embayments in the komatiite - basalt contact interpreted to be thermal erosion channels caused by the flow of hot ultramafic lava. Sheet flow facies zones flanking and gradational to channel facies are thinner, texturally and chemically well - differentiated and less magnesian than channel flow facies. ABN 77 648 687 094 Level 1, 1292 Hay Street, West Perth, WA 6005 Locked Bag 8 West Perth WA 6872 T: +61 8 93221182 F: +61 8 93 21 0556 info@widgienickel.com .au www. widgienickel.com.au 22 September 2021 Mineral i sation at Munda is charact e r i sed by the presence of nickel mineralisation generally overlying gold mineralisation. As a result drilling for the projected position of gold mineral isation presents the possibility of intersecting nickel mineralisation in the adjacent, but shallower nickel bearing horizon . Assay Results Nickel assay r esults have been in line with expectation , with mineralised intercepts aligning with the position for the Munda Mineral R esource and surrounding nickel enrichment . The nickel enriched zone is defined by a mineralised envelope of 0.7 % nickel . This mineralised zone correla tes well with the results and logging received from the Auric drilling. Of the 27 drillhole program undertaken by Auric, only one drillhole ( AMRC003 ) lies within the footprint of the Mineral R esource . Figure 1 and T able s 1 & 2 show locations of drillhole s and drillhole assay results respectively . AMRC003 encountered a zone of nickel enriched miner al is ation grading in excess of 1 % Ni, as was anticipated , however the width of the intercept and tenor sugges ts mineralisa t ion in this particular zone is wider and higher grade than that previously modelled. 24m@ 3.22% Ni, 0.2 0 % Cu, 0.53 g/t Pd and 0.26 g/t Pt from 52m downhole including a high - grade zone of +1% Ni mineralisation of 16m@ 4.5 8 % Ni, 0. 2 9 % Cu, 0.7 6 g/t Pd and 0.38 g/t Pt from 59 m downhole T he mineralisation intersected in AMRC003 is i n fresh rock and in an area requiring further infill drilling ( ref er to Figures 1 and 2). The C ompany looks forward to commencing its maiden drilling campaign in the forthcoming month which will herald the commencement of o ngoing exploration activities under Widgie Nickel Limited. ABN 77 648 687 094 Level 1, 1292 Hay Street, West Perth, WA 6005 Locked Bag 8 West Perth WA 6872 T: +61 8 93221182 F: +61 8 93 21 0556 info@widgienickel.com .au www. widgienickel.com.au 22 September 2021 Figure 1 - Munda Plan View showing Auric and historic drillhole traces Figure 2 - Munda RC Drilling Section with significant and mineralised intercepts ABN 77 648 687 094 Level 1, 1292 Hay Street, West Perth, WA 6005 Locked Bag 8 West Perth WA 6872 T: +61 8 93221182 F: +61 8 93 21 0556 info@widgienickel.com .au www. widgienickel.com.au 22 September 2021 Table 1 : Drillhole locations Hole_ID Type Hole Depth (m) MGA_East MGA_North Orig_RL Dip MGA_Azi AMRC001 RC 162 360559.6 6513840 376.4 - 60 180 AMRC002 RC 180 360559.8 6513880 373.35 - 60 180 AMRC003 RC 174 360340.2 6513800 381.75 - 60 180 AMRC004 RC 156 360299.5 6513800 384.78 - 60 180 AMRC005 RC 162 360252.8 6513750 394.78 - 60 180 AMRC006 RC 174 360180.1 6513688 391.32 - 60 180 AMRC007 RC 168 360198.6 6513699 389.9 - 60 180 AMRC008 RC 166 360241.3 6513699 386.55 - 60 180 AMRC009 RC 120 360335.1 6513635 382.28 - 60 180 AMRC010 RC 102 360119.7 6513518 376.23 - 60 180 AMRC011 RC 120 360120.3 6513561 381.93 - 60 180 AMRC012 RC 162 360119.5 6513609 386.14 - 60 180 AMRC013 RC 228 360645.8 6513797 384.06 - 60 180 AMRC014 RC 198 360624.4 6513770 380.5 - 60 180 AMRC015 RC 168 360798.9 6513639 365.19 - 60 180 AMRC016 RC 186 360682.1 6513746 372.16 - 60 180 AMRC017 RC 78 360679 6513639 376.74 - 60 180 AMRC018 RC 108 360680.2 6513680 380.39 - 60 180 AMRC019 RC 42 360661.4 6513674 379.94 - 60 180 AMRC020 RC 84 360919.7 6513820 358.56 - 60 270 AMRC021 RC 84 360959.3 6513820 357.24 - 60 270 AMRC022 RC 90 360998.9 6513820 356.94 - 60 270 AMRC023 RC 96 360820.5 6513315 363.31 - 60 180 AMRC024 RC 114 360799.2 6513349 365.6 - 60 180 AMRC025 RC 120 360798 6513540 364.92 - 60 180 AMRC026 RC 102 360875.2 6513545 361.49 - 60 180 AMRC027 RC 120 361220.8 6514050 372.61 - 60 270 ABN 77 648 687 094 Level 1, 1292 Hay Street, West Perth, WA 6005 Locked Bag 8 West Perth WA 6872 T: +61 8 93221182 F: +61 8 93 21 0556 info@widgienickel.com .au www. widgienickel.com.au 22 September 2021 Table 2 : Mineralised Intervals SiteID From To Interval Ni% Cu ppm As ppm ¹ Cr ppm Fe% Mg% S% Pd_ppm Pt_ppm 80 82 2 0.35 84 BDL 1303 5.57 9.63 0.63 0.021 0.013 94 97 3 0.57 273 BDL 1240 7.18 7.22 1.44 0.063 0.084 109 110 1 0.33 153 BDL 1224 7.04 8.95 1.16 0.021 0.031 127 128 1 0.37 47 BDL 1404 5.88 11.06 0.32 0.031 0.015 130 133 3 0.34 142 BDL 1605 6.61 8.34 0.75 0.036 0.022 7 8 1 0.31 80 39 1696 8.75 4.02 0.03 0.015 0.012 22 23 1 0.31 36 BDL 1389 6.36 7.87 0.02 0.011 0.011 45 46 1 0.34 91 BDL 1189 5.50 6.59 0.01 0.028 0.008 52 76 24 3.22 2015 BDL 1127 15.28 6.17 7.98 0.535 0.261 incl. 59 75 16 4.58 2867 BDL 1170 19.85 5.50 11.57 0.758 0.375 17 18 1 0.33 94 40 1155 7.56 4.47 0.02 0.011 0.008 53 55 2 0.32 104 40 2046 8.38 5.28 0.06 0.020 0.011 58 64 6 0.39 16 BDL 1112 5.31 6.87 0.09 0.015 0.008 70 71 1 0.30 82 BDL 954 5.37 10.04 0.51 0.033 0.018 73 76 3 1.06 470 BDL 1345 8.53 6.82 3.06 0.164 0.099 9 10 1 0.30 216 17 2516 10.29 5.21 0.02 0.016 0.016 15 16 1 0.53 512 25 6412 12.43 5.74 0.03 0.018 0.018 19 21 2 0.33 245 12 3308 11.97 4.09 0.02 0.008 0.010 40 42 2 0.42 405 10 1331 8.89 3.80 0.02 0.009 0.007 4 5 1 0.39 166 104 2092 12.21 2.96 0.03 0.014 0.016 10 11 1 0.31 141 122 1915 9.47 4.79 0.03 0.013 0.010 2 10 8 0.42 273 11 4304 14.82 4.40 0.04 0.016 0.016 15 24 9 0.35 129 63 1585 8.54 5.00 0.03 0.013 0.011 AMRC008 8 10 2 0.48 163 33 1655 12.62 3.49 0.05 0.019 0.013 AMRC009 AMRC010 AMRC011 AMRC012 13 14 1 0.32 81 BDL 2553.00 9.22 4.00 0.03 0.011 0.011 72 73 1 0.30 209 BDL 1246 5.42 8.96 1.01 0.007 0.007 78 79 1 0.39 249 BDL 1694 6.68 9.99 1.00 0.007 0.007 83 84 1 0.30 328 BDL 1785 6.85 10.35 1.05 0.006 0.005 87 88 1 0.34 348 BDL 1306 6.07 9.05 1.35 0.020 0.014 93 94 1 0.35 32 BDL 1230 5.10 10.00 0.66 0.033 0.018 106 108 2 0.49 479 BDL 957 7.55 4.93 2.58 0.053 0.028 6 7 1 0.40 590 BDL 538 14.10 2.75 0.05 0.006 0.006 56 57 1 0.35 231 BDL 1383 6.70 7.50 0.70 0.010 0.008 3 10 7 0.65 454 BDL 1319 6.76 7.34 0.03 0.066 0.044 40 43 3 0.70 281 BDL 1100 4.57 7.86 0.25 0.087 0.049 47 51 4 0.33 137 BDL 1257 4.70 9.65 0.49 0.025 0.014 19 20 1 0.30 87 BDL 1177 5.10 7.02 0.01 0.006 0.004 23 24 1 0.37 151 BDL 1112 5.43 7.63 0.01 0.010 0.012 48 49 1 0.31 72 BDL 1108 5.21 9.35 0.53 0.013 0.012 AMRC017 AMRC018 1 6 5 0.31 40 BDL 948 6.96 4.66 0.02 0.010 0.006 AMRC019 AMRC020 AMRC021 AMRC022 AMRC023 AMRC024 AMRC025 AMRC026 AMRC027 ¹ Below detection limit As assays set to half detection limit. ² Metre 7-8: Insufficient sample left for Ni assay after assay for gold. Portable XRF value of 0.418 used. No significant intersections. No significant intersections. No significant intersections. No significant intersections. No significant intersections. No significant intersections. No significant intersections. No significant intersections. No significant intersections. No significant intersections. No significant intersections. No significant intersections. No significant intersections. AMRC016 No significant intersections. AMRC015 AMRC014 AMRC013 AMRC007² AMRC006 AMRC005 AMRC004 AMRC003 AMRC002 AMRC001 ABN 77 648 687 094 Level 1, 1292 Hay Street, West Perth, WA 6005 Locked Bag 8 West Perth WA 6872 T: +61 8 93221182 F: +61 8 93 21 0556 info@widgienickel.com .au www. widgienickel.com.au 22 September 2021 The information in this announcement that relates to exploration results is based on and fairly represents information and supporting documentation compiled by Mr John Utley, who is a full - time employee of Auric Mining Limited. Mr Utley is a Competent Person and a member of the Australian Institute of Geoscientists. Mr Utley has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity b eing undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Utley consents to the inclusion in the report of the matters based on hi s information in the form and context in which it appears. Approved by: Board of Widgie Nickel L imite d - ENDS - For further details please contact Media Inquiries: Steve Norregaard Managing Director steve@widgienickel.com.au 0472 621 529 Shane Murphy FTI Consulting shane.murphy@fticonsulting.com 0420 945 291 Listed on the ASX on the 22 nd of September 2021 , Wid g i e Nickel L imited controls a dominant ~ 240 sq uare k ilo m etre land package over the prolific nickel producing Wid g iemooltha D ome located 80km south of Kalgoorlie in Western Australia. Ideally positioned adjacent to key infrastructure with an already established Mineral R esource base of some 162kt of contained nickel over 11 separate deposits , the C ompany plans to advance its Mt Edwards Nickel P roject through to low capital cost development in addition to carrying out ongoing exploration for more high - grade sulphide nickel in the region. ABN 77 648 687 094 Level 1, 1292 Hay Street, West Perth, WA 6005 Locked Bag 8 West Perth WA 6872 T: +61 8 93221182 F: +61 8 93 21 0556 info@widgienickel.com .au www. widgienickel.com.au 22 September 2021 Figure 3 - M t Edwards Project Tenure and Mineral Resources ABN 77 648 687 094 Level 1, 1292 Hay Street, West Perth, WA 6005 Locked Bag 8 West Perth WA 6872 T: +61 8 93221182 F: +61 8 93 21 0556 info@widgienickel.com .au www. widgienickel.com.au 22 September 2021 Section 1 Sampling Techniques and Data (Criteria in this section apply to all succeeding sections) Criteria JORC Code explanation Commentary Sampling techniques Nature and quality of sampling ( e.g. cut channels, random chips, or specific specialised industry standard measurement tools appropri ate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling. Include reference to measures taken to ensure sample representivity an d the appropriate calibration of any measurement tools or systems used. Aspects of the determination of mineralisation that are Material to the Public Report. In cases where ‘industry standard’ work has been done this would be relatively simple (eg ‘revers e circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (eg submarine nodules) may warrant disclosure of detailed information. • Prior to new data reported in this document, there were 337 drillhole s in the Munda Mineral R esource database comprising 298 RC holes and 39 diamond drillhole s, mostly drilled between 1995 and 2019 but with some resampling by WMC in 1995 of earlier diamond drill core. Sampling techniques and data capture conformed to industry standards for the rel evant times, with increasing detail recorded in more recent times. • New data reported in this document relates to 27 RC holes for 3 , 664m drilled to potentially expand the Munda gold Mineral R esource and to test conceptual targets in close proximity to the c urrently defined gold Mineral Resources. • RC drill samples were taken at 1m intervals via a cyclone and fixed cone splitter. Samples of nominally 2.5kg, but ranging up to 5kg, were collected in calico bags and submitted to the Intertek Genalysis sample pre paration facility in Kalgoorlie. At the facility, any samples weighing >3kg were reduced to less than 3kg by riffle splitting and the residue discarded. Samples up to 3kg were pulverised to a nominal 85% passing 75µm. Approximately 200g of the pulverised p roduct from each sample was then transferred to the Intertek Genalysis facility in Perth where samples were analysed for Au via 50g fire assay with an ICP - OES determination of gold concentration . • The samples for each 1m interval remaining after removal of the nominal 2.5kg split were laid out in rows at the drill site and this material used for geological logging and for XRF analysis at site using a handheld Olympus Vanta pXRF machine. Concentrations for a suite of 34 elements, which does not include Au, we re measured using the pXRF at the drill site. Drilling techniques Drill type (eg core, reverse circulation, open - hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or standard tube, depth of diamond tails, face - sampling bit or other type, whether core is oriented and if so, by what method, etc). • All RC drilling by face - sampling hammer with a drill bit (hole) diameter of approximately 143mm. ABN 77 648 687 094 Level 1, 1292 Hay Street, West Perth, WA 6005 Locked Bag 8 West Perth WA 6872 T: +61 8 93221182 F: +61 8 93 21 0556 info@widgienickel.com .au www. widgienickel.com.au 22 September 2021 Drill sample recovery Method of recording and assessing core and chip sample recoveries and results assessed. Measures taken to maximize sample recovery and ensure representative nature of the samples. Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to pr eferential loss/gain of fine/coarse material. • Sample recovery is assessed as having been good overall with no wet sampling and sample size on a visual basis reasonably consistent. • A duplicate sample was taken via a second chute on the cone splitter for every 15 th sample and sample weights recorded for most of the duplicates and corresponding originals . • There is no evidence of sample bias . Logging Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies. Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography. The total length and percentage of the relevant inte rsections logged. • All chips were logged at 1m intervals corresponding to the sample intervals and according to Auric’s coding system in sufficient detail to support M ineral R esource estimation, mining studies and metallurgical studies. • The logging is quali tative in nature • Chips were not photographed but a small proportion of chips from each interval have been retained in compartmentalised chip trays . • The total length logged is 3 , 664m which is 100% of the drilled intervals . Sub - sampling techniques and sampl e preparation If core, whether cut or sawn and whether quarter, half or all core taken. If non - core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry. For all sample types, the nature, quality and appropriateness of the sampl e preparation technique. Quality control procedures adopted for all sub - sampling stages to maximise representivity of samples. Measures taken to ensure that the sampling is representative of the in - situ material collected, including for instance results fo r field duplicate/second - half sampling. Whether sample sizes are appropriate to the grain size of the material being sampled. • RC chips were sampled at 1m intervals via a fixed cone splitter and all samples were dry, or occasionally, slightly damp . • A duplicate sample was taken with every 15 th sample using a 2 nd chute on the splitter and a pulp standard was inserted after every 30 samples such that 10% of samples submitted for assay are either duplicates or standards . • The duplicate assays for nickel rec eived to date show acceptable correlation with corresponding original assays . Quality of assay data and laboratory tests The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total. For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc. Na ture of quality control procedures adopted (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable • The samples were analysed nickel via four acid digest with ICP finish technique . • In addition to standards submitted by Auric, the laboratory (Intertek Genalysis) analysed standards and blanks inserted with each fire assay batch . • An Olympus Vanta hand - held XRF machine was used to analyse a suite of 34 e lements. • Three different standards were used at the start of each drillhole and a single standard analysed at various times during analysis of a particular drillhole . • The results will be used to define elemental associations with gold anomalism and not for ABN 77 648 687 094 Level 1, 1292 Hay Street, West Perth, WA 6005 Locked Bag 8 West Perth WA 6872 T: +61 8 93221182 F: +61 8 93 21 0556 info@widgienickel.com .au www. widgienickel.com.au 22 September 2021 levels of accuracy (ie lack of bias) and precision have been established. Mineral R esource estimation and as such, levels of accuracy are acceptable . • In regard to Ni, Pt, Pd and other base metal assay data, prior to the launch of Widgie Nickel it was arranged by Neometals for a ssaying of select pulps to be completed by a commercial registered laboratory . This included using the residues of Auric’s with internal blanks and duplicates reported in the sample batches. In addition, gold and base metal Standard Reference samples were inserted into the batches by Neometals . • Individual samples (pulps) were assayed for a suite of 33 elements including nickel and related analytes as per the laboratory’s procedure for a 4 - acid digestion followed by Optical Emission Spectral analysis. • In addition, lead fire assays of the samples were competed for Pd and Pt, and samples which Auric had determined were mineralised for gold were re - assayed as a check of the gold results and to confirm that the gold and nickel were not co - located. • Industry standard levels of QAQC were adopted. Verification of sampling and assaying The verification of significant intersections by either independent or alternative company personnel. The use of twinned holes. Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols. Discuss any adjustment to assay data. • Significant intersections for nickel have been verified by Widgie Nickel. • There are no twinned holes in the current program . • Sample numbers are in sequenc e and corresponding sample intervals recorded on paper prior to each drillhole with frequent checks during drilling. The sample numbers and intervals are then transferred to Excel spreadsheets and combined with assays as received. There are checks to ensur e that sample numbers, intervals and assays are appropriately matched . • No adjustment has been made to assay data . Location of data points Accuracy and quality of surveys used to locate drillhole s (collar and down - hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation. Specification of the grid system used. Quality and adequacy of topographic control. • Hole collar positions have been surveyed by a contract surveyor using a DGPS. • Downhole surveys were taken by the drilling contractor using a north - seeking gyro at approximately 20m intervals and surveys into hole reconciled against surveys out of hole. • Collar surveys included an elevation measurement and are located within the MGA - GDA94 grid system, Zone 51 . Data spacing and distribution Data spacing for reporting of Exploration Results. • D rillhole spacing informing the Munda Gold Mineral Re sources is around 25m x 25m. The current program utilises multiples of 20m in ABN 77 648 687 094 Level 1, 1292 Hay Street, West Perth, WA 6005 Locked Bag 8 West Perth WA 6872 T: +61 8 93221182 F: +61 8 93 21 0556 info@widgienickel.com .au www. widgienickel.com.au 22 September 2021 Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve e stimation procedure(s) and classifications applied. Whether sample compositing has been applied. step outs from previous dril ling, on basis that follow - up drilling where justified will close that spacing to 25m x 20m which will be sufficient to establish geological and grade continuity for resource estimation . • There has been no sample compositing . Orientation of data in relatio n to geological structure Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type. If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material. • Gold mineralisation appears to be controlled by two principal structural orientations, a northeasterly trend and a west to north westerly trend , the latter mimicing the orientation of the basalt - ultramafic contact . Holes were drilled on two principal orientations; to 180° and to 270° to intersect both structures obliquely. The intersections are therefore oblique and true widths vary from 75% to 85% of downhole widths . • Nickel mineralisation is controlled by the orientation of the ultramafic contact and true widths will vary from 85% to 100% of downhole widths . Sample security The measures taken to ensure sample security. • Auric personnel were present during all drilling and sampling and individual samples were bagged and sealed in larger polywoven bags with no opportunity for tampering. • Samples were transported to the lab by Auric personnel . • The gold is very fine grained a nd gold is not visible, even in high grade samples that have been verified by check assaying such that removal or addition of gold in samples is very unlikely. • Pulps remaining after gold assay were stored by the assay laboratory and subsequently re - assayed for nickel for the intervals specified . Audits or reviews The results of any audits or reviews of sampling techniques and data. • There have been no reviews of sampling techniques and data related to the current program . ABN 77 648 687 094 Level 1, 1292 Hay Street, West Perth, WA 6005 Locked Bag 8 West Perth WA 6872 T: +61 8 93221182 F: +61 8 93 21 0556 info@widgienickel.com .au www. widgienickel.com.au 22 September 2021 Section 2 Reporting of Exploration Results (Criteria in this section apply to all succeeding sections.) Criteria JORC Code explanation Commentary Mineral tenement and land tenure status Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings. The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area. • The Munda Mineral R esource lies within M15/87 which is held by Widgie Gold Pty Ltd , a wholly owned subsidiary of Auric Mining who hold the gold and other mineral rights, excluding nickel and lithium mineral rights which are held by Widgie Nickel . • M15/87 was granted on 06/08/1984 and expires on 05/08/2026. • Any mining at Munda will require a Miscellaneous License for access to the Coolgardie - Norseman Highway, a dis tance of approximately 5km. • There are no known impediments to mining in the area . Exploration done by other parties Acknowledgment and appraisal of exploration by other parties. • Early exploration (1967 - 1995) focused on nickel. • WMC (1996 - 1998) recognised gold potential and drilled for both nickel and gold including 81 diamond and RC holes in the current resource area. • Resolute (1999 - 2000) optioned the project from WMC, drilled 37 holes and excavated a small trial mine with ore carted to the Chal ice gold plant. • Titan Resources (2005 - 2006), Consolidated Nickel (2006 - 2007), Eureka Mines (2016) and Estrella Resources (2019) all undertook drilling programmes focused o n the current Mineral R esource area. Geology Deposit type, geological setting and st yle of mineralisation. • The geology at Munda consists of a mafic - ultramafic belt bound to the west by metasediments and to the east by granites. • The nickel sulphide mineralisation at the Munda deposit is predominantly associated with the basal contact of a komatiitic ultramafic (Widgiemooltha Komatiite) with the underlying Mt Edwards Basalt. The mineralisation is found within embayments in the komatiite - basalt contact interpreted to be thermal erosion channels caused by the flow of hot ultramafi c lava. Sheet flow facies zones flanking and gradational to channel facies are thinner, texturally and chemically well - differentiated and less magnesian than channel flow facies. • Gold mineralisation is hosted near the intersections of a north - easterly stri king structure with south - easterly striking structures parallel to the north - easterly dipping contact between basalts and ABN 77 648 687 094 Level 1, 1292 Hay Street, West Perth, WA 6005 Locked Bag 8 West Perth WA 6872 T: +61 8 93221182 F: +61 8 93 21 0556 info@widgienickel.com .au www. widgienickel.com.au 22 September 2021 overlying serpentinised ultramafics. • The ultramafic contact is host to nickel mineralisation such that gold and nickel deposits occur in close proximity . • Depth of complete oxidation varies from 10 to 80 metres below the natural surface but is typically around 40 - 50m metres in dept h. D rillhole Information • A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drillhole s: o easting and northing of the drillhole collar o elevation or RL (Reduced Level – elevation above sea level in metres) of the drillhole collar o dip and azimuth of the hole o down hole length and interception depth o hole length. If the exclusion of this information is justified on the basis that the information is not Material and this exclu sion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case. • Refer to: Table 1 & 2 – D rillhole Data & Significant Intersections . Data aggregation methods In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (eg cutting of high grades) and cut - off grades are usually Material and should be stated. Where aggregate intercepts incorporate short lengths of high - grade results and longe r lengths of low - grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail. The assumptions used for any reporting of metal equivalent values should be clearly stated. • N o data aggregation methods have been applied . • Intersections are reported on a nominal 0.3% Ni cut - off with length weighted intervals. • Length weighted aggregations have been reported using excel SumProduct averaging to correctly calculate the effects of sho rt high - grade samples. • SG of the mineralised samples has not been considered in determining significant intercepts . Relationship between mineralisation widths and intercept lengths These relationships are particularly important in the reporting of Exploration Results. If the geometry of the mineralisation with respect to the drillhole angle is known, its nature should be reported. If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (eg ‘do wn hole length, true width not known’). • Holes were drilled on two principal orientations; to 180° and to 270° to intersect both structures obliquely. The intersections are therefore oblique and true widths vary from 75% to 85% of downhole widths . ABN 77 648 687 094 Level 1, 1292 Hay Street, West Perth, WA 6005 Locked Bag 8 West Perth WA 6872 T: +61 8 93221182 F: +61 8 93 21 0556 info@widgienickel.com .au www. widgienickel.com.au 22 September 2021 Diagram s Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drillhole collar locations and appropriate sectional views. • Refer to Figures 1 , 2 & 3 and Table1 and 2 . Balanced reporting Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or wid ths should be practiced to avoid misleading reporting of Exploration Results. • Reporting is balanced – significant intersections have been defined at an appropriate cut - off (0. 3% Ni ) for the style of mineralisation and higher - grade intervals defined within those . Other substantive exploration data Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and metho d of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances. • Geochemical data has yet to be compiled but is not considered material to the reporting of the gold assay data. No other substantive exploration data . Further work The nature and scale of planned further work (eg tests for lateral extensions or depth extensions or large - scale step - out drilling). Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive. • Follow - up reverse circulation and diamond drilling will be undertaken to improve confidence prior to re - estimating the Mineral Resource and in turn carry out feasibility studies .
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