Mt Lucky Project, Laverton Western Australia

M38/1256

In March 2018 GSN acquired the gold rights for the Mon Ami Project which comprises a Mining Lease M38/1256 granted in 2012 for a term of 21 years. Encouraging gold mineralisation was identified at Mon Ami in reverse circulation drilling undertaken by Valleybrook Investments in late 2017. In June-July 2018, GSN completed a maiden drilling program at Mon Ami comprising 5,821 drill meters from 40 RC drill holes (MLRC011 to 050) designed to test the continuity of that gold mineralisation. Significant intercepts from the drilling were reported in an ASX release dated 16 July 2018.

At the completion of the maiden drilling program the Company commenced resource assessment and the project has now reported, in accordance with JORC (2012), a Resource of 1.1 Mt @ 1.7 g/t Au for 59 Koz. The Resource Estimate was released to the market on the 7th November, 2018 and has been estimated above a 1.0 g/t gold cut-off.

Metallurgical testwork notes that conventional processing flowsheet, under standard processing conditions, is suitable for treating the Mon Ami gold project ore and produced recoveries over 95%. These ores would be suited to treatment through a standalone CIL/CIP gold operation or toll treated through one of the existing regional mills. The results relating to the metallurgical testwork were released to the market on 24 January 2019.

Cox’s Find Gold Project

The Cox’s Find gold deposit (Cox’s Find or the Project) is a fantastic gold exploration opportunity that the Company are delighted to be brining into the portfolio after nearly 6 months of commercial perseverance.

is located ~70kms north of Laverton and is a shear hosted Archaean orogenic gold deposit located in the Duketon Greenstone Belt, located along strike from, and in close proximity to, Regis’s multi-million ounce Garden Well (Refer Figure 1) discovery first drilled in 2008.

The deposit is covered by three mining leases (MLs) (M38/170, M38/578, M38/740). The historical open cut pit and on-site surface ore lie within the MLs.

It has a nostalgic past being Western Mining Corporation (WMC) first venture into gold production in Australia and produced ~77,000 ounces of gold in a short period of time between 1935 and 1942 with an impressive average grade of 21.94 g/t. In today’s terms that would make it one of the highest grade gold mines in Australia.

The high-grade mineralisation extends to surface where it is exposed in a shallow open-cut pit, some 15m deep. Exploration potential remains both in extending the pit to reach a noted supergene zone of highly enriched gold and in further development around the mineralisation left in and around the underground workings. There is also potential to discover further unknown high-grade ore shoots which will rapidly add ounces to the deposit.