Jervois 2021 Exploration Program & Results

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1 March 2022

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Significant Induced Polarisation-Resistivity (IP) survey carried out over the J-Fold at

Jervois;

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10 holes drilled to test identified IP anomalies and provide basis for downhole

electromagnetic (DHEM) surveys;

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DHEM surveys carried out in 16 holes;

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Cox's South discovery identified though IP, with a chalcopyrite-bornite-bearing

mineralised zone encountered in drilling KJCD482:

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2.53m (Estimated True Width) @ 1.92% Cu and 14.7 g/t Ag from 523m

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Subsequent DHEM from KJCD482 identified an associated large, low-conductance

program, and additional targets that required follow up drilling. All the hole locations and prospect names

target;

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Geophysical methodology continues to be refined;

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Several highly prospective exploration targets identified for follow up.

Summary

The exploration program at Jervois was carried out in three defined phases:

1.

IP Program

From June to September 2021 KGL undertook a large MIMDAS1 Induced polarisation-resistivity (IP)

survey, aimed at filling in gaps and improving data over the predominant geological feature at Jervois - the

J-Fold. Figure 1 below shows the IP Survey layout over the J Fold.

2.

Exploration Drilling

During 2021 10 holes were drilled, totalling 4,769.1metres, to test anomalies identified during the 2021 IP

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are displayed on Figure 3 below.

3.

Downhole Electromagnetics (DHEM) Surveys

A total of 16 holes were surveyed utilising holes drilled in 2021, and previously where access was available. This program included 2 surveys at Rockface after encountering the massive sulphides in the Rockface North lens at depth.

This staged methodology has been used previously at Jervois, most notably in the exploration and definition of the Rockface deposit. Each deposit so far discovered displays differing responses to the various geophysical techniques and needs continual review and remodelling to identify locations for targeted drilling.

1 MIMDAS = MIM Distributed Acquisition System, which is an IP-Resitivity-Magnetotelluricssystem developed by Mount Isa Mines during the late 1990s and now operated by contractors GRS Pty Ltd

KGL Resources Limited | Exploration Results

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Jervois 2021 Exploration Program & Results

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2021 IP Survey design and execution

In 2021 KGL undertook a MIMDAS IP survey consisting of 15.5km of true 3D IP and 64.2 km of 2D IP (Figure 1). The new survey covered 9 km of strike-length of the highly prospective Jervois J-fold which is a mega-structure hosting the Company's 3 principle mineral resources; Reward, Bellbird and Rockface, as well as numerous prospects, some of which are named in Figure 1.

The true 3D IP was designed to cover a highly prospective segment of the J-fold between the Rockface deposit and Cox's Find prospect, which is a substantial surface copper outcrop which had been drilled to shallow depth. North of Cox's Find, 8 lines of 2D were oriented NW-SE and covered ground previously not surveyed by modern IP. North of these lines the 2021 IP lines mostly interleaved with the earlier 2001 MIMDAS IP survey which refined the line spacing to approximately 200m, as well as some additional coverage to the east and west. This closer line spacing provided for more effective and accurate 3D inversion modelling of the IP data.

The choice of the MIMDAS method was based on a 2020 review of the historical geophysical data around Jervois. This highlighted that the Rockface Main lens, Bellbird lenses, Reward and Cox's deposits all produce strong chargeability anomalies. The absence of significant conductive overburden at Jervois enables MIMDAS a reach a deeper limit of investigation than is often available on other projects in Australia, and is used to define broad targets for further investigation.

Figure 1: Jervois Project IP survey layout. Magenta: 2021 3D MIMDAS IP, Red: 2021 2D MIMDAS IP, Blue: 2001 2D MIMDAS IP, Yellow dots 2014 Orion 3D IP.

Results of MIMDAS IP Survey

Figure 2 shows a depth slice at 250m below surface of the IP chargeability model. The model incorporates the historical MIMDAS data from 2001 and the new data from 2021. Also displayed is the same depth slice through the Orion model from 2014. The combined surveys now adequately cover 11km of strike length of the Jervois J-fold.

KGL Resources Limited | Exploration Results

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Jervois 2021 Exploration Program & Results

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The IP modelling and interpretation define strong anomalies coincident with the known deposits of Reward, Rockface and Bellbird. Several other significant IP anomalies are evident, which were un-tested, or inadequately tested, by drilling. These anomalies include Cox's Find South, Reward North/Becana/Pioneer, Reward South, and Bellbird South.

Figure 2: IP Chargeability depth slice at 100m RL (approximately 250m below surface). Warmer colours indicate higher chargeability

KGL Resources Limited | Exploration Results

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Jervois 2021 Exploration Program & Results

2021 Exploration Drilling Program

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During 2021 10 exploration holes were drilled (see Figure 3):

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Bellbird South - 4 holes

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Cox's Find vicinity - 4 holes

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Reward South - 1 hole

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Rocky Road - 1 hole

The following table lists exploration holes completed during the 2021 drilling program including the most

significant assay results. The collar positions of the holes are shown in Figure 3. All holes listed were

surveyed using DHEM.

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Prospect

Hole ID

Depth (m)

Copper Intersections

97.0

98.0

1.0

0.59

From (m)

To (m)

Drilled Width (m)

Cu (%)

Reward South

KJCD423X

429.7

395.0

397.0

2.0

1.45

Bellbird South

KJD443

351.9

114.2

115.7

1.5

0.56

Bellbird South

KJD445

360.7

No significant intersection

Cox's Find

*KJC461

310.0

234.0

235.0

1.0

1.54

167.0

168.0

1.0

1.05

Cox's Find

*KJC462

328.0

260.0

262.0

2.0

1.62

264.0

265.0

1.0

1.25

Cox's Find South

*KJCD482

784.2

523.0

526.0

3.0

1.92

Cox's Find AZ

*KJCD483

691.2

234.1

235.3

1.1

2.53

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Bellbird South

KJCD484

490.2

254.8

255.5

0.7

1.44

Rocky Road

KJCD485

568.2

No significant intersection

Bellbird South

KJD486

455.0

140.6

141.6

1.0

0.56

345.0

346.0

1.0

1.56

Table 1 Exploration holes and significant copper intersections for 2021 drilling program. (* results previously reported)

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Jervois 2021 Exploration Program & Results

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Downhole EM

A DHEM program was also completed during the latter part of 2021. A total of 16 holes were surveyed (Table 2). Significant DHEM conductors having known association with copper mineralisation, were detected at Cox's Find South IP anomaly, Rockface and Reward South Silver prospect.

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Prospect Name

Reward South Silver

Cox's Find

Cox's South IP anomaly

Cox's Find AZ IP anomaly

Rockface

Rocky Road

Bellbird

Bellbird South

Holes Surveyed by DHEM

KJCD422*

KJCD423X*

KJCD424*

KJC461

KJC462

KJCD482*

KJCD483

KJCD481D3*

KJCD481D4*

KJCD485**

KJCD479

KJCD480

KJD443

KJD445

KJCD484

KJCD486

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Table 2: List of holes surveyed by DHEM during 2021. *Significant DHEM conductors. **Detected Rockface conductors

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KGL Resources Limited published this content on 28 February 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 March 2022 00:40:37 UTC.