Dalaroo Metals Ltd. advised that it has received assay results for recently completed infill and step-out soil sampling at its newly identified Goodbody gold prospect, in the western part of the Lyons River Project. The 3 km long trend comprises three higher strength anomalous zones (>10 ppb Au), forming separate sub-targets within the Goodbody prospect; Goodbody West, Goodbody Central, and Goodbody East. The Goodbody Central and Goodbody East targets form discrete high strength anomalies within a 3 km long continuous trend of >2 ppb Au-in-soils.

Technical Commentary: The Goodbody gold prospect was defined in April 2022 from a review of Dalaroo's soil geochemical sampling which was previously completed on a pattern of 250m X 50 to 100m over several campaigns by Serena Minerals Limited (period 2017 to 2021). A peak value of 93ppb Au was returned from the now named Goodbody Central target. Rock chip sampling at Goodbody was carried out by Audalia Resources Limited during 2014 to 2015, with anomalous Au results of 0.40g/t, 0.32g/t, 3.17g/t, and 6.25g/t returned from low-lying ferruginous quartz vein outcrops at the now named Goodbody West target.

The anomalous Au-in-soil footprint displays an apparent east-west orientation, sub-parallel to the local structural-stratigraphic trends and major WNW-striking regional shear zones in the district, which transect the Lyons River Project and wider Gascoyne Province. The Geological Survey of Western Australia interpret such structures to represent major crustal shear zones and tectonic boundaries. It is noted that high-strength soil anomalies associated with the Goodbody West, Central and East targets spatially coincide with the location of intersections between interpreted WNW-striking structures and NNE-trending structures.

Conceptually, structural intersection zones represent potentially intensified deformation areas that may be associated with favourable sites of hydrothermal fluid movement and gold mineralization. As such, the Goodbody Au targets are considered high priority for follow-up exploration work. Continued review of historical geological mapping and sampling has also led to recognition of an additional early-stage gold prospect within the Lyons River Project, referred to as the Alpha Au prospect, situated 13 km southeast of the Goodbody Au prospect.

Alpha was first identified during geological reconnaissance rock chip sampling by Audalia Resources Limited in 2014, with a ferruginous quartz vein returning 0.37g/t Au. Significantly, the Alpha prospect is situated in proximity to, and within the interpreted wider deformation domain of, the same major regional WNW-striking shear zone that is associated with the Goodbody prospect; with Goodbody to the north, and Alpha to the south, of this major structural corridor. To date no soil sampling or ground reconnaissance for gold at the Alpha prospect has been completed.

Next Steps: Dalaroo proposes to complete geological reconnaissance, rock sampling and prospect-scale geological mapping of the Goodbody prospect in the December 2022 quarter. This will provide important geological and structural context for the Goodbody Au mineralized system and aim to locate in-situ Au- mineralized structures and rock units associated with the soil anomalism. The main Goodbody gold anomalous footprint remains open and poorly defined for several hundred metres west of the Goodbody West target and east of the Goodbody East target.

Additionally, in a weaker anomalous zone in the northern extents of the prospect area, a 22 ppb Au sample remains open to the north. Follow-up soil sampling will step-out from these unconstrained anomalous sample sites and explore for further continuities of Au-elevated soils. First-pass soil sampling is proposed for the Alpha Au prospect 13km southeast and approximately along-trend of Goodbody.

The combination of results from these programs will assist in the targeting and design for next phase of exploration during 2023.