Dalaroo Metals : New gold prospect outlined at Lyons River in Gascoyne

New gold prospect outlined at Lyons River in Gascoyne

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Highlights

• • New gold prospect (Goodbody) outlined

• • Systematic sampling on a 250m X 100m grid has identified:

  • o 1.5km long gold anomaly

  • o Peak value of 93ppb Au

• • Results from a review of base metal geochemistry from previous exploration at Goodbody include:

  • o Up to 6.25g/t Au in rock chips

• • Follow-up exploration to commence in the June Quarter.

Dalaroo Metals Ltd (ASX: DAL or "Company") has finalised a review of geochemical data from previous exploration undertaken at its Lyons River Project. The Company has identified the high-priority Goodbody gold prospect which has a strike length of 1.5km. Goodbody is located five kilometers to the west of its Four Corners BHT/SEDEX Pb-Zn base metal prospect.

The Goodbody gold prospect has been outlined from a review of 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) with a peak value of 93ppb Au (Figure 1). Rock chip sampling of quartz veins by Audalia Resources Limited (ASX: ACP) during 2014 to 2015 1&2 returned anomalous gold values of 0.40 g/t and 0.32 g/t, with subsequent rock chip sample results of up to 6.25 g/t at Goodbody (Figure 1).

The results of soil geochemical, rock chip sampling and geological mapping campaigns have been combined with our 50m spaced high resolution aeromagnetic data. This compilation highlights a broad east-west structural corridor containing gold anomalism over a strike length of several kilometres with the potential to host gold deposits (Figure 2).

Next Steps

The Goodbody gold anomaly remains open to the west. On a number of the sampling lines, soil samples were assayed for base metals only and not for gold. Sample pulps of this phase of previously completed sampling have been delivered to the laboratory for gold analysis.

Further exploration comprising infill soil geochemical sampling at Goodbody will commence in the June Quarter. Aircore drilling of this compelling gold target is also proposed, once site relevant access approvals are in place.

"Gold prices continue to rise as a safe-haven as a result of geopolitical uncertainty and we are excited about conducting more lab testing on the existing samples as well as doing more follow-up field exploration," said Managing Director, Harjinder Kehal.

Figure 1: Lyons River Project, Goodbody prospect geology with gold-in soil contours, previous rock chip results

Figure 2: Lyons River Project, Goodbody prospect with gold-in soil contours, previous rock chip results and total magnetic intensity image (warm colours represent lithologies with higher level of magnetism).

ENDS

For more Information:

Please visit our website for more information:www.dalaroometals.com.au

Harjinder Kehal, Managing Director on [phone]

COMPETENT PERSON

The information in this report that relates to Exploration results is based on information compiled by Dalaroo Metals Ltd and reviewed by Mr Harjinder Kehal who is the Managing Director of the Company and is a Registered Practicing Geologist and Member of the AusIMM and AIG. Mr Kehal has sufficient experience that is relevant to the style of mineralisation, the type of deposit under consideration and to the activities 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 Kehal consents to the inclusion in this report of the matters based on this information in the form and context in which it appears.

FORWARD-LOOKING INFORMATION

This report may include forward-looking statements. Forward-looking statements include, but are not limited to, statements concerning the planned exploration program and other statements that are not historical facts. When used in this report, the words "could", "plan", "estimate", "expect", "intend", "should" and similar expressions are forward-looking statements. Although Dalaroo believes that its expectations reflected in these forward-looking statements are reasonable, such statements involve risks and uncertainties and no assurance can be given that actual results will be consistent with these forward-looking statements.

CAUTIONARY NOTE

The statements and information contained in this report are not investment or financial product advice and are not intended to be used by persons in deciding to make an investment decision. In releasing this report, Dalaroo has not considered the objectives, financial position or requirements of any particular recipient. Accordingly, potential investors should obtain financial advice from a qualified financial advisor prior to making an investment decision.

Authorised for release to the ASX by the Board of Dalaroo Metals Ltd.

Key References:

• 1. ACP ASX Release, dated 16 September 2014 Gascoyne Project Exploration Update

• 2. ACP ASX Release, dated 28 January 2015 Gascoyne Project Exploration Results

About the Lyons River Project

Lyons River is located approximately 1,100km north of Perth and approximately 220 km to the north-east of the coastal town of Carnarvon, Western Australia. The Lyons River Project lies within the Mutherbukin Zone of the Gascoyne Province, which is the deformed and high-grade metamorphic core zone of the early Proterozioc Capricorn Orogen (Figure 3).

Figure 3: Lyons River Project location diagram