North Stawell Minerals : Encouraging Aircore results at Old Roo Prospect

North Stawell Minerals

ASX Announcement

5 April 2022

Encouraging Aircore results at Old Roo Prospect

And RC rig mobilises to address southern targets characterised by historic mine workings open at depth including at Germania, Darlington, Cosmopolitan and Bonnee

Dundee

Highlights:

• • Aircore drilling identifies two open, newly interpreted and anomalous gold targets on west margin of Old Roo target in a structural setting similar to the multi-million ounce Stawell Mine.

• • Intersecting (and sometimes redefining) the highly prospective basalt-sediment contact on multiple occasions, the drilling is further evidence that geophysics targeting is finding new opportunities - even in previously drilled areas.

• • The program has continued regional testing of 20 key targets. Assays for many prospects are pending, but encouraging geology is observed at many targets.

• • Following the first pass drilling, best results will be returned to for infill drilling programs.

• • NSM is fully funded to execute its exploration activities with $10.0m cash at December 30, 2021.

Victorian gold explorer North Stawell Minerals Ltd (ASX:NSM) (North Stawell or the Company) is pleased to provide an update on its exploration programs. The aircore rig has continued the regional, first pass drill program, targeting mineralisation beneath shallow cover that has potential to be structural repeats of the multi-million ounce gold deposit at Stawell.

NORTH STAWELL MINERALS LTD

ACN 633 461 453

ABN 84 633 461 453

Figure 1. NSM tenure map highlighting areas with planned aircore drilling and RC drilling. The image also shows the position of the Stawell Gold Mine, major interpreted structures, the edge of the Murray Basin cover, approximate depth to basement and historic drilling collars with gold anomalism based on individual assays grades downhole.

North Stawell Minerals Ltd

Level 12, 644 Chapel Street, South Yarra, 3141 Victoria, Australia

2

Telephone [phone]www.northstawellminerals.com

NORTH STAWELL MINERALS LTD

ACN 633 461 453

ABN 84 633 461 453

North Stawell Minerals interim Chief Executive Russell Krause said:

"NSM regards the northern Stawell Mineralised Corridor, in which NSM now has a commanding ground position, to be one of Australia's most prospective and historic gold provinces and present a target rich environment. Many prospects are already demonstrated to be gold mineralised and we are excited to update shareholders on progress.

NSM continues to advance regional exploration throughout its highly prospective tenement portfolio, with focus on campaign aircore drilling of key areas identified as potential repeats of the structures that host the multi-million ounce Stawell Mine and highlighted in expanded geophysical data.

Results for the aircore program at the Old Roo prospect are returned and include wide anomalous gold intercepts either extending known trends or identifying new mineralisation opportunities.

The Old Roo target is interpreted as a thick accumulation of basalts coring an anticline structure - a close analogy to the host rocks observed in the multi-million ounce Stawell Mine. Drilling identified new areas of anomalous grades in interpreted embayments in the basalt, structures that host plunging mineralisation at Stawell.

Results including thick intercepts of anomalous gold are highly encouraging from the AC rig, indicating that a more substantial mineralisation shoot is nearby. The rig has moved on to other target areas, and is tasked to test as many as twenty priority targets during the drilling season, and will return to targets with better gold results to explore for the nearby source of anomalous gold results in first pass drilling.

An RC rig, arriving in early April, will test the southern priority targets that are better suited to a rig with deeper drilling capabilities. These include the historic mines at Germania, Darlington, Cosmopolitan and Bonnee Dundee, all of which are open at depth and largely untested by modern exploration.

Old Roo program detail

North Stawell Minerals is exploring for repeats of the multi-million ounce Stawell Mine under a thin blanket of post-gold mineralisation sedimentary cover (the Murray Basin). A distinct advantage of exploring for this type of mineralisation is that a basalt core controls mineralisation sites, and the basalt can be remotely mapped with geophysics (ie through the blanket of cover). A high resolution airborne gravity survey conducted in the June Qtr FY21 completed the data suite required to efficiently explore, and an aircore rig has been testing regional resultant targets since October 2021.

Within the basalt structures, additional targeting is possible. Observations of controls on mineralisation in the Stawell Mine and modelling of ore-controls indicate that mineralisation is most likely to occur on the contacts (or in the metasediments proximal to the contact) of basalt cores where there are changing geometries coincident dilation zone (fold hinges,

North Stawell Minerals Ltd

Level 12, 644 Chapel Street, South Yarra, 3141 Victoria, Australia

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Telephone [phone]www.northstawellminerals.com

NORTH STAWELL MINERALS LTD

ACN 633 461 453

ABN 84 633 461 453

embayments, etc) where space for mineralisation is created. Where these locations are interpreted in geophysics, drilling is prioritised.

At Old Roo, 30km along strike to the north of the Stawell Mine (Figure 1), 36 holes for 2,204m were completed, comprising tests on the western and eastern flank of Old Roo, and across the centre of the interpreted fold where the geophysics data indicated a potential embayment. Multiple anomalous gold intercepts were returned, including two intercepts that are open at depth: 17m at 0.08g/t Au from 16m (NSAC0063) and 2m at 0.15g/t AU (NSAC0079). 6m at 0.12g/t Au (NSAC0088) was also returned.

No significant gold results (>1g/t Au) were returned in the Old Roo aircore program. Re-splits of 3m composites are not yet returned.

Anomalous gold results (>0.05g/t Au) at Old Roo are summarised in Table 1:

Table 1 Anomalous gold results, Old Roo Prospect

Hole IDEastingNorthingRLDepth	AzimuthDipAnomalous intercept
(MGA54) (MGA54) (ASL) (m)	(Deg.) (Deg.)

NSAC0063	643923	5923375	160	33	0	-90	17 m at 0.08g/t Au from 16m*
NSAC0064	644018	5923375	159	47	0	-90	3 m at 0.06 g/t Au from 33m
NSAC0079	644750	5923881	159	51	0	-90	3 m at 0.06 g/rt Au from 33m
NSAC0079	644750	5923881	159	51	0	-90	2 m at 0.15 g/t Au from 49m*
NSAC0088	643317	5924048	158	70	0	-90	6 m at 0.12 g/t Au from 31m

* Drillhole ends in anomalous grades

Anomalous results include grades >0.05g/t Au. Grades are combined into composites where adjacent assay results have an average grade greater than 0.05g/t Au. No dilution is applied. Stated thicknesses are downhole and unlikely to be represent true mineralisation widths.

The Old Roo target is occurs in the eastern-most interpreted thrust fault in a series of stacked thrusts causing multiple repeats of the prospective basalt domes. This complex structural setting has increased potential to channel and host gold mineralisation. The Old Roo basalt is 1,300m across its core and 3,700m in length, comparable to the basalt forming the resistive structural buttress at the Stawell Mine. The geology is interpreted as an anticlinal fold structure - also encouraging for gold mineralisation (Figure 2, Figure 3)

Previous exploration has tested much of Old Roo. Drilling includes three diamond holes for 970m and 200 AC holes for 10,813m. Targeting was exclusively on the interpreted and/or identified basalt contact with available data. Historic drilling has identified a 1,700m anomalous zone of gold mineralisation on the east flank of Old Roo and a 900m anomalous Zone on the West flank. High grade shoots within the trends have not been found, with the best historic result being 1.7m at 2.95g/t Au from 178m (WLD001).

NSM drilling tested some new ideas based on new geophysics data and the evolving knowledge of the Stawell Mine structural controls. Also, opportunistic infill drilling on the east flank for potential higher grade shoots was completed. NSAC0063 and NSAC0088 (this program) both returned highly encouraging new targets at Old Roo, despite significant historic drilling (Figure 2).

North Stawell Minerals Ltd

Level 12, 644 Chapel Street, South Yarra, 3141 Victoria, Australia

4

Telephone [phone]www.northstawellminerals.com

NORTH STAWELL MINERALS LTD

ACN 633 461 453

ABN 84 633 461 453

Figure 2. Old Roo collar plan. NSM AC holes (NSAC) are labelled. Historic holes and historic results are also shown for gold (g/t Au) and arsenic (ppm) results.

North Stawell Minerals Ltd

Level 12, 644 Chapel Street, South Yarra, 3141 Victoria, Australia

5

Telephone [phone]www.northstawellminerals.com