Announcement • Sep 09

Iceland Resources Commences Diamond Drilling At Thormodsdalur Gold Project in Iceland

Iceland Resources ehf, a wholly owned Icelandic subsidiary of St-Georges, commenced diamond drilling at the Thormodsdalur gold project. Aurania Resources Ltd. engaged Finland-based Arctic Drilling Company Oy Ltd. to conduct a six-hole diamond drilling program totaling approximately 770 meters. The program is expected to take approximately one month to complete, following which drill-core samples will be submitted for assay. Five twin holes will re-test historical intercepts using modern drilling, sampling and quality assurance and quality control practices. One hole will test a new target associated with numerous high-grade surface rock-chip boulder samples grading up to 102 ppm gold. A previous operator completed 32 drill holes totaling 2,431 meters, with reported results of up to 415.40 g/t gold. Iceland Resources completed eleven additional drill holes totaling approximately 1,780 meters in 2020, with reported results of up to 113 g/t gold. The Thormodsdalur project is located approximately 20 kilometres east of Reykjavík, Iceland’s capital. Thormodsdalur is a historically recognized gold-bearing, low-sulphidation epithermal system. Gold was first documented in the area in 1903 after pieces of white quartz collected from a stream were found to be gold-bearing. Between 1911 and 1924, several exploration and mining ventures were undertaken using German and British capital. Two shafts were sunk, and approximately 400 metres of lateral underground workings were developed. Historical records describe a productive vein estimated to be approximately one metre wide and at least one kilometre long, with reported grades ranging from 11 g/t to 315 g/t gold. Historically mined material was shipped directly to Norway and subsequently Germany for processing. No historical tailings remain at the site. During the 1990s, the Project was the subject of geochemical and petrographic studies. A vertical geothermal well drilled to a depth of approximately 455 metres intersected several mineralized quartz veins, including one near the bottom of the hole. In 1997, nine diamond drill holes totalling approximately 1,069 metres were completed. Average core recovery was reported to be approximately 52%. Sampled intervals returned historical grades ranging from 1.13 g/t to 46.10 g/t gold, although the results are not considered representative and true widths could not be determined. Between 2005 and 2006, Melmi ehf, a private Icelandic exploration company, drilled 32 holes totalling approximately 2,431 metres and reported results of up to 415.40 g/t gold. Iceland Resources acquired Melmi ehf in 2020 and subsequently completed eleven additional drill holes totalling approximately 1,780 metres, with reported results of up to 113 g/t gold.

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