RML 64N E1 Prospect Trench WEB

Trenching at E1 Prospect, 64North Project, Alaska


Exploration Summary - 64North Project Alaska

1. Compelling shallow drill targets identified on the East Pogo Block:
• 50-150m deep Pogo-style potential high-grade gold mineralised over three zones.
• Historic drill holes of high-grade gold mineralisation support the prospectivity of East Pogo.

2. Positive assay results at the Sunrise Prospect, West Pogo demonstrate scale potential:
• Entire 137m of road-cutting samples return elevated gold, demonstrating scale potential of an outcropping Fort Knox style (intrusion hosted) gold system. 
• Context is important as a 0.1g/t Au cut-off grade is used for large scale Fort Knox style systems. o 93m @ 0.29g/t Au - including 27m @ 0.53g/t Au; max 1m interval of @ 1.89g/t Au.
• Initial 25 hole, 3000m RAB drill program designed ready for a March 2021 start.

3. Aurora Prospect, West Pogo drilling results:
• 3 holes intersected multiple quartz veins with no significant gold mineralisation.
• Review underway to best progress the Aurora, Echo and Reflection Prospects.

4. E1 trenching results are consistent with typical Fort Knox style mineral systems:
• Further work to delineate drill targets is planned for 2021 summer season.
5. Multiple geophysics surveys completed across entire project: Mag, ZTEM, ELF-EM & WorldView3
6. Drilling strategy for 2021 will focus on the shallow high-grade potential East Pogo Block targets and the road-side outcropping Sunrise Prospect Fort Knox style gold system.

Summary Corporate

• The Company locked in a 30% interest in the 64North Project by successfully completing the Stage 1 expenditure requirements and issuing 10m shares and US$50,000 cash to Millrock (Vendor).
• The Company has taken charge as Operator of the 64North Project Alaska removing the requirement to pay the 8% Operator fee to Millrock which totalled US$480K in 2019-20.
• The Company has appointed Ms Rebecca Gower as VP Exploration Alaska. Ms Gower is relocating to Fairbanks, Alaska, permanently from Perth. Ms Gower has been working in gold and nickel exploration for the past eight years in based in Western Australia. Ms Gower is a US citizen and has previously worked in Alaska across multiple seasons and elsewhere in the Americas through a 15-year career in the mineral exploration industry.
• The Company executed a binding term sheet to acquire a 100% interest in the Benmara Project covering 663km2 along-strike from the Walford Creek Cu-Ag-Pb-Zn-Co and Westmoreland U Deposits on the Fish River Fault in the Northern Territory.
• RML has an Option to purchase the project outright within 12 months and has issued 2.5m shares to Strategic Energy Resources Ltd. The Outright Purchase cost of $250,000 can be paid in RML shares or cash, at Resolution’s election.
• The AGM was held virtually on 27 November and all resolutions passed.
• Non-executive Director, Mr Craig Farrow, transitioned to Chair after the AGM on the retirement of Mr Len Dean after 45 years in the mining industry. The Company thanks Mr Dean for his contribution as a founding Director of RML and wishes him well in retirement.
• The Company is considering a corporate transaction with the Snettisham Project, Alaska, which is prospective for Ti-V-Magnetite and also has historic gold production c1905.
• The Company is considering a number of pathways available to progress the copper / battery metal Wollogorang and Benmara Projects in the Northern Territory.
• Cash balance as at 31 December 2020 is $1.13m.
• RML plans to seek a United States OTCQB listing in the first half of 2021 to provide potential North American investors with enhanced trading accessibility and liquidity. The listing, if approved would provide RML with access to one of the largest investment markets in the world at nominal cost, with minimal additional compliance requirements. The Company's primary listing would continue to be the Australian Securities Exchange ("ASX"), with shares dual-listed on the OTCQB Market in the United States.

Managing Director’s Comments - “the path to drilling success in 2021”

The New Year is a good time to reflect on the lessons learnt in the preceding year and to develop an improved strategy for the year ahead.

In 2020 we focussed all our efforts on the Company’s Flagship 64North Project in Alaska. This included 5,000m of intensive drill testing of the road accessible West Pogo prospects along-strike from Northern Star’s Pogo Gold Mine. Although we are encouraged by the fact our team had technical success with holes 7, 8 and 9, all intersecting multiple quartz veins, we were disappointed to end 2020 without high-grade Pogo style success at West Pogo. Our team is now undertaking a review of all the structural data from the orientated core and geophysics data sets collected to determine the next steps for the Aurora, Echo and Reflection Prospects and how this knowledge can be applied to future targets.

We also got boots on the ground right across the 64North project, completing a huge regional program and assessing 31 new prospects. This has laid solid foundations for exploration in 2021 and the future success at 64North. Our team identified a number of fantastic targets of potential high-grade Pogo repeats at East Pogo and multiple large scale potential intrusion hosted / Fort Knox style systems at the Sunrise and E1 Prospects. This process has led us to challenge our original assumptions and reconsider 64North as multiple projects under a single banner. This new framework is letting us see new opportunities that may have been overlooked by previous explorers.

The identification of compelling 50-150m depth drill targets at East Pogo and roadside outcropping drill targets at the Sunrise Prospect, West Pogo give RML the opportunity to test multiple prospects in 2021 with cost effective RAB drilling.

Now as operator of the project we are looking to deliver more shots on goal in 2021, benefiting from a stronger AUD$ and the use of cost effective RAB drilling. Drilling is likely to commence in March at the outcropping Sunrise Prospect and then moving onto the compelling East Pogo target in May-June-July.

I think the opportunity presented to Resolution shareholders by the 64North Project is still just as valid today as it was a year ago. It was created by a unique set of circumstances that a junior is rarely able to grab. This includes the timing of the change of ownership of the Pogo Gold Mine, Millrock’s project generator business model and the Canadian markets’ focus on other industries in 2018/19. The swift action by the RML team secured this opportunity in 2019, our hard work through 2020 has laid the groundwork, and in 2021 we are looking to deliver.

The Company is also very fortunate to hold excellent copper and battery metal assets in the Northern Territory. Resolution is aiming to take advantage of the renewed interest in these metals and progress the Wollogorang and Benmara projects in the coming dry season. More on this story to come.

Resolution’s mission is to hunt for big scale gold and battery metal targets in big country – in 2021 I believe the company is in the best position ever to deliver discovery success.

Duncan Chessell – Managing Director, Resolution Minerals Ltd