• 240-hole, 3191m slimline RC drilling program to commence at Union Hill
• Systematic channel sampling has returned an average grade of 0.6g/t Au
• Testing of waste dump at Nuggetty currently being permitted

Kaiser Reef Ltd is pleased to announce a forthcoming drilling program targeting the historical Union Hill waste dumps at the Maldon Gold Project. The 240-hole, estimated 3191 metre, slimline RC drilling program is expected to commence before the end of the month. The waste dump footprint at Union Hill is over 50,000m2, with an estimated volume of over 410,000m3. Kaiser has completed systematic channel sampling of the waste dump material at Union Hill, which has returned an average grade of 0.6g/t Au, with higher-grade and lower-grade areas evident. Initial screening test work on the historical dump material appears favourable to upgrade mill feed, and further work is in progress. Additional bulk sample work is also being carried out to determine specific gravity, using survey data and a calibrated weightometer at the process plant, to allow conversion of cubic metres to tonnes.The drill program is designed to test the overall grade and better define the volume of the Union Hill waste dump. A second pass of infill drilling may be required based on the initial results.In addition to the Union Hill waste dump, Kaiser has an unknown volume of waste dump material, over approximately 16,000m2, at the Nuggetty deposit located 1.5km north of the Union Hill Pit. Rock chip sampling has returned an average grade of 1.8g/t Au to date. Kaiser is actively investigating the potential for processing this material, and work is ongoing.Kaiser's Managing Director, Brad Valiukas, commented that successful drilling of the Union Hill waste dump could potentially convert it to a substantial low-grade stockpile, which would allow the company to continue operating the 200ktpa Porcupine Flat Processing Plant profitably while exploring the broader Maldon Gold Project.

Kaiser is currently working up multiple, from surface, exploration targets within the Maldon Gold Project footprint, and will update the market as these are firmed up. The next exploration steps at the Union Hill Mine will be to re-establish the underground as an exploration platform, with the company expecting to be tendering the electrical works later this week as part of setting up to rehabilitate the decline early next calendar year.