Gateway Mining : Shallow Oxide Zone Extended At Achilles North

Published: 2021-11-28 16:40:08 ET GML.AX

ABN: 31 008 402 391

Level 11, 52 Phillips Street Sydney NSW 2000

GPO Box 225 Sydney NSW 2001

Tel: 61 2 8316 3998

Fax: 61 2 8316 3999

Website: www.gatewaymining.com.au

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Twitter: @gateway_mining

ASX Announcement: 29 November 2021

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SHALLOW OXIDE ZONE EXTENDED AT ACHILLES NORTH

Extensions to be included in the upcoming Mineral Resource upgrade at Gidgee

HIGHLIGHTS

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Extensional Reverse Circulation drilling at Achilles North has intersected significant mineralisation up to 250m north of previous drilling. New results include:

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GRC733:

11m

@ 1.1g/t Au from 2m, and

10m

@ 1.2g/t Au from 43m

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GRC735:

@ 3.0g/t Au from 107m

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GRC725:

@ 1.2g/t Au from 25m

Systematic RC drill coverage has now been extended at Achilles North by a further 200m, to over 500m along strike from the historic Rosie open pit.

Results are consistent with previous intersections including1:

14m @ 1.0g/t Au from 3m*

7m @ 2.5g/t Au from 61m* and

6m @ 1.5g/t Au from 45m*

4m @ 2.9g/t Au from 64m*

21m @ 2.1g/t Au from 32m*

13m @ 3.4g/t Au from 5m*

11m @ 3.0g/t Au from 32m*

ForGateway Mining Limited (ASX: GML) (Gateway or Company) is pleased to report results from shallow Reverse Circulation (RC) drilling designed to extend coverage of the Achilles North target area at its 1,000km2 Gidgee Gold Project within the Murchison gold district of Western Australia.

The new results are from an RC drilling campaign completed in September which was designed to increase the systematic drill coverage of the Achilles North target area, to enable completion of a maiden Mineral Resource Estimate as part of the Company's Project-wide Mineral Resource update scheduled for December 2021.

A total of 15 holes for 1,536m of RC drilling were completed on a nominal 50m x 25m drill pattern. Drilling successfully extended the nominal RC grid at Achilles North by a further 200m from previous Gateway RC holes. As a result, shallow oxide mineralisation has now been intersected for over 500m north of the historic Rosie open pit.

1 See ASX Announcements dated 17 September 2020 and 12 December 2019.

The Achilles North target is located directly along strike from the historic Rosie open pit mined by Herald Resources Ltd in the early-1990's (Figure 1). The mineralisation targeted by Gateway predominately consists of shallow oxide mineralisation broadly associated with the sheared margin of the Montague Granodiorite. Mineralisation persists at shallow depths, in places immediately below the thin layer of transported overburden (Figure 2). Several significant shallow intersections were returned, including:

onlyA full table of significant intersections is included in Table 1 of this release, with details of the drilling provided in the JORC (2012) Table 1 included as an appendix.

These results are consistent with those returned from previous drilling campaigns conducted by Gateway between 2018 and 20202, which extended this unmined, near-surface extensions to mineralisation north of the historic open pit. Previously released intersections include:

usepersonalAll RC results returned to date will now be utilised to undertake a maiden Mineral Resource estimate of the Achilles North area. This estimate will be incorporated in the upcoming project-widerevision of the Mineral

Resources at Gidgee, due for completion in December 2021.

Management Comment

Gateway's Managing Director, Mr Mark Cossom, said: "We now have systematic drill coverage of the Achilles North area over a 500m strike length from the historic open pit and we are looking forward to delivering our first- ever Mineral Resource Estimate for this area.

"This will form one of four individual resource estimates to be announced next month as part of the project-wide resource update.

"The successful RC program completed at Achilles North in September continues our successful strategy of ursuing very targeted, discrete drill programs that allow us to efficiently and effectively utilise our resources and

drilling capacity in the current environment in the exploration industry in WA." For

2 See ASX Announcements dated 17 September 2020 and 12 December 2019.

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Figure (1): Achilles North RC drilling plan view with recent RC drilling and previous RC drilling significant

intercepts.

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Figure (2): Achilles North RC drilling section 6965450mN with recent RC drilling and significant intercepts.

Figure (3): Achilles North RC drilling Location Plan

Exploration Update

Results are still pending for RC drilling conducted in September 2021 in the area adjacent to Achilles North, which included holes designed to test for further extensions to the granodiorite-hosted mineralisation at the Montague- Boulder deposit, and extensions to the north of the Evermore deposit.

Work is continuing on the project-wide Mineral Resource update, which includes maiden estimates for Evermore and Achilles North, as well an updated estimate for the Montague-Boulder deposit.

onlyAn RC drill rig has recently mobilised to site, to complete a short program of extensional holes at the Julias target area, where Gateway recently announced a series of exciting air-core results (see ASX release dated 21 October 2021). The RC rig will also be utilised to conduct a short program of holes at the Kashmir target area. Both programs are consistent with Gateway strategy of advancing several target areas within 5km of the Montague Granodiorite.

This released has been authorised by:

Mark Cossom

Managing Director

useFor and on behalf of

GATEWAY MINING LIMITED

Competent Person Statement

The information in this report that relates to Exploration Results or Mineral Resources is based on information compiled or reviewed by Mr Stuart Stephens who is a full-time employee of Gateway Mining Ltd and is a current Member of the Australian Institute of Geoscientists. Mr Stephens owns options in Gateway Mining Ltd. Mr Stephens has sufficient experience, which is relevant to the style of mineralisation and types 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 of Reporting of Exploration Results, Mineral Resources and Ore Reserves". Mr Stephens consents to the inclusion in the report of the matters based on the information in the form and context in which it appears.

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Mark Cossom

Nicholas Read

Managing Director

Read Corporate

T: 02 8316 3998

T: 08 9388 1474

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Company Secretary

T: 02 8316 3998

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Disclaimer

Gateway Mining Ltd. published this content on 28 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 November 2021 21:39:04 UTC.