GATEWAY MINING LIMITED — Regulatory Filings 2021

Jul 6, 2021

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

ASX Announcement: 7 July 2021

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SIGNIFICANT NEW GOLD ZONE DISCOVERED ADJACENT TO CORNERSTONE MONTAGUE-BOULDER DEPOSIT

Thick zones of granodiorite-hosted mineralisation intersected in RC drilling, confirming a second mineralised structure below and along strike from existing 120koz Mineral Resource

HIGHLIGHTS

• Significant new mineralised zone intersected in Reverse Circulation (RC) drilling within the granodiorite immediately adjacent to the existing 120koz Montague-Boulder Mineral Resource. Initial drilling in this area has returned highly significant intercepts of:

• GRC583: 5 metres @ 2.7g/t Au from 115m (previously reported[1] )

• ▪ GRC696: 7 metres @ 3.0g/t Au from 84m; and 7 metres @ 1.5g/t Au from 113m

• The newly-identified structure is located immediately beneath the existing granodiorite-hosted Inferred Resource[2] and remains untested along strike to the north and south.

• The results indicate the presence of a series of stacked lodes along the margin of the Montague Granodiorite. The drill spacing remains wide-spaced, providing the opportunity to rapidly expand this position with additional drilling.

• GRC696 was drilled ~75m up-dip of the previously reported intersection in GRC583 and confirms the presence of continuous flat-lying mineralisation over a dip extent of at least 125m.

• These results continue to build on Gateway’s recent success in identifying high-grade gold mineralisation hosted in multiple structures along the 2.5km long Northwest Margin of the Montague Granodiorite Dome.

• The wide-spaced nature of the drilling highlights the potential scale of the mineralised system.

• Final assay results from the recently completed RC and diamond drilling program are expected to be reported over the next two weeks.

• Air-core drilling has also commenced, with planned programs to test several large targets across the Gidgee Gold Project, including further extensions to the Achilles South corridor.

Gateway Mining Limited (ASX: GML) ( Gateway or Company ) is pleased to advise that it has discovered a significant new gold mineralised position immediately adjacent to the cornerstone Montague-Boulder deposit at its 100%-owned Gidgee Gold Project in Western Australia.

The Company has received encouraging results from recently completed drilling designed to test for immediate extensions of the current 120,000oz Montague-Boulder Mineral Resource and to evaluate the potential for multiple stacked zones of mineralisation along strike and beneath the deposit.

The drilling was undertaken as part of the 91-hole 14,311m RC program and six-hole 2,550m diamond drilling program targeting the Evermore discovery and other prospective areas within the Northwest Margin target area at Gidgee, which was completed during May 2021 (Figure 1).

A full description of significant intersections received to date is included as Table 1, with drill program details documented in the JORC (2012) Table 1 included as Appendix 2.

1 See ASX announcement 18 December 2020 2 1,700,000 tonnes at 2.23 g/t for 120,000 ounces. See ASX announcement dated 3 October 2019

KEY POINTS:

• Reverse Circulation ( RC ) drilling within the margin of the granodiorite immediately adjacent to the existing Montague-Boulder Mineral Resource has intersected a significant new zone of thick high-grade mineralisation (Figure 2). Initial drilling in this area has returned highly significant intercepts of:

• GRC583: 5 metres @ 2.7g/t Au from 115m (previously reported)[3]

• ▪ GRC696: 7 metres @ 3.0g/t Au from 84m; and 7 metres @ 1.5g/t Au from 113m

• The newly discovered mineralised structure is located immediately beneath the existing granodiorite-hosted Resource and remains untested along strike to the north and south (Figure 2). The quality of the mineralisation intersected in this drilling, and its close proximity to the current resource and optimised pit shell, provides the opportunity to significantly upgrade the Resource with additional drilling.

• GRC696 was drilled ~75m up-dip of the intersection in GRC583, confirming the presence of multiple lenses of continuous flat-lying mineralisation over a dip extent of at least 125m (Figure 3).

• The strength of the mineralisation also provides a strong vector down-dip to where the structure intersects the mafic lithologies. This position is considered to be an additional high-priority target for future drill testing.

• Additional potential for shallow extensions to the granodiorite-hosted mineralisation has also been identified to the south of the current Resource and existing open pit. Recent drilling by Gateway[4] intersected significant shallow mineralisation in GRC623 (6m @ 1.3g/t Au) in an area of sparse historical drilling (including GRB1518: 8m @ 3.9g/t Au). There is significant potential to test this trend at depth for additional stacked lodes.

• The continued success of Gateway’s exploration program at Gidgee continues to build the evolving story of the Northwest Margin of the Montague Granodiorite, which is clearly an emerging large gold mineralisation system hosted in multiple structures and lithologies.

• Gateway’s exploration activities have now demonstrated the presence of extensive mineralisation along the entire 2.5km corridor, outside of the previously identified historic open pits. The extensive RC and diamond drilling programs completed since July 2020 have:

• Successfully identified, and followed-up, high-grade mineralisation over a strike length of at least 420m at the new Evermore discovery, located ~1km along strike of the historic Montague-Boulder and Whistler open pits;

• Intersected several new high-grade mineralised structures south of the Montague-Boulder open pit, associated with substantial historic surface workings that have only been lightly tested by previous explorers;

• Demonstrated immediate strike extensions to mineralisation in the existing Montague-Boulder Mineral Resource; and

• Identified parallel structures below these resource host structures, including these latest results highlighting the potential within the under-explored granodiorite immediately adjacent to the Montague-Boulder Mineral Resource.

• Results are still outstanding from several RC holes drilled between the Montague-Boulder open pit and NE pit and around the Whistler open pit, as well as the remaining five diamond holes drilled at Evermore, and those completed as part of the EIS co-funded program.

• Gateway will continue to compile and interpret the large dataset generated from this most recent drilling program, with a view to identifying targets for further drilling and delineating Mineral Resources.

3 See ASX announcement 18 December 2020

4 ASX announcement 11 January 2021

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Figure (1): 2021 Northwest Corridor RC program and significant results, including Montague-Boulder granodiorite drilling with historic drill results in holes greater than 50m deep

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Figure (2): Montague-Boulder Mineral Resource area RC drilling with new significant intercepts (yellow labels) and previous announced and historic intersections within the granodiorite proximal to the Mineral Resource (white labels). Note the AUD$2,400/oz optimised shell which constrains the current Mineral Resource.

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Figure (3): RC drill cross-section 6,967,080mN. Note the proximity of this new structure to the existing Mineral Resource interpretation and AUD$2,400/oz optimal shell that constrains this Resource.

MANAGEMENT COMMENT

Gateway’s Managing Director, Mr Mark Cossom, said: “Following hard on the heels of the exciting new Evermore results reported last week, the latest batch of assays from our recent 14,300m drill program has revealed a significant new mineralised position immediately adjacent to the 120koz Montague-Boulder resource.

“These new results extend a historic intercept some 125 metres down-dip, delineating a significant new thick gold zone that sits immediately beneath and adjacent to the existing Resource and historic pit. There is clear potential to expand this zone in both directions and to test the surrounding granodiorite for multiple stacked lodes.

“What is important to note is that our strategy of undertaking relatively wide-spaced drilling across the project has been incredibly successful, demonstrating the scale and potential of the mineralised system and giving us a number of areas that clearly require more tightly-spaced in-fill and follow-up drilling.

“In the meantime, as we await final assays from the recent RC and diamond program we have commenced a major new program of air-core drilling to test a major soil anomaly to the west of Evermore as well as several other targets.”

This released has been authorised by:

Mark Cossom Managing Director

For and on behalf of GATEWAY MINING LIMITED

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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.

Investors Media Mark Cossom Nicholas Read Managing Director Read Corporate T: 02 8316 3998 T: 08 9388 1474 or Kar Chua Company Secretary T: 02 8316 3998

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TABLE (1): MONTAGUE-BOULDER RC DRILLING SIGNIFICANT INTERCEPT TABLE

Hole ID	MGA_E	MGA_N	RL	Dip/Azi	Hole Depth (m)	From (m)	To (m)	Width (m)	Au (g/t)	Comment
GRC696	751107	6967084	508	-60/270	200	84	91	7	3.0
						102	103	1	1.5
						113	120	7	1.5

Notes:

• All coordinates located in MGA (GDA94) Zone 50. Azimuth is magnetic degrees

• RL’s are nominal

• Significant intersections are calculated as a minimum of 1m greater than 1.0g/t Au with a maximum of 4m of internal dilution

• Au assayed by 50g Fire Assay with AAS finish at ALS Laboratories Perth and Kalgoorlie

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APPENDIX (1)

About the Gidgee Gold Project

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Gidgee Gold Project Tenement Location Diagram

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APPENDIX (2): MONTAGUE-BOULDER RC DRILLING JORC Code, 2012 Edition Table 1

Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections)

Criteria	JORC Code explanation	Commentary
Sampling techniques	• Nature and quality of sampling (e.g. cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc.). These examples should not be taken as limiting the broad meaning of sampling. • Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used. • Aspects of the determination of mineralisation that are Material to the Public Report. • In cases where ‘industry standard’ work has been done this would be relatively simple (e.g. ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverized to produce a 30 g charge for fire assay’). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (e.g. submarine nodules) may warrant disclosure of detailed information.	• RC drilling (GRC prefix) - 2kg - 3kg samples were split from dry 1m bulk samples. The sample was initially collected from the cyclone in an inline collection box. Once the metre was completed the sample was dropped under gravity thorough a Metzke cone splitter, with the 1m split for assay collected in a calico bag. • The bulk reject from the sample was collected in wheelbarrows and dumped into neat piles on the ground. • RC Field duplicates were collected at a ratio of 1:50 and collected at the same time as the original sample through the B chute of the cone splitter. OREAS certified reference material (CRM) was inserted at a ratio of 1:50. The grade ranges of the CRM’s were selected based on grade populations and economic grade ranges.
Drilling techniques	• Drill type (e.g. core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc.) and details (e.g. core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc.).	• RC – Challenge Drilling drill rig was used. The rig consisted of a truck mounted RC rig with on board compressor, an on board Booster, and a truck mounted auxiliary compressor.
Drill sample recovery	• Method of recording and assessing core and chip sample recoveries and results assessed. • Measures taken to maximize sample recovery and ensure representative nature of the samples. • Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.	• During the RC sample collection process, the sample sizes were visually inspected to assess drill recoveries • The majority of samples were of good quality with ground water having minimal effect on sample quality or recovery. • From the collection of recovery data, no identifiable bias exists.
Logging	• Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies. • Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc.) photography.	• RC chips were washed and stored in chip trays in 1m intervals for the entire length of each hole. Chips were visually inspected and logged to record lithology, weathering, alteration, mineralisation, veining and structure. • Data on rock type, deformation, colour, structure, alteration, veining, mineralisation and oxidation state were recorded. • Logging is both qualitative and quantitative or semi quantitative in nature.

Criteria	JORC Code explanation	Commentary
	• The total length and percentage of the relevant intersections logged.
Sub-sampling Techniques and sample preparation	• If core, whether cut or sawn and whether quarter, half or all core taken. • If non-core, whether riffled, tube sampled, rotary split, etc. and whether sampled wet or dry. • For all sample types, the nature, quality and appropriateness of the sample preparation technique. • Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples. • Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate/second-half sampling. • Whether sample sizes are appropriate to the grain size of the material being sampled.	• RC Samples were split from dry, 1m bulk sample via a cone splitter directly from the cyclone. • The QC procedure adopted through the process includes: • Field duplicates were collected at a rate of 1:50, these were collected during RC drilling at the same time as the primary sample. • OREAS certified material (CRM) was inserted at a rate of 1:50, the grade ranges of the CRM’s were selected based on grade populations. • 0.8-3kgs of sample was submitted to the laboratory. • Samples oven dried then pulverized in LM5 mills to 85% passing 75micron. • All samples were analysed for Au using the Au-AA26 technique which is a 50g lead collection fire assay.
Quality of assay data and Laboratory tests	• The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total. • For geophysical tools, spectrometers, handheld XRF instruments, etc., the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc. • Nature of quality control procedures adopted (e.g. standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (i.e. lack of bias) and precision have been established.	• Drill samples were submitted to ALS (Perth). All samples were analysed by a 50g fire assay (AAS finish) which is a total digest assay technique. Due to industry-wide pressure on fire-assay capacity, some prepped samples were transported to ALS Kalgoorlie for fire assay. • RC Field duplicates were collected at a rate of 1:50 with CRM’s inserted at a rate of 1:50 also. The grade ranges of the CRM’s were selected based on grade populations.
Verification of sampling and assaying	• The verification of significant intersections by either independent or alternative company personnel. • The use of twinned holes. • Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols. • Discuss any adjustment to assay data.	• Drilling results are cross checked by company geologists • Data is recorded digitally at the project within MicroMine Geobank software, assay results are received digitally. • All data is stored within DataShed SQL Database.
Location of data points	• Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation. • Specification of the grid system used. • Quality and adequacy of topographic control.	• Initial drill hole location is initially recorded with a handheld Garmin GPS (+/- 3m). A Reflex EZ North Seeking Gyro is used to record the deviation of the drill holes (+/- 1deg). All collars were surveyed post-drilling utilsiing RTK-GPS.

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Criteria	JORC Code explanation	Commentary
Data spacing and distribution	• Data spacing for reporting of Exploration Results. • Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied. • Whether sample compositing has been applied.	• Refer to tables within text for data spacing. • Hole GRC684 is considered to be of suitable spacing to previous drilling to be included in any update of the Montague-Boulder Mineral Resource. • Holes GRC696 is not considered to be part of suitably spaced data to enable inclusion in Mineral Resource estimation.
Orientation of data in relation to geological structure	• Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type. • If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.	• The drilling was orientated perpendicular to the perceived strike of the mineralised structures, with holes testing west-dipping structures in the mafic and layered intrusive units drilled to the east. Inclined holes (-60°) are considered to be appropriate to the dip of the mineralised structure creating minimal sampling bias.
Sample security	• The measures taken to ensure sample security.	• Calico samples are sealed into green/poly weave bags and cable tied. These are then sealed in bulka bags and transported to the laboratory in Perth by company staff or contractors or established freight companies.
Audits or reviews	• The results of any audits or reviews of sampling techniques and data.	• Drilling results are cross checked by company geologists

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Section 2 Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section.)

Criteria	**JORC Code explanation **	Commentary
Mineral tenement and land tenure status	• Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings. • The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.	• M57/217, M57/98 and E57/888. These tenements are held under Gateway Mining Ltd 100%. • No Native Title claims are lodged over the tenements
Exploration done by other parties	• Acknowledgment and appraisal of exploration by other parties.	• Gold was discovered in the district during the gold rush era, first records of gold won from small-scale, high-grade workings include the Montague Mining Centre (1904-13). Renewed interest in the late 1960's included base metal exploration carried out within exposed stratigraphy of the Montague Ranges (Bungarra Ranges), exploration interest that broadened with the release of the Sandstone 1:250,000 aeromagnetic sheet in 1970 resulting in the staking of favourable magnetic anomalies by exploration companies. • Early explorers in the Montague Ranges included Anaconda Australia Inc. (1966-67), followed by International Nickel Australia (1971-75) evaluating a Gabbro - banded differentiated basic complex believed prospective for copper and/or nickel such as the Dulith Gabbro, USA. Strong geophysical and mineralised anomalism was encountered, however, copper-zinc enrichment was also encountered in adjacent felsic stratigraphy at Ed's Bore prospect, which was followed-up by CRA Exploration (1983-1990) to intersect polymetallic VMS enrichments at Bevan prospect (not substantively pursued). • At Montague, Western Mining Corporation (1976) conducted investigations for copper and gold including soil sampling and IP surveying, which was followed by CRA Exploration (1984-89) working concurrently with AMOCO Minerals Australia Company (1984) and Clackline Refractories Ltd (from 1985 - to later become Herald Resources) assessing/purchasing historic mine areas from Mr W.J. Griffiths of Sandstone. RAB drilling penetrating transported cover resulted in the virgin discoveries of NE Pit by AMOCO and Whistler deposit by CRA. Later noted explorers included Dalrymple Resources NL (1987-1990) intersecting gold at the Armada (Twister) prospect, and Arimco Mining (1990- 98) intersecting gold at Lyle prospect, Victory West prospect, and copper at The Cup prospect (not substantively pursued). • The Montague Mining Centre produced approximately 150,000oz of gold commencing in 1986 at Caledonian and NE Pits (Clackline), and continued at Montague Boulder from 1988 (Herald), and was to close in 1993 after completion of the Rosie Castle open cut (Herald). Whistler open cut was mined from November 1990 (Polaris Pacific NL) and ore toll treated through the Herald mill. Little attention was paid to mineralisation other than gold. Gateway Mining in joint venture with Herald Resources continued exploration of the MontagueMining Centre, Gateway also targeting poly-metallicintrusion

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Criteria	**JORC Code explanation **	Commentary
		related - VMS models in the district from 2006. • Airport, Airport Sth, S Bend, Rosie Nth, Rosie Sth mineralisation was discovered by Gateway Mining between 2007 and 2011 in RAB drilling and later defined by RC drilling.
Geology	• Deposit type, geological setting and style of mineralisation.	• Gateways’s Gidgee Project is located in the Gidgee district in the Archean Yilgarn Craton of Western Australia approximately 630km NE of Perth and 70km north from the township of Sandstone on the eastern central portion of the Gum Creek Greenstone Belt, of the Southern Cross Province. Metamorphic grade of the Gum Creek Greenstone Belt is estimated to be low- grade greenschist facies. • Project lithology includes basalt/ash tuff/dolerite/gabbro, the Montague Granodiorite sub-volcanic intrusion (calc-alkaline - FI), dacite volcanic flow/s (FI), volcaniclastic sequences of felsic composition and epiclastic conglomerates, ultramafic intrusives and external orogenic granite plutons. Key regional characteristics of a Volcanic Arc Extensional Basin include calc- alkaline bimodal volcanic sequences associated with extensive iron formations. Later ENE-WSW orogenic compression event is characterised by NNW regional scale faults/unconformities, NNW shearing and folding, slaty cleavage has developed within sediments near a tight syncline fold closure within the NE area of the project.
Drill hole Information	• A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes: o easting and northing of the drill hole collar o elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar o dip and azimuth of the hole o down hole length and interception depth o hole length. • If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case.	• Exploration drill results from recent drilling, and associated details are contained in Table 1 of this release. Historic intersections mentioned in this release have been previously released by Gateway in various ASX releases, which can be accessed on the Gateway Mining Ltd website
Data aggregation methods	• In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (eg cutting of high grades) and cut-off grades are usually Material and should be stated. • Where aggregate intercepts incorporate short lengths of high grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be	• Significant intersections are calculated as a minimum of 1m greater than 1.0g/t Au with a maximum of 4m of internal dilution • No high-grade cut-off has been applied

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Criteria JORC Code explanation Commentary	Criteria JORC Code explanation Commentary	Criteria JORC Code explanation Commentary
	shown in detail. • The assumptions used for any reporting of metal equivalent values should be clearly stated.
Relationship between mineralisation widths and intercept lengths	• These relationships are particularly important in the reporting of Exploration Results. • If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported. • If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (eg‘down hole length, true width not known’).	• The drilling was orientated perpendicular to the perceived strike of the mineralised structures targeted. Inclined RC holes (-60°) are perpendicular to the dip of the mineralised structure creating minimal sampling bias.
Diagrams	• Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views.	• Appropriate maps are included in the announcement
Balanced reporting	• Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.	• The accompanying document is considered to be a balanced report with a suitable cautionary note.
Other substantive exploration data	• Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.	• The area has been covered by detailed ground gravity and airborne magnetic surveys. The Montague Dome system was recently covered by a systematic fine-fraction soil sampling program which highlighted a series of anomalies corresponding to the mineralisation intercepted by this drilling.
Further work	• The nature and scale of planned further work (eg tests for lateral extensions or depth extensions or large-scale step-out drilling). • Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.	• Further step-out RC and diamond drilling targeting the lower structure down dip and along strike of high-grade gold intercepts. Potential systematic infill of these results may be warranted to begin evaluation of the Mineral Resource potential

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