GATEWAY MINING LIMITED — Regulatory Filings 2021

Feb 11, 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: 12 February 2021

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MAJOR NEW DRILLING CAMPAIGN UNDERWAY AT GIDGEE

+35,000m RC, diamond and air-core campaign ramping up with initial focus on the Northwest Margin discovery; Plus, significant bedrock mineralisation intersected at Achilles South

HIGHLIGHTS

• 2021 exploration program underway at the Gidgee Gold Project in WA, with field teams mobilising to site, and drilling operations to commence shortly on an extensive +35,000m RC, diamond and air-core drilling campaign.

• Drilling will initially focus on the exciting new Lower Zone discovery at the Northwest Margin, where the recognition of a previously unknown ultramafic intrusive host to high-grade mineralisation provides an exciting exploration opportunity, with potential for stacked zones of high-grade mineralisation at depth.

• Final assays received from the 2020 drilling campaign at Gidgee have confirmed that significant primary bedrock gold mineralisation was intersected in RC drilling to follow up extensive air-core anomalism at the Achilles South target area.

• The results provide significant confidence that air-core anomalism can reflect bedrock-hosted mineralisation. This bodes well for future drilling of the multiple extensive anomalies outlined to date at Achilles South over a strike length of 1.4km, which is still open for a further 2.5km south to the edge of Gateway tenure[1] .

• Three RC holes targeted the anomalism extending immediately south of the historic Rosie open pit, and encouragingly intersected extensive shearing in the host granodiorite, with associated bedrock gold mineralisation including:

▪ GRC628: 7 metres @ 1.6g/t Au from 50m

• This style of mineralisation is consistent with that intersected previously north of the Rosie pit at the Achilles North area, where previous RC drilling by Gateway has intersected significant near-surface mineralisation, including:

• GRC446*: 21 metres @ 2.1g/t Au from 32m

• GRC447*: 13 metres @ 3.4g/t Au from 5m

• GRC430*: 11 metres @ 3.0g/t Au from 32m

• GRC507*: 14 metres @ 1.0g/t Au from 3m

• (*Previous announced results)[2]

1 See ASX announcement dated 4 November 2020 2 See ASX announcement dated 17 September 2020

Gateway Mining Limited (ASX: GML) ( Gateway or Company ) is pleased to advise that its 2021 exploration campaign at the 100%-owned, 1,000km[2] Gidgee Gold Project in Western Australia has commenced with mobilisation of field crews underway ahead of the start of a major new drilling program in the coming days.

The Company is also pleased to advise that it has received the final assay results from Reverse Circulation ( RC ) drilling competed during the second half of 2020 at Gidgee, with RC drilling at the Achilles South prospect intersecting significant primary bedrock gold mineralisation beneath extensive shallow air-core anomalism.

GIDGEE DRILLING RESUMES:

Following on from the successful exploration campaign in the second half of 2020, field crews have remobilised to Gidgee for the re-commencement of drilling.

Drilling will initially focus on an aggressive follow-up of the mineralisation delineated at the Lower Zone of the Northwest Margin, where three deeper RC holes intersected an intrusive ultramafic unit along the granodiorite margin. Mineralised structures within this ultramafic demonstrated thick, high-grade gold mineralisation over a strike length of 220m, which remains open to the south and north.

This geological host for mineralisation has not been previously recognised at Gidgee, and indicates the potential for the mineralisation on the Northwest margin to be part of an extensive geological system.

Initially, an RC drill rig will mobilise to site in the coming week, with a planned 15,000m program to test the extents of the Lower Zone, as well as extending the systematic RC coverage south of the Montague-Boulder open pit toward the Caledonian Northeast pit. This systematic RC drilling strategy was instrumental in making the key breakthrough at the Northwest Margin discovery.

A diamond drill rig will mobilise shortly after the RC rig, with a planned 3,000m diamond program to test both the deeper potential of the Lower Zone, as well as provide critical geological information on this newly recognised ultramafic intrusive. Additionally, the diamond rig will complete a 4-hole program of stratigraphic drilling around the margin of the Montague Granodiorite Dome, partly funded through a grant from the WA State Government Exploration Incentive Scheme (EIS).

Following the completion of the RC and diamond programs, an air-core rig will mobilise to site to complete a 20,000m scout program covering near-surface mineralisation and to test additional geochemical anomalies west of the Northwest Margin target area. Subject to results, it is likely that the RC and diamond programs will be significantly expanded.

ACHILLES SOUTH RESULTS:

The Company has also received assay results relating to three holes drilled at the Achilles South target area, providing an initial test below extensive air-core anomalism delineated during September 2020. The results have confirmed the presence of significant primary (bedrock) gold mineralisation within sheared granodiorite.

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

• The anomaly tested was immediately south of the historically mined Rosie open pit, where air-core drilling indicated mineralisation present contiguous with the interpreted shear-zone that continues south for a further 3.5km to edge of Gateway’s tenure.

• A total of three holes for 360m were drilled on one section to provide an initial test of the effectiveness of the aircore drilling in defining bedrock hosted gold mineralisation.

• The drilling intersected extensive shearing within the Granodiorite unit below the “blanket” of anomalism defined by air-core drilling (Figure 1).

• High-grade gold mineralisation was returned from hole GRC628, including:

• GRC628: 7 metres @ 1.6g/t Au from 50m

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• While mineralisation is contained within the primary zone of the granodiorite below the weathered saprolite, it is still highly encouraging in only being approximately 45m below surface.

• This structure also continues north of the Rosie open pit, where it has been followed by Gateway in RC drilling over a strike length of approximately 1km. This mineralisation is contained both at the contact with the western mafic volcanic unit, as well as within the Montague Granodiorite unit, and extends near-surface to the base of transported overburden. Previous RC results returned from Gateway’s RC drilling at Achilles North have included:

• GRC446*: 21 metres @ 2.1g/t Au from 32m

• ▪ GRC447*: 13 metres @ 3.4g/t Au from 5m

• GRC430*: 11 metres @ 3.0g/t Au from 32m

• ▪ GRC507*: 14 metres @ 1.0g/t Au from 3m

• (*Previous announced results)[3]

• Additional work will be undertaken to continue targeting bedrock mineralisation within the granodiorite with the RC rig. In addition, the air-core rig will be used to continue to evaluate the Achilles host structure south toward the edge of Gateway tenure.

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Figure (1): Achilles South RC drilling with air-core anomalies and historic drilling greater than 50m deep

MANAGEMENT COMMENT

Gateway’s Managing Director, Mr Mark Cossom, said: “ We’re really excited to have our teams back in the field with RC drilling expected to be underway again next week. The initial focus will be a significant follow-up program at the exciting new high-grade Northwest Margin discovery. Further success here could be a real game-changer for Gateway, so we are really looking forward to seeing what the next round of drilling can deliver.

3 See ASX announcement dated 17 September 2020

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“We have a systematic exploration program mapped out from there, with more than 35,000m of RC, diamond and air-core drilling planned for the coming months. Subject to results, this could be significantly expanded.

“We have also just received the final outstanding assays from the 2020 program, including a significant zone of bedrock mineralisation beneath air-core anomalies at the Achilles South target. This result is significant because it shows that the large areas of well-defined anomalism across the Gidgee Project are likely to host deeper primary mineralisation. This is a very positive sign for the longer-term potential of the Project and once again highlights just how under-explored the Gidgee Project is.”

This released has been authorised by:

Mark Cossom Managing Director

For 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 Mark Cossom who is a full-time employee of Gateway Mining Ltd and is a current Member of the Australian Institute of Mining and Metallurgy. Mr Cossom owns shares and options in Gateway Mining Ltd. Mr Cossom 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 Cossom 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): ACHILLES SOUTH RC DRILLING SIGNIFICANT INTERCEPT TABLE

Hole ID	Hole Type	MGA_E	MGA_N	RL	Dip/Azi	Hole Depth(m)	From (m)	To (m)	Width (m)	Au (g/t)	Comment
GRC626	RC	751570	6964750	505	-60/090	120				NSA
GRC627	RC	751630	6964750	505	-60/090	120	35	36	1	1.4
							46	47	1	1.1
GRC628	RC	751690	6964750	505	-60/090	120	50	57	7	1.6
							86	87	1	1.0
							97	98	1	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

• NSA = No significant assay

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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): ACHILLES SOUTH 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. • 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 1150cfm x 350psi on board compressor, an Airsearch 1800cfm x 900psi on board Booster, and a truck mounted Sullair 900cfm x 350psi 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.	• 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. • 2-3kgs 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. • 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) • Final collar positions have been recorded by DGPS methods.

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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. • Holes drilled within this program are not considered to be of suitable data spacing for use in Mineral Resource or Ore Reserve 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 drilled to the west in order to test east-dipping structures at the mafic/granodiorite contact as well as within the granodiorite. Inclined RC 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.	• M57/99. This tenement is 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 Montague MiningCentre,Gateway

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Criteria	JORC Code explanation	Commentary
		also targeting poly-metallic intrusion 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 shown in detail. • The assumptions usedfor any reporting of metal equivalent values should be clearly	• 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
	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 aplan 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.	• Step-out RC drilling targeting further air-core anomalism both along strike and parallel to the Achilles structure. Air-core drilling will be continued south along strike.

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