Besra Gold : Further Outstanding Gold Assays from surface at Bau Project

ASX ANNOUNCEMENT

29 March 2022 | ASX: BEZ

Further Outstanding Gold Assays, incl. 47m @ 2.21g/t from surface, at the Bau Gold Project.

Highlights

• ▪ Outstanding, tenor and widths of mineralisation reported in second batch of assay results including:

  •  JUDDH-86: 20m @ 1.25 g/t Au from surface (0m to 20m);

  •  JUDDH-87: 47m @ 2.21 g/t Au from surface (0m to 47m) and 11 m @1.56g/t from 52m to 63m;

  •  JUDDH-88: 26m @ 1.79g/t Au from surface (0m to 26m); 46m @1.80g/t from 29m to 75m and 10m @4.26 g/t from 79m to 89m.

• ▪ Majority of gold grade intercepts higher than historical grades of 1.5-1.6 g/t, mirroring the results of the first batch of drill results.

• ▪ Results continue to expand the surface outcrop of mineralisation at Jugan Hill.

• ▪ Results enhance sub-surface correlation of mineralisation at depth.

• ▪ Third batch of drill results pending.

CEO, Dr Ray Shaw:

"The second batch of results from our 2021-2022 diamond drilling program, like the first, continue to outshine the historical drilling data and exceed our expectations in terms of Jugan's overall mineralisation tenor. Combined, these results are positively challenging Jugan's mineralisation's wire-frame modelling that underpins its current Resource inventory. Already this program has elevated Jugan for critical evaluation as a potential shorter term stand-alone development opportunity."

The Board of Besra Gold Inc (ASX: BEZ) ("Besra" or "Company") is delighted to report that the second batch of drill core assay results has been received for its 2021-2022 drilling program at Jugan. These mirror the outstanding results obtained in Besra's first batch of drill results, released on 17 February 2022.

When integrated with historical drilling and trenching studies, the results of this drilling program will provide much clearer definition of overall extent and geometry of Jugan's mineralisation including where the mineralisation extends to the surface.

1

Jugan Project Drilling Program

The Jugan Project, is located approximately 6 km NE of Bau township (Figure 11). Historical drilling has previously delineated a JORC Resource at Jugan of:

• ▪ Measured + Indicated Resource of 870,000 Oz at 1.5 g/t Au;

• ▪ Inferred Resource of 90,000 Oz at 1.6 g/t Au; and

• ▪ Additional Exploration Target1, 2 of 2.0 - 3.2 Moz at 1.8 - 2.5 g/t Au.

Because gold mineralisation at Jugan is dominantly refractory, gold mineralisation is normally correlated with the presence of visible sulphides in core, whereas the occurrence of visible "free" gold in core is very rare. The sulphides at Jugan are dominated by arsenopyrite, with subordinate pyrite, either as highly disseminated fine grain occurrences mostly within shales or more concentrated occurrences associated within veining, stockworks, sand laminations, fracturing and occasional breccia.

In total 16 fully cored holes, representing approximately 1,650 m of drilling (Table 1 & Figure 4), are designed to provide additional sub-surface control including across the crest and southwestern flank of Jugan Hill, and plunging northeastern limb. This topographic feature coincides with the outcrop of the main mineralised body where local faulting may enhance the crestal region with apparent rollover. Currently, assay results of core samples of a further seven drill holes are pending (JUDDH-89 to -94 & - 96). Drill holes JUDDH-95 & 97 are currently being drilled. The locations of the drill holes for the 2021-2022 program at Jugan are shown on Figure 4 and drill hole details are tabulated in Table 1.

Hole ID	Project	Easting	Northing	Elevation	Declin.	Azimuth	Depth
JUDDH-82	Jugan	411330	160185	20	-90	62.9
JUDDH-83	Jugan	411360	160200	29	-90	55.1
JUDDH-84	Jugan	411315	160230	34	-90	80.1
JUDDH-85	Jugan	411390	160187	25	-90	55.5
JUDDH-86	Jugan	411435	160170	20	-90	59.1
JUDDH-87	Jugan	411360	160220	29	-50	335	79.2
JUDDH-88	Jugan	411500	160220	35	-50	45	117.4
JUDDH-89	Jugan	411400	160250	30	-50	45	234.3
JUDDH-90	Jugan	411465	160275	25	-50	45	183.4
JUDDH-91	Jugan	411450	160238	32	-90	102.60
JUDDH-92	Jugan	411450	160220	40	-90	100.60
JUDDH-93	Jugan	411510	160160	26	-90	48.30
JUDDH-94	Jugan	411285	160244	33	-90	250
JUDDH-95	Jugan	411538	160221	20	-90	On-going
JUDDH-96	Jugan	411315	160276	34	-90	117.4
JUDDH-97	Jugan	411292	160307	22	-75	135	On-going

Table 1: Jugan Project diamond drill holes

• 1 Jugan Exploration Target ranges between 2.0 - 3.2 million Oz based on a range of grades of 1.82 - 2.50 Au g/t

• 2 The potential quantity and grade of the Exploration Targets is conceptual in nature; there has been insufficient exploration to estimate a Mineral

Resource and it is uncertain if further exploration work will result in the estimation of a Mineral Resource.

Drill Hole Intersections

Mineral intercepts for the Jugan Project's second batch of diamond drill hole are tabulated in Appendix 1, illustrated in Figures 1, 2, & 3, and summarised below, based on 0.5 g/t cut-off and 1 m or less of internal dilution.

JUDDH-86: 20m @ 1.25 g/t (from surface),

including 1m @ 4.10 g/t.

JUDDH-87: 47m @ 2.21 g/t (from surface)

including 3m @ 3.01 g/t; 2m @12.95 g/t; 2m @ 3.62 g/t; and 11m @ 1.56 g/t (52m-63m).

JUDDH-88: 26m @ 1.79 g/t (from surface)

including 1m @ 4.46 g/t;

1m @ 9.4 g/t;

2m @ 3.73 g/t; and 46m @ 1.80 g/t (29m-75m)

including 1m @ 4.89 g/t;

2m @ 6.5 g/t; and 10m @ 4.26 g/t (79m-89m)

including 6m @ 5.98 g/t.

Figure 2: JUDDH-87, showing intercepted mineralisation grades based on nominal 1m sample widths. Note that the intercepted thicknesses are not true thicknesses because of the inclined trajectory of the drill core - See Appendix 1.

Figure 3: JUDDH-88, showing intercepted mineralisation grade and thicknesses based on nominal 1m sample widths. Note that the intercepted thicknesses are not true thicknesses because of the inclined trajectory of the drill core - See Appendix 1.