Ora Gold : Excellent Gold Results at Kingswood & Transylvania Prospects

ASX Announcement

28 March 2022

EXCELLENT GOLD RESULTS AT KINGSWOOD AND TRANSYLVANIA PROSPECTS

Ora Gold Limited (ASX: OAU) (Company) is pleased to announce that the recent air core drilling program has returned excellent gold intersections at the Transylvania gold prospect, Kingswood prospect (Abernethy Shear Zone) and the Crown Prince East gold prospect.

Highlights:

Transylvania

➢ 26m at 2.30 g/t Au from 26m, incl. 7m at 5.36g/t Au from 31m in OGGAC431 and 7m at 2.01g/t Au from 9m, incl. 3m at 4.04g/t Au from 10m in OGGACRC425

Kingswood

➢ 10m at 1.24g/t Au from 46m incl. 2m at 4.08g/t Au from 48m in OGGAC410 and 15m at 1.97g/t Au from 51m incl. 1m at 13.8g/t Au from 45m in OGGAC413

Ora Gold's Chairman Rick Crabb commented:

"We are very encouraged by these results as the majority of the gold intercepts are at shallow depth and mineralisation remains open with strong potential for open pit development.

We are particularly excited about the Company's first drilling of the Kingswood Prospect within the Abernethy Shear Zone, which is a large 7 kilometre long mineralised structure incorporating tonalite intrusive.

The Transylvania prospect is now shaping up for resource drilling and the Company's first drilling on the Crown Prince East gold prospect was successful in intersecting mineralisation in the same area as previous explorers (8m at 2.89g/t Au from surface CKAC018 - Doray Minerals Limited).

Our drilling continues to show the potential of the Garden Gully Gold Province to build on the existing resource at the Crown Prince mining lease. The main near-surface targets are open-ended shallow mineralisation on the Lydia mining lease, Transylvania and the Abernethy Shear Zone and the large targets in the deeper gold mineralisation in the primary zone under these prospects."

Ora Gold Limited | ABN: 74 950 465 654 | Level 2, 47 Stirling Highway, Nedlands, WA 6009 | PO Box 333, Nedlands, WA 6909www.ora.gold |[e-mail] | Tel: [phone]

Figure 1: Location of the prospects within the Garden Gully Project

The recent air core drilling program consisted of forty-four holes totalling 2,792m drilled over four prospects to a maximum depth of 93m (Figure 1). The significant gold intersections are shown in Table 1 and details of the holes are in Table 2.

Kingswood Gold Prospect - Abernethy Shear Zone P51/1790)

Twenty-three air core holes for a total of 1,702m were completed over the Kingswood prospect (Figure 2). The mineralisation in the Abernethy Shear Zone is completely concealed under cover and previous explorers have drilled shallow holes intersecting gold mineralisation at the contact with an intrusive tonalite along a strike length of over seven kilometres.

The recent drilling has returned gold intersections over the tested strike length of about 1.6 kilometres and significant intersections are shown in Figure 2. It is noted that several mineralisation styles were encountered with most gold values being hosted by the competent felsic intrusive/tonalite. The best assays were located where the base of oxidation is at the tonalite/metasedimentary contact (Figure 3).

The structural setting and lithology are quite variable, with the tonalite intrusive rocks swelling and pinching along the tested strike length. A stockwork/porphyry-style of mineralisation is also present where the tonalite intrusion is emplaced within the dominant chlorite schist/metabasaltic unit which is a better reductant environment for the gold mineralised fluids (Figure 4). It was also noted that where the tonalite is thicker, the gold content tends to be enriched on the hanging wall of the competent intrusive tonalite (Figure 5). In addition to the large deposit potential of the tonalite itself, the contact zones and cross faults in the tonalite are extremely good targets for substantial gold deposits, such as at Cue and Day Dawn areas.

As the current drill holes are wide-spaced along a portion of the Abernethy Shear Zone, additional extension drilling and infill and deeper drilling is required. A gravity survey is being considered tobetter define the tonalite contacts under the cover and shallow diamond drilling will be required to gain structural and metallogenic data of the extensive mineralised system.

Figure 2: Structural setting, previous air core drill lines and significant recent intersections at Kingswood prospect

Figure 3: Cross section showing the gold intersections within OGGAC412 and lithological interpretation

Figure 4: Cross section showing the gold intersections within OGGAC410 and lithological interpretation

Figure 5: Cross section showing the gold intersections within OGGAC392 and lithological interpretation

Transylvania Gold Project (P51/2911)

Fourteen short and vertical air core holes for a total of 665m were completed over the Transylvania prospect (Figure 6) and most of them have intersected mineralised shear zones. The significant gold intersections are displayed in Figure 6 and shown in Table 1 and all details of the holes are in Table 2.

The current drilling at Transylvania was designed to follow up the previous gold intersections and infill the central part of the SAM target (sub-audio magnetic target, TR01) which was previously defined over an area of scattered shallow old workings and limited shallow drilling.

During the current program, all holes were vertical and most have intersected mineralised shear zones trending north-north/easterly with steep westerly dips.

Gold intercepts are hosted within a well-defined shear zone located between two mafic units. Mineralised shoots, with a dominant south-westerly plunge, are present within this 25-30m wide deformational zone called Transylvania Shear (Figures 7 and 8).