Ora Gold : Second Quarter Activity & Cashflow Report

ASX Announcement

28 April 2022

SECOND QUARTER ACTIVITIES REPORT TO 31 MARCH 2022

HIGHLIGHTS

Crown Prince Gold Project (M51/886)

State Deed for Grant of Mining Tenement executed and Mining Lease granted.

First drill intersections obtained by Ora Gold Limited at Crown Prince East including:

➢ 2m at 3.62g/t Au from 56m and 4m at 1.23g/t Au from 63m in OGGAC417

Lydia North Gold Prospect (M51/889)

State Deed for Grant of Mining Tenement executed and Mining Lease granted.

Abernethy Shear Zone-Kingswood Gold Prospect (E51/1790)

Wide zone of gold mineralisation drilled over a 1.6km strike and excellent gold assays returned from Kingswood air core (AC) drilling completed last quarter including:

➢ 37m at 0.6g/t Au from 34m incl. 10m at 1.24g/t Au from 46m in OGGAC410 and

➢

15m at 1.97g/t Au from 51m incl. 1m at 13.8g/t Au from 45m in OGGAC412

Transylvania Gold Prospect (P51/2911)

High grade gold assays continue with results returned from Transylvania air core drilling completed last quarter including:

➢ 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

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. Abbotts Greenstone Belt: location of Ora Gold main targets.

ABBOTTS GREENSTONE BELT PROJECTS, WA (OAU 100%)

Following the execution of the Native Title Agreement for the Crown Prince and Lydia Mining Lease applications on 15 November 2021, the State Deed for Grant of Mining Tenement was signed by the Minister for Mines and Petroleum and the Mining Leases were granted on 22 February 2022.

During the quarter, assay results from the air core drilling program completed last quarter were received as announced to ASX on 28 March 2022, which includes all the details regarding the program consisting of 44 holes for 2,792m undertaken at the Transylvania, Abernethy (Kingswood), East Crown Prince and Lydia North prospects (Figure 1). All the holes' details and significant gold intercepts are included in Tables 1 and 2.

The exciting new gold zone at Abernethy was drilled (Figure 2) by Ora Gold Limited (Ora Gold) for the first time (17 November 2021). The Kingswood gold prospect is part of a seven-kilometre long tonalite intrusive associated with shallow gold mineralisation along the Abernethy Shear Zone. No previous mining has taken place along the shear zone, which has varying thickness of transported cover and is only partially tested by previous explorers.

The drilling at Transylvania followed up the high-grade intersections previously announced (8 September 2021) with further high grade mineralised intersections.

Ora Gold continues to increase the potential for additional resource delineation on its Garden Gully / Abbotts Greenstone Belt tenements.

Information about the Crown Prince Gold Project and prospects in the Abbotts Greenstone Belt / Garden Gully tenements is outlined at the end of this report.

Kingswood Gold Prospect - Abernethy Shear Zone (P51/1790 - 100%)

The recent air core program (Figure 2) at the Kingswood gold prospect outlined a large low grade zone of gold mineralisation in the weathered zone above prospective host rocks along 1.6km strike of the Abernethy Shear Zone (refer to ASX announcement on 28 March 2022).

Twenty-three air core holes for a total of 1,702m were completed in November 2021 and the assay results were received during the March 2022 quarter. Mineralisation in the Abernethy Shear Zone is concealed under cover and previous explorers have drilled shallow holes intersecting gold mineralisation along a strike length of over seven kilometres.

Figure 2: Kingswood structural/lithological setting, previous air core drill lines, Ora Gold significant recent intersections and proposed diamond hole

Several mineralisation styles were identified with most gold values hosted by the competent tonalite. This intrusive felsic volcanic pinches and swells along the Abernethy Shear Zone and is an excellent brittle host rock for the passage of mineralised fluids and offers a competency contrast against the variable wall rock lithologies for the deposition of gold mineralisation. Stockwork/porphyry-style of mineralisation has already been noted and inaddition to the large deposit potential of the tonalite itself, the contact zones and cross faults are extremely good targets for substantial gold deposits.

Shallow drilling to date indicates that the better gold mineralisation occurs from the base of oxidation into the partially weathered tonalite and at the contact margins (Figures 3 - 5), however it is expected that the mineralisation will continue at depth. A diamond drill hole is proposed to provide better data about mineralisation controls (Figure 3).

Low to moderate grade gold mineralisation (0.1 - 2g/t Au) is a feature of gold mineralisation in and associated with tonalitic intrusives, which can host very large gold deposits, and is similar to intersections along the Abernethy Shear Zone / tonalite drilled to date.

Figure 3: Cross section showing previous and recent gold intersections (OGGAC410), lithological interpretation and proposed diamond hole, which will test for extensions of gold mineralisation into the primary tonalite and wall rocks

Figure 4: Cross section showing previous and recent gold intersections (OGGAC392) and lithological interpretation

Figure 5: Cross section showing previous and recent gold intersections (OGGAC412-413) and lithological interpretation