Ora Gold : Third Quarter Activities & Cashflow Report

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ASX Announcement

28 July 2022

THIRD QUARTER ACTIVITIES REPORT TO 30 JUNE 2022

HIGHLIGHTS

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

Assay results from one diamond hole drilled at Kingswood have returned gold mineralisation within the core of the tonalitic intrusion.

Transylvania Gold Prospect (E51/1791)

One diamond hole was drilled at Transylvania to gain structural and lithological data; electrum/gold was identified within the alteration zone

Government Well Gold-Base Metals Prospect (E51/1609)

Two reverse circulation holes were drilled at CVI conductor and the second was abandoned on the upper part of the conductor at a depth of 313m; a diamond tail is planned to test the conductor.

Ora Gold Limited | ABN: 74 950 465 654 | Level 2, 47 Stirling Highway, Nedlands, WA 6009 | PO Box 333, Nedlands, WA 6909

www.ora.gold| [e-mail]| Tel: [phone]

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

ABBOTTS GREENSTONE BELT PROJECTS, WA (OAU 100%)

During the quarter two diamond holes have been drilled and the assay results have been assessed at both Kingswood and Transylvania gold prospects. The holes details and significant gold intercepts are included in Tables 1 & 2.

One reverse circulation hole was drilled at CVI gold and base metals prospect from Government Well and was abandoned on the upper part of the conductor at the depth of 313m; a diamond tail is planned to fully test the target.

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

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 are outlined at the end of this report.

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Table 1. Diamond and reverse circulation drill holes details (MGA 2020, Zone 50)

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Hole ID	Easting	Northing	RL	Depth	Azimuth	Dip	Lease ID	Prospect
OGGDD438	636715	7093382	499	313	110	-55	E51/1609	CVI-Government Well
OGGDD439	639410	7060110	480	225.4	90	-60	E51/1790	Kingswood
OGGDD440	636721	7093387	485	156.4	270	-54	E51/1791	Transylvania

Abernethy Shear Zone is one of the best-defined mineralised structures in the entire Abbotts Greenstone Belt and has the potential to significantly increase gold resources in addition to Crown Prince, Lydia and Transylvania. It has been targeted in the past by various explorers including WMC Resources Ltd., Tantalum Australia NL, Australian Gold Mines, Accent Resources and more recently Doray Minerals Ltd. It is completely concealed by transported cover and was defined by sparse drilling between the Viking prospect to the north-east, and Abernethy South to the south-west over a strike length of more than seven kilometres (Figure 1).

Apart from the Kingswood prospect, many gold occurrences have been previously drilled along the Abernethy Shear Zone and shallow targets include outcropping basement to the east of the Airstrip prospect where the transported cover is very thin. In addition to gold mineralisation, the zone remains prospective for sulphide-related deposits as indicated by the Doray, 2013 electromagnetic survey, which identified many basement conductors that remain untested (Figures 2 and 3).

Kingswood Gold Prospect-Abernethy Shear Zone

Diamond hole OGGDD439 was drilled easterly at the Kingswood gold prospect totalling 225.4m and was aimed to gain structural, lithological and metallogenic information of the tonalitic intrusive emplaced within the Abernethy Shear Zone (Figures 2 and 4). The details of the hole are included in Table 1 and the significant gold, silver and arsenic assays are shown in Table 2. All the assay data on this hole was announced to the market on July 13, 2022. The hole was designed to also test the down dip extension of previous gold mineralisation intersected by air core drill holes. It was drilled from surface with HQ diameter to the depth of 95.4m and reduced to NQ2 to the final depth of 225.4m. The current detailed core logging, systematic hand-held XRF readings and petrological samples show a complex mineralised felsic-intermediate-mafic intrusion within this section of the regional Abernethy Shear Zone which is located within the proximity of the granitic continental margin.

Petrographic and mineragraphic descriptions of various sections of the core done by Craig Rugless from Pathfinder Exploration Pty. Ltd. show that the tonalitic intrusion both margins of quartz-dioritic composition. It is suggested that the felsic core of the high-level intrusion could be differentiated from the same type of magma. Petrology shows a leuco-tonalite rock for the more competent and brittle core which hosts various quartz veins with sulphidic veinlets consisting of pyrite, sphalerite, pyrrhotite, chalcopyrite, arsenopyrite and grains of electrum-gold (Figure 4 and Table 2).

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Figure 2: Structural setting, previous air core holes with significant intersections and recent diamond hole drilled at

Kingswood prospect

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Figure 3: Outcropping geology, modelled tonalite from historical drilling, conductor axes (Heli TEM survey) and

proposed further drilling at Abernethy gold prospects

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