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    VAN   AU000000VAN2

VANGO MINING LIMITED

(VAN)
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Vango Mining : Drilling Confirms Rosella Mineralisation Extension at Depth

12/02/2021 | 05:02pm EST

ASX Announcement

3 December 2021

Drilling confirms extension of mineralisation at depth at

only

Rosella Open-Pit

Results continue to expand Resource upgrade potential at Marymia Gold Project Highlights

Results received from remaining holes at Rosella open-pit as part of Vango's 2021 open-pit focused drilling campaign

Results confirm the continuity of the gold structure at depth across the open-pit

use

footprint, and include:

o 2m @ 1.2 g/t Au from 89m in VRORC0002

o 1m @ 2.2 g/t Au from 50m in VRORC0003

o 3m at 2.6 g/t Au from 101m in VRORC0003 incl 1m @ 6.7 g/t Au from 102m

o 1m at 4.0 g/t Au from 54m in VRORC0001

o 3m at 10.0 g/t Au from 80m in VRORC0001 incl. 1m @ 27.0 g/t Au from 80m

personal The 11 open-pits targeted in Vango's current drilling campaign are NOT part of the

o 11m at 4 g/t Au from 83m in VRORC0004 incl. 6m at 6.6 g/t Au from 85m

In addition to current results, historic drilling delivered multiple high-grade gold

intersections at the Rosella open-pit including:

o 8m at 10.5 g/t Au from 44m in RODD0062

o 7m at 5.3 g/t Au from 83m in RORC0031 incl. 1m at 29.7 g/t Au from 86m

o 2m at 4.4 g/t Au from 24m in PBP01339

o 5m at 2.8 g/t Au from 71m in PBR1749

o 5m at 5.4 g/t Au from 59m in PBRC0022 incl. 3m at 1.4 g/t Au from 61m

o 8m at 3.6 g/t Au from 69m in RORC0030

o 12m at 2.1 g/t Au from 76m in RORC0032

o 8m at 3.7 g/t Au from 81m in RORC0034

For

existing Resource at the Marymia Project - results from the current campaign

plus historic results are to be included in a Resource upgrade in 2022

Further results from the ongoing open-pit focused drilling campaign will be released as they become available

Vango Mining Limited (Vango, ASX: VAN) is pleased to announce further gold intersections from its ongoing open-pit focused drilling campaign drilling at the Company's flagship Marymia Gold Project (Marymia, the Project) in the Mid-West region of Western Australia.

The latest results are from the remaining two holes at the Rosella open-pit target (Figure 3).

Vango Mining Ltd

Issued Capital

Australian Registered Office

Directors

ABN: 68 108 737 711

1,259,937,632 Shares

Aurora Place

BRUCE MCINNES - Executive Chairman

ASX: VAN

115,864,406 Options

Building 1

SEAN ZHOU - Deputy Chairman - Non-Executive Director

Level 29, 88 Phillip Street

HUNTER GUO - Non-Executive Director

Sydney NSW 2000 AUSTRALIA

The Hon CRAIG WALLACE - Non-Executive Director

Dr CAROL ZHANG - Non-Executive Director

www.vangomining.com

onlyuse personalFor Figure 1 Plan View Rosella Pit Area

Rosella Open Pit

As per the previous announcement (ASX announcement, 24 November 2021), Rosella is interpreted to be a faulted-off continuation of the adjacent Parrot Open Pit (Figure 1), which may present the potential for large-scaleopen-pit development and mining across the two open-pits. The gold mineralisation at Rosella is well-defined along a moderately north-west dipping structure within mafics, and near the contact with sediments in places.

Vango's current drilling has successfully confirmed the continuity of gold mineralisation at depth at Rosella (Figures 1 and 2). Results from the current drilling at Rosella include:

www.vangomining.com

2

only

o 1m at 4.0 g/t Au from 54m in VRORC0001

o 3m at 10.0 g/t Au from 80m in VRORC0001 incl 1m @ 27.0 g/t Au from 80m

o

11m at 4 g/t Au from 83m in VRORC0004 incl. 6m at 6.6 g/t Au from 85m

o

2m @ 1.2 g/t Au from 89m in VRORC0002

o 1m @ 2.2 g/t Au from 50m in VRORC0003

o 3m at 2.6 g/t Au from 101m in VRORC0003 incl 1m @ 6.7 g/t Au from 102m

These results will be reviewed to establish the likelihood of economic resources being defined in the area with further drilling to be completed if warranted.

usePrevious drilling at Rosella also delivered multiple high-grade gold intersections. Highlight historic results include:

  1. 8m at 10.5 g/t Au from 44m in RODD0062
  1. 7m at 5.3 g/t Au from 83m in RORC0031 incl. 1m at 29.7 g/t Au from 86m o 2m at 4.4 g/t Au from 24m in PBP01339
    o 5m at 2.8 g/t Au from 71m in PBR1749
    o 5m at 5.4 g/t Au from 59m in PBRC0022 incl. 3m at 1.4 g/t Au from 61m o 8m at 3.6 g/t Au from 69m in RORC0030
    o 12m at 2.1 g/t Au from 76m in RORC0032 o 8m at 3.7 g/t Au from 81m in RORC0034

personal2021 Drilling Campaign Progress and Next Steps

Vango is targeting 11 priority open-pits in its 2021 drilling campaign. Drilling is designed to add esources to the substantial existing Marymia resource base, and to deliver 'critical mass' to Marymia's resource base to support a proposed stand-alone mining operation at the Project.

The first phase of drilling in all 11 open pits has now been completed and consisted of 8,914 metres of RC drilling across 56 holes. All results have now been reported from first-phase drilling at the Skyhawk, Parrot, Apollo, Prickleys, Ibis, Exocet and Rosella open pits. Results from drilling at the remaining four open-pits will be progressively released as they become available.

ForVango plans to conduct a follow-up, second phase of drilling at all targets that deliver positive results from the completed first round of drilling, to test for further extensions of gold mineralisation to add to the Marymia resource base.

www.vangomining.com

3

use only

personal

Figure 2 Cross-section Rosella 13780E

For

Table 1 2021 Drilling Rosella Collar information

HoleID

MGA E

MGA N

RL

North

East

Depth

Dip

Az

PIT

VRORC0001

7206298

763324

595

6574

13861

159

-59.4

149.3

ROSELLA

VRORC0002

7206262

763296

595

6557

13819

159

-58.9

153.2

ROSELLA

VRORC0003

7206242

763257

595

6558

13775

159

-59.2

151.4

ROSELLA

VRORC0004

7206196

763242

595

6525

13740

165

-59.3

148.7

ROSELLA

VRORC0005

7206189

763196

595

6541

13696

159

-61.2

151.8

ROSELLA

www.vangomining.com

4

James Moses Investor Relations james@mandatecorporate.com.au +61 420 991 574
Figure 3 Marymia Gold Project showing the 11 priority open pits.
Drilling results reported in this announcement are from the Rosella open-pit

onlyuse

personalAuthorised for release by the Board of Vango Mining Limited.

-ENDS-

For further information, contact:

Bruce McInnes Chairman info@vangomining.com

For+61 418 183 466

The information in this announcement is extracted from reports lodged as market announcements on the following dates:

  • ASX: VAN 18/04/2019 "New High-Grade Trident Gold Resource Upgrade"
  • ASX: VAN 20/05/2020 "Vango Mineral Increases to One Million Ounces"
  • ASX: VAN 24/11/2021 "Spectacular Gold Intercepts at Rosella"

The Company confirms that it is not aware of any new information that materially affects the information included in the original market announcements and that all material assumptions and technical parameters underpinning the estimates in the relevant market announcements continue to apply and have not materially changed. The Company confirms that the form and context in which

www.vangomining.com

5

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Vango Mining Limited published this content on 02 December 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 02 December 2021 22:01:11 UTC.


© Publicnow 2021
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Sales 2021 0,28 M 0,20 M 0,20 M
Net income 2021 -4,81 M -3,46 M -3,46 M
Net cash 2021 6,19 M 4,44 M 4,44 M
P/E ratio 2021 -14,1x
Yield 2021 -
Capitalization 57,1 M 41,0 M 41,0 M
EV / Sales 2020 1 201x
EV / Sales 2021 249x
Nbr of Employees 13
Free-Float 45,8%
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