Westgold Resources Limited (ASX: WGX) (Westgold or the Company) is pleased to announce the commencement of drilling at the Caustons Project, one of Westgold's priority growth targets within the Cue region in Western Australia.

Highlights

Caustons is the first of the Company's priority growth targets to be tested using the funds raised in March 2022 and is a near term development opportunity as it: has a published Mineral Resource Estimate totalling 1.6Mt at 3.31g/t for 174koz1 is located proximal to the Tuckabianna Processing Plant and benefits from an existing short decline and vent drive; features simple orebody geometry which is not fully defined near surface and is open at depth; and offers a short execution timeline and the ability to add to Westgold's FY24 production profile.

Westgold Managing Director, Wayne Bramwell commented: 'Westgold is committed to sensible, value-adding organic growth that delivers additional profitable ounces. Caustons is a significant existing gold resource that sits within the shadow of our Tuckabianna plant. If this drilling is successful and a revised mine plan passes our technical and financial decision gates, Caustons has the potential for a very short development timetable that can deliver those ounces in FY24.'

Sitting on the Tuckabianna trend and a mere 1,000 metres from the Tuckabianna processing plant, Caustons was previously mined by a succession of companies, primarily Australmin Holdings Limited during the 1990s, with +86koz ounces of recorded past production. The Caustons deposit is dominated by two steeply dipping parallel Banded Iron Formation (BIF)-hosted lodes with a known mineralised strike of ? 1 kilometre. Gold mineralisation within these iron rich sediments generally dip at 50 degrees, exhibiting very similar geometry to the nearby Comet mine where Westgold has been actively mining since 2016. Gold mineralisation is associated with quartz-carbonate-pyrite-pyrrhotite veining and disseminated sulphides, and is seen to increase in tenor at the intersection of the host BIF packages with steeply dipping north-northwest shear zones, thus presenting a simple genetic model similar in nature to the proximate Comet ore body. Mineralisation is both open at depth and not fully defined in the near-surface environment.

FORWARD LOOKING STATEMENTS

Certain statements in this report relate to the future, including forward looking statements relating to Westgold's financial position and strategy. These forward-looking statements involve known and unknown risks, uncertainties, assumptions and other important factorsthat could cause the actual results, performance or achievements of Westgold to be materially different from future results, performance or achievements expressed or implied by such statements. Actual events or results may differ materially from the events or results expressed or implied in any forward-looking statement and deviations are both normal and to be expected. Other than required by law, neither Westgold, their officers nor any other person gives any representation, assurance or guarantee that the occurrence of the events expressed or implied in any forward-looking statements will actually occur. You are cautioned not to place undue reliance on those statements.

Contact:

Head Office

Level 6, 200 St Georges Terrace

Perth WA 6000

E: Perth.reception@westgold.com.au

T: +61 8 9462 3400

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