Wiluna Mining : 0.3m @ 3,270g/t in Bulletin North Discovery Drilling

ASX Announcement

13 April 2022

ASX: WMC

BONANZA GRADE AT WILUNA

0.3m @ 3,270g/t at Bulletin North in exciting first hole of

Discovery program

HIGHLIGHTS

• • First hole at Bulletin North Discovery target intersects high-grade intercept of 0.30m @ 3,270g/t in free-milling vein-style mineralisation, and sulphide-style intercept of 1.50m @ 8.30g/t in potential new sulphide shoot:

WUDD0076:

0.30m @ 3,270g/t10.00m @ 2.80g/t including 1.50m @ 8.30g/t

• • Further wide high-grade intercepts from Happy Jack resource infill program:

  • HJRD00084: 7.84m @ 6.48g/t

  • HJRD00185: 11.95m @ 6.04g/t

  • HJRD00192: 11.00m @ 5.92g/t

• • Grade control drilling validates geology modelling and supports the immediate production profile at Bulletin and Happy Jack for the ramp-up of sulphide concentrate production:

  • HJGC2364: 2.55m @ 63.87g/t

  • HJGC2366: 4.10m @ 18.91g/t including 0.70m @ 105g/t

  • HJGC2319: 1.85m @ 30.80g/t

  • HJGC2347: 5.00m @ 12.67g/t and 2.16m @ 14.32g/t

  BUGC0038:

  11.56m @ 6.72g/t

• • Grass roots Li and Ni-Cu-Co-PGE sulphide exploration programs in planning stages on regional tenure; these programs are to assist the Company in assessing opportunities to monetise the significant Ni and Li assets in WMC's large tenement package for our shareholders.

Wiluna Mining Corporation Limited (ASX: WMC) (Wiluna Mining, WMC or the Company) is pleased to announce this geology update, including outstanding results of 0.30m @ 3,270g/t and 1.50m @ 8.30g/t within a broader zone of 10.00m @ 2.80g/t, from the Company's very first hole testing the Bulletin North Discovery target.

ASX Announcement 13 April 2021

The Bulletin North target is one of nine large-scale sulphide shoot targets to be tested as part of a 40,000m discovery program across the Wiluna mine site.

Further, high-grade results from resource development and grade control drilling at Bulletin and Happy Jack zones support geology modelling and the short-term production profile in immediate mining areas during the ramp-up in sulphides concentrate production.

The Company's 1,600km2 exploration tenure in the broader Wiluna region is also geologically prospective for lithium pegmatites and nickel-copper-cobalt-platinum group element (Ni-Cu-Co-PGE) mineralisation. Grass-roots exploration has commenced with a review of historical geophysical and geological datasets and identification of initial targets that require follow-up field work.

DISCOVERY PROGRAM

The Company has commenced a 40,000m Discovery drilling campaign to test nine targets for new high-grade sulphide shoots "under the headframe" at Wiluna. High-grade >5g/t shoot discoveries are targeted to substantially enhance the early years of the current mining plan with the intention of increasing the underground ore grade which will support plans to grow gold production with higher grade mining areas. The Company is targeting large-scale, high-grade shoot targets like those historically mined at Wiluna, such as the Bulletin shoot that has an endowment of past production combined with the current mineral resource of approximately 1.5Moz @ 7g/t (Figure 1).

Initial targets include shallow strike extensions in the upper 600m on both the East and West structures, and below the major historical production areas. Targets are defined where the Wiluna orebody remains open along strike, down dip and on parallel structures. Sulphide shoots are interpreted to have formed in a predictable structurally repeated pattern controlled by the steeply south-plunging shoot corridors in conjunction with north-plunging trends and rock unit boundaries. In addition, first-pass seismic transverse lines acquired during 2021 showed that gold structures extend well below and beyond the current Mineral Resource limits, supporting Discovery drill hole targeting (see ASX report dated 6 May 2021).

Drilling is in progress at Bulletin North, East Lode South, and on the first of eight deep holes at the East & West Lower targets, which will see some of the deepest holes ever completed at Wiluna to 1,850m down-hole depth (Figure 1).

Bulletin North Target

At Bulletin North, the first of 12 holes has intersected high-grade sulphide mineralisation approximately 150m along strike to the north of the current resource limits (Figure 2) in a modelled new shoot location. Stoping of the historical Bulletin shoot, mined in the 1930's to 1950's, came to within 50m of the Bulletin Main shoot that lay undiscovered until 1993 and has since produced 800koz @ 8g/t. The current Discovery program tests for a repeat of the Bulletin Main shoot, in a target area from 100 to 500m along strike, in an area that has never been tested despite the large-scale, high-grade past production and high-grade intersections in very shallow holes at surface (Figure 2 & 3).

Figure 1. Wiluna Mining Centre nine targets within 40,000m Discovery program.

ASX Announcement 13 April 2021

Figure 2. Bulletin North long section view showing the targeted shoot location and intercepts in WUDD0076.

ASX Announcement 13 April 2021

Figure 3. Bulletin North plan view showing WUDD0076 and the program testing beneath shallow surficial holes for extensions to the known Bulletin mineralisation.

Bulletin Offset Target

Drilling was completed at the Bulletin Offset target (2 holes for 1,846m) with no significant assays received. The program tested an alternative interpretation of the Bulletin North area, based on historical drilling data and interpretation of aeromagnetic imagery, which suggested that northern extensions of Bulletin mineralisation may have been displaced by the Lake and East Lineament faults, placing the 'missing' portion of Bulletin several hundred metres to the south and between 700m to 900m below surface (Figure 4).

Subeconomic anomalous gold values were returned from breccias, veins and sheared zones in the targeted positions, that appear geologically like the Bulletin mineralisation. However, the discovery of high-grade sulphides within the alternative Bulletin North target zone as outlined above (where Bulletin mineralisation is modelled to continue further along strike, not offset by the Lake Fault and Eastern Lineament structure), downgrades the offset target area. As the initial two holes show anomalous gold values and prospective structural complexity, further interpretation is pending which may lead to further drilling.