Avenira : Jundee South Maiden Aircore Drilling Program Completed

ASX ANNOUNCEMENT AND MEDIA RELEASE

15 DECEMBER 2020

Jundee South Maiden Aircore Drilling Program Completed

Highlights

• Five high priority targets tested by first-pass aircore drilling
• A further five areas, targeting prospective geological and geophysical interpretations were drill tested
• Four historic mineralised intercepts, including 8m @ 5.74g/t Au, retested by aircore drilling to confirm grades and lithologies
• Geological logging has confirmed important geological features comparable to gold projects adjacent to the Jundee South Project area
• Assay results are being awaited
• Detailed Work Program Planning for first half 2021 well advanced
• Access for two high priority targets not drill tested during the recent Aircore drilling program are being finalised

Avenira Limited (ASX:AEV) (Avenira) is pleased to announce it has completed the maiden aircore drilling program at its Jundee South Project (the Project).

A total of 259 aircore holes were drilled for 20,147 metres. This comprised 247 holes for 19,134 metres, testing all accessible Priority 1 and 2 targets. Characteristic geological features of lithologies, structures, and alteration comparable to nearby gold projects, were identified in the Priority 1 areas.

An additional 12 holes were drilled for 1,013 metres to confirm the grades, lithologies, and structures from selected historic RAB intercepts. These targets include:

• cypIWR584: 8m @ 0 .64g/t Au from 28m including 4m @ 0.98g/t Au from 28m
• gcmLVRB244: 8 m @ 5.74g/t Au from 32m, including 4m @ 11.3g/t Au from 32m
• gcmMFRB133: 12m @ 0.35g/t Au from 32m, including 4m @ 0.85g/t from 32m
• gcmSHRB36: 4m @ 9.68g/t Au from 84m, including 2m @ 12.90g/t Au from 85m

Figure 1 shows the locations of holes drilled and summary statistics for each target, with co-ordinates provided in Appendix A and JORC Table 1 in Appendix B.

Suite 6, 100 Mill Point Road, South Perth WA 6151 :: PO Box 1704 West Perth WA 6874 :: [phone] :: [e-mail]

Figure 1. Location of Aircore holes drilled and summary statistics for targets tested.

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Widespread Alteration Logged

Geological logging has delivered encouraging indications in several holes drilled. Pervasive alteration, of a style that is conducive to gold mineralisation, has already been noted from the YaN18 target (announced 2 October 2020). Significant alteration has now been identified in several other targets drilled since.

An intercept in Hole JSA20_293 (target YaN14) comprises nine metres (from 52m) of 3%-5% stockwork quartz veining with 5%-10% ferruginous veinlets interpreted as oxidised sulphides, within weathered (saprolitic) Intermediate volcanic rocks. There is a close association of the gold mineralisation at both the Jundee and Bronzewing gold mines with sulphides and quartz veining. Figure 2 shows the sieved sample intervals with the potentially mineralised interval highlighted. Figure 3 shows the interval from 56-57m which contains 30% quartz veining and 10% oxidised sulphide veinlets.

Figure 2. Potentially mineralised intervals in Hole	Figure 3. Interval 56-57m in Hole JSA20_293
(52m-61m).	JSA20_293.

The intercept in Hole JSA20_296 (target YaN14) contains highly haematised material from 27m-32m, with 5% disseminated oxidised sulphide material and 2% quartz-(oxidised) sulphide veining. Figure 4 shows the sample piles with the interval highlighted, while Figure 5 shows a washed chip of the interval 30m-31m.

Figure 4. JSA20_296 haematised, veined and sulphidic interval Figure 5. JSA20_296 30m-31m27m-32m

Hematite and sulphide alteration indicate that the rock has been subject to inundation by hot mineralising fluids. These are an essential precursor to gold mineralisation, so are good indicators of gold potential.

Analytical results are required to confirm the presence of gold mineralisation; these are pending.

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2021 Exploration Programme

A detailed work program for is being finalised for the upcoming half:

• Quarter 1, CY2021

• 1. Compilation of analytical results and geological interpretation from aircore drilling
  1. Assessment of drilled alteration assemblages to assist in prioritising RC drilling
  1. Reconciliation of drilling results with aeromagnetic interpretation
  1. Planning of upcoming RC drilling program
  1. Assessment of ground electrical survey techniques as a direct targeting tool
• Quarter 2, CY2021:
• 1. RC drill site surveys, approvals and preparation

1. RC drilling program

Avenira's Executive Chairman, Mr. Brett Clark commented, "The drilling program was completed on

schedule and within budget.

The Avenira team is currently assessing the geological data from this work and will combine this with the analytical data as it becomes available. This, together with the Company's geophysical interpretation, will be used to assess target prospectivity with the intent of deeper drill testing in 2021."

This announcement has been authorised by the Board of Avenira Limited.

Brett Clark Executive Chairman [phone]

Cautionary Statement: Determination of the alteration, deformation, vein features and mineralisation discussed above is based on visual observations by suitably qualified geologists. Features by their very nature may or may not contain gold mineralisation due to the multi-phase veining, deformation and veining events present in the geological terrane being explored. Observations are based on a ~50g subsample of >2mm chips taken from approximately 6kg of material generated from each metre of drilling. These observations therefore may not be representative of the sample as a whole.

Competent Persons' and Qualified Person's Statement

The information in this document that relates to Exploration Results, geology, and data compilation is based on information compiled by Mr Stephen Harrison who is a Member of The Australian Institute of Geoscientists. Mr Harrison has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr Harrison is a part-time employee of Avenira Limited and consents to the inclusion in this announcement of the matters based on his information in the form and context in which it appears.

Exploration Results

The references in this announcement to Exploration Results were reported in accordance with Listing Rule 5.7 in the announcement titled Results from Jundee South Historic Data Compilation, 27 October 2020

The Company confirms that it is not aware of any new information or data that materially affects the information included in the previous market announcements noted above.

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