Gateway Mining : High Grade Results Confirm Emerging Gold Discovery at Julias

ABN: 31 008 402 391

Level 11, 52 Phillips Street Sydney NSW 2000

GPO Box 225 Sydney NSW 2001

Tel: [phone]

Fax: [phone]

Website:www.gatewaymining.com.au

LinkedIn:@gateway-mining

Twitter:@gateway_mining

ASX Announcement: 27 January 2022

only	SHALLOW HIGH-GRADE INTERCEPTS CONFIRM SIGNIFICANT
EMERGING OXIDE GOLD DISCOVERY AT JULIAS
Reverse Circulation drilling confirms continuity and high-grade tenor of shallow oxide gold
mineralisation over 500m strike length and still open

HIGHLIGHTS

▪ Excellent shallow, high-grade results returned from Reverse Circulation (RC) drilling over 500m of

	strike at the Julias target, part of the Gidgee Gold Project in WA. Results include:
	▪	GRC762:	11m	@ 2.6g/t Au from 24m
	▪	GRC763:	10m	@ 3.0g/t Au from 38m, and
use		12m	@ 2.4g/t Au from 60m
	▪	GRC761:	9m	@ 3.5g/t Au from 67m
	▪	GRC758:	9m	@ 3.4g/t Au from 55m
personal
▪	The results have confirmed the presence of a consistent zone of oxide gold mineralisation just 5km

west of the existing 449,000oz Mineral Resource at Gidgee.

▪ Mineralisation is completely open to the north, with no drilling completed previously.

▪ Mineralisation also remains open for over 800m to the south, where recent air-core drilling by

Gateway intersected substantial shallow mineralisation including1:

▪	GWAC0965:	24m	@ 1.4g/t Au from 16m
▪	GWAC0961:	8m	@ 1.3g/t Au from 32m
▪	GWAC0957:	4m	@ 1.4g/t Au from 16m

▪ Systematic RC drilling to be undertaken to complete coverage over the main zone, with an extensive air-core program to be undertaken to continue to extend the overall Julias-Flametree oxide gold trend.

▪ Follow-up drilling to commence in early February 2022.

Gateway Mining Limited (ASX: GML) (Gateway or Company) is pleased to report a series of significant shallow high-grade intercepts from Reverse Circulation (RC) drilling completed late last year at the Julias target area,

Forwithin its 1,000km2 Gidgee Gold Project in the Murchison Region of Western Australia.

The results have confirmed the presence of a consistent oxide gold zone over a 500m strike length at Julias which remains completely open to the north and south, significantly elevating this area as a priority focus for follow-up drilling scheduled to commence early next month.

Julias and the neighbouring Flametree target to the south is emerging as a significant shallow, oxide gold zone located immediately to the west of the Montague-Boulder and Evermore Mineral Resources. Significant shallow mineralisation at Julias has now been intersected in both RC and air-core drilling over a strike length of 1.2km and remains open to the north-east (Figure 1). Drilling at Julias is a key plank in Gateway's strategy of discovering new gold deposits within 5km of its existing 449,000oz Mineral Resources2 at Gidgee.

Gateway's Managing Director, Mr Mark Cossom, said: "This is an exciting breakthrough for Gateway which gets the New Year off to a flying start. We now have consistent broad widths of high-gradeoxide gold mineralisation in RC drilling over a 500m zone at Julias - and the zone remains completely open to the north and south!"

1. See ASX Release dated 21 October 2021.
2. 8,165,000t @1.7g/t Au for 449,000oz. See ASX Release 14 December 2021.

Thick zones of consistently high-grademineralisation were returned from shallow depths. Significant results include (see Table 1 and Appendix A for detail):

An 11-hole(891m) drilling program was designed to follow-upon recent air-coredrilling at Julias (Figure 2), with holes drilled on selected 50m and 25m spaced sections to in-filland confirm the extents of mineralisation previously intersected.

"The ability to rapidly add shallow oxide ounces is a huge bonus for any emerging gold project, and we appear to have a large oxide system on our hands here at the Julias-Flametree target. Considering that we had wide zones of high-grade mineralisation in air-core drilling just 800m to the south at Flametree, this area clearly has huge potential.

"We have a rig booked to start air-core drilling along the entire trend in early February 2022 together with systematic RC drilling along the main zone. Our objective will be to in-fill as much of the area as we can and bring

it into our resource inventory as quickly as we can, while continuing to scope out the potential of the broader onlysystem.

"This bodes extremely well for the year ahead for Gateway. We feel increasingly confident about our exploration targeting at Gidgee, and we are hopeful that this will be the first of several exciting discoveries over the course of the next few months and beyond."

KEY POINTS:

▪

use▪

personal▪

▪

▪

▪

For•

▪	GRC762:	11m	@ 2.6g/t Au from 24m
▪	GRC763:	10m	@ 3.0g/t Au from 38m, and
		12m	@ 2.4g/t Au from 60m
▪	GRC761:	9m	@ 3.5g/t Au from 67m
▪	GRC758:	9m	@ 3.4g/t Au from 55m

This program focused on the core 500m strike of the Julias target identified through historic Gateway drilling. Importantly, the intersection in hole GRC758 (9m @ 3.4g/t Au from 55m) has demonstrated that mineralisation is open to the north (Figure 2).

Historic exploration to the north was impeded by the presence of a tenement boundary that no longer exists, with the entire strike extent now owned by Gateway. This strike extension corridor forms an exciting extensional target for upcoming air-core drilling.

The mineralisation intersected consists of largely supergene related gold, formed within the oxide weathered zone. Mineralisation is located on a sheared contact between sedimentary siltstones and overlying volcanic- derived sediments. Mineralisation is concurrent with the development of an extensive gossanous zone, related to weathered pyrite within the primary shear structure.

Air-core drilling by Gateway during the second half of 2021 identified the continuation of mineralisation to the south for over 800m towards the neighbouring Flametree target, with significant results including3:

▪	GWAC0965:	24m	@ 1.4g/t Au from 16m
▪	GWAC0961:	8m	@ 1.3g/t Au from 32m
▪	GWAC0957:	4m	@ 1.4g/t Au from 16m

Air-core drilling by Gateway at Flametree in 2020 returned significant zones of shallow high-grade mineralisation, with significant results including4:

▪	GWAC0267:	5m	@ 10.4g/t Au from 52m
▪	GWAC0256:	4m	@ 3.8g/t Au from 20m
▪	GWAC0257:	9m	@ 1.1g/t Au from 17m
▪	GWAC0247:	5m	@	3.8g/t Au from 23m
▪	GWAC0246:	3m	@	3.5g/t Au from 44m

• This corridor now forms a high-priority target for systematic drilling in early 2022. An extensive air-core drill program will commence early February 2022 to continue to explore the strike extents of mineralisation to the north and south, with a systematic RC program to follow in order to complete a regularised drill pattern over the core Julias target area.

1. See ASX Release dated 21 October 2021.
2. See ASX Release dated 4 March 2020.

• Field crews are due to mobilise to site in the coming week, in preparation for this major drill campaign.

For personal use only

Figure (1): Julias-Flametree target areas with historic drilling and new RC results. Note the +2km corridor of shallow oxide

mineralisation intersected to date.

For personal use only

Figure (2): Enlargement of the core Julias target, with recent RC drilling significant intersections.

For personal use only

Figure (3): Julias RC drilling cross section 6,969,175mN.

Figure (4): Montague Granodiorite dome target locations.