Gold Mountain : Highest Gold Assays to date at Mt Wipi Prospect

Highest Gold Assays to date in MWD003 and

MWD004 at Mt Wipi

ASX: GMN	ASX RELEASE
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7 February 2022

Gold Mountain Limited (ASX:GMN) ("Gold Mountain" or the "Company") is pleased to provide an update on assay results from the Mt Wipi drilling program and ongoing regional exploration work.

Assays from the third and fourth hole in the drilling program have returned the Company's highest drill
hole gold results to date. In addition to this, wide zones of alteration and mineralisation are being
useobserved in the fifth hole which is currently at a depth of 465m. Additional regional exploration work
has delivered significant rock chips assays for copper, gold and molybdenum, in conjunction with
personal•	Multi-element analysis indicates that MWD003 was likely drilled on the periphery of a porphyry system
porphyry pathfinder elements that confirm the presence of a mineralised corridor that extends 17km
from Mt Wipi though Sak Creek and into Monoyal.
Highlights
•	Gold assay results have been received for holes MWD003 and MWD004 and gold mineralisation was
	intersected in both holes, including:
	o 1m @ 6.54 g/t Au from 115m (MWD003)
	o 18m of 0.21 g/t Au1 from 240m (MWD004)
•	Multi-element assay results have been received for MWD003 and are pending for MWD004
•	Spot highs of 1m @ 0.20% copper, 2m @ 16.1g/t Ag and 1m @ 187ppm Mo were also recorded in
	MWD003
•	Anomalous copper, gold, and silver mineralisation were recorded throughout the entire length of
	MWD003, with the hole recording: 0.060g/t Au, 0.36g/t Ag, 0.03% Cu and 13ppm Mo over 345m
For	which is borne out by the anomalous gold in the hole and the fact that chalcopyrite and moly were
observed on fracture surfaces and in veins throughout the hole.2
•	MWD003 intersected 12 veins or mineralised structures in the top 134m of the hole which
	contained over 0.10 g/t Au, with the best intersects being:
	o 2m @ 2.27 g/t Au from 34m3

o 2m @ 1.79 g/t Au from 52m o 2m @ 3.34 g/t Au from 115m

1. 18m intercept calculated using a 0.05g/t Au COG with maximum of 3m internal dilution
2. First reported in ASX release dated 22 December 2021, "Mt Wipi Drilling Update and Expansion of Mineralised Zone" Competent Person, Patrick Smith
3. Intercepts calculated using a 0.10g/t Au, COG

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• The zone of anomalous gold mineralisation intersected in MWD004, which is associated with a mineralised skarn, is thought to be the down dip extension of surface channel samples which recorded 35m @ 0.36% Cu in MWTR001.4

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• MWD005 has been designed to test two zones of mineralisation which were intersected in trench
	MWTR003, including: 37m @ 0.24g/t Au, 0.25% Cu and 5.4g/t Ag from 6m and 62m @ 0.20g/t Au,
	0.18% Cu and 4.65g/t Ag from 145m5. Drilling is ongoing with the hole currently at 465m.
• A regional exploration program at the highly prospective Kandum and Pully prospects and more
	broadly in the Mt Wipi - Sak Creek - Monoyal structural corridor are ongoing. Results from 383
	rock chip samples taken within the corridor have been received with elemental highs of:
use	o 37.3g/t Au - LYRC694

o 13.76% Cu - LYRC636

o 20.93% Zn - LYRC571

o 478ppm Mo - LYRC556

o 343g/t Ag - LYRC708

Tim Cameron, the CEO of Gold Mountain said, "I am very encouraged that holes MWD003 and 004 have

returned the Company's highest gold drill hole results to date. The mineralisation we are observing in MWD005 personalis confirmation that we are exploring a very large mineralised system. These gold intercepts and associated alteration contained within broad zones of mineralisation are in my opinion very significant and build my

confidence that we are getting closer to a major find.

It also supports our exploration methodology whereby when we have tested below zones of copper and gold geochemistry identified in soil sampling and trench samples, we have intersected mineralisation in the hole.

The team in PNG is focused on identifying new prospects in country, while the Australian team are analysing the drill results to focus additional drilling to maximise the potential of making an economic discovery.

"The ongoing discovery of highly mineralised rock chip results from the Mt Wipi - Sak Creek - Monoyal structural corridor also reinforce our belief that the broader Wabag Project is highly prospective and additional targets will emerge."

Drilling Update

Gold Mountain has completed a total of four holes for at the Mt Wipi prospect, with a fifth hole (MWD005), Forcurrently nearing completion. Drill hole parameters and the drill hole locations are presented in Table 1 and

Figure 1, respectively.

MWD003 intersected a moderate to strongly fractured micro-diorite which contains quartz-magnetite and pyrite veins with chalcopyrite in micro veins and along structures. Narrow gold intercepts were recorded in the top 120m of hole MWD003 and appear to be associated with brittle fractures (i.e. 52-54m @ 1.79g/t Au, Figure 2), or localised bleaching and with quartz magnetite, pyrite and trace sulphide veinlets (i.e. between

1. First reported 20 January 2020, "Significant results at Mt Wipi affirm Gold Mountain's multiple target strategy".
   Competent person, Patrick Smith
2. First reported 9 September 2021, "Successful Trenching at Mt Wipi Highlights Porphyry Prospectivity". Competent Person, Patrick Smith.

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115-117m which recorded 2m at 3.34g/t Au). Overall, twelve (12) narrow zones of +0.10g/t Au were intersected in the top 120m of MWD003, and these results are presented in Table 1 in Appendix 1.

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For	Figure 1. Mt Wipi Prospect Drill Hole location map
Table 1: EL2632 - Mt Wipi, drill hole parameters
	Hole No.	Easting	Northing		RL	Dip	Azim	Depth
	MWD001	799,154	9,734,487		1,616	-60	90	203.4
	MWD002	799,358	9,434,786		1,434	-60	131	235.8
		MWD003	799,312	9,433,717		1,501	-60	350	348.0
		MWD004	799,312	9,435,087		1,245	-60	315	324.0
		MWD005*	799,189	9,434,583		1,569	-55	105	465*

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*Drilling still in progress

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personalFigure 2. MWD003 52 -54m @ 1.79g/t Au

MWD004 was designed to test beneath Cu-Au intercepts identified in Trench 1, which recorded an upper zone of 14m at 1.47% Cu and a lower zone which recorded 35m at 0.36% Cu. The mineralisation was associated with fault repeats of calc silicates and skarns intruded by a porphyry diorite. High intensity fracturing is associated with these structures and MWD004 intersected 18m of strongly altered calc silicates and skarn style mineralisation from 240m, which assayed @ 0.21g/t Au. This is possibly the down dip extensions of the lower zone. The highest recorded gold value from this 18m zone was 0.62g/t Au from 241m. A Table showing all the

Forsamples which comprise this intercept are included in Table 2 in Appendix 1. Part of this intercept (347m to 354m) is presented in Figure 3.

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personalFigure 3. MWD004 Core photos shows core from 247 - 254m, (7m @ 0.28g/t Au) which comprises part of the 18m @ 0.212g.t Au intercept from 240m

This is interpreted to be the depth extension of the lower mineralized horizon. The upper horizon was not intersected due to drilling issues and a hole is currently being designed to test this zone.

MWD005

MWD005 is currently at a depth of 465m, it was designed to test the elevated copper and gold geochemistry intersected in trench MWTR003. The hole appears to have intersected the first of these zones and is drilling towards the second zone.

ForRegional Exploration

Gold Mountain undertook a detailed and wide spaced rock chip sampling program in the Southwestern part of the Mt Wipi to Monoyal structural corridor primarily within EL2306. A total of 383 rock chip samples were collected, with the aim of identifying prospects for future follow up work. Numerous rock chip samples containing elevated copper, gold, silver, molybdenum, and silver were collected and these data are now being complied and analysed to identify high priority targets.

• The highest recorded values from this rock chip sampling program are.
  o 37.3g/t Au from LYRC694 with a total of 88 samples recording gold values over 0.10g/t Au o 343g/t Ag from LYRC708, with a total of 45 samples recording values over 10g/t Ag

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