Vango Mining : Marymia Gold Project Intersects High Grade Gold

ASX Announcement

5 April 2022

16 March 2022

Vango's Marymia Gold Project Intersects High Grade

Gold

Results include 19m @ 4.7 g/t Au

Highlights

• • High-grade gold intersected in second-phase drilling at Parrot open-pit as part of Vango's extensive open-pit focused drilling campaign at the Marymia Gold Project

• • 8 holes drilled at the Parrot open-pit with all holes intersecting the mineralised structure and returning anomalous gold

• • Highlight results include:

  • o 19m at 4.7 g/t Au from 81m in VPARC0011 incl. 2m at 18.6 g/t Au from 96m

  • o 9m at 1 g/t Au from 119m in VPARC0007 incl. 1m at 2.3 g/t Au from 127m

  • o 11m at 0.7 g/t Au from 149m in VPARC0007 incl. 1m at 3.9 g/t Au from 156m

  • o 2m at 1.2 g/t Au from 121m in VPARC0008

• • Drilling targeted the extension of the structures defined in Phase 1 drilling which returned multiple gold intersections within a significant mineralised structure

• • Vango's drilling at Parrot demonstrates the continuation of the mineralised zones from historical drilling at the Parrot open-pit1 which include:

  • - 12m @ 2.6 g/t Au from 43m in PARC0073

  • - 2m @ 11.1 g/t Au from 99m in PBR7977

  • - 8m @ 1.6 g/t Au from 67m in PBRD1753

Vango Mining Limited (Vango, ASX: VAN) is pleased to announce further high-grade gold intersections from drilling at the Parrot open-pit target as part of its open-pit focused drilling campaign at the Company's flagship Marymia Gold Project (Marymia, the Project) in the Mid-West region of Western Australia.

The latest assay results are from eight reverse circulation (RC) holes at the Parrot open-pit as part of Vango's second-phase of drilling at priority open-pit targets. Previous Phase 1 drilling at Parrot intersected broad structures with anomalous gold of moderate grade1.The width and style of alteration made this pit area a priority for Vango's second phase of drilling.

The latest drilling was designed to further define the mineralisation at the Parrot open-pit target, and has delivered a highly positive outcome.

1 ASX: VAN, 20/10/21: "Vango Continues to Confirm Open-Pit Potential at Marymia"

Vango Mining Ltd	Issued Capital	Australian Registered Office	Directors
ABN: 68 108 737 711	1,259,937,632 Shares	Aurora Place	BRUCE MCINNES - Executive Chairman
ASX: VAN	115,864,406 Options	Building 1	SEAN ZHOU - Deputy Chairman - Non-Executive Director
Level 29, 88 Phillip Street	HUNTER GUO - Non-Executive Director
Sydney NSW 2000 AUSTRALIA	The Hon CRAIG WALLACE - Non-Executive Director
Dr CAROL ZHANG - Non-Executive Director

All eight holes intersected the mineralised structure and have confirmed the continuity of a significant gold bearing structure, with a highlight being hole VPARC0011 which returned 19m at 4.7 g/t Au from 81m including 2m at 18.6 g/t Au from 96m.

This zone demonstrates the potential for the Parrot area to produce significant gold at a potential future gold producing operation at the Marymia Project.

The most significant intercepts are summarised below:

• • 19m at 4.7 g/t Au from 81m in VPARC0011 incl. 2m at 18.6 g/t Au from 96m

• • 1m at 2.7 g/t Au from 109m in VPARC0005

• • 9m at 1 g/t Au from 119m in VPARC0007 incl. 1m at 2.3 g/t Au from 127m

• • 1m at 1 g/t Au from 132m in VPARC0007

• • 11m at 0.7 g/t Au from 149m in VPARC0007 incl. 1m at 3.9 g/t Au from 156m

• • 4m at 0.5 g/t Au from 113m in VPARC0008 incl. 1m at 1.2 g/t Au from 116m

• • 2m at 1.2 g/t Au from 121m in VPARC0008

• • 1m at 1 g/t Au from 128m in VPARC0008

• • 1m at 1.1 g/t Au from 116m in VPARC0009

• • 4m at 1 g/t Au from 109m in VPARC0010

• • 2m at 0.9 g/t Au from 142m in VPARC0012

The gold intercept in Hole VPARC0011 is of significant grade and width, and is potentially part of a larger high-grade zone, which is planned to be targeted by further drilling once the results are fully examined. Refer Figures 1 and 2.

The above results are in addition to the results from Vango's first-phase drilling at Parrot in 20211:

• • 1m @ 2.5 g/t Au from 177m in VPARC0001

• • 1m @ 1.3 g/t Au from 78m in VPARC0002

• • 1m @ 1.2 g/t Au from 84m in VPARC0002

• • 3m @ 1.3 g/t Au from 124m in VPARC0003

• • 1m @ 1.1 g/t Au from 133m in VPARC0003

Vango's two phases of drilling at Parrot have followed up historic drilling intersections including:

• • 12m @ 2.6 g/t Au from 43m in PARC0073

• • 2m @ 11.1 g/t Au from 99m in PBR7977

• • 8m @ 1.6 g/t Au from 67m in PBRD1753

Figure 1: Parrot Drill Plan - Current Drilling

Hole ID	MGA_N	MGA_E	RL	North	East	Depth	Dip	Az	Pit
VPARC0005	7205385	763343	600	5767.7	13433.5	160	-55.2	147.8	Parrot
VPARC0006	7205376	763309	600	5776.4	13399.4	160	-62.2	153.4	Parrot
VPARC0007	7205373	763216	600	5819	13316.7	160	-62.3	150.4	Parrot
VPARC0008	7205373	763219	600	5817.5	13319.4	160	-62.7	151.2	Parrot
VPARC0009	7205354	763183	600	5818.5	13278.7	166	-63.1	153.7	Parrot
VPARC0010	7205331	763174	600	5802.7	13259.6	172	-62.4	148.7	Parrot
VPARC0011	7205276	763067	600	5806.7	13139.4	173	-60.2	150.6	Parrot
VPARC0012	7205334	763058	600	5861.8	13159.8	167	-59.4	152.2	Parrot

Figure 2: Cross-section Parrot 13140mE

Table 1: 2021 Drilling Parrot and Apollo

Figure 3: Marymia Gold Project showing the 11 priority open pits.

Open-Pit Focused Drilling Campaign Progress and Next Steps

Vango targeted 11 priority open-pits in an extensive open-pit focused drilling campaign, commencing in H2, calendar 2021. Drilling was designed to add resources to the substantial existing Marymia resource base, and to assist in delivering 'critical mass' to Marymia's resource base to support a proposed stand-alone mining operation at the Project.

The first phase of drilling in all 11 open pits has been completed and consisted of 8,914 metres of RC drilling across 56 holes. All results from the first-phase campaign have been received and reported.

Vango will now conduct follow-up, second phase drilling at targets that delivered positive results from the completed first round of drilling, to test for further extensions of gold mineralisation to add to the Marymia resource base.

Second-phase drilling has already been competed at the Skyhawk and Parrot open-pits. Results from drilling at the Parrot open-pit are reported in this announcement and results from the Skyhawk open-pit were reported in ASX announcement of 25 February 2022.2

2 ASX: VAN 25/02/2022 "Vango Intersects Wide, High-Grade Gold Zones at Marymia"