Black Dragon Gold : Acquires WA Gold Projects

6 J u l y 2 0 2 2

onlyBlack Dragon Acquires WA Gold Projects

H I G H L I G H T S

▪ Black Dragon makes entry into WA gold exploration through acquisition of Marlee Gold Pty Ltd and three

		highly prospective permits
use	▪ Early-stage exploration with surface gold discovery across 481km2 in the Yilgarn Craton area

▪ Marlee Gold holds two 100% owned projects - Padbury Gold (366km2) and Ivan Well (115km2)

▪ Immediate exploration focus on regional mapping, sampling and trenching across structures at the Padbury

Gold Project

▪ Padbury Gold Project includes widespread gold occurrences in granite never before tested with modern

gold focussed exploration techniques

▪ Acquisition is a key part of Black Dragon's strategic growth plan to expand and diversify its precious metal

personal	exploration portfolio whilst advancing the high grade +1.5M/oz Salave Gold Deposit

Black Dragon Gold Corp. ("ASX:BDG; Black Dragon; and or the 'Company'") is pleased to announce its entry into gold exploration in Western Australia through the acquisition of both the Padbury Gold Project and Ivan Well Project in the highly prospective Yilgarn Craton area ("Acquisition").

The acquisition will be completed by purchasing 100% of private company, Marlee Gold Pty Ltd ("Marlee Gold").It forms a key part of the Company's strategic growth plans, providing Black Dragon with a quality

xploration portfolio to complement its flagship Salave gold project in northern Spain.

The acquisition delivers 100% interests in three highly prospective exploration permits in the Yilgarn Craton region of Western Australia to Black Dragon, covering an area of 481km2.

ForPerth-based Black Dragon Managing Director Mr Gabriel Chiappini says the most compelling reason for completing the deal was the existing discovery of surface gold.

"The deal presents our shareholders with exciting early-stage exploration opportunities in a proven gold region of Western Australia."

"We have completed a thorough review and due diligence process of several precious metal new venture opportunities in Australia. The standout performer from this process was Marlee Gold, offering a low cost - high reward entry into the Western Australian gold exploration sector.

"The projects compiled by Marlee Gold show extensive, yet untested gold anomalism and present a significant opportunity for a new discovery."

"The addition of Marlee Gold complements the ongoing development work we're undertaking at our 1.5m+
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ounce Salave Gold Project in Spain. Our main focus for value accretive returns for our shareholders is to
progress and develop the Salave Gold Project in Spain," said Mr Chiappini.
The material terms of the acquisition and further details regarding the Marlee Gold projects are disclosed in
appendices to this announcement.
- ENDS -
Authorised for release by the Black Dragon Gold board of directors
useFURTHER INFORMATION
Shareholders contact	Media contact
personalABOUT - SALAVE PROJECT
Gabriel Chiappini	Josh Nyman
Managing Director	Investor Relations (Australia)
Black Dragon Gold	Spoke Corporate
M: [phone]	M: [phone]
[e-mail]	[e-mail]

ABOUT - BLACK DRAGON GOLD

Black Dragon Gold Corp. (ASX: BDG) is an exploration company with a global portfolio of exploration assets. The Company's flagship project is Salave, one of the largest undeveloped gold projects in all of Europe. Salave is 100 per cent owned by the Company and situated in the North of Spain in the province of Asturias. Recently the Company acquired Australian mining explorer Marlee Gold Pty Ltd as part of its growth strategy. The deal includes the purchase of three permits with

arly-exploration discovering near surface gold. For more information visit www.blackdragongold.com.

The project has a Measured Mineral Resource of 1.03 million tonnes grading 5.59 g/t Au, containing 0.19 million ounces of Forgold; an Indicated Mineral Resource of 7.18 million tonnes grading 4.43 g/t Au, containing 1.02 million ounces of gold, plus

Inferred Resources totalling 3.12 million tonnes grading 3.47 g/t Au, containing 0.35 million ounces of gold.

The information in this announcement that relates to the Mineral Resource estimate for the Salave project was first released by the Company in its news release entitled 'New NI 43-101 Mineral Resource Estimate Increases Resources at Salave' dated 25 October 2018.

Black Dragon confirms that it is not aware of any new information or data that materially affects the information included in the original announcement and that all material assumptions and technical parameters underpinning the estimate in the previous announcement continue to apply and have not materially changed.

A full technical report summarising the Mineral Resource estimate completed by CSA Global is available on the Company's web site (www.blackdragongold.com) and posted on SEDAR. In addition to the current Mineral Resource, historical exploration work suggests there is the potential for additional mineralisation within Black Dragon's landholdings.

APPENDICES

onlyAbout Marlee Gold Pty Ltd

Marlee Gold holds two projects, Padbury Gold (two tenements) and Ivan Well (one tenement) in Western Australia (Figure 1) consisting of 481 square kilometres of mineral exploration licenses.

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ForFigure 1: Marlee Gold Projects Padbury Gold and Ivan Well in Western Australia. Background map is the Geological Survey of Western Australia's (GSWA) Tectonic Elements map (1:10M).

Padbury Gold Project (E51/1942, E51/1968)

The Padbury Gold Project is located approximately 90 kilometres NNW of the gold mining centre of Meekatharra. The project is readily accessible with access via Mt Clere Road.

Padbury is hosted within granites on the northern margin of the Yilgarn Craton. The project is bounded by the Narryer Terrane to the west and the Bryah Basin to the north.

The project consists of granitoid hosted gold targets with extensive gold occurrences compiled by Marlee Gold from prospecting over a 15km by 7km area.

This gold occurrence atlas (Figures 2 and 3) produced by Marlee Gold has been constructed in agreement with prospectors who have well-worked the area and identified numerous clusters of gold nuggets, flakes and gold

onlyin quartz principally from metal-detecting.

The nuggets are generally angular and with quartz still attached indicating that they are close to a local bedrock source (Figure 4). Drainage analysis of the GSWA's heavy mineral database (diamond) indicates gold in streams over 20 km draining both to the north and south of topographic divide (Figure 2 and 3).

A GSWA minedex database occurrence (S0003429, Mt Padbury Deep Well) occurs within a small prospecting license (held by a third party) within the main EL51/1942). The Mt Padbury Deep Well occurrence consists of a 90m by 6m pit to a depth ~4m, with gold hosted in centrimetric scale sheeted quartz veins within WNW striking shear-zone and serves to confirm the presence of intrusion related bedrock gold on the project.

useOther than localised prospecting, the Padbury Gold Project has not been subjected to modern exploration techniques with no rigorous surface geochemistry sampling or drilling undertaken.

The Padbury granitoid, in places, is sheared with a general NW-SE strike. Analysis of geophysics and satellite imagery indicates a series of extensive NW-SE to WNW-ESE striking structures transecting the project.

Within the Padbury Gold Project, Marlee Gold has an option to acquire additional exploration blocks from Daniel Di Nunzio Block (P51/3158) (refer below). Through the acquisition of Marlee Gold, Black Dragon has

acquired this option. personalFor

Figure 2: Padbury Gold Project showing tenements and gold occurrences.

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Figure 3: Central part of the Padbury Gold Project showing interpreted structure, alteration zones and gold

occurrences.

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Ivan Well Project (E69/3818)

The Ivan Well Project is located approximately 160km NNE of Wiluna in the northern Goldfields region of Western Australia and is transected by the Canning Stock Route track.

The project consists of a largely underexplored portion of the Earaheedy Basin. The area is mapped redominantly as Frere Formation, a Proterozoic intercalated series of magnetic granular iron formations and

shale/siltstones, which have been folded and sheared.

ForThe GSWA's heavy mineral database shows more than 24 occurrences of gold shedding of a NW-SE drainage divide. Previous exploration (historic by nature) by Ramelius Resources (WAMEX Report A069934 (2004)) showed whole of stream sediment analysis of up to 30ppb gold.

The source of the gold is yet to be determined, but is hypothesised, based on stream dispersion, to be from folded shales within the Frere Formation. The area is host to one gold Minedex occurrence (S0020642) and 12 Minedex iron ore occurrences.