Gateway Mining : RC Drilling Extends Evermore to the North East

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Website:www.gatewaymining.com.au

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ASX Announcement: 22 December 2021

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HIGHLIGHTS
▪ Reverse Circulation (RC) drilling has confirmed strong potential to further expand the
		current 67,000oz Inferred Mineral Resource at the Evermore deposit1, with high-grade
		mineralisation intersected to the north-east, outside the existing Resource area
▪ Drilling to test for north-eastern extensions of Evermore around the "nose" of the Montague
use	Granodiorite toward the Whistler deposit returned:
▪	GRC717:	21m @ 1.7g/t Au from 132m including 2m @ 9.3g/t Au
▪ In addition, step-out drilling to extend the main Evermore structure to the north intersected:
		▪	GRC718:	8m @ 1.8g/t Au from 42m
personalCirculation (RC) drilling at the Evermore deposit, part of its 1,000km2 Gidgee Gold Project in the Murchison

RC DRILLING EXTENDS EVERMORE TO THE NORTH-EAST

Resource extension drilling returns a high-grade intercept of 21m @ 1.7g/t Au within the high-

priority granodiorite contact zone between the Evermore and Whistler deposits

▪ All holes drilled are located outside the current Mineral Resource envelope.

▪ Mineralisation appears to continue around the margin of the Montague Granodiorite towards the Whistler deposit (120,000oz Au Inferred Resource2).

▪ The North-west Margin of the Montague Granodiorite continues to demonstrate the characteristics of a major gold system, representing an exciting exploration target.

▪ RC drilling in 2022 will continue Gateway's strategy of identifying and testing advanced targets within 5km of the Montague Granodiorite.

Gateway Mining Limited (ASX: GML) (Gateway or Company) is pleased to advise that shallow Reverse

District of Western Australia, has confirmed strong potential to further increase the recently announced 67,000oz Au maiden Inferred Mineral Resource Estimate.

ForThe drilling program was undertaken in September to test the northern and north-eastern extents of the Evermore deposit, which was discovered by Gateway in 2020. The drilling focused both on extending the main host shear at Evermore to the north, as well as testing for extensions around the "nose" of the Montague Granodiorite towards the Whistler deposit (120,000oz Inferred Resource) to the east (Figure 1).

Results from both areas returned strong gold mineralisation, particularly to the north-east along the margins of the granodiorite where a broad intercept of 21m @ 1.7g/t Au from 132m was returned from hole GRC717.

Management Comment

Gateway's Managing Director, Mr Mark Cossom, said: "This is a very exciting outcome coming hard on the heels of our recently-announced67,000oz maiden Mineral Resource Estimate for the Evermore deposit.

1. 1,319,000t @ 1.6g/t for 67,000oz Inferred. See ASX announcement dated 14 December 2021.
2. 1,700,00t @ 2.2g/t for 120,000oz Inferred. See ASX announcement dated 3 October 2019.

"The initial assays from this drill program indicate compelling potential to rapidly extend the current Evermore Resource to the north-east along the margin of the Montague Granodiorite contact, as well as along the shear zone to the north.

"We are particularly excited by the opportunity to further test the granodiorite contact between Evermore and Whistler. This granodiorite contact zone hosts all our existing gold deposits at Gidgee, and this relatively untested area, which sits between two known gold deposits, represents a high-priority exploration target.

onlyThe drill program comprised a total of six holes for 770m of RC drilling completed on two separate drill sections. One section was drilled on a north-south orientation and was designed to test the "nose" of the granodiorite dome between Evermore and Whistler. The second, orientated east-west, was drilled to step-out 50m north of the previous extents of drilling to test the main moderately-dipping shear structure at Evermore (Figure 3).

"We'll be back on the ground in early 2022 to kick off our next round of drilling, targeting Evermore as well as other priority targets with near-term Resource potential."

The new results extend the footprint of the Evermore deposit, being located outside the recent maiden Mineral Resource Estimate announced on 14 December 2021.

usesed to underpin the recently announced maiden 67,000oz Inferred Resource at Evermore5, while also indicating that the mineralisation remained open to the north.

The Evermore deposit was discovered by Gateway in 2020 by systematically drill-testing the north-western margin of the Montague Granodiorite dome between the 163,000oz Indicated and Inferred Montague-Boulder deposit3 and the 120,000oz Inferred Whistler deposit4.

This initial RC drilling, which successfully intersected mineralisation over approximately 1.2km at Evermore, was

Following the completion of the Resource drilling, the focus shifted to test for extensions of the mineralisation further to the north-east, around the "nose" of the granodiorite dome, toward the Whistler deposit.

Diamond drilling completed by Gateway in 2021, part-funded by the WA Government's Exploration Incentive Scheme, indicated that the northern end of the granodiorite dome is plunging steeply to the south. As such, a section of RC holes orientated from south to north were drilled to adequately test this "nose" area. Excitingly, drilling intersected silicified and bleached granodiorite with trace pyrite-chalcopyrite sulphides, with significant intersections returned of:

▪ GRC717:	21m	@ 1.7g/t Au from 132m including 2m @ 9.3g/t Au; and
	3m	@ 1.1g/t Au from 163m (EOH)

The entire northern end of the Montague Granodiorite remains an exciting exploration target, being a prime geological setting immediately proximal to two established gold deposits, and with the majority of drilling being shallow and orientated in an east-west direction. Further drilling to expand on this intersection will be undertaken in early 2022.

In addition, a series of RC holes were drilled to step-out to the north of the previous limit of drilling on the main
Evermore host structure. These holes were designed to scope the potential for shallow strike extensions to the
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current 67,000oz Inferred Resource. These holes successfully intersected the moderately west-dipping, biotite-
altered shear zone within the western basalt sequence, and returned a significant oxide zone intersection of:
For	▪ GRC718:	8m @ 1.8g/t Au from 42m

As illustrated in Figure 2, this intersection opens the northern strike extent of the Evermore deposit, where no drilling has been undertaken to sufficient depth to test for mineralisation (Figure 2). Further drilling to test the strike potential of the Evermore deposit will be undertaken in early 2022.

A full table of significant intersections is included in Table 1 of this release, with details of the drilling provided in the JORC (2012) Table 1 included as an appendix.

1. 3,078,000t @ 1.7g/t for 163,000oz. See ASX announcement dated 14 December 2021.
2. 1,700,00t @ 2.2g/t for 120,000oz Inferred. See ASX announcement dated 3 October 2019.
3. 1,319,000t @ 1.6g/t for 67,000oz Inferred. See ASX announcement dated 14 December 2021.

Exploration Forward Planning

Preparations are underway for the re-commencement of exploration field activities in early 2022. Field programs have been designed to continue executing Gateway's strategy of systematically testing targets within 5km of the Montague Granodiorite dome and its existing Mineral Resources (Figure 4).

A comprehensive drill campaign is scheduled to commence at the beginning of February 2022, which will comprise both RC and air-core programs designed to evaluate the near-term Mineral Resource potential of key

onlytargets including:

• Julias/Flametree - Systematic RC drilling of established shallow oxide mineralisation.

• Monarch - Maiden RC testing of an exciting 5.8km long gold-in-soil anomaly associated with historical

underground workings and outcropping quartz veins of up to 18.7g/t Au6.

• Kashmir - Follow-up RC drilling of this 2.5km long anomaly immediately north of the 204,000oz Howards

deposit owned by Horizon Gold Ltd (ASX: HRN).

• Evermore - Additional RC drilling to test the northern and eastern extensions reported in this release, as well as in-fill areas of the Evermore deposit where existing data density is insufficient for estimation of a JORC

(2012) Mineral Resource.

• Julias North-east - Systematic air-core drilling directly along strike of the Julias mineralisation, where no drilling has historically been completed.

• Monarch South - Comprehensive air-core drilling to evaluate the southern extents of the Monarch system,

personaluse	where transported overburden has made soil sampling ineffective.
For
Figure (1): Oblique view towards north showing the "nose" of the Montague Granodiorite dome, highlighting
	the existing Montague-Boulder, Evermore and Whistler deposits and recent drill intersections.

6 See ASX Release dated 26 August 2021.

For personal use only

Figure (2): Evermore North recent RC drilling and	Figure (3): Evermore North RC drilling location plan.
	significant intercepts.

Figure (4): Montague Granodiorite dome target locations.

This released has been authorised by:

Mark Cossom

Managing Director

For and on behalf of

GATEWAY MINING LIMITED

Competent Person Statement

The information in this report that relates to Exploration Results or Mineral Resources is based on information compiled or reviewed by Mr Stuart Stephens who is a full-time employee of Gateway Mining Ltd and is a current Member of the Australian Institute of Geoscientists. Mr Stephens owns options in Gateway Mining Ltd. Mr

Stephens has sufficient experience, which is relevant to the style of mineralisation and types of deposit under
consideration and to the activities undertaken, to qualify as a Competent Person as defined in the 2012 Edition
onlyf the "Australasian Code of Reporting of Exploration Results, Mineral Resources and Ore Reserves". Mr
Stephens consents to the inclusion in the report of the matters based on the information in the form and context
in which it appears.
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Mark Cossom	Nicholas Read
Managing Director	Read Corporate
T: 02 8316 3998	T: 08 9388 1474
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Company Secretary
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