OAR Resources : Douglas Canyon Gold-Silver Project Drilling Update

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21 December 2021

Douglas Canyon Gold-Silver Project Drilling Update

HIGHLIGHTS

• Initial phase of drilling progressing well at Douglas Canyon Gold-Silver Project in Nevada.
• First hole intersected highly fractured sedimentary units containing siliceous chert bands, strong iron staining and quartz stringer veins, with highly siliceous quartz breccias at a depth of 213m.
• Approximately 175 samples submitted to laboratories for gold and base metal analysis, with assay results anticipated in early January.
• Program is testing depth extensions of high-grade outcropping gold and silver mineralisation.
• Drilling has paused for the Christmas period and is planned to resume in the new year (weather dependent).

Oar Resources Limited ("Oar" or "the Company", ASX: OAR) is pleased to provide the following update on its first phase of drilling at the Company's 100% owned high-gradeDouglas Canyon Gold Project in the prolific Walker Lane Gold-Silverdistrict of southern Nevada, in the USA.

The Company commenced its maiden drilling program at the high-grade Douglas Canyon Gold project last month (ASX announcement, 1 November 2021), and has made positive progress.

The program consists of up to four diamond holes for a total of approximately 1,000m of HQ drill core, testing high-grade outcropping gold and silver mineralisation, and is targeting a series of parallel vein structures containing high-grade outcropping gold and silver mineralisation (Appendix 1).

The first hole in the program (DCD_02) is targeting the depth extension of a highly fractured high- grade quartz vein within highly sheared meta sediments mapped at surface (Appendix 2).

Drilling at DCD 02 has successfully intersected a silica matrix brecciated quartz vein close to the current depth of the hole, which is approximately 213.5m (700.5ft) (Figure 2). Intersecting the targeted structure in the first hole validates Oar's exploration model at the Douglas Canyon Project and is viewed as a very encouraging initial outcome.

Figure 1: Diamond drilling rig at Douglas Canyon, Nevada

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Figure 2: Drill core from Douglas Canyon Project showing silica matrix brecciated quartz veining

A total of 175 individual core samples have already been delivered to the laboratory in Reno for analysis, with results anticipated to be returned early in the new year. Results will be released as they become available.

Drilling to date has intersected a series of highly weathered, sheared and fractured meta sediments, with intermittent hard silica cherty bands and quartz stringer veinlets throughout. Given the fractured nature of the core, the Company has taken a steady, cautious approach to drilling, with a primary focus on maximising the amount of core recovered for analysis over speed of drilling.

Drilling will now pause over the Christmas period with the rig remaining on-site over the current hole to facilitate a rapid re-start of drilling in the new year.

"This Announcement has been authorised for release to ASX by the Board of Oar Resources Limited"

For further information please contact:
Chris Gale	James Moses
Executive Chairman	Media & Investor Relations
Oar Resources Limited	Mandate Corporate
P: [phone]	E:[e-mail]

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About Oar Resources Limited

Oar Resources Limited is an ASX listed precious metals explorer and aspiring producer. Oar has acquired 100% of Australian Precious Minerals Pty Ltd, holder of the Crown Project in Western Australia. Crown is situated near Chalice Mining's world-class Julimar polymetallic discovery. Oar has also acquired 100% of Alpine Resources' gold exploration projects in the highly prospective gold province of Nevada, United States - ranked the third best mining jurisdiction in the world. These projects are in an area that hosts several multi-million-ounce deposits. Oar, through its wholly owned subsidiary Lymex Tenements Pty Ltd holds a number of tenements on the South Australian Eyre Peninsular which are considered highly prospective for kaolinite and halloysite mineralisation, graphite, iron ore and other commodities. In addition, Oar's Peruvian subsidiary, Ozinca Peru SAC, owns a CIP Gold lixiviation plant, strategically located proximal to thousands of small gold miners in Southern Peru.

Forward Looking Statement

This ASX announcement may include forward-looking statements. These forward-looking statements are not historical facts but rather are based on Oar Resources Ltd.'s current expectations, estimates and assumptions about the industry in which Oar Resources Ltd operates, and beliefs and assumptions regarding Oar Resources Ltd.'s future performance. Words such as "anticipates", "expects", "intends", "plans", "believes", "seeks", "estimates", "potential" and similar expressions are intended to identify forward-looking statements. Forward-looking statements are only predictions and are not guaranteed, and they are subject to known and unknown risks, uncertainties and assumptions, some of which are outside the control of Oar Resources Ltd. Past performance is not necessarily a guide to future performance and no representation or warranty is made as to the likelihood of achievement or reasonableness of any forward-looking statements or other forecast. Actual values, results or events may be materially different to those expressed or implied in this ASX announcement. Given these uncertainties, recipients are cautioned not to place reliance on forward looking statements. Any forward-looking statements in this announcement speak only at the date of issue of this announcement. Subject to any continuing obligations under applicable law and the ASX Listing Rules, Oar Resources Ltd does not undertake any obligation to update or revise any information or any of the forward-looking statements in this announcement or any changes in events, conditions, or circumstances on which any such forward looking statement is based.

Competent Person's Statement

The information in this ASX Announcement for Oar Resources Limited was compiled by Mr. Anthony Greenaway, a Competent Person, who is a member of the Australasian Institute of Mining and Metallurgy. Mr Greenaway is an employee of Oar Resources Limited. Mr Greenaway has sufficient experience, which is relevant to the style of mineralisation and types of deposits under consideration and to the activity to which he is undertaking to qualify as a "Competent Person" as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves.' Mr Greenaway consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

All references to original source information are included as end-note references as indicated throughout the presentation where required.

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APPENDIX 1

Table 1: Proposed diamond drill collar location information - Douglas Canyon Project Nevada USA

onlyusepersonalFor	Hole ID	UTM East	UTN North	Dip	Azimuth	Target
		(m)	(m)	(deg)	(deg)	Depth
						(m)
	DCD_01	399,804	4,247,240	-500	3490	200
	DCD_02	399,730	4,247,516	-500	2020	250
	DCD_03	TBC
	DCD_04	TBC

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APPENDIX 2

Nevada Project Locations, with regional mines and reported historic and current resources &

reservesi

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