Adelong Gold Limited announce significant exploration results received from the recent exploratory drilling at the Gibraltar deposit with this work confirming wide zones of mineralisation. The recent drilling program was completed in October 2022 and involved a short 541metres of reverse circulation drilling designed to better define mineralisation discovered in an earlier drill hole (3DGIB003). As reported 23rd May 2022 drill hole 3DGIB003 intersected 5 zones of gold mineralisation that collectively represented a total intersected width of 11 metres @3.45g/t Au at relatively shallow depth.

The first three drill holes west of the initial discovery hole demonstrated a wide zone of silicification with numerous intersections above cut-off grade, including several high grade zones. As was noted in the initial discovery hole (3DGIB003) there is pervasive silicic alteration and associated gold mineralisation over wide zones which in places exceeded widths of 50 metres but containing within this zone many higher grade zones. These recent results confirm the discovery of a zone of shallow potentially open cuttable mineralisation.

Furthermore, drill hole 3DGIB007 shows the zone of mineralisation is wider and grades improve with a total of 12 metres of higher grade intersections with cumulative weighted average grade of 6.43g/t Au. Given the success of this drilling, work can now start on bringing this deposit into the company's resource inventory for the Adelong Gold Project. The results show that in the first 90 metres of Drill Hole 3DGIB007 there was 65 metres having grades over 0.1g/tAu and all samples had gold values above detection which shows that the entire 90m has some degree of mineralisation.

This is highlighting the potential for larger scale mineralised structures at Gibraltar that warrant further investigation. Furthermore, the Percy Shaft Workings showed that some of the better grades were mined at depth so a further program of drilling to explore the deeper extensions of this zone could generate additional significant deposits. Further west of the initial three drill holes, the drilling of hole 3DGIB010 showed the geology had changed and a series of shallow drill holes were drilled both North and south in an attempt to locate the western extension with further exploration required.

Background: The Gibraltar Mine has historical production of around 140,000oz of gold. The main production came from a single reef that was mined through the O'Briens Shaft and represented a vein that was mined to around 366m depth. The vein had a strike of 40 0-600 N and dipping Southeast at around 700-800.

To the west of the O'Brien Shaft is the Perkin's Workings and the historical descriptions show the character of the mineralisation changed and 5 ‘reefs' which were apparently worked but the Geological Survey of NSW records (Harper 1916) reported ‘makes of mineral-bearing quartz granitic rock, the latter being replaced by secondary silica and sulphides, iron and zinc. In places a network of quartz veins occurs associated with partly replaced granitic rock impregnated with sulphides, the whole being auriferous'. Further records from 1938 on the Perkin's Workings stated that ‘recent work had intersected a lode (Whalans) which is 6.1 metres wide that had been driven on for 18.3 metres averaging say 6g/tAu. In proximity to this there are other large orebodies untested'.

These descriptions highlighted the potential of the Perkin's area to generate wider zones of mineralisation that would have been largely sub-economic for the old timers which had historically mined the Gibraltar Mine at an average grade of 35g/tAu. However, the exact location of these mineralised zones reported in these records was unclear and was the basis of the Company's exploration. In April 2022 the company initiated exploration drilling around the Gibraltar mine which included 3 drill holes into and around the Perkin's Workings.

The two drill holes east of the Perkin's Shaft did report some silicification but only one commercial grade intersection. However, the drill hole 3DGIB003 located 60m west of the Perkin's shaft intersected 5 zones of gold mineralisation grading in excess of 1g/t Au at very shallow depths: · 1m @3.36g/t Au from 2 metres · 5m@ 3.8g/t Au from 13 metres · 3m @ 1.96g/t Au from 25 metres · 1m @ 4.18g/t Au from 38 metres and · 1m @ 5.36g/t Au from 47 metres This drilling was followed up in October 2022 with another program and Drill Hole 3DGIB007 was the hole drilled to look at the western extension to the mineralised zone located in the April 2022 program.