Adelong Gold Limited outlined the planned program of drilling scheduled to commence in March 2023 that follows up the successful program of drilling at Gibraltar to explore for additional targets and announced in January. Given the success of the recent program of drilling at Gibraltar that confirmed wide zones of mineralisation, the Company will undertake a follow up program designed to better define this mineralisation with a view to preparing a JORC Resource Estimate for the area drilled to date, and to test similar deposits along the western extension of vein systems mined in the O'Brien Workings. Gibraltar: Adelong Gold have engaged Indicator Drilling to undertake the program having successfully completed the October 2022 program and who importantly have a rig capable of accessing the Sawpit deposit for further drilling.

The current drilling plan is to start with an initial 4 drill holes into this zone previously drilled in a way designed to assess the resource potential but also to test the potential at depth. Earlier analysis of the alteration products and style of mineralisation suggests this deposit could be the tip of a possible gold porphyry style deposit which could generate a major deposit. An additional drill hole is carried in reserve for deeper testing if required.

Additional drilling is also planned to explore the western extensions to the O'Brien Workings that may offer similar targets to the recent discovery west of the Perkin's Workings. In April 1998 a line of drill holes tested for western extensions to these workings approximately 50 Metres west of the past workings. This drilling had identified at least 3 mineralised structures extending beyond these workings.

While grades in this historical drilling had not been commercial, the strong alteration seen in these holes would suggest that mineralisation similar to that Perkin's, may also be possible west of these past drill holes. This drilling showed a wide zone of mineralisation that is interpreted to have been caused by mineralisation flooding a breccia zone created by a strong north-south shear zone intersecting the ENE trending vein system extending from the Perkin's workings. This has many of the alteration/mineralisation characteristics of the 770,000oz Hobbs Deposit located at Mt Adrah some 15km NE from this site, with hornfels alteration, strong silicification, brecciation as well as sheet quartz veins within a possible gold porphyry system.

An additional 2 drill holes are planned to test the target zone. Historical drilling shows that there is also western extensions to the vein systems mined in the O'Brien Workings. Further west still there is a much larger N-S shear zone known as the Wondalga Shear located beneath the Adelong Creek some 2-300 metres west of the past workings.

This offers the potential for a much larger target. Much of the historical alluvial gold production (Est. 400,000oz of gold) came from dredging the Adelong Creek downstream of the Gibraltar Mine.

This target will require special approvals given its proximity to the active Adelong Creek so may not be possible to drill in this March program but is a target for drilling potentially later in the year. Currently there are no JORC Resources defined at Gibraltar and the exploration work to date indicates that potential commercial resources exist that can add to the overall project resources for the Adelong Gold Project. However the Gibraltar area also offers multiple exploration targets for expanding resources.