Gateway Mining Limited announced that a new phase of Reverse Circulation (RC) drilling has commenced at its 526,000oz Montague Gold Project, located in the Murchison Gold District of Western Australia. This drilling is the first systematic program testing the entire strike length of the significantly mineralised Montague-Caledonian shear system below the historic Caledonian pit, which was mined in the late 1980's by Herald Resources Ltd. This same shear system hosts the Montague-Boulder deposit, located over 1.3km to the north, where Gateway has successfully delineated a 163,000oz Indicated and Inferred Resource below the historic Montague-Boulder open pit. The current RC program is designed to follow up on initial testing undertaken in late 2022 by Gateway, where the first holes drilled into this structure returned: GRC1005: 13m @ 1.4g/t Au from 101m, including 2m @ 6.4g/t Au; GRC912: 18m @ 0.5g/t Au from 106m.

The bulk of mineralisation at the Montague-Boulder deposit further north is hosted within this primary zone below the transition zone. The successful intersection of a thick zone of primary mineralisation has highlighted the potential for substantial gold mineralisation to be hosted at depth below the Caledonian open pit. A series of RC drill sections will be completed along this 1km of strike at Caledonian, testing for shallow-dipping, high grade gold mineralisation similar to the Montague-Boulder deposit to the north.

While this follow-up RC program is underway to identify the potential for additional Mineral Resources in the vicinity of the historic open pits at Montague, a second exploration program will commence later this month with the aim of exploring for significant new deposits within the broader 1,000km2 of tenure. This exploration will be targeting "step-change" discoveries, to accelerate growth in the current 526,000oz Mineral Resource. The first step in this strategy will be the completion of a broad soil geochemical sampling program covering over 20km of strike along the highly prospective Tokay Shear Zone to the north of the current Montague Mineral Resources.

This program will commence later in March. In addition, a 2-dimensional seismic survey is planned for the June Quarter of 2023, which will enable refinement of deep targets generated around existing Mineral Resources on the margin of the Montague Granodiorite. The results of this survey will enable the targeting of deep diamond drilling.

The Company is currently planning a submission to the WA State Government through its Exploration Incentive Scheme, for co-funding of this deep drilling.