Gold Mountain : 11.7 g/t Gold Intercept Recorded in hole MWD005

Phil Jones, Gold Mountain's Porphyry expert said: "I am pleased that we continue to intersect high grade gold mineralisation, most recent being 11.7g/t, as it highlights the mineralised potential for the Mt Wipi area. Recent aeromagnetic 3D inversion analysis, geochemical analysis

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ASX: GMN	ASX RELEASE
18 March 2022

11.7 g/t Gold Intercept Recorded in hole MWD005

useGold Mountain Limited (ASX:GMN) ("Gold Mountain" or the "Company") is pleased to provide an update on assay results from the Mt Wipi drilling program.

Drilling at Gold Mountain's Wabag project in PNG continues to highlight the prospectivity of the area with hole MWD005 recording a significant gold assay of 11.7g/t over a 1m interval from 144m.

	Highlights
personal	• MWD005 is the 5th hole that Gold Mountain completed at the Mt Wipi prospect
	intrusive that requires further testing
	•	Eight, 1m intervals in hole MWD005 recorded intercepts over 0.10g/t with the highest recorded
		assay being 1m @ 11.7g/t Au from 144m, this is the highest gold assay recorded by the Company
		to date
	• In excess of 70 samples (1-meterintervals) assayed over the detection limit, possibly indicating
		the rocks adjacent to MWD005 have been subjected to a mineralising event
	• The Company is awaiting the multi-elementassay results from MWD005, which are expected
		over the coming weeks
	• To date approximately 1,582m of diamond drilling has been completed at Mt Wipi, with
		additional drilling planned once complete assay results have been received
	• Anomalous copper or gold values have been recorded in all five holes1 drilled at Mt Wipi
		confirming the prospectivity of the area
	• The five drill holes are located to the southwest of a magnetic anomaly identified at the Kandum
		prospects that is located approximately 200m from surface and could possibly be a porphyry
For	• Trenching is currently underway at Kandum which is underlain by the distinct magnetic anomaly2
• Ongoing trenching and geological mapping has been completed at the Pully prospects with over
	500m of trenching completed to date, samples from the trenching are in the process of being

dispatched to Intertek for assay

1. First reported in ASX releases dated 7th February 2022 "Highest Gold Assays to date in MWD003 and MWD004 at Mt Wipi" and on the 22nd of December 2021 "Mt Wipi Drilling Update and Expansion of Mineralised Zone" Competent person Patrick Smith
2. First reported ASX released dated 7 March 2022 "New Drill Targets to Test Possible Porphyry Intrusion Identified at Mt Wipi" Competent person Patrick Smith

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and on the ground mapping and sampling shows the potential for Mt Wipi to host a buried porphyry system below Kandum. The next round of drilling testing this area is eagerly awaited.

Mt Wipi Drilling Program

Gold Mountain has completed five diamond holes at the Mt Wipi prospect for a total of 1,581.6m. Assay results for MWD001 to MWD004 have been previously reported and the gold assay results for MWD005 have now been received, with multi-element analysis for MWD005 pending.

Drill hole parameters for the 5 holes completed at Mt Wipi to date are included in Table 1 and the drill hole locations are presented on Figure 1.

Table 1. Mt Wipi - Drill Hole Parameters

Hole No.	Easting	Northing	RL	Dip	Azim	Depth
MWD001	799,154	9,734,487	1,616	-60	90	203.4
MWD002	799,358	9,434,786	1,434	-60	131	235.8
MWD003	799,312	9,433,717	1,501	-60	350	348.0
MWD004	799,312	9,435,087	1,245	-60	315	324.0
MWD005	799,191	9,434,592	1,553	-55	105	470.4

Figure 1. Mt Wipi - Drill Hole Locations

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MWD005 was drilled to test the down dip extensions of two wide zones of anomalous copper and gold intersected in trench MWTR0033, ( i.e. 37m @ 0.25% Cu, 0.24g/t Au, and 5.4g/t Ag from 6m, which includes a 22m zone from 9m which assayed 0.32% Cu, 0.38g/t Au, and 7.7g/t Ag and 62m @ 0.18% Cu, 0.20g/t Au, and 4.65g/t Ag from 145m, which includes a 26m zone from 145m which assays 0.29g/t Au, 0.28% Cu and 6.7g/t Ag. MWD005 intersected strongly altered calc-silicates with trace to 1% chalcopyrite in places and the hole is strongly silicified and fractured and contains trace to 3% pyrite.

The gold assay results from MWD005 returned 8 assays over 0.10g/t Au with a high of 11.7g/t Au from 144m to 145m, Figure 2. These higher gold values are associated with stronger fracturing of the rock and with localised alteration and bleaching indicating that the gold is possible structurally controlled. In addition to the eight assays, an additional 70 samples recorded values over the detection limited for gold possibly indicating that the area adjacent to MWD005 has been subjected to gold bearing mineralised fluids. A list of the gold values which assayed over 0.10g/t Au are included in Table 2.

Figure 2. Core from MWD005 where the 11.7g/t gold assay was recorded between 144 to 145m

3 First reported to the ASX on 9 of September 2021 "Successful Trenching at Mt Wipi Highlights Porphyry Prospectivity" Competent person Patrick Smith

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Table 2. MWD005 - Significant Gold Intercepts

MWD005

	From (m)			To (m)			Interval			Au (g/t)
					(m)
86		87		1		0.53
113		114		1		0.16
118		119		1		1.26
144		145		1		11.7
158		159		1		0.36
173		174		1		0.22
290		291		1		0.12
300		301		1		0.22

Exploration Update

Gold Mountain is continuing to explore at the Pully and Kandum prospects. In February mapping and trenching at the Pully prospect was completed with approximately 500m of trenching excavated. Samples from the trenching program will be dispatched to Intertek in the coming week.

Currently the Gold Mountain team is excavating trenches at the Kandum prospect, below which a distinct magnetic anomaly has been modelled with a depth to top of 200 below surface and it is modelled to extend to a depth of in excess of 1,000m4, Figures 3, 4, and 5.

4 First reported ASX released dated 7 March 2022 "New Drill Targets to Test Possible Porphyry Intrusion Identified at Mt Wipi" Competent person Patrick

Smith

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Figure 3. Location of Kandum and Pully Prospects

Figure 4. Location of the Kandum Prospect with respect to the modelled magnetic TMI feature, N-S Long Section