Sihayo Gold : Infill Drilling Update

Sihayo infill drilling program confirming resource interpretation

Wednesday, 30 October 2019: Sihayo Gold Limited (the "Company") (ASX:SIH) is pleased update shareholders on the progress of the infill drilling program at the Sihayo Gold Project.

Highlights

• 47 infill diamond drill holes complete at the Siahyo Gold Project.
• Significant results included:
• • SHDD549 returned 18m @ 4.02 g/t from 111m;
  • SHDD553 returned 13m @ 3.30 g/t from 109m;
  • SHDD556 returned 11m @ 3.95 g/t from 84m; and
  • SHDD564 returned 23m @ 5.48 g/t from 88m.

The results are reconciling closely with the existing geological model.

Infill Drilling Program

Drilling commenced on 30 June 2019 with drill hole SHDD548 following on from the previous exploration program in 2013. The aim of this infill drilling program is to strengthen the Sihayo geology model and resource classification.

Drilling production is steady but modest due to prioritizing core recovery through difficult ground conditions and good to excellent core recoveries have been achieved within the targeted mineralised zones. Drilling production is around 60m per day based on 3 rigs operating double- shifts. The infill drilling program was around 61% complete at the end of September as shown in Table 1. Activities in support of this program include access track and drill pad preparation, drilling with man-portable rigs, drilling supervision, core logging and sampling, sample dispatching for preparation and assaying.

Table 1 - Sihayo Gold Project infill drilling progress

	Activity			Planned			Completed			Remaining			% Complete
	Drill holes	77	47	31	61%
	Drilling meters	7,355	3,933	3,422	53%

Note: SHDD548 was re-drilled as SHDD550 adding one extra hole.

Drilling on the main Sihayo resource area is expected to be completed before the end of November 2019.

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Figure 1 - Sihayo Gold Project 2019 planned and completed drill hole locations

Assay Results

Sihayo is undertaking a comprehensive assaying program to support resource modelling and subsequent metallurgical work. Assaying includes testing for gold by fire assays and cyanide leach bottle rolls with fire assay testing of the residual material plus 35 multi-element analysis by acid digest and ICP determination and analysis for carbon, total sulfur and sulphide sulfur.

Initial fire assay gold results have been received as set out in the Table 2. The complete set of results is expected to be received progressively through to mid-December.

Table 2 - Sihayo Gold Project sample submissions

Task	Progress
Sample submissions to-date:	85907 - 85913 (7 batches)
No. of drill holes Sampled:	SHDD548 - SHDD574 (25 holes)
Total samples in lab to-date:	1,314 samples (includes CRMs)
Prelim Au (fire assay) results	85907: SHDD548, SHDD550 85908: SHDD551, SHDD552
received:	85909: SHDD549, SHDD554

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The predicted positions of the mineralised horizons, based on the assay results received to date and geological core logging, look robust relative to the existing geological model as shown in Figure 2.

Significant results included:

• SHDD549 returned 18m @ 4.02 g/t from 111m;
• SHDD553 returned 13m @ 3.30 g/t from 109;
• SHDD556 returned 11m @ 3.95 g/t from 84m; and
• SHDD564 returned 23m @ 5.48 g/t from 88m.

Appendix 2 contains the full details of the intercepts and drill hole locations.

Figure 2 - Sihayo Gold Project 2019 gold assays versus geological interpretation

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For further information please contact:

George Lloyd

Chief Executive Officer

Phone: [phone]

Email: [e-mail]

www.sihayogold.com

About Sihayo Gold Limited:

Sihayo Gold Limited (the "Company") (ASX:SIH) owns a 75% interest in PT Sorikmas Mining ("Sorikmas") (together the "Group") which in turn holds the Sihayo-Pungkut 7th Generation Contract of Work ("CoW"). PT

Aneka Tambang Tbk ("Antam") is the Company's joint venture partner in the CoW with a 25% interest.

The CoW is located in North Sumatra in the Republic of Indonesia and is approximately three and a half hours drive south from Martabe Mine. The Sihayo Gold Project is the most advanced project within the COW with a JORC Code (2012 Edition) Mineral Resource Estimate of 23.4 Mt at 2.11 g/t for 1.585 Moz. In the Inferred, Indicated and Measured Resources categories.

The CoW area is deemed to be highly prospective for mineralisation. In addition to the Sihayo project, there are over twenty (20) identified prospects of carbonate-hosted gold, low to intermediate - sulphidation epithermal-vein gold, gold-copper skarn, copper-gold porphyry and lead zinc skarn style mineralisation across the CoW area.

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Appendix 1: Sihayo Gold Project Assay Results

Gold fire assay results received for the Sihayo Gold Project infill drilling program.

	Hole ID			East			North			RL			Azimuth			Depth			From			To			Interval			Au
									(o)			(m)			(m)			(m)			(m)			(g/t)
	SHDD548	547,914		102,581		1,190		-90/-		29.9		6.10		9.00		2.90		0.74
																		11.00		13.75		2.75		9.96
																		18.10		21.00				1.34
																					2.90
																Incl.		11.75		12.75			1.00		21.80
	SHDD549	548,140		102,517		1,226		-60/220		130.0		29.00		37.00		8.00		2.35
																		46.00		48.00		2.00		1.39
																		68.00		72.00		4.00		3.10
																		111.00		129.00		18.00		4.02
	SHDD550	547,913		102,580		1,190		-90/-		50.0		5.80		6.80		1.00		6.48
																		10.80		13.80		3.00		2.52
																		16.55		17.55		1.00		2.03
																		29.55		30.45		0.90		3.59
																		32.05		32.35		0.30		1.32
																		34.30		34.95		0.65		9.46
	SHDD551	547,980		102,583		1,195		-60/220		79.1		20		27		7		1.35
	SHDD552	547,623		103,048		1,112		-60/220		60.0									No significant results
	SHDD553	548,172		102,479		1,223		-60/220		135.0		81.00		86.00		5.00		2.75
																		93.00		97.00		4.00		2.43
																		109.00		122.00		13.00		3.30
																		120.00		121.00		1.00		12.00
	SHDD554	547,567		103,061		1,120		-90/000		40.0		8.00		12.00		4.00		6.32
																Incl.	10.00		12.00		2.00		9.17
	SHDD555	547,500		103,059		1,113		-90/-		40.0									No significant results
	SHDD556	548,167		102,869		1,121		-60/220		102.4		84.00		95.00		11.00		3.95
	SHDD557	547,525		103,012		1,130		-90/-		50.0									No significant results
	SHDD558	548,068		102,600		1,195		-60/220		48.4			Not Sampled (no mineralised zones)
	SHDD559	548,213		102,447		1,224		-60/220		148.5		27.00		33.00		6.00		2.15
																		112.00		122.00		10.00		3.70
																		135.00		137.00		2.00		2.74
	SHDD560	547,512		102,882		1,131		-90/-		30.0		16.00		18.00		2.00		0.98
	SHDD561	548,115		102,653		1,185		-60/220		85.0			Not Sampled (no mineralised zones)
	SHDD562	548,135		102,903		1,109		-60/220		90.0		78.00		79.00		1.00		0.56
	SHDD563	547,559		102,868		1,134		-90/000		58.0		35.00		36.00		1.00		0.59
	SHDD564	548,127		102,427		1,229		-60/220		149.0		88.00		111.00		23.00		5.48
																		102.00		104.00		2.00		12.35
	SHDD565	548,099		102,862		1,114		-60/220		80.0		69.00		71.00		2.00		10.15
	SHDD566	548,154			102,701			1,151			-60/220			115.0			72.00			77.00			5.00			2.44
	SHDD567	547,586			102,814			1,135			-60/220			64.1			0.00			9.00			9.00			1.50
																			16.00			19.00			3.00			2.95
																			30.00			32.20			2.20			1.04
																			42.00			47.00			5.00			1.27
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