Western Gold Resources : Progress Drilling Update - Gold Duke

For personal use only

25th March 2022

RC Drilling Update at Gold Duke Project

HIGHLIGHTS

• Exploration drill program has commenced at the Gold Duke Project, with an initial 31 holes for 2,604m of RC drilling already completed across the Joyners Find and Eagle deposits.
• Assay results from the Joyners Find prospect have been prioritised at the laboratory with assay results due in mid-April.
• Drilling tested depth extensions to historic mining areas of Joyners Find (historical drill results include 4m @ 18.45 g/t Au from 24m (including 2m @ 34.78g/t Au)(JRC036)1.
• Extensional and infill drilling is planned to further test the southern and northern extension of mineralisation at Eagle where previous results included 10m @ 6.97 g/t Au from 78m (including 2m @ 23.36 g/t Au) (WGRC0242)1.
• The drilling program is a part of WGR's aggressive 20,000m planned program in 2022 and builds on the considerable success of its 2021 exploration programs.
• Resource upgrade to the current combined JORC 2012 Mineral Resource estimate of 4,570,000 tonnes at 2.0 g/t Au for 293,000 oz Au (refer Table 1) is currently being prepared by Optiro and is expected to be released 1H2022.

Fig. 1 Drilling at the Joyners Find prospect adjacent to historic shaft

1 refer ASX announcement 1 March 2022

For personal use only

Western Gold Resources (ASX: WGR) ("WGR" or "the Company") is pleased to provide an update on 2022 Exploration drilling program at Gold Duke Project, which commenced in early March.

To date, 31 holes for 2604m (Table 2) across the Joyners Find (Figure 1) and Eagle prospects have been completed, with a further 4 weeks of drilling planned across the Eagle and Brilliant prospects remaining (see ASX announcement 10th March 2022).

All RC samples have been dispatched to Nagrom Laboratories in Perth. Assay results from the Joyners find prospect have been prioritised at the laboratory with assay results due in mid- April.

The prioritising of assay results from the Joyners Find prospect will allow WGR to test the company's geological model and allow follow-up drilling programs in Q2, 2022. First assays from the Eagle and Brilliant deposits are due in early May 2022.

A Mineral Resource Estimate update is currently being prepared for the Eagle, Emu and Comedy King deposits and is expected to be released within 1H2022.

WGR Managing Director Warren Thorne commented:

"We are excited to be back drilling at the Gold Duke Project to expand our understanding of the controls on mineralisation at the historic Joyners and Brilliant Mines. Geological logging from drilling at Joyners Find has intersected broad zones of talc-chlorite altered ultramafics with extensive quartz veining both below and adjacent to the historic workings' zones indicating that mineralisation continues below the currently known footprint of the resource. At Eagle, geological logging has visibly confirmed the southerly down-dip extension of mineralisation within hematite-goethite altered BIF units. We look forward to updating the market as the assay results are received from the laboratory"

This ASX announcement was authorised for release by Gary Lyons, Chairman of Western Gold Resources Limited.

For further information please contact:

Gary Lyons	Warren Thorne
Chairman	Managing Director
E:[e-mail]	E:[e-mail]
Mark Pitts
Company Secretary

1. [e-mail]

2

For personal use only

Competent Person's Statement

The information in this report which relates to Exploration Results is based on information compiled by Dr Warren Thorne, is a member of the Australasian Institute of Mining and Metallurgy (AusIMM) and a full-time employee of the company. Dr Thorne who is an option-holder, has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the "Australasian Code for reporting of Exploration Results, Exploration Targets, Mineral Resources and Ore Reserves" (JORC Code). Dr Thorne consents to inclusion in the report of the matters based on this information in the form and context in which it appears

Where the Company refers to previous Exploration Results and to the Mineral Resource estimate included in its Prospectus dated 18 May 2021 and in previous announcements, it notes that the relevant JORC 2012 disclosures are included in the Prospectus and those previous announcements and it confirms that it is not aware of any new information or data that materially affects the information included in those announcements and all information in relation to the Exploration Results and material assumptions and technical parameters underpinning the Mineral Resource estimate within those announcements continues to apply and has not materially changed.

Where the Company refers in this report to previous exploration results that were prepared and first disclosed under a pre-2012 edition of the JORC code, it notes that the data has been compiled and validated. It is the opinion of the Company that the exploration data is reliable. Nothing has come to the attention of the Company that causes it to question the accuracy or reliability of the historic exploration results.

Table 1 Gold Duke Project - JORC 2012 Mineral Resource Estimate

JORC Status	Year	Prospect	Classification	Tonnes	Grade	Ounces
					(g/t Au)
JORC 2012 at 0.5 g/t cut-off	2019	Golden Monarch	Measured	30,000	3.0	3,000
			Indicated	380,000	2.1	26,000
			Inferred	390,000	2.1	26,000
			Subtotal	800,000	2.2	55,000
		Eagle	Indicated	110,000	2.8	10,000
			Inferred	680,000	1.6	35,000
			Subtotal	790,000	1.8	45,000
		Emu	Inferred	600,000	2.2	42,000
		Joyners Find	Inferred	90,000	2.6	7,000
	2021	Bottom Camp	Inferred	640,000	1.6	33,000
		Bowerbird	Inferred	230,000	2.4	17,000
		Brilliant	Inferred	210,000	3.1	21,000
		Bronzewing	Inferred	110,000	2.7	9,000
		Comedy King	Inferred	260,000	1.5	12,000
		Gold Hawk	Inferred	150,000	1.5	7,000
		Gold King	Inferred	580,000	1.9	36,000
		Wren	Inferred	110,000	2.4	8,000
	Total JORC 2012		Measured	30,000	3.0	3,000
			Indicated	490,000	2.3	36,000
			Inferred	4,050,000	2.0	254,000
			Combined	4,570,000	2.0	293,000

3

Table 2. Drill Collar Table for Drilling Campaign over Joyners Find and Eagle deposits

		Prospect			Hole ID			Tenement			Easting			Northing			RL			Azimuth			Dip			EOH
																		Depth
only		Joyners Find		WGRC0308	M53/0972	793644	7033140	603.28	270		60		64
	Joyners Find		WGRC0309	M53/0972	793580	7033140	599.86	90		60		118
	Eagle		WGRC0310	M53/1018	793890	7037219	588.54	90		-60		60
	Eagle		WGRC0311	M53/1018	793880	7037219	588.23	90		-60		94
	Joyners Find		WGRC0312	M53/0971	793565	7033140	598.93	90		60		80
	Joyners Find		WGRC0313	M53/0971	793631	7033240	604.00	270		60		78
	Joyners Find		WGRC0314	M53/0972	793647	7033240	604.44	270		60		106
	Eagle		WGRC0315	M53/1018	793875	7037180	587.18	90		-60		106
	Eagle		WGRC0316	M53/1018	793865	7037159	586.41	90		-60		130
use		Eagle		WGRC0317	M53/1018	793900	7037140	586.43	90		-60		58
	Eagle		WGRC0318	M53/1018	793890	7037140	586.38	90		-60		88
	Eagle		WGRC0319	M53/1018	793880	7037140	586.43	90		-60		106
	Eagle		WGRC0320	M53/1018	793870	7037140	586.38	90		-60		118
	Eagle		WGRC0321	M53/1018	793905	7037120	585.98	90		-60		46
	Eagle		WGRC0322	M53/1018	793895	7037120	585.87	90		-60		70
	Eagle		WGRC0323	M53/1018	793885	7037120	585.55	90		-60		88
personalFor		Eagle		WGRC0324	M53/1018	793875	7037121	585.74	90		-60		106
	Eagle		WGRC0325		M53/1018	793865		7037120		585.64		90		-60		140
	Eagle		WGRC0326	M53/1018	793900	7037080	585.00	90		-60		40
		Eagle		WGRC0327	M53/1018	793890	7037080	585.00	90		-60		70
		Eagle		WGRC0328	M53/1018	793880	7037080	585.00	90		-60		88
		Eagle		WGRC0329	M53/1018	793895	7037060	585.00	90		-60		52
		Eagle		WGRC0330	M53/1018	793885	7037060	585.00	90		-60		70
		Eagle		WGRC0331	M53/1018	793875	7037060	584.92	90		-60		88
		Eagle		WGRC0332	M53/1018	793895	7037040	585.00	90		-60		40
		Eagle		WGRC0333	M53/1018	793885	7037040	584.85	90		-60		70
		Eagle		WGRC0334	M53/1018	793875	7037040	584.85	90		-60		88
		Eagle		WGRC0335	M53/1018	793980	7037240	591.08	90		-60		100
		Eagle		WGRC0336	M53/1018	793970	7037240	591.05	90		-60		106
		Eagle		WGRC0337		M53/1018	793960		7037240		590.65		90		-60		136

4

JORC 2012 Table 1

Section 1 Sampling Techniques and Data

			Criteria			JORC Code explanation			Commentary
			Sampling		•	Nature and quality of sampling (eg cut channels, random chips, or specific specialised		•	The Eagle and Joyners prospects located at the Gold Duke project were sampled
						as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not
					•	be taken as limiting the broad meaning of sampling.		•	using Reverse Circulation ("RC") drilling. A total of 31 holes for an aggregate of
			techniques		Include reference to measures taken to ensure sample representivity and the appropriate		2604m were completed.
					industry standard measurement tools appropriate to the minerals under investigation, such
only			calibration of any measurement tools or systems used.			The drill holes were located to intersect the mineralisation at representative
	•	Aspects of the determination of mineralisation that are Material to the Public Report.			points to help with the overall understanding of the geology and distribution of
				•	In cases where 'industry standard' work has been done this would be relatively simple (eg		•	the mineralisation.
						'reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised			All the sample recoveries were visually estimated and logged as they were
						to produce a 30 g charge for fire assay'). In other cases more explanation may be required,			collected and all the samples were consistently logged as approximately 100%
use			such as where there is coarse gold that has inherent sampling problems. Unusual		•	recovery
		commodities or mineralisation types (eg submarine nodules) may warrant disclosure of			All the drill samples as well as QAQC samples including duplicates and Certified
		detailed information.		•	Standards were submitted to an independent, ISO certified laboratory for chemical
				analysis.
				•	No measurement tools or systems were used that required calibration.
					The samples of approximately 3kg were collected at 1 m intervals and sub samples
				•	obtained via a cone splitter attached to the RC drill rig.
									At the commencement of each hole the cone splitter was checked to ensure that it
									was level and was continually checked the make sure there was no sample build
								•	up inside.
personalr					•	The drilling samples were then submitted to Nagrom laboratories in Perth.
					At Nagrom samples were dried, pulverised then assessed for gold content using
					the Fire Assay method with a detection limit of 0.001 ppm.
			Drilling		•	Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka,		•
						sampling bit or other type, whether core is oriented and if so, by what method, etc).			A total of 31RC holes for an aggregate of 2604 m were completed at depths ranging
									from 40 to 140m, averaging 87 m. All of the drilling was undertaken using a 5.5
			techniques			sonic, etc) and details (eg core diameter, triple or standard tube, depth of diamond tails, face-			inch face sampling RC hammer. The sample recovery was visually assessed and
							recorded on drill logs and is considered to be acceptable.
			Drill sample		•	Method of recording and assessing core and chip sample recoveries and results assessed.		•
				•	samples.			cycloneThe samplesand coneweresplittervisuallywerecheckedutilisedfor recovery,providemoisture,a representativeand contaminationsample and. A
			recovery		•	Whether a relationship exists between sample recovery and grade and whether sample bias			were regularly cleaned. The drilling contractor 'blew out' the hole at the beginning
				Measures taken to maximise sample recovery and ensure representative nature of the			of each rod to remove any water if required.
						may have occurred due to preferential loss/gain of fine/coarse material.		•
									The ground conditions were good and the drilling returned consistent sized dry
									samples and the possibility of sample bias through selective recoveries is
			Logging		•	Whether core and chip samples have been geologically and geotechnically logged to a level of		•	considered negligible
					•	studies.		•	All drill holes have been logged by a geologist from sieved chips in the field at 1m
					Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc)		intervals; with lithology, alteration, hardness and weathering recorded. Reference
								chip trays have also been collected and stored
						detail to support appropriate Mineral Resource estimation, mining studies and metallurgical			The drill sample logging was qualitative