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Crown Prince Gold Deposit Shows Deeper Growth Potential as New Murchison Gold Delivers High-Grade Drill Results

Crown Prince Gold Deposit Shows Deeper Growth Potential as New Murchison Gold Delivers High-Grade Drill Results (1)

Fresh Drill Results Strengthen Underground Prospects

New Murchison Gold Limited (ASX: NMG) delivered further updates on its progress at the Crown Prince Gold Deposit. The Company confirmed the expansion of the known South-Eastern Zone (SEZ) mineralisation at depth. Recent drilling results from the Company’s flagship Garden Gully Gold Project, near Meekatharra in Western Australia, show the resource continues to grow beyond initial projections.

Company CEO Alex Passmore said, “These intersections expand the underground mining potential of the Crown Prince Gold Mine. The high-grade results we are reporting today are from outside the existing resource which is likely to give good extensions to the resource inventory in these areas.” The Company continues advancing towards open pit mining, with initial ore deliveries to Westgold Resources’ Bluebird Gold Processing Plant scheduled for September.

Significant Drill Intercepts Unveiled

Drill hole NGGRCDD1034 intersected 3 metres at 43.1 grams per tonne gold from 245 metres. This result included a 1-metre section at 69.4 grams per tonne gold, situated approximately 75 metres below the base of the current pit design at Crown Prince. This result lies 200 metres along strike from previously reported high-grade results in the SEZ ore body. The Company stated that mineralisation in this area shows widths and shapes that suit underground mining.

Another diamond drill hole, NGGRCDD980, cut a 36.3-metre section grading 2.22 grams per tonne gold, starting from 367.5 metres. This intersection comes from the deepest hole drilled into the SEZ mineralised structure to date. The Company said the wide and continuous gold mineralisation encountered strongly supports ongoing exploration of the Crown Prince SEZ structure at depth.

Planview with recent drillhole traces, ore bodies and simplified geology

Resource Definition and Geological Model Evolving

The SEZ mineralisation resides within quartz carbonate veins and altered mafic rocks, including schists and basalts. Mineralised zones relate to deformation and extension in the country rocks, which formed an en-echelon array of veins. The zone has been folded and sheared during the same deformation event.

Supergene upgrading also appears, with caprock and oxide gold resources present in addition to the primary lodes. Drilling now targets mineralisation about 225 metres below the natural ground surface, seeking resource extensions beneath the current mineral estimate envelope.

The Company’s diamond hole NGGRCDD1034 returned high-grade gold from 245 metres depth within a broader intersection, confirming confidence in the SEZ central section. The latest diamond drilling results extend significantly below the top of fresh rock. The intercept sits within a zone suitable for underground mining development, supporting a planned resource update and future feasibility study for subsea extraction. Management aims to underpin mine life at Crown Prince well beyond the current 30-month open pit plan.

Long section (+300/-100m window) looking northwest showing diamond hole trace and resource block model at SEZ

Near Mine Drilling and Satellite Deposits Progress

The Company continues near-mine drilling at Crown Prince. Satellite deposits in proximity to the main operation are under investigation for development potential. This exploration strategy seeks to unlock future resource growth while maintaining mining at the main SEZ location.

Industry Standard Drilling and Sampling Procedures

The diamond drilling program used a Sandvik DE880 truck-mounted drill rig. Drilling began with HQ diameter core, switching to NQ2 within fresh rocks below 100 metres. The Company collected core samples based on lithology and visible mineralisation. Certified reference materials, blanks, and duplicates formed part of standard sampling protocols.

Sample preparation followed industry best practice, with fire assay analysis of a 50-gram charge conducted at Intertek labs in Perth. Quality control protocols demonstrated acceptable result variability. The Company regards assay techniques as international standard and suitable for resource reporting.

Sandvik DE880 truck-mounted drill rig

Updated Mineral Resource and Ore Reserve

NMG updated its Mineral Resource Estimate in November 2024. The Company issued its maiden Ore Reserve and Feasibility Study for Crown Prince in February 2025. These achievements signal a transition to gold producer status for New Murchison Gold.

The Garden Gully Gold Project comprises a 677 km² tenure package around the Abbotts Greenstone Belt. The Company holds a 100 percent interest in these assets. Crown Prince remains the Company’s most advanced deposit.

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Drilling Information and Forward Program

All relevant drill hole data appear in the latest release. Drill hole collars used a differential GPS with 0.3-metre accuracy. Regular down-hole surveys and surface geology mapping support robust model generation. The orientation of all drill holes targets maximum geological information along key structures controlling gold emplacement.

The current drill program confirms both high-grade and broader gold mineralisation below the current pit, demonstrating robust underground potential. The Company plans deeper RC and diamond drilling to test further down-dip and lateral extensions from known ore bodies. Management will also focus on additional diamond drilling to clarify structural settings beneath current pit boundaries.

Project Ownership and Regional Significance

New Murchison Gold controls the entire suite of Garden Gully tenements. The regional setting includes the Abbotts Greenstone Belt, composed of Archaean rocks and significant structural controls on gold mineralisation. Historic production and multiple rounds of exploration by third parties add important context to recent discovery and development efforts by NMG.

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