Fletcher Gold Zone Extended 800 Metres Of Strike

TORONTO - Karora Resources Inc. reported on the gold exploration and infill drilling targeting the growing Fletcher zone at the Beta Hunt Mine. The Stage 2 drill program targeting the northern end of Fletcher South has extended high grade mineralized intersections a further 100 metres north of previously announced drill results. Drilling was highlighted by one of the highest grade intersections recorded to date at Fletcher in drill hole WF380ACC-17AE which intersected 17.3 g/t over 14.5 metres with some clusters of fine visible gold observed in the drill core. Drilling over the past 12 months has now defined Fletcher mineralization over 800 metres north of the Alpha Island Fault with potential to extend a full 2.2 km of strike to the northern lease boundary. Fletcher Stage 3 drilling has commenced targeting the 300-metre strike length between the recently completed northernmost drill line to the 2016 Discovery Hole (WF14-98).

Paul Andre Huet, Chairman & CEO, said, "Stage 2 of the aggressive Fletcher drilling program at our flagship Beta Hunt mine, designed to add gold ounces and upgrade resources, continues to return very strong results. The results to date support our view that the new Fletcher Zone has strong potential to become Beta Hunt's largest gold zone. Our recent drilling also encountered clusters of fine visible gold mineralization in drill hole WF380ACC-17AE as part of one of our best drill intercepts to date.

We certainly look forward to continuing to grow Beta Hunt aggressively as a cornerstone operation of the combined company resulting from the anticipated merger of Karora and Westgold, with a bolstered treasury and additional underground drills available. Karora shareholders will continue to participate in the success of Beta Hunt with just under 50% ownership of the largest 100% unhedged gold producer in Australia.

Today's results include one our best grade x length results to date from Fletcher of 17.3 g/t over 14.5 metres, including 35.3 g/t over 6.0 metres in hole WF380ACC-17AE. Our exploration team has now extended the defined mineralized extent of the Fletcher Zone by 100 metres for a total strike of 800 metres north of the Alpha Island Fault, with excellent potential to extend along strike up to 2.2 km to the property boundary. Currently, four parallel mineralized zones have been interpreted across a 400 metre width with potential for additional parallel zones in the remaining 300 metre width to the western boundary. Stage 3 drilling at Fletcher is already underway to further extend both the strike length and width of the defined mineralization.

These results support both extending and increasing confidence in the Fletcher South Zone with the ultimate goal of completing sufficient drilling to produce a maiden Mineral Resource for Fletcher.

We are also excited with our progress on the Fletcher access drive being constructed from the Western Flanks South decline. We continue to target accessing Fletcher mineralization later this year. Overall, exploration and development work underway at Beta Hunt is progressing on track with our plans to reach an annualized 2.0 Mtpa by the end of 2024, with strong potential for continued growth ahead of us."