Karora Resources Inc. announced a continuation of significant results from gold exploration and infill drilling at the Beta Hunt Mine: In the Hunt Block, deep framework drilling for the Western Flanks zone continues to substantiate previously reported results which shows the main shear mineralization extends up to 250 metres below the current Mineral Resource and remains open at depth. Initial results from deep drilling of the central section of A Zone also supports the extension of the defined mineralization up to 150 metres below the current Mineral Resource, remaining open at depth. In the Beta Block, drilling targeting the Mason and Cowcill zones delivered results supportive of potential new mining opportunities located west and east of the Larkin Mineral Resource, respectively.

New drilling of the southern extension at Mason has highlighted the potential for 700 metres of mineralized strike extent. Paul Andre Huet, Chairman & CEO, commented: "The new results reported from the Western Flanks deep drilling program continue to be very strong, demonstrating robust results from the southern section of the zone. These results build on the previously reported strong deep drilling results from the central section of Western Flanks and provide more confidence in the consistency of gold mineralization up to 250 metres below the current Western Flanks gold Mineral Resource which remains open at depth.

Results from the southern zone drilling returned strong intersections of 9.5 g/t over 7.1 metres and 3.8 g/t over 6.0 metres. The third set of results from the new Mason Zone continue to support interpretation of a significant gold mineralized system parallel to, and west of the Larkin Zone. The new results include intersections of 5.4 g/t over 11.0 metres and 6.5 g/t over 5.0 metres building on the previously reported best-ever Mason intersection of 12.0 g/t over 17.0 metres (see Karora news release dated October 25, 2022).

Having four new holes drilled at Mason returning significant gold mineralization results is very encouraging for the potential of Mason to be a robust new mining opportunity at Beta Hunt south of the Alpha Island Fault. Additionally, the company reported more strong results from the north and central section of A Zone Deeps and Cowcill shears including 6.6 g/t over 9.0 metres (A Zone Deeps) and 3.3 g/t over 11.9 metres (Cowcill). The A Zone results support the continuation of the Mineral Resource at depth.

At Cowcill, the results support the potential for new gold Mineral Resource parallel and east of the Larkin Mineral Resource. From October 1, 2022 to December 15, 2022, a total of 37 gold resource definition and exploration holes were drilled at Beta Hunt for 9,152 metres. Gold drilling focused on extending and infilling at Western Flanks, A Zone Deeps and the Mason and Cowcill Zones south of the Alpha Island Fault.

Western Flanks Deeps: drilling continues to test the down-dip continuation of the gold mineralization below the southern portion of the current Mineral Resource. Results for the central portion were previously reported and included intersections of 13.6 g/t over 5.3 metres and 2.7 g/t over 6.7 metres (Karora news release, August 2, 2022). Initial results from the southern portion were also previously reported and included intersections of 3.6 g/t over 5.4 metres and 3.1 g/t over 10.8 metres (Karora news release, October 25, 2022).

deposit have now been received with significant intersections1 highlighted below: WW395-18AE: 9.5 g/t over 7.1 metres – at the margin of current resource. WW395-14AE: 3.8 g/t over 6.0 metres – extension of current resource. WW386SP-11AE: 3.0 g/t over 4.0 metres – extension of current resource.

Estimated true widths. Combined with previously reported results, the new results indicate continuity of the Western Flanks gold system from 150 to 250 metres below the current Mineral Resource with the system remaining open at depth and along strike. A Zone North and A-Zone Deeps-Central: Aligned with the Western Flanks drilling in the Hunt Block, drilling of the A Zone is designed to support the Karora Growth Plan by upgrading and extending the current Mineral Resource.

As part of the current program, drilling infilled the northern margin of the Mineral Resource and tested the down-dip continuation of the gold mineralization below the central portion of the deposit. New results include significant intersections1 highlighted below: A Zone Deeps: WA380-003AE: 6.6 g/t over 9.0 metres - extension of current resource. WA380-006AE: 4.4 g/t over 5.7 metres - extension of current resource.

A Zone North: WA380-003AE: 2.8 g/t over 10.0 metres – infilling existing resource, WA380-006AE: 14.8 g/t over 2.0 metres – infilling existing resource, Mason and Cowcill: Results were returned from four holes drilled to test the interpreted Mason Zone mineralization located approximately 100 to 200 metres west of and parallel to the Larkin Zone. All holes returned significant results1 building on the previously reported results of 6.0 g/t over 13 metres in drill hole BM1890-25AE and 12.0 g/t over 17.0 metres in drill hole BM1941SP3-01AE, highlighting the potential for a new mining opportunity south of the Alpha Island Fault. BM1890-22AE: 3.3 g/t over 23.0 metres and 5.4 g/t over 11.0 metres; BM1890-21AE: 4.4 g/t over 11.0 metres; BLB13-06AE: 9.0 g/t over 3.0 metres; Interval lengths are downhole widths.

Estimated true widths cannot be determined with available information. Results from the most northern drill holes (BM1890-22AE/21 AE) indicate Mason to be part of the same gold system that produced the Larkin Mineral Resource. Drill hole BLB13-06AE is the southern-most hole to test the Mason Zone.

This hole returned an intersection of 9.0 g/t over 3.0 metres highlighting potential for the mineralization to extend over a 700 metre strike.