Wiluna Mining Corporation Ltd: Awaking a Sleeping Giant as High-Grade Results Continue

Perth, Australia - Wiluna Mining Corp. Limited (ASX:WMX) (FRA:NZ3) (OTCMKTS:BKHRF) is pleased to report high-grade results from a further 68 holes and 18,584m of resource development infill drilling at the Wiluna Mining Centre (Figure 1*). The Company continues to drill with 6 rigs currently on site.

These results will enable the Company to complete detailed Mineral Resource and Reserve estimates as part of the Wiluna Stage 1 sulphides expansion project. The Company intends to update Mineral Resource estimates in late September 2020 and Reserves in December 2020.

Milan Jerkovic, Wiluna Mining's Executive Chair commented:

"Once again we are seeing outstanding results from drilling 'under the headframe'. The quality of the drilling results means we are confident of delivering our Stage 1 sulphide strategy. The drilling continues to define shallow high-grade resource development targets. At the Wiluna Mining Centre from our first holes at Bulletin and Essex, Golden Age through to Calvert and the East Lode, this ongoing programme has delivered consistent exceptional high-grade drilling results which shows that Wiluna remains one of the largest undeveloped gold systems in Australia".

"The outstanding results provide confidence in our Mineral Resource and Reserve estimates as we release them on a rolling basis from September 2020 through to December 2020 and into next year. The sheer volume of data we now must evaluate is significant and the potential for the scale of the gold system at just the Wiluna Mining Centre is extremely exciting. We do believe the drilling results show we are awaking a sleeping giant".

Mr Jerkovic continued, "As I have continued to stress over the past six months, Wiluna Mining is a development and growth Company currently focussed on Stage 1 sulphide development commencing by September 2021, while expanding our high-grade Mineral Resources and making new discoveries. This is the strategy and focus of the Company. It is important that we emphasise our current operation, until the commencement of Stage 1 concentrate production in September 2021, is purely to provide valuable operating cashflow to assist in funding this transition to Stage 1 and producing gold concentrates to achieve our goal to become a Tier 1 gold mine in a Tier 1 jurisdiction".

This drilling programme, to date, has been designed with the following aims, in alignment with the Company's Stage 1 expansion plan:

1. Significantly increase the confidence in sulphide resources from Inferred to Indicated category which will underpin the Stage 1 Reserve estimation.

2. Add Reserve ounces in high-grade, shallow zones, close to existing mine development that can be rapidly brought into production at low cost.

3. Find new, high grade shoots that will enhance the ounces per vertical metre and, more importantly, increase the grade. This will help consolidate Stage 1 and enhance the transition into Stage 2 which has the plan to increase production to +250kozpa of gold and gold in concentrate over a long mine life.

These latest results span each of the high-priority development targets of Calvert, Essex, East Lode and Bulletin where drilling is in progress (Figure 1*), and the recently completed programmes at Golden Age and Lennon.

Along with the high-grade results released in March, May, June and July 2020, these additional results are extremely encouraging and support the Company's target of mining approximately 750,000 tonnes of underground sulphide ore per annum, to produce approximately 100,000 - 120,000oz per annum in gold dore and gold in concentrate in Stage 1 of the sulphide expansion from September 2021.

*To view the full release with reported drill results, please visit:
https://abnnewswire.net/lnk/ONU517K6

About Wiluna Mining Corporation Ltd:

Wiluna Mining Corp. (ASX:WMX) is a Perth based, ASX listed gold mining company that controls over 1,600 square kilometres of the Yilgarn Craton in the Northern Goldfields of WA. The Yilgarn Craton has a historic and current gold endowment of over 380 million ounces, making it one of most prolific gold regions in the world. The Company owns 100% of the Wiluna Gold Operation which has a defined resource of 6.4 Moz at a grade of 2.1 g/t Au. In May 2019, a new highly skilled management team took control of the Company with a clear plan to leverage the Wiluna Gold Operation's multi-million-ounce potential.

Source:

Wiluna Mining Corp. Ltd

Contact:

Milan Jerkovic Executive Chair +61 8 9322 6418 Jim Malone General Manager Investor Relations +61 419 537 714 Dannika Warburton Media & Communications +61 401 094 261