Karora Resources Intersects Strong High-Grade Nickel at Beta Hunt's 50C Zone

• Karora Resources drilled outstanding high-grade nickel results up to 15.4% Ni over 0.6m at the 50C discovery
• Initial drill results highlight potential to substantially expand and upgrade the 50C nickel resource
• With 50C and Gamma Block open down-dip and along strike, Karora targets major near-mine resource growth
• Underground drilling aims to support a revised Nickel Resource estimate in 2024
• Leveraging existing infrastructure, 50C positions Karora as a growing nickel producer in WA

About Karora Resources

Karora Resources is a gold producer operating two mines and mills in Western Australia. The company is now expanding nickel exposure via its Beta Hunt underground mine after discovering the high-grade 50C nickel trough in 2021. With processing plants and mining infrastructure in place to exploit gold and nickel resources, Karora is emerging as a growing base and precious metals producer underpinned by exploration upside across its 1,900 sq km land package.

Infill Drilling Confirms 50C as a Premier High-Grade Nickel Discovery

As part of its 2024 resource upgrade drilling at Beta Hunt's 50C discovery zone, Karora has intersected outstanding widths of high-grade nickel with results up to 15.4% Ni over 0.6 metres. This marks one of the strongest nickel drill results seen globally in recent years.

Backed against existing gold output, the exceptionally high nickel grades position 50C as a potential company-transforming nickel asset that can spearhead Karora's entry into nickel production.

While the initial 50C discovery hole graded 11.6% Ni over 4.6 metres in 2021, the latest drill highlights have delivered thicker intersections with comparable or higher nickel values. Results received so far underline 50C and the encompassing Gamma Block resource as a premier nickel discovery ripe for substantial resource growth through additional drilling.

Expanding & Upgrading the 50C Nickel Resource

As part of the current 4,200m underground drill program, 50C's early high-grade results provide a promising start to Karora's 2024 drilling aimed at expanding and upgrading the 50C resource ahead of a revised nickel estimate by year-end.

Strong nickel intercepts from the first six holes will underpin an updated model guiding follow-up drilling - both within the initial 50C resource area and testing strike and down-dip extensions to known mineralization.

With the 50C and Gamma Block resource remaining open down-plunge and along strike, Karora is targeting a major near-mine nickel resource expansion centred on the exceptional grades seen so far at 50C.

Unlocking Beta Hunt's Production Upside as a Nickel-Gold Operation

While Beta Hunt's gold production has increased fourfold since 2016, the 50C nickel discovery introduces substantial future growth potential from nickel to complement Beta Hunt's stable gold output.

With over $100 million invested in upgraded mining and processing infrastructure, Beta Hunt is now ideally positioned to take advantage of both nickel and gold deposits and improve production flexibility as market conditions evolve.

CEO Paul Andre Huet emphasized these advantages, underlining that "Beta Hunt has the unique infrastructure capability to service and mine both gold and nickel areas, providing us tremendous flexibility."

As Karora expands existing gold mining operations in tandem with its renewed focus on nickel, the company's production profile and cash flows stand to benefit from increased diversification between gold and base metals.

This infrastructure advantage over nickel-only peers enhances Beta Hunt's expansion potential - benefitting gold and nickel investors alike as drilling continues to upgrade and expand Karora's twin metals inventory base.

Advancing a Major Nickel-Gold Growth Opportunity

With drilling underway to increase nickel resources amenable to simple underground mining techniques already employed at Beta Hunt, Karora has a clear pathway to transitioning into a dual nickel-gold producer in coming years.

And with mineralization remaining open down-dip and along strike from the initial 50C discovery, Karora's near-mine growth outlook has room to expand considerably as drilling progresses over 2024.

For investors, Karora offers a combination of de-risked gold cash flows plus tremendous blue-sky leverage to new high-grade nickel discoveries from regional targets across the company's dominant 1,900 sq km WA land package.

As one of few junior miners bringing new nickel supply online amidst strong demand growth forecasts globally, Karora's strengthening nickel leverage warrants consideration as a differentiated value driver for investors compared to sole gold-focused peers.