Australian Gold and Copper : Boxdale Drilling Complete, Rig Mobilising to Carlisle Reefs

21 January 2022

Australian Gold and Copper Ltd

ACN 633 936 526

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Boxdale Drilling Completed, Rig Mobilising to Carlisle Reefs

Boxdale Target (GOLD)

• Drilling for gold completed at Boxdale along 4km gold-arsenic trend
• Fifteen RC holes drilled for 1,560m, targeting three large gold targets
• Arsenic bearing sulfides intercepted in most holes
• Ground magnetics also completed targeting extensions to mineralised structures

Carlisle Reefs Target (GOLD)

• Drill rig now mobilised to Carlisle Reefs historic gold mining area for 8 planned holes to drill extensions to known mineralisation and under significant mine workings

Australian Gold and Copper Ltd ('AGC, the 'Company') is pleased to provide an update on the current ongoing two gold focused drilling campaigns along the 15km long, Boxdale - Carlisle Reefs historic gold trend at the Moorefield Project in central NSW.

Figure 1: The Boxdale area showing prospective areas and the RC drill holes, assays pending.

Suite 7, 55 Hampden Road, Nedlands, Western Australia 6009 P.O. Box 785, West Perth WA	6872 ACN 633 936 526
Phone [phone] [e-mail]	Australian Gold and Copper Limited	1

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RC drilling has now been completed at the Boxdale target with 1,560m drilled across fifteen holes. In Anomaly 1 and 3, drilling intercepted, in numerous holes, multiple encouraging zones of sulfides (pyrite and arsenopyrite, visually logged and pXRF analysed). RC drill samples have been submitted to the laboratory in Orange NSW and will be reported upon once received. Ground magnetics was also completed at Boxdale.

Figure 2: The +15km prospective trend from Boxdale to Carlisle Reefs (AGC IPO Prospectus 18 Nov 2020).

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Carlisle Reefs

The drill rig has been mobilised to Carlisle Reefs which is 15km south-east from Boxdale. Drilling is planned for eight holes to drill extensions to known mineralisation and under significant mine workings.

Figure 3: A recent Carlisle Reefs drone photo looking east and approximate locations of historic shafts.

Figure 4: Carlisle Reefs mapped lodes and mine workings (ASX AGC IPO Prospectus 18 Nov 2020).

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Figure 5: Satellite map showing arsenic in soil sampling and previously drilled drill traces

(ASX AGC IPO Prospectus 18 Nov 2020).

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Figure 6: The cross section through Carlisle Reefs gold drilling (left), current AGC drilling will test down dip

from MFRC017 and plan map (right) showing gold in rock chips over gradient array IP resistivity

(ASX AGC IPO Prospectus 18 Nov 2020).

The style of gold deposits being explored are Orogenic gold deposits whereby gold has a strong correlation with arsenic and the gold mineralisation is hosted in brittle fractures in the rock. The fractures are cemented with quartz/carbonate and sulphides such as pyrite and arsenopyrite. This cementing process creates mineralised veins which host gold (ASX AGC IPO Prospectus 18 Nov 2020).

Such deposits include the World-class, multimillion ounce Victorian gold deposits, the biggest being Bendigo and Fosterville (Kirkland Lake Gold) (ASX AGC IPO Prospectus 18 Nov 2020).

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