Australian Gold and Copper : Near Surface Gold Intersected along Boxdale-Carlisle Trend

2 March 2022

Australian Gold and Copper Ltd

ACN 633 936 526

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Near Surface Gold Intersected along the

15km Boxdale-Carlisle Trend

BOXDALE: GOLD TARGET

• Strong near surface gold (Au) assays returned from fourteen RC holes drilled across the 4km Boxdale gold-arsenic-sulfide trend, incl. 5m at 4.16g/t Au from 24m
• Three anomalies were tested, with follow up drilling to also include two newly identified anomalies
• Permitting already received for thirty new holes with ~4,500m drilling scheduled to recommence later this month

Drill results included:

Anomaly 3: BXRC002 returned:

• 10m at 0.34g/t Au from 21m
• 37m at 0.81g/t Au from 35m, incl. 4m at 1.25g/t Au from 41m and 8m at 1.79g/t Au from 51m

Anomaly 3: BXRC006, on section with BXRC002, returned:

• 16m at 0.49g/t Au from 42m incl. 1m at 3.50g/t Au from 52m

Anomaly 3: BXRC008, drilled 50m north of BXRC002 and BXRC006, returned:

• 33m at 1.10g/t Au from 3m incl. 11m at 2.73g/t Au from 21m incl. 5m at 4.16g/t Au from 24m incl. 1m at 6.74g/t Au

Anomaly 2: BXRC010, on section with BXRC011, returned:

• 17m at 0.30g/t Au from 25m

Anomaly 2: BXRC011, on section with BXRC010, returned:

• 12m at 0.58g/t Au from 66m

Anomaly 1: BXRC014, returned multiple lenses:

• 15m at 0.85g/t Au from 60m incl. 9m at 1.10g/t Au from 66m
• 9m at 1.02g/t Au from 79m incl. 2m at 3.58g/t Au from 81m incl. 1m at 5.24g/t Au from 81m

Anomaly 1: BXRC015, returned:

• 4m at 0.49g/t Au from 10m incl. 1m at 1.26g/t Au from 12m

• Also awaiting assay results from post-Christmas drilling at Carlisle Reefs at the southern end of the 15km trend, where nine RC holes were drilled in January and saw arsenic bearing sulfides intercepted in most holes
• New soil sampling at Boxdale highlights a 300m southern extension to Anomaly 3 and a new, high tenor anomaly called Anomaly 4
• Results confirm the success of the rapid exploration methods employed for this target style and highlights the growth potential of this 15km prospective trend

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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Figure 1: RC drill results.

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Australian Gold and Copper Ltd ('AGC, the 'Company') is pleased to provide strong first pass gold results from fourteen of the fifteen RC holes (1,560m) drilled across three anomalous areas at the Boxdale target within the 15km Boxdale-Carlisle Reefs gold trend at the Moorefield Project in central NSW.

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 sulfide minerals such as pyrite and arsenopyrite. This cementing process creates mineralised veins which host gold.

Such deposits include the World-class, multimillion ounce Victorian gold deposits, such as Bendigo and Fosterville (Kirkland Lake Gold).

Boxdale's Anomaly 1had strong gold results from drilling in 2013 (ASX:AGC IPO Prospectus 18 Nov 2020) such as 4m at 4.3g/t gold from 120m. This round of drilling aimed at extending the gold southward and multiple gold zones were intercepted with gold up to 5.24g/t.

Anomaly 2boasts Boxdale's highest gold in rock float samples, 8.3g/t and 10.2g/t gold and one previously drilled hole. Drilling here has now intercepted broad gold in holes BXRC010 and BXRC011 and is open in every direction. The next round of drilling will look to expand and join Anomaly 1 with Anomaly 2, this is supported by results from previous auger drilling (ASX:AGC IPO Prospectus 18 Nov 2020, Historic Review 15 Dec 2021).

Anomaly 3intercepted strong gold up to 6.74g/t gold. This gold zone is interpreted as a southward plunging lode from near surface in BXRC008 to the deeper intersections in BXRC002 and BXRC006. This southward plunge may be the reason for missing gold in holes BXRC003-BXRC005. A 300m southern extension has been defined in soil sampling for arsenic as well as a new, high tenor anomaly called Anomaly 4.

Further drilling is planned to extend these results and test new soil anomalies being generated such as Anomaly 4 and 5.

AGC Managing Director, Glen Diemar said "These results are very exciting given we have only drilled 3 anomalies in a 15km gold trend. Our aggressive forward program includes 4,500m RC drilling further testing Anomalies 1-3 and recently identified new anomalies, as well as extensive soil sampling to identify more anomalies as we move south to our Carlisle Reefs gold target where we are awaiting assays from recent drilling"

New Soil Sampling

New pXRF soil sampling at Boxdale has highlighted a 300m southern extension to Anomaly 3 drill results and a new, high tenor anomaly called Anomaly 4. Anomaly 4 is immediately southwest of Anomaly 3 and is scheduled to be drilled in the next round of drilling.

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Figure 2: RC drill results relative to soil sampling at Anomaly 3 and new Anomaly 4.

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Figure 3: The +15km prospective trend from Boxdale to Carlisle Reefs (AGC IPO Prospectus 18 Nov 2020).

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