Austin Metals Limited announced the completion of an expanded gravity survey program and the imminent mobilisation of an aircore rig to test newly identified targets at the Austin Gold Project in Western Australia. A ground gravity survey conducted by Atlas Geophysics originally commenced on 29 January 2022. Initially designed to cover the Shadow Area, the survey was expanded twice during the program due to impressive and encouraging preliminary images that were assessed continuously as the survey progressed.

The gravity survey is now complete and the Company has acquired a total of 3,933 gravity stations at 100m by 200m spacing. The fill survey now effectively covers the main prospective greenstone belt adjoining Musgrave Minerals and Caprice Resources over a very large area of 15 km by 5km. The Gravity survey is particularly important in identifying key cross-cutting structures where abrupt breaks occur as gravity lows that are known in the district to indicate cross cutting structures associated with alteration and veining, as well as high grade gold mineralisation in specific places.

This relationship was first effectively demonstrated by Musgrave Minerals that utilised ground gravity surveys to identify and interpret the Starlight and White Light high grade discovery structures which sit adjacent to the Austin Gold Project. The Austin Metals team have now had an opportunity to assess the final gravity images along with soil, rock and drilling geochemistry. This work has now highlighted 5 exciting high priority undrilled targets that occur on prominent "gravity break" structures which may be indicative of alteration and veining associated with gold mineralisation.

Structures in the Shadow area are primarily oriented northwest that is very similar in orientation to many deposit structures including Starlight and White Heat. These 5 target areas are also interpreted to mainly occur within primarily mafic stratigraphic units, characterised by units of higher relative density, which are the primary host to mineralisation at the Break of Day group of deposits and structures. In addition, the top 5 priority targets are on existing POW permits so the Company has moved quickly tosecure an aircore rig to test these targets immediately.

A 1,500-2,000m aircore drilling program is expected to commence this week to conduct a first pass phase on these 5 targets. The review has also identified at least 8 additional high priority targets that require reconnaissance field work to refine these targets and also to submit new POW's for a second round of aircore drill testing. One standout area is characterized by a very interesting north-trending corridor of gravity breaks coincident with the Mt Sandy extensive alluvial and workings and extending 5 km to the north.

This suggests an extensive fault trend that may be the source for the gold alluvial workings to the south then extends for many kilometers to the north into areas that have never been drilled or sampled. Austin Metals is now very much focused on progressing the gravity targets by reconnaissance aircore drill testing as well as reconnaissance rock sampling across the key highlighted target areas.