Australian Gold and Copper : Grandview Drilling Underway

27 July 2022

Australian Gold and Copper Ltd

ACN 633 936 526

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GRANDVIEW DRILLING UNDERWAY

GRANDVIEW: GOLD TARGET

• Maiden drill program is now underway at Grandview gold target
• Drill pads completed for up to ten RC holes targeting the most prospective 600m northern zone, with drill spacing at 100m step outs
• Targeting a large, bulk-tonnage"McPhillamys-style" gold system, 1,500m long and up to 230m wide

Australian Gold and Copper Ltd (ASX: AGC) ("AGC" or the "Company") is pleased to report that drilling at the Grandview gold target near Gundagai has commenced.

AGC Managing Director, Glen Diemar said "Grandview has large, bulk-tonnage potential with consistent gold and pathfinders in our soil and rock chip sampling and historic drilling. Gundagai is one of the oldest gold mining towns in Australia and continues to be highly prospective. We are excited to start drilling again at another target with great potential."

Figure 1: Schematic, looking north on a recent drone photo showing the drill pad and hole locations, gold in soil target and locations of historic mine infrastructure.

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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The Grandview target represents a Late Silurian, shear hosted gold mineralisation style associated with quartz + carbonate + sericite + pyrite alteration over 1500m and up to 230m wide gold-arsenic trend with a geochemical signature of Au ± As-Bi-Te-Cu-Mo-Ba. This demonstrates similarities to the Late Silurian hosted McPhillamys 2.2Moz gold deposit (ASX:RRL). The Grandview area has returning up to 35g/t gold in composite rock chip sampling (AGC ASX prospectus Nov 2020).

Over the two months, drill pads have been successfully constructed and permitting granted, as well as a UDR650 track mounted RC drill rig secured. The drill program is planned to comprise up to ten holes spread along 600m strike at 100m step outs. Drilling to target the northern zone at Grandview, which boasts the broadest and highest tenor gold-insoil-results and is 230m at its widest. Peak gold in soil values reach to 360ppb and the trend is open to the north (AGC ASX prospectus Nov 2020).

Figure 2: Schematic looking south, drawn onto a recent drone photo, showing the northern hill drill pad locations targeting the gold in soil targets (AGC ASX prospectus Nov 2020). D6 dozer in foreground for scale.

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Figure 3: Schematic cross section looking north, centred on 6125500N, showing planned drilling under gold soil sampling. All data from AGC ASX prospectus Nov 2020.

Three holes drilled in 1984 targeted beneath the historic mine workings and chert horizons however largely missed the gold soil anomaly sampled more recently by AGC. Despite this, these historic drill results returned encouraging grades (AGC ASX prospectus Nov 2020):

PGH-G-1: 54m at 0.26g/t from surface inc. 6m at 0.63g/t from 42m

PGH-G-2: 6m at 1.0g/t from 36m and 21m at 0.38g/t Au from 66m

PGH-G-3: 3m at 1.6g/t from 33m

Also historic rock chips: 5.8m at 2.0g/t Au, 2.7m at 6.4g/t Au, 1.9m at 1.7g/t Au, and 30m at 0.2g/t Au (in adit) (AGC ASX prospectus Nov 2020). These historic results provide confidence for AGC's upcoming drilling program.

Figure 4: Photograph of the UDR650 track mounted drill rig on the first drill pad.

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Figure 5: Plan view map showing gold and arsenic in soils, gold in rock chips and historic drill traces. Background is GSNSW magnetics TMI RTP faded over satellite photo. AGC ASX prospectus Nov 2020.

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AGC Gundagai Overview

AGC's portfolio located in the Central Lachlan Fold Belt of NSW includes the Grandview gold project, exploring for multi-million ounce McPhillamy's type gold deposits. Gundagai also has potential for epithermal gold and sediment-hosted lead zinc silver.

Figure 6: Exploration licence EL 8955, Gundagai geology overview map with target locations and highlights. All data from AGC ASX prospectus lodged 18th November 2020. Geology layer from NSW Geological Survey Seamless Geology mapping. All photos taken by AGC MD Glen Diemar. Drill core from the NSW Government W. B. Clarke Centre Drill Core Library, Sydney.

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