Austin Metals Limited announced highly prospective rock and soil assays on the Broken Hill Project in New South Wales. A total of 37 rock samples and 393 soil samples were collected by Austin Metals at key prospects in the Euriowie Block at Broken Hill. Assay results have been received from the Dome, Gipsy Maiden and Son of Man prospect areas sampled which are located 60km north northeast of the Copper Blow deposit where an Exploration Target was estimated from the drill data in the range of between 10.5Mt and 14.5Mt at an average grade of 0.6% to 0.8% copper and 0.13 g/t to 0.23 g/t gold.

The aim of the surface sampling program is to identify drill ready targets in an area that is historically known to contain significant copper and gold mineralization at surface. Significant historic assays of up to 24 g/t gold and 0.3% copper at Gypsie Maiden, up to 12.1% copper at Dome and up to 0.8% copper at Son of Man all confirm the presence of widespread copper and gold mineralization over a very wide area over at least 4 km. There is very little or no follow-up drilling in proximity to these historic results which supports Austin Metals view that the copper-gold potential on the Broken Hill tenure is yet to be fully unlocked and that further exploration work is certainly warranted.

In light of the historic data review, Austin Metals commenced the soil sampling program of 199 samples at Dome and 219 samples at Gipsy Maiden conducted at 50m spacing across lines spaced 100m apart and subject to the ultra-fine fraction (-53 micron) soil sampling assay technique for extremely low-level gold and multi-elements designed specifically to detect subtle anomalies even where deeper soil cover may be present. The results of the survey are extremely encouraging and the initial review has highlighted three 1km long north- and northwest-trending areas of highly anomalous copper-in-soil >30 ppm and up to 136 ppm that are also partly coincident with strongly elevated gold >5 ppb Au and up to 30 ppb and rare-earth-metals >150 ppm Ce+La+Y and up to 278 ppm Ce+La+Y. The soil anomalies appear to occur sub parallel to a major crustal scale thrust fault and sub-parallel subsidiary structures and the anomalies appear to be intimately associated with a regional anticlinal dome feature. This is a classic structural setting for large scale mineral deposits.

During the soil sampling program, a number of highly mineralized gossans and quartz vein rock samples were identified in the field that are often associated with small workings that were sent into the laboratory for assay. A total of 39 samples were collected over 2 programs. At Gipsy Maiden a highlight rock sample returned 16.1 g/t gold and 0.1% copper along a new Cu-Au-REE-in-soil trend on the southern edge of the survey. Another rock sample retuned 3.9% copper within the northern Cu-Au-REE-in-soil trend at Gipsy Maiden located 200m south of a highly elevated historic rock sample that returned 24 g/t gold.

At Dome, the highlight rock sample returned 3.1% copper located 200m south of a highly elevated historic rock sample that returned 12.1% copper. These results are highly significant and strongly support Austin Metals view that this area, now called the Dome Complex prospect area, is highly prospective for the discovery of a copper-gold deposit. The association of elevated rare-earth metals indicate mineralization has similarities to the Copper Blow deposit.

The soil and rock sample anomalies identified by Austin Metals have not been drilled. Further review of historic data is currently underway that will assist in planning of a drill program across the prospect area. Austin plans to conduct drill testing of these targets in the second quarter of 2022.

In addition, a review of other extensive project data is in progress to identify further high priority copper-gold targets across the tenure since several copper-gold trends also remain poorly explored.