Australian Gold and Copper : Carlisle Reefs Drilling Completed

7 February 2022

Australian Gold and Copper Ltd

ACN 633 936 526

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Carlisle Reefs Drilling Completed

Carlisle Reefs Target (GOLD)

• Phase 1 RC drilling completed for nine holes 1,070m targeting gold
• Carlisle Reefs is a historic gold mine district with over 100 mine pits and shafts
• Sulfides and quartz veining intercepted in numerous holes
• Pre-Christmasdrilling gold assays from Boxdale due late-February and post- Christmas Boxdale and Carlisle Reefs assays due March
• Final gold and multielement assays for Cargelligo's Achilles target are still pending, expected imminently

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

RC drilling has now been completed at the Carlisle Reefs target with 1,070m drilled across nine holes. Drilling was aimed at locating gold mineralisation under historic mine workings and to lengthen existing drill hole intercepts.

Drilling at Carlisle Reefs and previously at Boxdale (see ASX AGC 21 January 2021), intercepted encouraging zones of sulfides (pyrite and arsenopyrite, visually logged and pXRF analysed) hosted within quartz veining.

The host rocks are interbedded meta-siltstones and sandstones. The mineralisation is preferentially hosted within the sandstone units as the sandstones are brittle, allowing them to fracture. Mineralisation in quartz veins develop within these fractures.

RC drill samples have been submitted to the laboratory and will be reported upon once received. Laboratories in NSW are understaffed due to high COVID infection rates which is hampering lab turnaround times, including Achilles' diamond hole assays.

Carlisle Reefs Deposit Style

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).

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: Carlisle Reefs historic mining district selected historic significant intervals and the recent RC drill

holes with assays pending. (ASX AGC IPO Prospectus 18 Nov 2020)

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

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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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Table 1: Carlisle Reefs RC Drill Collars (GDA94)

Hole_ID	Type	Depth (m)	East	North	RL	Az	Dip
CRRC001	RC	66	534453	6353667	335	220	-60
CRRC002	RC	150	534444	6353660	330	220	-60
CRRC003	RC	181	534481	6353708	340	220	-60
CRRC004	RC	80	534566	6353564	327	220	-65
CRRC005	RC	80	534561	6353538	328	340	-65
CRRC006	RC	80	534579	6353537	325	20	-65
CRRC007	RC	100	534529	6353573	334	190	-65
CRRC008	RC	180	534498	6353632	341	220	-60
CRRC009	RC	153	534378	6353616	332	220	-60

A JORC table 1 will be included with the release of assay results.

References

AGC ASX prospectus lodged 18th November 2020

AGC ASX Boxdale drilling complete, rig mobilising to Carlisle Reefs 21st January 2022

AGC Projects Overview

AGC's portfolio located in the Central Lachlan Fold Belt of NSW includes the Moorefield gold project exploring for multi-million ounce orogenic gold deposits, the Cargelligo copper- gold/base-metal project in the southern Cobar Super-Basin exploring for Hera and Federation style deposits, and the Gundagai gold project, exploring for multi-million ounce McPhillamy's type gold deposits.

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