AUSGOLD LIMITED — Capital/Financing Update 2021

Mar 28, 2021

ASX Release

29 March 2021

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Further high-grade gold mineralisation paves way for Resource upgrade

Highlights:

• Large exploration drill program consisting of 215 holes for 31,050m completed since last Resource update

• Results pending for a further 38 RC holes for 4,753m and 2 diamond holes for 303m

• New significant results from Jinkas South lode including:

• 29m @ 1.23 g/t Au from 86m including 1m @ 19.30 g/t Au

• 9m @ 2.83 g/t Au from 197m including 3m @ 6.50 g/t Au

• 11m @ 1.11 g/t Au from 88m

• 17m @ 1.11 g/t Au from 145m including 9m @ 1.39 g/t Au

• 12m @ 1.11 g/t Au from 91m including 1m @ 6.83 g/t Au

• 4m @ 5.83 g/t Au from 160m including 2m@ 9.30 g/t Au

• 4m @ 2.75 g/t Au from 203m and 4m @ 1.43 g/t Au from 144m

• 6m @ 1.63 g/t Au from 114m

• Resource upgrade imminent

• Further potential for northern extensions of the Jinkas lode identified

Ausgold Limited (ASX: AUC) (“Ausgold” or “the Company) is pleased to provide an update of exploration activities at the 100%-owned Katanning Gold Project (KGP). RC and diamond drilling at the KGP with a total of 31,050m of drilling has been completed within the Central zone since the 2019 Resource update (Figure 1 and 2).

Katanning Drill program

Recent drilling within the Jinkas, White Dam and Jinkas South lodes has identified new areas of high-grade gold mineralisation within a broad zone of mineralisation consistent with the new geological model (Figure 2 and 3). This extensive zone of gold mineralisation occurs at the culmination of the Jinkas and White Dam lodes within the Jinkas South lode, a fold hinge zone (Figure 3). The company is encouraged by the high-grade gold mineralisation results in the context of the upcoming Resource upgrade.

New significant results include:

• 29m @ 1.23 g/t Au from 86m including 1m @ 19.30 g/t Au and 32m @ 0.56 g/t Au from 153m in BSRC1076

• 9m @ 2.83 g/t Au from 197m including 3m @ 6.50 g/t Au in BSRC1102

• 11m @ 1.11 g/t Au from 88m in BSRC1075

• 17m @ 1.11 g/t Au from 145m including 9m @ 1.39 g/t Au in BSRC1082

• 12m @ 1.11 g/t Au from 91m including 1m @ 6.83 g/t Au in BSRC1110

• 4m @ 5.83 g/t Au from 160m including 2m@ 9.30 g/t Au in BSRC1081

• 4m @ 2.75 g/t Au from 203m and 4m @ 1.43 g/t Au from 144 in BSRC1103

• 6m @ 1.63 g/t Au from 114m in BSRC1091

• 16m @ 0.59 g/t Au from 149m in BSRC1077

• 14m @ 0.64 g/t Au from 209m in BSRC1093

ABN 67 140 164 496 Level 16, AMP Building, 140 St Georges Terrace, Perth WA 6000 T: 08 9220 9890 F: 08 9220 9820 E: info@ausgoldlimited.com W: www.ausgoldlimited.com

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The recent program of RC and diamond drilling consisting of 215 holes for 31,050m conducted since the previous Resource Estimate (ASX Release 1 November 2019) has intersected high-grade gold mineralisation which will form the basis of the March 2021 Resource update (ASX Releases 9 August, 9 October and 20 November 2020). This drilling extends high-grade gold mineralisation beyond the 2019 Resource area:

• 5m @ 13.67 g/t Au from 120m including 1m @ 64 g/t Au in BSRC0964

• 19m @ 2.92 g/t Au from 121m including 1m@ 35.2 g/t Au in BSRC1002

• 29m @ 1.84 g/t Au from 104m in BSRC0993

• 39m @ 1.32 g/t Au from 96m including 6m @ 5.15 g/t Au in BSRC0963

• 38m @ 1.12 g/t Au from 113m in BSRC1003

• 12m @ 3.52 g/t Au from 120m including 3m @ 9.64 g/t Au in BSRC0916

• 7m @ 4.09 g/t Au from 111m in BSRC1007

• 9m @ 3.11 g/t Au from 213m including 3m @ 8.18 g/t Au in BSRC1045

• 9m @ 3.52 g/t Au from 213m including 3m@ 9.43 g/t Au in BSRC1045

• 28m @ 1.35 g/t Au from 131m in BSRC1034

• 19m @ 1.15 g/t Au from 138m in BSRC1040

• 9m @ 2.34 g/t Au from 86m in BSRC0965

• 19m @ 1.02 g/t Au from 114m in BSRC0994

• 16m @ 1.19 g/t Au from 126m including 5m @ 3.94 g/t Au and 2m @ 4.31 g/t Au in BSRC0965

• 17m @ 1.03 g/t Au from 93m in BSRC0927

• 5m @ 2.93 g/t Au from 78m and 6m @ 2.82 g/t Au from 88m in BSRC0966

• 16m @ 1.04 g/t Au from 129m in BSRC0998

• 15m @ 1.01 g/t Au from 117m in BSRC1008

• 13m @ 1.11 g/t Au from 99m including 1m @ 11.2 g/t Au in BSRC0918

• 7m @ 1.98 g/t Au from 37m in BSRC1063

• 6m @ 2.16 g/t Au from 139m in BSRC1032

• 11m @ 1.16 g/t Au from 134m in BSRC0989

• 7m @ 1.79 g/t Au from 113m in BSRC0928

• 5m @ 2.46 g/t Au from 41m in BSRC1042

• 7m @ 1.62 g/t Au from 83m in BSRC1009

• 8m @ 1.41 g/t Au from 109m in BSRC0969

• 14m @ 1.45 g/t Au from 100m including 2m @ 8.28 g/t Au in BSRC1046

• 37m @ 0.86 g/t Au from 150m including 6m @ 2.86 g/t Au in BSRC1003

• 15m @ 1.01g/t Au from 117m including 2m @ 3.09 g/t Au in BSRC1008

• 7m @ 1.62g/t Au from 83m including 2m @ 3.60 g/t Au in BSRC1009

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Jinkas West

28 RC drill holes for 2,360 m were drilled along the western portions of the Jackson and White Dam lodes over 1,900m of strike length (Figures 2 and 4). New drilling intersected mineralisation being the up-dip extensions of the Jackson and White Dam lodes which consist predominately of oxide material along the western edge of the currently defined Resource areas. New drilling has intersected near surface gold mineralisation with grades significantly higher than estimated in the 2019 Resource including:

• 7m @ 1.98 g/t Au from 37m in BSRC1063

• 19m @ 0.65 g/t Au from 12m including 3m @ 1.21 g/t and 2m 1.78 g/t Au in BSRC1006

• 2m @ 5.53 g/t Au from 66m in BSRC1068

• 1m @ 8.12 g/t Au from 2m in BSRC1005

• 1m @ 7.41 g/t Au from 55m in BSRC1064

Jinkas North

Three diamond and four RC holes have been completed with partial funding from a $150,000 grant under the Western Australian Government’s Exploration Incentive Scheme (EIS). The program has tested an area of over 1,750m in strike length to determine the northern extensions of the Jinkas deposit with high-grade gold mineralisation targeted using coincident VTEM and gravity anomalies (Figure 2).

Three diamond drill holes into these new targets have intersected disseminated to semi-massive pyrrhotite – magnetite – chalcopyrite mineralisation at 150 - 220m which is consistent with mineralisation in the Jinkas lode and all three diamond holes have a strong off-hole electromagnetic response. Assays results from this drilling are pending. Gold mineralisation in this area will further extend Resource potential north of the current limits of the upcoming Resource upgrade.

Resource upgrade

The upgraded Resource estimate due out shortly is confined to the 4.5km strike length of the Central Zone and includes new RC drilling (210 holes for 30,313m) and diamond drilling (5 holes for 737m). The new drilling has identified significant zones of high-grade gold mineralisation within the three stacked Jinkas, White Dam and Jackson lodes. Importantly this will be the first time the high-grade Jinkas South lode will be included along a 1.3km strike length. The new Resource estimate with improved estimation techniques and new geological model will better incorporate the high-grade gold mineralisation of the KGP.

Management Comment

Ausgold Managing Director, Matthew Greentree, commented:

“Our improved geological model led to the discovery of the Jinkas South lode where we have just completed a substantial 30,000m program of new drilling, focused on key Resource areas within the Central Zone. Results have consistently shown a broad zone of higher-grade gold mineralisation over 1.3 km of strike length, which will feed into our Resource upgrade due out shortly.

New RC and diamond drilling at Jinkas North and Olympia highlight the exploration potential to further add Resource ounces beyond the March 2021 Resource upgrade.

The team has done an incredible job evolving our geological model which ultimately will unlock the full potential at Katanning.”

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Figure 1 – New drilling at KGP

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Figure 2 – New drilling shown with grade as gram-metres (intercept width in metres x grade)

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Figure 3 – Cross-section A-A’ along Jinkas west trend

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Figure 4 – Cross-section B-B’ Jinkas South lode

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Figure 5 – Long section Jinkas deposit

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Table 1 – Significant intercepts

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Grade g/t
Hole Id From To Interval (m)
Au
BSRC1001 73 76 3 1.48
Including 1 3.82
BSRC1001 84 86 2 0.4
BSRC1001 97 98 1 0.35
BSRC1004 15 16 1 2.79
BSRC1004 23 24 1 1.29
BSRC1004 29 30 1 0.4
BSRC1004 36 40 4 0.61
BSRC1005 2 3 1 8.12
BSRC1005 30 31 1 0.41
BSRC1005 35 36 1 0.48
BSRC1005 38 39 1 0.34
BSRC1005 41 42 1 0.33
BSRC1005 48 49 1 0.85
BSRC1005 93 95 2 0.35
BSRC1005 97 98 1 0.31
BSRC1005 112 114 2 0.7
BSRC1005 132 133 1 0.37
BSRC1006 2 3 1 0.39
BSRC1006 12 31 19 0.65
3 1.21
Including 2 1.78
BSRC1048 2 3 1 0.31
BSRC1048 12 14 2 0.45
BSRC1048 17 18 1 0.47
BSRC1048 22 23 1 0.41
BSRC1048 27 32 5 0.4
BSRC1049 16 17 1 0.35
BSRC1049 23 25 2 0.46
BSRC1049 36 41 5 0.48
BSRC1049 49 50 1 0.33
BSRC1050 0 8 8 0.61
1 1.72
Including 1 1.19
BSRC1050 12 13 1 0.72
BSRC1051 16 19 3 1.04
Including 1 2.54
BSRC1051 26 27 1 0.62
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Grade g/t
Hole Id From To Interval (m)
Au
BSRC1051 32 33 1 0.91
BSRC1052 10 12 2 0.37
BSRC1075 72 75 3 0.77
BSRC1075 81 84 3 0.78
BSRC1075 83 84 1 1.39
BSRC1075 88 99 11 1.11
1 2.52
Including 3 2.17
BSRC1075 121 123 2 0.55
BSRC1075 130 132 2 1.45
Including 1 2.02
BSRC1075 148 156 8 0.79
1 1.32
Including 1 1.00
BSRC1075 165 170 5 0.82
Including 1 1.65
BSRC1076 77 78 1 0.5
BSRC1076 86 115 29 1.23
1 4.52
Including 1 14.9
BSRC1076 129 132 3 0.47
BSRC1076 136 137 1 0.87
BSRC1076 140 149 9 0.49
Including 1 1.21
BSRC1076 153 172 32 0.56
2 1.88
1 1.01
Including 3 1.36
BSRC1077 133 142 9 0.35
BSRC1077 145 146 1 0.36
BSRC1077 149 165 16 0.59
1 1.55
Including 3 1.12
BSRC1077 174 175 1 0.82
BSRC1078 3 5 2 0.6
BSRC1078 24 27 3 0.3
BSRC1078 48 53 5 1.23
Including 1 2.67
BSRC1079 0 3 3 0.52
BSRC1079 77 78 1 0.3
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Grade g/t
Hole Id From To Interval (m)
Au
BSRC1080 5 6 1 0.66
BSRC1080 87 93 6 0.68
Including 1 1.43
BSRC1081 144 152 8 0.56
Including 1 1.61
BSRC1081 160 164 4 3.17
Including 2 5.71
BSRC1082 131 139 8 0.32
BSRC1082 141 142 1 0.4
BSRC1082 145 162 17 1.11
2 1.39
Including 9 1.37
BSRC1082 165 168 3 0.59
BSRC1083 163 171 8 0.33
BSRC1084 203 204 1 0.4
BSRC1085 10 11 1 0.39
BSRC1085 28 29 1 0.34
BSRC1085 34 35 1 0.31
BSRC1085 51 54 3 2
BSRC1085 51 53 2 2.56
BSRC1085 61 65 4 1.64
Including 2 2.75
BSRC1085 90 91 1 1.11
BSRC1085 121 124 3 0.66
BSRC1085 122 123 1 1.12
BSRC1085 127 128 1 0.44
BSRC1086 11 12 1 0.48
BSRC1086 19 29 10 0.54
Including 1 1.76
BSRC1086 57 60 3 0.41
BSRC1086 112 113 1 1.02
BSRC1086 116 118 2 0.75
Including 1 1.03
BSRC1087 160 161 1 0.69
BSRC1087 171 172 1 0.36
BSRC1087 174 175 1 0.38
BSRC1088 108 109 1 0.3
BSRC1088 166 167 1 0.77
BSRC1088 175 176 1 0.32
BSRC1088 179 183 4 0.47
BSRC1088 186 192 6 0.73
1 1.13
Including 1 1.51
BSRC1091 103 111 8 0.53
Including 1 1.69
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Grade g/t
Hole Id From To Interval (m)
Au
BSRC1091 114 120 6 1.63
2 3.74
Including 1 1.59
BSRC1091 125 127 2 1.03
Including 1 1.57
BSRC1091 133 134 1 0.32
BSRC1092 121 122 1 0.59
BSRC1092 130 131 1 0.55
BSRC1092 186 187 1 0.44
BSRC1092 190 200 10 0.63
Including 2 1.52
BSRC1092 211 212 1 0.4
BSRC1093 175 176 1 0.37
BSRC1093 180 181 1 0.86
BSRC1093 189 193 4 0.33
BSRC1093 198 206 8 0.93
Including 7 1.01
BSRC1093 209 223 14 0.64
Including 6 1.12
BSRC1093 239 244 5 0.88
BSRC1093 239 242 3 1.05
BSRC1094 24 25 1 0.39
BSRC1094 28 32 4 0.37
BSRC1094 67 68 1 2.28
BSRC1094 92 97 5 0.49
BSRC1094 92 93 1 1.07
BSRC1094 102 109 7 0.65
BSRC1094 102 104 2 1.53
BSRC1094 122 130 8 0.48
BSRC1094 122 123 1 1.04
BSRC1095 150 151 1 0.49
BSRC1095 161 162 1 0.38
BSRC1095 171 178 7 0.49
BSRC1095 181 183 2 0.62
BSRC1095 189 203 14 0.49
Including 1 1.02
BSRC1095 208 209 1 0.31
BSRC1095 212 214 2 0.39
BSRC1095 225 226 1 0.31
BSRC1095 227 228 1 0.35
BSRC1096 175 181 6 0.63
1 1.04
Including 1 1.16
BSRC1096 189 190 1 1.01
Including 1 1.01
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Grade g/t
Hole Id From To Interval (m)
Au
BSRC1096 193 195 2 1.4
Including 1 2.4
BSRC1096 198 200 2 1.08
BSRC1096 203 206 3 0.66
Including 1 1.15
BSRC1096 210 214 4 0.45
BSRC1096 230 235 5 0.4
BSRC1096 253 255 2 0.48
BSRC1096 261 263 2 0.46
BSRC1097 127 128 1 0.72
BSRC1097 131 132 1 0.44
BSRC1097 141 142 1 0.34
BSRC1097 149 150 1 2.17
BSRC1097 223 226 3 1.78
BSRC1097 229 231 2 1.49
BSRC1097 236 237 1 1.6
BSRC1098 73 77 4 0.57
BSRC1098 81 85 4 0.34
BSRC1098 87 88 1 0.39
BSRC1101 94 95 1 0.37
BSRC1101 127 133 6 0.67
Including 2 1.32
BSRC1103 1 6 5 0.73
Including 1 1.52
BSRC1103 10 14 4 0.79
BSRC1103 108 109 1 0.66
BSRC1103 137 138 1 0.33
BSRC1103 144 148 4 1.43
Including 1 4.19
BSRC1103 151 153 2 0.42
BSRC1103 157 160 3 1.29
Including 1 2.84
BSRC1103 163 171 8 0.36
BSRC1103 203 207 4 2.75
Including 3 3.47
BSRC1103 212 213 1 0.44
BSRC1103 216 222 6 0.34
BSRC1106 112 113 1 0.33
BSRC1106 133 137 4 0.65
Including 1 1.45
BSRC1106 148 149 1 0.43
BSRC1106 159 163 4 1.64
Including 1 4.74
BSRC1106 175 178 3 0.48
BSRC1106 195 196 1 0.34
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Grade g/t
Hole Id From To Interval (m)
Au
BSRC1110 51 52 1 0.52
BSRC1110 54 55 1 0.54
BSRC1110 58 68 10 0.61
Including 1 3.14
BSRC1110 79 84 5 1.12
Including 1 3.61
BSRC1110 91 103 12 1.11
Including 1 6.83
BSRC1110 95 96 1 1.03
BSRC1110 101 102 1 1.24
BSRC1110 107 108 1 0.82
BSRC1110 118 128 10 0.65
Including 2 1.78
BSRC1110 134 135 1 0.38
BSRC1110 138 143 5 0.3
BSRC1110 144 145 1 0.45
BSRC1111 30 32 2 0.6
BSRC1111 42 43 1 0.44
BSRC1111 60 62 2 0.62
BSRC1111 69 70 1 0.38
BSRC1111 96 97 1 2.08
BSRC1111 124 130 6 0.42
BSRC1111 133 134 1 0.7
BSRC1111 137 138 1 0.58
BSRC1111 150 151 1 0.39
BSRC1112 39 40 1 0.99
BSRC1112 44 45 1 2.48
BSRC1112 48 49 1 0.38
BSRC1112 51 53 2 0.34
BSRC1112 64 65 1 0.3
BSRC1112 131 139 8 0.61
Including 1 1.4
BSRC1112 143 145 2 0.6
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Notes to Table 1 .

For RC drill assay results the intervals reported are thickness-weighted averages (i.e. XXm grading XX grams per tonne gold content). Reported intervals are calculated using ≥ 0.3g/t Au cut-off grade and using a ≤ 2m minimum internal dilution (unless otherwise stated).

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Table 2 - Collar locations

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Total MGA MGA
Hole ID RL (m) Azimuth Dip Tenement Lode
Depth (m) East North
BSRC1001 120 584511 6287077 381 247 -61 M70/488 JACKSON
BSRC1004 66 584404 6287105 375 236 -61 M70/488 JACKSON
BSRC1005 152 584568 6287123 383 243 -61 M70/488 WHITE DAM
BSRC1006 60 584514 6287742 370 243 -59 M70/211 WHITE DAM
BSRC1048 84 584162 6287591 347 244 -60 E70/2928 JACKSON
BSRC1049 90 584161 6287680 340 187 -89 E70/2928 JACKSON
BSRC1050 30 584169 6287972 332 302 -89 E70/2928 JACKSON
BSRC1051 42 584176 6288005 333 245 -58 M70/211 WHITE DAM
BSRC1052 60 584118 6288133 334 243 -58 M70/211 WHITE DAM
BSRC1053 60 584056 6288169 331 246 -60 M70/211 WHITE DAM
BSRC1054 60 584091 6288187 333 246 -60 M70/211 WHITE DAM
BSRC1055 60 584126 6288204 335 247 -60 M70/211 WHITE DAM
BSRC1056 42 584021 6288195 329 244 -59 M70/211 WHITE DAM
BSRC1057 60 584057 6288213 332 245 -58 M70/211 WHITE DAM
BSRC1058 120 584093 6288232 333 247 -59 M70/211 WHITE DAM
BSRC1059 78 583967 6288264 324 245 -60 M70/211 WHITE DAM
BSRC1060 108 584002 6288280 327 247 -58 M70/211 WHITE DAM
BSRC1061 114 584038 6288297 330 244 -59 M70/211 WHITE DAM
BSRC1062 114 584076 6288314 333 244 -58 M70/211 WHITE DAM
BSRC1063 102 583922 6288508 321 245 -59 M70/211 WHITE DAM
BSRC1064 162 584043 6288517 328 52 -88 M70/211 WHITE DAM
BSRC1065 54 584158 6288607 330 243 -60 M70/211 WHITE DAM
BSRC1066 48 584106 6288823 324 245 -59 M70/211 WHITE DAM
BSRC1067 120 583914 6288726 318 241 -59 M70/211 WHITE DAM
BSRC1068 120 583811 6288806 316 242 -59 M70/211 JACKSON
BSRC1069 102 584320 6287120 348 244 -58 M70/211 JACKSON
BSRC1070 60 584298 6287175 348 245 -60 M70/211 JACKSON
BSRC1071 72 584268 6287271 346 242 -59 M70/211 JACKSON
BSRC1073 360 584541.9 6289114 326 244 -60 M70/211 JINKAS NORTH
BSRC1074 240 584160.8 6289550 316 244 -60 M70/211 JINKAS NORTH
BSRC1075 180 584620.7 6287756 372 245 -60 E70/2928 JINKAS SOUTH
BSRC1076 192 584607 6287839 372 247 -60 E70/2928 JINKAS SOUTH
BSRC1077 203 584668.3 6287867 372 244 -60 E70/2928 JINKAS SOUTH
BSRC1078 84 584549 6287227 384 247 -60 E70/2928 JINKAS SOUTH
BSRC1079 102 584581 6287302 384 249 -61 E70/2928 JINKAS SOUTH
BSRC1080 120 584492 6287597 372 243 -61 E70/2928 JINKAS SOUTH
BSRC1081 210 584651 6287904 371 247 -60 E70/2928 JINKAS SOUTH
BSRC1082 210 584635 6287933 372 246 -61 E70/2928 JINKAS SOUTH
BSRC1083 222 584651 6287994 372 244 -60 E70/2928 JINKAS SOUTH
BSRC1084 240 584689 6288013 370 244 -60 E70/2928 JINKAS SOUTH
BSRC1085 156 584708 6287359 386 246 -61 E70/2928 JINKAS SOUTH
BSRC1086 132 584714 6287292 388 247 -60 E70/2928 JINKAS SOUTH
BSRC1087 222 584645 6288048 371 245 -61 M70/211 JINKAS SOUTH
BSRC1088 209 584615 6288076 371 248 -62 M70/211 JINKAS SOUTH
BSRC1089 240 584647 6288093 369 -61 245 M70/211 JINKAS SOUTH
BSRC1090 132 584790 6287324 388 -61 246 M70/488 JINKAS SOUTH
BSRC1091 164 584840 6287531 376 -61 244 M70/488 JINKAS SOUTH
BSRC1092 222 584630 6288129 369 -61 245 M70/211 JINKAS SOUTH
BSRC1093 264 584604 6288266 366 -61 246 M70/211 JINKAS SOUTH
BSRC1094 144 584771 6287219 391 -61 248 M70/488 JINKAS SOUTH
BSRC1095 252 584596 6288218 367 -61 240 M70/211 JINKAS SOUTH
BSRC1096 282 584613 6288387 367 -60 247 M70/211 JINKAS SOUTH
BSRC1097 250 584501 6288375 375 -61 244 M70/211 JINKAS SOUTH
BSRC1098 108 584481 6287509 382 -61 249 M70/488 JINKAS SOUTH
BSRC1099 168 584373 6287503 375 -61 245 M70/488 JINKAS SOUTH
BSRC1100 84 584361 6287612 372 -61 243 M70/488 JINKAS SOUTH
BSRC1101 222 584536 6288061 384 -79 249 M70/488 JINKAS SOUTH
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Total MGA MGA
Hole ID RL (m) Azimuth Dip Tenement Lode
Depth (m) East North
BSRC1102 228 584534 6288148 385 -75 243 M70/488 JINKAS SOUTH
BSRC1103 234 584518 6288187 386 -70 244 M70/488 JINKAS SOUTH
BSRC1104 162 584663 6287102 385 -60 249 M70/488 JINKAS SOUTH
BSRC1105 180 584717 6287010 384 -59 246 M70/488 JINKAS SOUTH
BSRC1106 222 583901 6290134 340 -60 244 M70/488 JINKAS SOUTH
BSRC1107 234 584457 6288223 382 -71 246 M70/488 JINKAS SOUTH
BSRC1108 198 584510 6287941 369 -75 344 M70/488 JINKAS SOUTH
BSRC1109 180 584555 6287969 369 -89 294 M70/488 JINKAS SOUTH
BSRC1110 162 584669 6287578 374 -60 247 M70/488 JINKAS SOUTH
BSRC1111 162 584659 6287551 375 -61 243 M70/488 JINKAS SOUTH
BSRC1112 162 584633 6287594 373 -60 248 M70/488 JINKAS SOUTH
BSRC1113 276 584551 6288246 370 -56 246 M70/488 JINKAS SOUTH
BSRC1114 102 584478 6287548 374 -60 244 M70/488 JINKAS SOUTH
BSRC1115 204 584788 6286937 384 -60 247 M70/488 JINKAS SOUTH
BSRC1116 168 584827 6287217 393 -61 245 M70/488 JINKAS SOUTH
BSRC1117 174 584866 6287234 392 -60 249 M70/488 JINKAS SOUTH
BSRC1118 264 584521 6288270 372 -60 252 M70/488 JINKAS SOUTH
BSDD029 273.5 583335 6290381 348 -60 244 M70/211 JINKAS SOUTH
BSRC1119 138 584706 6287321 388 -61 245 M70/488 JINKAS SOUTH
BSRC1120 150 584747 6287340 388 -62 249 M70/488 JINKAS SOUTH
BSRC1121 162 584785 6287361 387 -61 247 M70/488 JINKAS SOUTH
BSRC1122 154 583422 6290453 348 -61 248 M70/488 JINKAS SOUTH
BSRC1123 156 584806 6287322 389 -60 245 M70/488 JINKAS SOUTH
BSRC1124 90 583527 6290032 360 -60 245 M70/488 JINKAS SOUTH
BSRC1125 120 583573 6290052 360 -60 245 M70/488 JINKAS SOUTH
BSRC1126 114 583666 6290006 355 -61 245 M70/488 JINKAS SOUTH
BSRC1127 138 583476 6290479 348 -62 246 M70/488 JINKAS SOUTH
BSRC1128 150 583649 6289581 318 -61 247 M70/488 JINKAS SOUTH
BSDD026 190 584692 6287596 373 -60 334 M70/488 JINKAS SOUTH
BSDD027 153 584722 6287439 384 -60 244 M70/488 JINKAS SOUTH
BSDD028 150 584847 6298750 392 -60 244 M70/488 JINKAS SOUTH
BSDD029 273.5 583335 6290381 348 -60 244 M70/211 JINKAS SOUTH
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About Ausgold Limited

Ausgold Limited is a gold exploration and development company based in Western Australia.

The Company’s flagship project is the Katanning Gold Project, located 275km south-east of Perth and approximately 40km north-east of the wheatbelt town of Katanning. Ausgold holds a dominant ground position in this relatively underexplored greenstone belt, an area prospective for Archean gold deposits. The current Resource at Katanning is 1.2 Moz gold (Table 3).

Ausgold’s portfolio also includes the Doolgunna Station Cu-Au project and the Yamarna Ni-Cu-Co project in Western Australia and the Cracow Au Project in Queensland.

Table 3 - Current Mineral Resource

(Details in ASX release 1 November 2019)

	Tonnes (Mt)	Grade (g/t)	Ounces (‘000)
Measured	2.26	2.05	149
Indicated	11.99	1.14	441
Inferred	19.68	0.97	611
Total	33.93	1.10	1,201

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Figure 6 - Regional map showing the KGP, other Ausgold projects and mineralised greenstone belts

The information in this report that relates to the Mineral Resource in Table 3 is based on information announced to the ASX on 1 November 2019. Ausgold confirms that it is not aware of any new information or data that materially affects the information included in the relevant market announcement and that all material assumptions and technical parameters underpinning the estimates in that announcement continue to apply and have not materially changed.

The Board of Directors of Ausgold Limited approved this announcement for release to the ASX.

On behalf of the Board,

Matthew Greentree Managing Director Ausgold Limited

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For further information please visit Ausgold’s website or contact:

Matthew Greentree Managing Director, Ausgold Limited T: +61 (08) 9220 9890 E: investor@ausgoldlimited.com

Competent Person’s Statements

The information in this statement that relates to the Mineral Resource Estimates is based on work done by Mr Michael Lowry of SRK Consulting (Australasia) Pty Ltd and Dr Matthew Greentree of Ausgold Limited. Dr Greentree is Managing Director and interests associated with Dr Greentree hold shares and performance rights issued by Ausgold Limited. Dr Greentree takes responsibility for the integrity of the Exploration Results including sampling, assaying, QA/QC, the preparation of the geological interpretations and exploration targets. Mr Michael Lowry takes responsibility for the Mineral Resource Estimate.

Mr Lowry and Dr Greentree are Members of The Australasian Institute of Mining and Metallurgy and have sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration, and to the activity they are undertaking, to qualify as Competent Persons in terms of The Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code, 2012 edition).

Forward-Looking Statements

This announcement includes “forward-looking statements” as that term within the meaning of securities laws of applicable jurisdictions. Forward-looking statements involve known and unknown risks, uncertainties and other factors that are in some cases beyond Ausgold Limited’s control. These forward-looking statements include, but are not limited to, all statements other than statements of historical facts contained in this presentation, including, without limitation, those regarding Ausgold Limited’s future expectations. Readers can identify forward-looking statements by terminology such as “aim,” “anticipate,” “assume,” “believe,” “continue,” “could,” “estimate,” “expect,” “forecast,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “risk,” “should,” “will” or “would” and other similar expressions. Risks, uncertainties and other factors may cause Ausgold Limited’s actual results, performance, production or achievements to differ materially from those expressed or implied by the forward-looking statements (and from past results, performance or achievements). These factors include, but are not limited to, the failure to complete and commission the mine facilities, processing plant and related infrastructure in the time frame and within estimated costs currently planned; variations in global demand and price for coal and base metal materials; fluctuations in exchange rates between the U.S. Dollar, and the Australian dollar; the failure of Ausgold Limited’s suppliers, service providers and partners to fulfil their obligations under construction, supply and other agreements; unforeseen geological, physical or meteorological conditions, natural disasters or cyclones; changes in the regulatory environment, industrial disputes, labour shortages, political and other factors; the inability to obtain additional financing, if required, on commercially suitable terms; and global and regional economic conditions. Readers are cautioned not to place undue reliance on forward-looking statements. The information concerning possible production in this announcement is not intended to be a forecast. They are internally generated goals set by the board of directors of Ausgold Limited. The ability of the Company to achieve any targets will be largely determined by the Company’s ability to secure adequate funding, implement mining plans, resolve logistical issues associated with mining and enter into any necessary off take arrangements with reputable third parties. Although Ausgold Limited believes that its expectations reflected in these forwardlooking statements are reasonable, such statements involve risks and uncertainties and no assurance can be given that actual results will be consistent with these forward-looking statements.

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APPENDIX 1 – TABLE 4

Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections.)

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Criteria JORC Code explanation Commentary
Sampling  Nature and quality of sampling (e.g. cut The reverse circulation (“RC”) drilling program referred to in this announcement consisted of 85 reverse
techniques channels, random chips, or specific specialised circulation holes for 12,932m and 3 diamond drill holes for 767m.
industry standard measurement tools
appropriate to the minerals under investigation, Samples from RC drilling were collected in one metre intervals in mineralised zones with a 1/8 split for assay,
such as down hole gamma sondes, or handheld split by a cyclone-mounted cone splitter, bagged in pre-numbered calico bags and the remainder retained
XRF instruments, etc). These examples should not in large plastic bags.
be taken as limiting the broad meaning of
sampling. QAQC samples consisting of field duplicates (additional split from RC), with standards and blanks inserted
 Include reference to measures taken to ensure into the sequence of assay samples at a rate of 1 in 10.
sample representivity and the appropriate
calibration of any measurement tools or systems Each RC metre sampled weighed approximately 2 to 3 kilograms. All RC samples were sent to SGS
used. Laboratories for crushing and pulverising to produce a 50 gram sample charge for analysis by fire assay and
 Aspects of the determination of mineralisation flame atomic absorption spectrometry (AAS).
that are Material to the Public Report.
 In cases where ‘industry standard’ work has been HQ Diamond drill core was split using a diamond bladed saw into half core to be sent to the Geological Survey
done this would be relatively simple (e.g. ‘reverse of Western Australia as per the EIS agreement. The remaining half core was split again into quarter core,
circulation drilling was used to obtain 1m with one quarter being sent for assay and the remaining quarter retained on site. 25 g charge underwent a
samples from which 3kg was pulverised to four acid digestion (total digest) and analysis by ICP-OES and ICP-MS for 63 elements (Ag, Al, As, Ba, Bi, Ca,
produce a 30g charge for fire assay’). In other Cd, Ce, Co, Cr, Cs, Cu, Dy, Er, Eu, Fe, Ga, Gd, Hf, Hg, Ho, In, K, La, Li, Lu, Mg, Mn, Mo, Na, Nb, Nd, Ni, P, Pb,
cases more explanation may be required, such as Pd, Pr, Pt, Rb, Re, S, Sb, Sc, Se, Sm, Sn, Sr, Ta, Tb, Te, Th, Ti, Tl, Tm, U, V, W, Y, Yb, Zn, Zr). Gold was analysed
where there is coarse gold that has inherent from a separate 50g charge and using fire assay.
sampling problems. Unusual commodities or
mineralisation types (e.g. submarine nodules)
may warrant disclosure of detailed information.
Drilling  Drill type (e.g. core, reverse circulation, open- Drilling was conducted using a Top Drill truck mounted 650 schramm reverse circulation and Diamond drilling
techniques hole hammer, rotary air blast, auger, Bangka, was conducted with a truck mounted Evolution FH3000 diamond drill rig.
sonic, etc) and details (e.g. core diameter, triple
or standard tube, depth of diamond tails, face-
sampling bit or other type, whether core is
oriented and if so, by what method, etc).
Drill sample  Method of recording and assessing core and chip Samples were collected dry with occasional damp samples, sample recoveries were visually estimated as a
recovery sample recoveries and results assessed. semi-quantitative range and recorded in the log.
 Measures taken to maximise sample recovery Recoveries were generally excellent (>90%), with reduced recovery in the initial near- surface sample and
and ensure representative nature of the samples. transported cover material.
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Criteria JORC Code explanation Commentary
 Whether a relationship exists between sample Drill cyclone and sample bags were used to collect the 1m samples and cleaned between rod changes. In
recovery and grade and whether sample bias addition, the cyclone was generally cleaned several times during each hole (at the base of transported cover
may have occurred due to preferential loss/gain and the base of completed oxidation) and after each hole to minimise downhole and/or cross- hole
of fine/coarse material. contamination.
The relationship between sample recovery and grade and whether bias has been introduced has not been
investigated at this stage.
Logging  Whether core and chip samples have been All drill holes in the current program have been geologically logged to a level of detail to support the
geologically and geotechnically logged to a level definition of geological domains appropriate to support exploration work. The 1m sampling is appropriate
of detail to support appropriate Mineral for mineral resource estimation.
Resource estimation, mining studies and Representative rock chips were collected in chip trays and logged by the geologist at the drill site. Sample
metallurgical studies. condition and degree of weathering were recorded qualitatively; geotechnical logging is not possible on RC
 Whether logging is qualitative or quantitative in samples.
nature. Core (or costean, channel, etc) Lithology, weathering (oxidation state), structure, veining, mineralisation and alteration are recorded in
photography. detail using standard digital logging sheets and defined look up tables to ensure that all data is collected
 The total length and percentage of the relevant consistently. This data is logged using tablet computers. All data is validated by the logging geologist before
intersections logged. being entered in an acQuire database. All drill holes are logged.
Sub-sampling  If core, whether cut or sawn and whether Dry samples below transported cover are riffle split to obtain representative 1m samples (submitted when
techniques quarter, half or all core taken. anomalous). The samples were recorded as dry, damp or wet. Sample duplicates were obtained by repeating
and sample  If non-core, whether riffled, tube sampled, rotary the composite sampling process.
preparation split, etc and whether sampled wet or dry.
 For all sample types, the nature, quality and All RC samples were sorted, dried, crushed to 10mm, pulverised to -75µm, split to produce a 50 g charge for
appropriateness of the sample preparation fire assay.
technique.
 Quality control procedures adopted for all sub- HQ Diamond drill core was split using a diamond bladed saw into half core to be sent to the Geological Survey
sampling stages to maximise representivity of of Western Australia as per the EIS agreement. The remaining half core was split again into quarter core,
samples. with one quarter being sent for assay and the remaining quarter retained on site. 25 g charge underwent a
 Measures taken to ensure that the sampling is four acid digestion (total digest) and analysis by ICP-OES and ICP-MS for 63 elements (Ag, Al, As, Ba, Bi, Ca,
representative of the in situ material collected, Cd, Ce, Co, Cr, Cs, Cu, Dy, Er, Eu, Fe, Ga, Gd, Hf, Hg, Ho, In, K, La, Li, Lu, Mg, Mn, Mo, Na, Nb, Nd, Ni, P, Pb,
including for instance results for field Pd, Pr, Pt, Rb, Re, S, Sb, Sc, Se, Sm, Sn, Sr, Ta, Tb, Te, Th, Ti, Tl, Tm, U, V, W, Y, Yb, Zn, Zr). Gold was analysed
duplicate/second-half sampling. from a separate 50g charge and using fire assay.
 Whether sample sizes are appropriate to the
grain size of the material being sampled.
Quality of  The nature, quality and appropriateness of the The gold was determined using a 50 g charge using fire assay (FAP505).
assay data and assaying and laboratory procedures used and For QAQC samples, a sequence of matrix matched certified reference materials, commercial certified
laboratory whether the technique is considered partial or reference materials and blanks were inserted into the sample run at a frequency of approximately one in 14
tests total. samples. Sample sizes are considered to be appropriate for the style/texture of oxide and sulphide
 For geophysical tools, spectrometers, handheld mineralisation at the Katanning Gold Project.
XRF instruments, etc, the parameters used in
determining the analysis including instrument
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Criteria JORC Code explanation Commentary
make and model, reading times, calibrations CRM’s, field duplicates, blanks and standards were inserted approximately every 10m. Blank samples are
factors applied and their derivation, etc. inserted to check for contamination in field sampling, laboratory sample preparation and analysis. The blank
 Nature of quality control procedures adopted material used should be below detection limits.
(e.g. standards, blanks, duplicates, external The gold standards were sourced from Geostats Pty Ltd and RockLabs with gold certified values ranging
laboratory checks) and whether acceptable levels between 0.10g/t and 2.4g/t. Standard reference materials are used to check accuracy and bias of the
of accuracy (i.e. lack of bias) and precision have analytical method. The results were similar to the standard concentration for the specific standard.
been established. QAQC samples were monitored on a batch-by-batch basis. An assay batch is accepted if the blank samples
are within the acceptable limits (5 times the lower detection limit) and the standards are within the + 3SD
(standard deviations). One failed standard can cause rejection if the results around the failed standard are
not in the normal grade range. A batch is also re-assayed when assay results from two or more standards
are outside the acceptable limits. The inserted blank materials did not show any consistent issues with
sample contamination.
100% of the gold standards assays were within acceptable limits with no low or high bias.
The performance of field duplicates in RC samples is generally reasonable and the variations are related to
the style of mineralisation.
SGS also insert QAQC samples to internally test the quality of the analysis. These results are received with
the assay results in each batch. The SGS QAQC included standards, blanks and duplicates for independent
quality control. The results of the lab standards were also monitored on a batch to batch basis by the data
geologist. The results did not show any issues with the laboratory.
The sample sizes are considered to be appropriate to correctly give an accurate indication of mineralisation
given the qualitative nature of the technique and the style of gold mineralisation sought.
Verification of  The verification of significant intersections by High standard QAQC procedures are in place (and will be audited), therefore repeatability issues from a
sampling and either independent or alternative company QAQC point of view are not considered to be significant.
assaying personnel. Significant and/or unexpected intersections were reviewed by alternate company personnel through review
 The use of twinned holes. of geological logging data, physical examination of remaining samples and review of digital geological
 Documentation of primary data, data entry interpretations.
procedures, data verification, data storage All assay data was accepted into the database as supplied by the laboratory.
(physical and electronic) protocols. Data importation into the database is documented through standard operating procedures and is guided by
 Discuss any adjustment to assay data. acQuire import validations to prevent incorrect data capture/importation.
Geological, structural and density determination data is directly captured in the database through a
validation controlled interface using Toughbook computers and acquire database import validations.
Primary data is stored in its source electronic form. Assay data is retained in both the original certificate
(.pdf) form and the text files received from the laboratory. Data entry, validation and storage are discussed
in the section on database integrity below.
No adjustments to assay data were undertaken.
Location of  Accuracy and quality of surveys used to locate Drillhole collars (and drilling foresight/backsight pegs) were set out and picked up by Ausgold personnel
data points drill holes (collar and down-hole surveys), using a differential GPS; which provided +/- 100 millimetre accuracy.
trenches, mine workings and other locations used The grid system is MGA94 datum, UTM zone 50. Elevation values were in AHD.
in Mineral Resource estimation.
 Specification of the grid system used.
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Criteria JORC Code explanation Commentary
 Quality and adequacy of topographic control. An end of hole gyroscopic drill hole survey was completed by the drilling contractors using a Reflex tool. The
gyro measured the first shot at 0m followed by every 10m down-hole. The data was examined and validated
onsite by the supervising geologist. Any surveys that were spurious were re-taken.
Validated surveys are entered into the acQuire data base by data entry personnel.
Ground gravity stations located using Real Time Kinematic GPS accuracy for detailed projects. (+/- 0.5m)
Accurate heights and horizontal coordinates from Kinematic GPS Real Time Kinematic GPS is used. Raw GPS
data is also collected which is post processed to attain the exact location and height of each gravity station.
The Kinematic GPS roving receiver is lightweight and backpackable and can be easily removed from the
vehicle if necessary. An accuracy the order +/- 5 cm is generally achieved relative to the local GDA94 and
Australian Height Datum (AHD).
Data spacing  Data spacing for reporting of Exploration Results. RC drilling was conducted on 40 and 80 by 100 or 160m spacing.
and  Whether the data spacing and distribution is
distribution sufficient to establish the degree of geological RC results reported are based on 1m samples for gold within the gneissic units and 4m composite samples
and grade continuity appropriate for the Mineral outside the interpreted lodes.
Resource and Ore Reserve estimation
procedure(s) and classifications applied.
 Whether sample compositing has been applied.
Orientation of  Whether the orientation of sampling achieves Angled RC drilling (-60 towards 224°) tested the east dipping Jinkas lode (40 – 50°) gneissic foliation as to
data in unbiased sampling of possible structures and the minimise bias. At this stage primary mineralisation is assumed to have the same orientation as historic
relation to extent to which this is known, considering the drilling in the area.
geological deposit type. The angled orientation of RC drilling may introduce sampling bias due to any unknown orientation of primary
structure  If the relationship between the drilling mineralisation/structures. This would be considered minimal as the mineralisation is largely foliation
orientation and the orientation of key parallel.
mineralised structures is considered to have
introduced a sampling bias, this should be
assessed and reported if material.
Sample  The measures taken to ensure sample security. RC samples are systematically numbered and placed in pre-printed (numbered) calico bags and placed into
security numbered polyweave bags which were tied securely and marked with flagging.
Assay samples were stored at a dispatch area and dispatched, depending on the frequency of pickups and
length of the program. Samples were shipped via Katanning Logistics directly to SGS in Perth.
The sample dispatches were accompanied by supporting documentation signed by the geologist and
showing the sample submission number, analysis suite and number of samples.
The chain of custody is maintained by SGS once the samples are received on site and a full audit.
Assay results are emailed to the responsible geology administrators in Perth and are loaded into the acQuire
database through an automated process. QAQC on import is completed before the results are finalised.
Audits or  The results of any audits or reviews of sampling Before the commencement of the current RC program, the sampling process was fully reviewed and
reviews techniques and data. documented as a standard company process. A number of operational and technical adjustments were
identified to improve validation of collected data, interpretation of data and management of QAQC
practices. These improvements have been updated into standard operating procedures.
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Section 2 Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section.)

Criteria	JORC Code explanation	Commentary
Mineral tenement and land tenure status	 Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings.  The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.	Reported results are all from 100% owned Ausgold Exploration Pty Ltd Mining Tenements (wholly owned subsidiary of Ausgold Limited) M 70/488. The land is used primarily for grazing and cropping. The tenement is in good standing, and all work is conducted under specific approvals from the Department of Mines and Petroleum (“DMP”). Apart from reserved areas, rights to surface land use are held under freehold titles. Ausgold has entered into access and compensation agreements with freehold landowners that permit exploration activities. Written consent under section 18(3) for Jinkas Hill dated 24 January 2018 was granted by Honourable Ben Wyatt MLA to disturb and remove the registered Aboriginal Heritage Site 5353 known as “Jinkas Hill” which is located on the eastern side of the Jinkas Pit.
Exploration done by other parties	 Acknowledgment and appraisal of exploration by other parties.	Gold mineralisation was discovered by Otter Exploration NL in 1979 at Jinkas Hill, Dyliabing, Lone Tree and White Dam after following up stream sediment anomalies. Between 1984 and 1988 Otter and related companies evaluated the region with several other explorers including South West Gold Mines and Minasco Resources Pty Ltd. In 1987 Glengarry Mining NL purchased the project and in 1990 entered into a joint venture with Uranerz who agreed on minimum payments over three years to earn 50% interest. Uranerz withdrew from the project in 1991 after a decision by their parent company in Germany to cease Australian operations. International Mineral Resources NL (“IMR”) purchased the miningleases and the Grants Patch treatmentplant from

22

Criteria	JORC Code explanation	Commentary
		Glengarry Mining NL in 1995 and commenced mining at the Jinkas deposit in December 1995. Ausgold understands the mine was closed in 1997 after producing approximately 20,000 oz of gold from the Jinkas and Dingo Hill open cuts at a head grade of approximately 2.4g/t. In addition, the mine closure was brought about by a combination of the low gold price of the time (<US$400/oz) and the inability of the processing plant’s comminution circuit to process hard ore from below the base of weathering. Reports from the period indicate that the ore bodies were reasonably predictable in terms of grade and continuity and appeared to produce consistent and reproducible results from grade control (Ravensgate, 1999). Great Southern Resources Pty Ltd (“GSR”) purchased the mining and exploration leases from IMR in August 2000. Ausgold entered into a joint venture with GSR in August 2010, and the mineral titles were transferred to Ausgold in entirety in August 2011.
Geology	 Deposit type, geological setting and style of mineralisation.	The project includes two main deposit areas comprising Jinkas in the north, and Dingo in the south. The Jinkas area is further subdivided into a set of mineralised zones. The majority of the project area is overlain by residual clays with outcrop mostly limited to remnants of lateritic duricrust on topographic highs. Gold mineralisation is hosted by medium to coarse- grained mafic gneisses which dip at around 30° to 45° towards grid east (68°). These units represent Archaean greenstones metamorphosed to granulite facies. The mineralised gneissic units are interlayered with barren quartz-monzonite sills up to approximately 120 metres thick and are cross-cut by several Proterozoic dolerite dykes that post-date mineralisation and granulite metamorphism. Gold predominantly occurs as free gold associated with disseminatedpyrrhotite and magnetite,lesserpyrite and

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Criteria JORC Code explanation Commentary
chalcopyrite and traces of molybdenite. Thin remnant
quartz veins are associated with higher grade zones.
Drill hole Information  A summary of all information material to the Plans showing location of drill holes and location of
understanding of the exploration results including a significant results and interpreted trends are provided in
tabulation of the following information for all Material the figures of report.
drill holes: Any new significant RC and diamond results are provided
o easting and northing of the drill hole collar in tables within the report.
o elevation or RL (Reduced Level – elevation above sea
level in metres) of the drill hole collar
o dip and azimuth of the hole
o down hole length and interception depth
o hole length.
 If the exclusion of this information is justified on the
basis that the information is not Material and this
exclusion does not detract from the understanding of
the report, the Competent Person should clearly explain
why this is the case.
Data aggregation methods  In reporting Exploration Results, weighting averaging All reported RC and diamond assays have been
techniques, maximum and/or minimum grade arithmetically length weighted. A nominal 0.3g/t Au lower
truncations (e.g. cutting of high grades) and cut-off cut- off is reported with internal waste intervals (i.e. <0.3
grades are usually Material and should be stated. g/t) to not exceed the width of a 2m.
 Where aggregate intercepts incorporate short lengths Higher grade intervals within larger intersections are
of high-grade results and longer lengths of low-grade reported as included intervals and noted in results table.
results, the procedure used for such aggregation should No top-cut off grades have been applied until more assay
be stated and some typical examples of such results become available to allow statistical
aggregations should be shown in detail. determination.
 The assumptions used for any reporting of metal
equivalent values should be clearly stated.
Relationship between mineralisation widths and  These relationships are particularly important in the The geometry of any primary mineralisation is not known
intercept lengths reporting of Exploration Results. at present due to the early stage of exploration. The
 If the geometry of the mineralisation with respect to the angled orientation of RC drilling may introduce some
drill hole angle is known, its nature should be reported. sampling bias (increasing the intercept width of flat lying
 If it is not known and only the down hole lengths are or vertical mineralisation). All intersections are
reported, there should be a clear statement to this subsequently presented as downhole lengths. If down
effect (e.g. ‘down hole length, true width not known’). hole length varies significantly from known true width
then appropriate notes are provided.
Diagrams  Appropriate maps and sections (with scales) and Refer to figures
tabulations of intercepts should be included for any
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Criteria	JORC Code explanation	Commentary
	significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views.
Balanced reporting	 Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.	Please see information provided in results tables in Report
Other substantive exploration data	 Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.	At this stage there is no substantive exploration data from the recent drilling that is meaningful and material to report.
Further work	 The nature and scale of planned further work (e.g. tests for lateral extensions or depth extensions or large-scale step-out drilling).  Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.	Further work is discussed in the document in relation to the exploration results.

25