Katanning Gold Project

Katanning Gold Project, WA
(AUC interest 100%)

The Katanning Gold Project (“KGP”) is located 275km south-east of Perth and approximately 40km north-east of the town of Katanning in south-west Western Australia. The tenements cover over 4,000km2 of the Katanning Greenstone Belt in the south-west corner of the Yilgarn Craton, which hosts some of Australia’s largest gold deposits.

Project Highlights

  • 38.18 Mt @ 1.25 g/t Au for 1.54 Moz gold JORC Resource
  • High-grade core – Central Zone, including:
    • 28m @ 11.28 g/t Au from 90m
    • 20m @ 10.53 g/t Au from 10m
    • 26m @6.60 g/t Au fr0m 117m
    • 20m @ 7.60 g/t Au from 96m
    • 13m @ 11.34 g/t Au from 7m
    • 28m @ 4.84 g/t Au from 49m
    • 20m@ 6.54 g/t Au from 93m
  • Resource is open along strike and at depth. Significant potential to expand Resource
  • Scoping Study – positive outcomes
  • Resources on granted mining licenses
  • Good metallurgical recoveries – additional studies underway
  • Well supported by infrastructure - grid power, sealed roads & towns
  • Underground potential
  • Gold targets within 5 km of main deposit and a strategic landholding (+4,000km2) covering 130km strike length

Figure 1 - Regional map showing the KGP, other Ausgold projects and mineralised greenstone belts

JORC Mineral Resource

The Mineral Resource and comprises 38.18Mt @ 1.25 g/t Au for 1.54 million ounces of gold using a cut-off grade of 0.6 g/t.  Details of the Mineral Resource estimate are provided in Table 1.

  • 1Moz in Measured and Indicated Resource categories
  • 0.54Mt at 3.01 g/t Au for 52,240 ounces in Jinkas Underground Resource
  • Independent Review of Resource estimation by SRK Consulting
  • Estimated to a depth of 170m

The current Mineral Resource remains open both along strike and down-dip, and optimisation work indicates that the conceptual open pits are largely constrained by the limit of drill data. An improved geological model has identified numerous high-grade targets in untested exploration areas along 17km strike. The Company is now targeting multiple areas for growth in Resource, which is supported by a number of outstanding exploration opportunities within and outside existing Resources areas.

A comprehensive review is in progress to determine the potential Resource upside and the amount of drilling required to confirm this opportunity. High-grade gold targets have been identified at Jinkas South and Jackson which have the potential to add to the size and grade of the KGP Resource.

Mineral Resources at KGP

Tonnes
(Mt)

Gold
(g/t)

Ounces

Measured Resource

6.40

1.48

303,000

Indicated Resource

18.74

1.19

718,000

Inferred Resource

13.04

1.24

518,400

Total

38.18

1.25

1,539,700

Table 1 - Current Mineral Resources (ASX Release 15 April 2021).

Competent Person's Statement

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 is a Share and Option holder in 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).

The Competent Person's consent to the inclusion of such information in this report in the form and context in which it appears.

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