Achilles Delivers Outstanding Gold and Silver Results

Australian Gold and Copper Ltd (ASX: AGC) (“AGC” or the “Company”) is pleased to announce that the follow-up drilling program comprising nine reverse circulation (RC) holes for 1,461 metres has now been completed at Achilles.

This drill program covered over half a kilometre of strike and has extended mineralisation beyond the discovery holes recently reported1 (Figures 1 to 4).

Laboratory analyses from the first holes drilled were expedited, with results extending and significantly upgrading high-grade gold-silver-base metal mineralisation down dip and along strike.

Assay Results

A3RC030 tested to the east and down dip of previously reported results from A3RC028 and A3RC020, returning:

• 5m at 16.9g/t Au, 1,473g/t Ag* & 15.0% Pb+Zn from 112m
• and 3m at 19g/t Ag & 19.5% Pb+Zn from 139m
• within a mineralised 43m zone of 2.2g/t Au, 196g/t Ag* & 3.6% Pb+Zn from 99m
• Zone reaches maximum grades of 45.0g/t gold, at least 3,000g/t silver and 38.8% Pb+Zn (Figure 1)

A3RC032 also intersected exceptional grades down dip from A3RC027, with drilling difficulties resulting in the hole ending in mineralisation:

• 8m at 1.0g/t Au, 520g/t Ag, 0.6% Cu & 6.2% Pb+Zn from 131m to end of hole
• including 3m at 1.2g/t Au, 1,237g/t Ag, 1.3% Cu & 13.9% Pb+Zn from 133m, with maximum grades of 2.7g/t gold and 2,590g/t silver

A3RC031 stepped northward 70 metres from A3RC028 and returned:

• 4m at 0.17g/t Au**, 545g/t Ag, 0.2% Cu, 2.9% Pb+Zn from 123m and occurs within a broad lower grade interval.

Silver Results

Drill hole A3RC030 returned intercepts for silver that triggered overgrade levels higher than 3,000g/t, which is greater than the laboratory can analyse in Australia. These intercepts have been calculated using 3,000g/t Ag for the 115- 116 metre interval. This sample is being sent to Canada for gravimetric analysis and the final results for silver will be reported once received.

Future Exploration

Given these very strong results, assays for the six holes pending (A3RC033-38) have also been expedited and are expected in the coming weeks.

The overall mineralised body is interpreted to dip moderately to the east and remains completely open at depth and along strike. The geometry of the high- grade zones within the broader mineralisation are still unknown but are likely vertical, en-echelon shaped, shear related opening structures.

AGC’s exploration team are currently designing and permitting the next phase of exploration for Achilles that is likely to include continued RC drilling along strike and deeper diamond drilling to test the currently defined high grade mineralisation, along with further drilling at three additional targets at Achilles.

AGC Managing Director, Glen Diemar said “Achilles is producing some exceptional grades in the drill bit. The first six holes have produced grades including combined lead and zinc to 38%, gold to 45g/t and silver above 3,000g/t. This silver result is so high grade the laboratory is sending the sample to Canada for further analysis, which is a rare occurrence.”

“We are extremely happy with how Achilles is taking shape. With drilling now spread across more than half a kilometre of strike we are excited to see how big this can get. I look forward to the results of the next six holes and can already see that Achilles has a prominent future within the Cobar Basin.”

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