Key Highlights
• Austin Metals has been particularly active at the Austin Gold Project with various surface sampling, geophysical programs and drilling being conducted recently as part of the first material exploration programs at the Project to date.
• First ever drilling program of significance at the Austin Gold Project, and the first conducted by Austin Metals, has yielded some encouraging shallow results from the Brunswick Hill prospect:
o 1m at 8.9 g/t Au within an interval of 8m at 1.5 g/t Au from 64m; o 8m at 1.2 g/t Au from surface;
o 4m at 1.3 g/t Au from 56m;
o 4m at 1.1 g/t Au from 52m.
• Results to date have significantly enhanced the Company’s understanding of the Project and assays for 2 diamond holes at Brunswick Hill remain outstanding.
• 7 new drill targets have been identified at Brunswick Hill and Mt Sandy from IP surveys completed which show a positive correlation between IP chargeability highs and significant gold intersections associated with strongly disseminated pyrite.
• New 2.5km long gold anomaly identified at the Old Granites prospect through 39 new rock assay results and additional historical information, with high grade assays up to 15.3 g/t Au received and the prospect yet to be drill tested.
• The Company will now prioritise efforts at the very large Shadow prospect area given recent encouraging results and its prospective location being 2-5 kms from the high grade White Heat and Big Sky gold discoveries by Musgrave Minerals Ltd. At Shadow:
o 4 significant gold-in-soil anomalies extending for over 3kms have been identified and are proximal to where numerous gold nuggets have been found.
o Assays are pending for 168 shallow aircore holes that were designed to test the soil anomalies and where significant quartz veining has been observed.
o A further 700 soil samples are awaiting assays in early 2022.
o A gravity survey is scheduled for early 2022 to assist ongoing exploration targeting since a similar survey was utilised successfully to identify gold-
bearing structures by Musgrave.