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ASX Release Highlights : = Ausgold LIMITED 28 October 2021 Quarterly Report for period ending 30 September 2021 • New RC drilling of 10,281m in the Katanning Southern Zone delivered extensive zones of high - grade gold mineralization which provide a positive view on the potential to extend scale • The Southern Zone is made up of the highly prospective Rifle Range , Dingo and Lukin target areas along a total strike length of 8km , with first results including : ○ ○ 10m @ 2.89 g / t Au from 84m including 3m @ 8.35 g / t Au in BSRC1231 ( Dingo ) ; 6m @ 4.5 g / t Au from 32m including 2m @ 12.75 g / t Au in BSRC1168 ( Dingo ) ; ○ 9m @ 2.52 g / t Au from 85m including 5m @ 4.09 g / t Au in BSRC1200 ( Dingo ) ; ○ 18m @ 1.23 g / t Au from 83m in BSRC1230 ( Dingo ) ; о ○ 10m @ 2.01 g / t Au from 66m in BSRC1226 ( Dingo ) ; 11m @ 1.89 g / t Au from 59m including 6m @ 2.98 g / t Au in BSRC1229 ( Dingo ) ; ○ 12m @ 1.29 g / t Au from 75m including 5m @ 2.11 g / t Au in BSRC1228 ( Dingo ) ; ○ 3m @ 0.5 g / t Au from 42m , 3m @ 1.18 g / t Au from 129m , 3m @ 0.39 g / t Au from 149m and 1m @ 1.8 g / t Au from 156m in BSRC1148 ( Lukin ) ; and 4m @ 0.67 g / t Au from 111m and 2m @ 0.64 g / t Au from 168m in BSRC1149 ( Lukin ) . • 1,200m diamond drill campaign continuing in the Central and Southern Zones which is designed to support metallurgical and geotechnical studies • Planning completed for next phase large - scale exploration to commence mid - November , including : ○ a substantial 30,000m multi - rig RC drilling campaign focused on high - priority targets in the Central and Southern Zones ; and ○ regional 2,500m auger and 30,000m aircore drill programs on Ausgold regional tenure focused on high priority target areas with gold and PGE potential . • Drilling results from 15,220m in Resource areas within the Central and Southern Zones continued to be analysed for inclusion in a further Resource upgrade aimed for Q1 CY2022 Ausgold Limited ( ASX : AUC ) ( Ausgold or the Company ) is pleased to provide the following report for the quarter ended 30 September 2021. During the quarter , Ausgold continued to advance its 100 % -owned flagship Katanning Gold Project ( KGP ) , located 275km from Perth , Western Australia . Management comment Ausgold Chief Executive Officer and Managing Director , Dr Matthew Greentree commented : " Ausgold made significant progress at the Katanning Gold Project following the upgraded 1.54 Moz Resource announced in April . The completion of a further 18,500m of RC diamond drilling in the Central and Southern Zones includes very promising high - grade results from these largely untested areas within the Southern Zone which have returned widespread zones of high - grade gold mineralisation . We are about to commence a large - scale 60,000m drilling campaign to further our ambition for a multi - million- ounce Resource and to realise the potential scale of a significant mining operation at the KGP . I look forward to a highly active summer period as we continue to realise the potential scale of gold mineralisation at Katanning " . 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 1