Ausgold Limited provide initial results from the multi-rig drilling program commenced in December 2022 at the Company's 100%-owned 2.16Moz Katanning Gold Project (KGP) in Western Australia. The 25,000m drilling program at KGP is designed to expand Resources and regional exploration, testing numerous targets across the 5,500km2 tenement holding in the South West Yilgarn. Initial program results for reverse circulation (RC) drilling (55 holes for 4,763m) demonstrate the presence of new high-grade zones of mineralisation along strike from and within the Central Zone and Southern Zone Resource areas.

Near-surface higher grade gold mineralisation has been intercepted within the Central Zone as part of the current drilling campaign (25 holes for 1,632m). These results continue to add confidence to the KGP Resource and mining model, will contribute towards increasing the average grade of the Resource, and provide high-grade feed within the early stages of the open-pit mining operation. Significant results include: 16m @ 2.42g/t Au from 23m including 10m @ 3.46g/t Au from 23m in BSRC1559; 15m @ 1.43g/t Au from 9m including 4m @ 3.96g/t Au from 17m in BSRC1588; 9m @ 1.58g/t Au from 24m including 6m @ 2.21g/t Au from 24m in BSRC1584.

The Southern Zone includes the 227,000-ounce Dingo deposit at its northern end, extending south over 1.8km along strike. New drilling, including 21 widely spaced reconnaissance RC drill holes for 2,172m, has been completed over 4km to the south, along strike from the Dingo Resource. Initial results have identified a zone of higher-grade gold mineralisation 550m south of the Dingo Resource within the Lukin prospect, with significant results including 6m @2.10 g/t Au (including 2m@ 5.67 g/t Au) from 111m in BSRC1542.

Recent RC drilling and past AC drilling has demonstrated a broad zone of gold anomalism associated with the mafic granulite rocks in the mine sequence which hosts the KGP. Further drilling is planned to test the continuity and extent of this newly identified high grade gold mineralisation. In addition, a further 45 AC drill holes have been completed at the southern extent of the Southern Zone to determine the potential along strike of this area.