Australasian Metals Limited announced that its maiden drill program at the Mt Clermont polymetallic project has been completed with promising gold results returned. Twelve drill holes were drilled for 1,272 metres to test and verify historical drilling (70 holes for approximately 6,500 metres) in an area the Company believes has the potential to define a maiden resource. The aim of the recent drilling was designed to test these targets for potential extensions of mineralisation, as well as improve the confidence to produce a JORC compliant resource estimation.

Mt Clermont polymetallic project: Mt Clermont hosts the regionally significant Retro, Retro Extended and Nanya prospects, which are associated with the Retro Fault Zone. The project lies within the Anakie Province of the Drummond Basin, which is composed of a sequence of Devonian to Carboniferous sediments in Central Queensland, approximately 60km by road north-west of the town of Emerald. Mt Clermont has over 6,500m of historical drilling, showing potential for a high-grade polymetallic epithermal system.

The 2022 drilling is shown on the following maps together with a selection of cross sections. The drill holes were designed to target and extend the mineralisation trend southwards and to test the interpretation that the vein system mapped has not been intersected previously. Some drilling was to validate and infill previous drilling where significant mineralisation has been identified.

Retro Extended Prospect: The recent field investigation and data re-interpretation conducted by the Company has identified several targets with open potential for further mineralisation. The Company's geological team located and mapped the Retro Extended vein for at least 400 metres south of the most southern drillhole with gold mineralisation. It appears that a number of the historical drill holes did not intersect the down dip extension of this vein which may be a parallel structure to the vein that was intersected in historical drilling.

Upcoming Work: With this verification work completed the Company will begin a data review and modelling the orebody for grade interpolation. More exploration activities will be planned for the southwest end of the current known mineralisation.