Mr. Marc Blythe reports

AU GOLD CORP SELECTS THE FIRST TWO HIGH-PRIORITY DRILL TARGETS AT ITS HAVELOCK GOLD-ANTIMONY PROJECT, VICTORIA, AUSTRALIA

Au Gold Corp. has provided full details on the rationale behind the first two high-priority diamond drill targets at its Havelock gold-antimony project in Victoria, Australia.

McFarlane's -- diamond drilling will systematically target the down-plunge continuation of the best gold-antimony mineralization interpreted from reconstructed historical mine records dating back to the 1880s (see Aug. 31, 2026, press release). High-grade gold and antimony were historically mined at this target to a depth of 350 feet (107 metres (m)).

Shaw's No.1 North -- diamond drilling will systematically target the region below the 180-foot (55 m) level of the historic mine to test continuity of mineralization and establish potential plunge geometry of mineralized shoots. Drill holes will also test the parallel reef east of the main Shaw No. 1 workings.

Marc Blythe, founder and chief executive officer of Au Gold, comments: "We are extremely excited to have identified these two high-priority targets along the Shaw-McFarlane trend, which was a productive gold belt in the 1800s. The first targets announced in this release are the McFarlane historical gold-antimony mineralization and the nearby 514 ounces of gold reportedly recovered from the Dam target in 2010, both of which initially drew AUGC to this project."

McFarlane target

The McFarlane target initially drew Au Gold to the Havelock project with records from the 1880s describing ultrahigh-grade parcels of quartz being mined and processed with gold grades in the multiounce-per-ton range. Based on historic records, the average grade of material treated is estimated to be about 23 grams per tonne gold. Mining ceased when abundant antimony (stibnite) was encountered at the lower levels in the mine, mixed with the gold in quartz, combined with difficulties pumping out ground water.

Modern technical literature suggests high-grade gold in association with abundant antimony in Victoria can be an indicator of an epizonal gold system. Other epizonal gold systems in Victoria include Fosterville (Agnico Eagle), Sunday Creek (Southern Cross Gold) and Costerfield (Alkane Resources). Each of these epizonal systems has demonstrated significant depth potential (more than one kilometre).

McFarlane's mine is the most northerly of the significant workings along the SMT. Gold-bearing reef mineralization was documented throughout the mine workings. From a drill targeting perspective, the most interesting quartz vein widths are depicted by yellow stars with the mine manager's comments in quotes. Reef (vein) thicknesses are believed to be accurate and the mineralization is described only in a qualitative manner by the amount of visible gold and other sulphide minerals present.

Select mine manager records documenting the greatest thicknesses and occurrences of visible gold are interpreted to form a southerly plunging shoot up to 60 metres wide at the base of the southern end of the workings. The 350-foot level (107 m) also recorded some of the thickest vein dimensions of the entire trend at 36 inches (0.91 m). The occurrence of antimony mineralization is best documented in the 350-foot (107 m) level where it is described as being much larger than anticipated, presumably compared with the exposure in the 250-foot level. This exposure on the 350-foot level is documented as 25 feet (7.62 m) long, which is interpreted to represent the drive length of the exposure. No orientation data are provided in the historical notes but it is currently interpreted as part of the plunging reef system. Au Gold's phase 1 diamond drilling will systematically target the down plunge extent of the gold and antimony mineralization from the 350-foot level (107 m).

A series of drill sections are also designed to test between the mine workings and the Dam target where 514 ounces of gold were reportedly recovered in recent times. Au Gold believes the gold in quartz (previously reported) from the Dam target may represent a parallel reef system east of the main workings. Also of note is a parallel reef documented 24 m west of the main workings which was encountered in an exploration crosscut but not followed up for development. This reef discovery is described in the mine manager's notes as a "strong body of laminated quartz two feet thick, highly mineralized and throwing out a strong body of water".

Shaw's No.1 North target

The Shaw's No. 1 mine lies in the central part of the line of significant workings on the SMT. It is a single level mine with a drive at a depth of 180 feet (55 m) along a strike length of 140 m.

Similar to McFarlane's, gold-bearing reef mineralization was documented throughout the majority of the workings at Shaw's No. 1.

The mineralized system at Shaw's No. 1 strikes north and is interpreted to dip steeply to the west. The strongest mineralization documented historically covers a horizontal span at the 180-foot level (55 m) of approximately 55 m. Diamond drilling by Au Gold will systematically target the region directly beneath this portion of the 180-foot level to determine continuity of mineralization and establish potential plunge geometry of mineralized shoots. Drill holes will also test the parallel reef east of the main Shaw No. 1 workings.

Next steps

Au Gold continues to prepare for diamond drilling on the Shaw-McFarlane trend and other peripheral targets.

The company continues to engage with the community, in particular private landowners within areas of interest on the project. Both drill targets identified in this release require permission from private landowners. Au Gold is in active discussions with both parties regarding access.

Historical records

Au Gold cautions that the historic mine reconstruction work has relied on records which predate the introduction of National Instrument 43-101. The reconstruction involved collating public records, comprising public company disclosures and newspaper articles, primarily from the late 1800s and sorting them chronologically. Some of these records are on-line while others are only available at certain repositories on microfilm. Au Gold reminds the reader that no mineral resources exist on the project and there is no certainty that exploration will result in the definition of mineral resources, despite the reported historic production.

A visual representation of each individual mine of significance has been rendered from these records. The reader is cautioned that the information may contain inaccuracies and may be incomplete in areas. Laboratory analyses were not carried out during this era and comments on the quality of material mined are therefore subjective and based on visual inspection. The language used reflects the era in which the work took place. Tonnages of material mined and treated are detailed in the historic records, along with the number of ounces of gold produced, which were generally disclosed on a quarterly basis.

The widths of gold-bearing quartz veins encountered in these historic mines has often been recorded and ranges from three inches to three feet six inches (0.075 to 1.07 m). Au Gold has relied upon these historic disclosures and reconstructions to interpret its high-priority phase 1 drill targets. It should be noted that even with potential deficiencies in the historical documentation, the level of detail is considered invaluable.

Qualified person

Technical information in this press release was prepared under the supervision of William Wengzynowski, PEng, a qualified person as defined by National Instrument 43-101. Mr. Wengzynowski is Au Gold's exploration manager.

About Au Gold Corp.

Au Gold is a gold exploration company focused on advancing its flagship Havelock gold-antimony project in the Victorian gold fields in Australia and the Ponderosa gold project in the Spences Bridge gold belt in British Columbia, Canada.

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