Lithium Sample Program at Cuprite West and Cuprite East

VANCOUVER, BC, Feb. 3, 2022 /CNW/ -- Australian Goldfields Limited (formerly Graphite Energy Corp.) (the "Company") AUGF GRXXF (Frankfurt: G0A) is pleased to provide an exploration update for the Cuprite East and Cuprite West Projects located in the Pilbara Region of Western Australia. The projects are two separate blocks with E45/4918 ( Cuprite East ) at 6,936 hectares and E45/5028 ( Cuprite West )at 2,980 hectares. The region has a history of lithium exploration and production, with recent local developments drawing the interest of the Company.

A surface sample program was recently initiated to identify any anomalous zones or outcrops. A total of 1,246 soil samples have been collected and are in transit to ALS Laboratories located in Brisbane, Australia, an ISO Certified laboratory. Samples were collected along a survey grid covering the deemed areas of contact between granite and greenstone units. Analysis is now being conducted and results are expected this month.

The Pilbara Region has a recent history of lithium production, beginning in 2017 with Mineral Resources MIN Wodgina Lithium Mine, which is among the world's largest hard rock lithium operations.  Pilbara Minerals ( ASX:PLS ) Pilgangoora lithium operation, and Global Lithium Resources Marble Bar Lithium Deposit, are also located in the Pilbara mining region.  This December, Chilean lithium producer SQM SQM announced a joint venture with Kalamazoo Resources KZR on KZR's Dom's Hill Lithium Project. The Cuprite West and Cuprite East Projects are strategically located on either side of the KZR Dom's Hill Property.

The Technical and scientific information contained in this news release was reviewed by Mr. William Feyerabend, a Consulting Geologist and Qualified Person under NI 43-101. Mr. Feyerabend participated in the production of this news release.

The CSE has neither approved nor disapproved the contents of this news release. Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.

This news release contains certain "forward-looking statements" within the meaning of Section 21E of the United States Securities and Exchange Act of 1934, as amended. Except for statements of historical fact relating to the Company, certain information contained herein constitutes forward-looking statements. Forward-looking statements are based upon opinions and estimates of management at the date the statements are made and are subject to a variety of risks and uncertainties and other factors which could cause actual results to differ materially from those projected in the forward-looking statements. The reader is cautioned not to place undue reliance on forward looking statements.   We seek safe harbor.

ON BEHALF OF THE BOARD OF DIRECTORS

Adrian Hobkirk
President and CEO

T:  954-684-8040
E:  info@australiangoldfields.com
W:   www.australiangoldfields.com

SOURCE Australian Goldfields Limited