Lithium Exploration at Cuprite West and Cuprite East

VANCOUVER, BC, Jan. 19, 2022 /PRNewswire/ -- Australian Goldfields Limited (formerly Graphite Energy Corp.) (the "Company") (CSE: AUGF) (OTC: 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.

Pilbara Area Lithium Activity

• In 2017, Mineral Resources Wodgina Lithium Mine began production and is one of the world's largest hard rock lithium operations.
• Pilbara Minerals Pilgangoora lithium operation, and Global Lithium Resources Marble Bar Lithium Deposit, are also located in the Pilbara mining region.
• December 2021, Chilean lithium producer SQM (Sociedad Quimica y Minera de Chile)  announced a joint venture with Kalamazoo Resources on KZR's Dom's Hill Lithium Project.
• TheAUGF Cuprite West and Cuprite East Projects are strategically located on either side of the KZR Dom's Hill Property.

The first phase of evaluation will comprise a satellite imagery program combined with a ground sampling program. Local geology is interpreted as Archaen granite-greenstone.  The contact zones between the granite and greenstone are interpreted as being the areas of exploration interest. Further news on the exploration program is expected later this month.

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. 

ON BEHALF OF THE BOARD

Adrian Hobkirk
President and CEO

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

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. Challenges associated with the company's exploration program are set out on page 14 of the Form 2A under the heading "Challenges associated with the Issuer's Exploration Program".

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.

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