Austral Engages SLR to Update NI 43-101 Technical Report
Austral Engages SLR to Update NI 43-101
Technical Report
Sydney, Australia--(Newsfile Corp. - October 7, 2021) - Austral Gold Limited (ASX: AGD) (TSXV:
AGLD) (the
"Company"
) is pleased to announce that it has engaged SLR Consulting (Canada) Ltd
(
"SLR"
) to update the mineral resource and mineral reserve estimates at its Guanaco-Amancaya mine
complex, which were most recently reported in a Technical Report
prepared by Roscoe Postle
Associates Inc. (
"RPA
", a predecessor to SLR) dated June 16, 2017 and filed on SEDAR July 11, 2017
(the
"Original Report"
).
The Company expects the updated report to be completed and filed during Q1 2022. Updates will
include mineral resources and mineral reserves from the Amancaya, Guanaco and Inesperada mines as
well as the heap leach pads at Guanaco.
SLR is a global provider of environmental and advisory solutions founded in 1994 with more than 100
offices in 13 countries. It acquired RPA in September 2019.
Chief Executive Officer, Stabro Kasaneva commented,
"Because the updated report is to include
drilling results obtained since we filed the Original Report, we expect to see positive results. This effort
comprises an important pillar in our strategy to preserve our flagship producing mines in Chile."
About the Guanaco-Amancaya Mine Complex
The Guanaco and Amancaya mine complex remains the Company's flagship asset in Chile. Guanaco is
located approximately 220km south-east of Antofagasta in Northern Chile at an elevation of 2,700m and
45km from the Pan American Highway. Guanaco is embedded in the Paleocene/Eocene belt, a
geological feature which runs north/south through the centre of the Antofagasta region, Chile. Amancaya
is located approximately 60km south-west of the Guanaco mine. Amancaya is a low sulphidation
epithermal gold-silver deposit consisting of eight mining exploration concessions covering 1,755
hectares (and a further 1,390 hectares of second layer mining claims). At Amancaya, underground
operations started in 2018.
About Austral Gold
Austral Gold Limited is a growing gold and silver mining, development and exploration company
whose strategy is to expand the life of its cash generating assets in Chile, restart its Casposo mine in
Argentina and build a portfolio of quality assets in Chile, the USA and Argentina organically through a
Tier 1 or 2 exploration strategy and via acquisitions and strategic partnerships. Austral owns a 100%
interest in the Guanaco/Amancaya mine in Chile and the Casposo Mine (currently on care and
maintenance) in Argentina, a non-controlling interest in the Rawhide Mine in Nevada, USA and a
non-controlling interest in Ensign Gold which holds the Mercur project in Utah, USA. In addition,
Austral owns an attractive portfolio of exploration projects in the Paleocene Belt in Chile (including
those acquired in the recent acquisition of Revelo Resources Corp), a non-controlling interest in
Pampa Metals and a 100% interest in the Pingüino project in Santa Cruz, Argentina. Austral Gold
Limited is listed on the TSX Venture Exchange (TSXV: AGLD) and the Australian Securities
Exchange. (ASX: AGD). For more information, please consult Austral's website at
www.australgold.com
.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this
release.
Release approved by the Chief Executive Officer of Austral Gold, Stabro Kasaneva.
For additional information please contact:
Jose Bordogna
Chief Financial Officer
Austral Gold Limited
+54 (11) 4323 7558
David Hwang
Company Secretary
Austral Gold Limited
+61 (2) 9698 5414
Forward-Looking Statements
Statements in this news release that are not historical facts are forward-looking statements. Forward-
looking statements are statements that are not historical and consist primarily of projections - statements
regarding future plans, expectations and developments. Words such as "expects", "intends", "plans",
"may", "could", "potential", "should", "anticipates", "likely", "believes" and words of similar import tend to
identify forward-looking statements. Forward-looking statements in this news release include those
concerning the expectation that the update to the Original Report will include drill results obtained since
the date of the Original Report, will include mineral resources and mineral reserves from the Amancaya,
Guanaco and Inesperada mines as well as the heap leach pads at Guanaco, the expectation that it will
include positive results, and the expectation that it will be completed during Q1, 2022.
These forward-looking statements are subject to a variety of known and unknown risks, uncertainties and
other factors that could cause actual events or results to differ from those expressed or implied,
including, without limitation, business integration risks; uncertainty of production, development plans and
cost estimates, commodity price fluctuations; political or economic instability and regulatory changes;
currency fluctuations, the state of the capital markets especially in light of the effects of the novel
coronavirus, uncertainty in the measurement of mineral reserves and resource estimates, Austral's ability
to attract and retain qualified personnel and management, potential labour unrest, reclamation and
closure requirements for mineral properties; unpredictable risks and hazards related to the development
and operation of a mine or mineral property that are beyond the Company's control, the availability of
capital to fund all of the Company's projects and other risks and uncertainties identified under the
heading "Risk Factors" in the Company's continuous disclosure documents filed on the ASX and on
SEDAR. You are cautioned that the foregoing list is not exhaustive of all factors and assumptions which
may have been used. Austral cannot assure you that actual events, performance or results will be
consistent with these forward-looking statements, and management's assumptions may prove to be
incorrect. Austral's forward-looking statements reflect current expectations regarding future events and
operating performance and speak only as of the date hereof and Austral does not assume any obligation
to update forward-looking statements if circumstances or management's beliefs, expectations or
opinions should change other than as required by applicable law. For the reasons set forth above, you
should not place undue reliance on forward-looking statements.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/98841