Austral Gold Announces Drill Results at Casposo-Manantiales
Austral Gold Announces Drill Results at
Casposo-Manantiales
HIGHLIGHTS
Completed a 4,000-metre diamond drill program at the Casposo-Manantiales Project located in
the province of San Juan, Argentina to test follow up targets at the Manantiales vein where high
gold grades were previously intersected.
The program indicated shallow mineralisation and possible continuity at depth. The best intercepts
were:
MDH-22-72: 6.10 metres @ 11.77 gpt gold and 10.0 gpt silver
MDH-22-68: 2.40 metres @ 7.39 gpt gold and 18.0 gpt silver
Next steps are to review and analyse historical exploration data and mineral structures prior to the
design of the next drilling campaign scheduled for later this year. The Company's objective is to
establish sufficient mineral reserves to restart mining operations at the Casposo-Manantiales
Project.
Sydney, Australia--(Newsfile Corp. - January 30, 2023) - Austral Gold Limited (ASX: AGD) (TSXV:
AGLD) (
"Austral"
) is pleased to announce the results from its recent drilling campaign ("drilling
program") at the Casposo-Manantiales Project located in the province of San Juan, Argentina. The
Company drilled 4,265 metres of diamond drilling ("DD") in 15 DD holes.
The focus of the drilling program was to follow up on the results achieved in previous drilling campaigns
at the Manantiales vein disclosed in the 27 July 2022 and 26 October 2021 announcements. The follow-
up drilling program at the Manantiales vein intercepted high gold grades at the top and bottom of the
central ore-shoot, indicating possible continuity at depth. The best two holes intercepted high-grade gold
confirming the continuity of mineralisation in the central ore-shoot and opening the upside at depth.
During 2022, 6,585 metres were drilled in 27 DD holes and total exploration costs were US$2.8 million.
At Cerro Amarillo, which is close to the Manantiales vein (see map below), two holes were drilled; one in
Awada (152 metres), and the other in La Puerta (326 metres) to test for new structural and ore controls.
Favourable alteration was intercepted with discrete gold anomalies.
The AWD-22-003 hole located in the western sector of Awada recognised strong silicification in
approximately 50 metres, although with low gold anomalies. At La Puerta, the objective of drill hole LPO-
22-004 was to intercept the veins in more favourable host rock, however the structures were intercepted
in Oveja Negra Fm without significant gold values.
Austral Gold's Chief Executive Officer
,
Stabro Kasaneva
said:
"We are pleased to complete the
2022 drilling program of approximately 7,000 metres over two phases at the Casposo-Manantiales
project. The outcome of the program was positive with some encouraging assays reported, and we
look forward to the design of our next drilling campaign considering our objective to restart mining
operations at the Casposo-Manantiales project."
Casposo-Manantiales Project
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Manantiales Vein Long Section
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Manantiales Vein Drill-hole map
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Competent Person
Technical information in this media release that relates to Exploration Results is based on work
supervised, or compiled on behalf of Robert Trzebski, a Director of the Company. Dr. Trzebski, who is a
member of the Australasian Institute of Mining and Metallurgy (AusIMM) and qualifies as a Competent
Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results,
Mineral Resources and Ore Reserves' consents to the inclusion of the technical information that he has
reviewed and approved or has been compiled on his behalf.
About Austral Gold Limited
Austral Gold Limited is a gold and silver explorer and mining producer whose strategy is to expand the
life of its cash generating assets in Chile, restart its Casposo-Manantiales mine complex in Argentina
and build a portfolio of quality assets in Chile, the USA and Argentina organically through exploration and
via acquisitions and strategic partnerships. Austral owns a 100% interest in the Guanaco/Amancaya
mines in Chile and the Casposo-Manantiales mine complex (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 and has options on an attractive portfolio of exploration projects in the
Paleocene Belt in Chile (including the Jaguelito project in San Juan, Argentina, projects acquired in the
2021 acquisition of Revelo Resources Corp), a noncontrolling interest in Pampa Metals and a 51%
interest in the Sierra Blanca 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
+61 466 892 307
Ben Jarvis
Director
Austral Gold Limited
+61 413 150 448
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 next steps are to review and analyse historical exploration data and mineral structures prior to
the design of the next drilling campaign.
All of 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, uncertainty of
exploration programs, 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 1ttarct 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.
Confirmation: For the purposes of ASX Listing Rule 5.23.2, Austral confirms that is not aware of any
information or data that materially affects the information included in its press releases dated 27 July
2022 and 26 October 2021.
Table 1: Manantiales and Cerro Amarillo Drill hole Results
Hole
East
North
RL
Dip
Azimuth
EoH
Sector
Section
Intercept
Width
(m)
Depth
(m)
Au
gpt
Ag
gpt
LA PUERTA RESULTS
Significant intercepts reported at 1 gpt Au cutoff; include at 3 gpt Au cutoff. sub-include at 10 gpt Au cutoff
LPO-
22-004
2437854.0
6552174.0
2716.00
-60
135
326
La Puerta
Section 4
No significant intercepts
AWADA RESULTS
Significant intercepts reported at 1 gpt Au cutoff; include at 3 gpt Au cutoff. sub-include at 10 gpt Au cutoff
ADH-
22-002
2437275.0
6552395.0
2738.0
-65
0
56.0
Awada
E2437200
No significant intercepts
ADH-
22-003
2436907.0
6552416.0
2855.00
-70
0
152
Awada
E2436900
No significant intercepts
FABIOLA RESULTS
Significant intercepts reported at 1 gpt Au cutoff; include at 3 gpt Au cutoff. sub-include at 10 gpt Au cutoff
FDH-22-
001
2437674.0
6552763.0
2703.00
-50
90
107.0
Fabiola
N6552775
No significant intercepts
FDH-22-
002
2437741.0
6553125.0
2687.00
-60
270
143.0
Fabiola
N6553150
No significant intercepts
FDH-22-
003
2437695.0
6553240.0
2636.00
-60
270
137.0
Fabiola
N6553250
No significant intercepts
MANANTIALES VEIN RESULTS
Significant intercepts reported at 1 gpt Au cutoff; include at 3 gpt Au cutoff. sub-include at 10 gpt Au cutoff
MDH-
22-065
2432336.0
6552641.0
3256.00
-60
270
326
Manantiales
Vein
N6552650
No significant intercepts
MDH-
22-066
2432404.0
6552798.0
3350.00
-60
270
401.6
Manantiales
Vein
N6552800
No significant intercepts
MDH-
22-067
2432403.0
6552727.0
3328.00
-60
270
449
Manantiales
Vein
N6552725
1.90
372.10
1.50
13.00
MDH-
22-068
2432112.0
6552518.0
3327.00
-50
270
68
Manantiales
Vein
N6552525
2.40
54.00
7.39
18.00
MDH-
22-068
2432112.0
6552518.0
3327.00
-50
270
68
Manantiales
Vein
includes
1.30
54.00
12.93
22.30
MDH-
22-069
2432155.0
6552558.0
3331.00
-60
270
146
Manantiales
Vein
N6552575
No significant intercepts
MDH-
22-070
2432279.0
6552509.0
3269.00
-55
270
312.9
Manantiales
Vein
N6552500
No significant intercepts
MDH-
22-071
2432290.0
6552430.0
3287.00
-63
270
307
Manantiales
Vein
N6552425
No significant intercepts
MDH-
22-072
2432261.0
6552349.0
3302.00
-60
270
368.00
Manantiales
Vein
N6552425
6.10
291.40
11.77
10.00
MDH-
22-072
2432261.0
6552349.0
3302.00
-60
270
368.00
Manantiales
Vein
includes
1.10
291.40
54.03
21.40
MDH-
22-072
2432261.0
6552349.0
3302.00
-60
270
368.00
Manantiales
Vein
and
3.27
301.38
5.23
101.00
MDH-
22-073
2432075.0
6552150.0
3421.00
-60
270
221
Manantiales
Vein
N6552150
No significant intercepts
MDH-
22-074
2432110.4
6552050.0
3403.17
-60
270
254
Manantiales
Vein
N6552050
No significant intercepts
MDH-
22-075
2432192.0
6552775.0
3390.00
-50
270
98.00
Manantiales
Vein
N6552775
2.18
55.02
2.20
24.00
MDH-
22-076
2432192.0
6552050.0
3383.00
-53
270
434
Manantiales
Vein
N6552050
No significant intercepts
MDH-
22-077
2432289.7
6552275.0
3320.82
-65
270
401
Manantiales
Vein
N6552275
No significant intercepts
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