Austral Gold Reports Encouraging Results at Casposo
Austral Gold Reports Encouraging Results at
Casposo
Sydney, Australia--(Newsfile Corp. - July 27, 2022) - Austral Gold Limited (ASX: AGD) (TSXV: AGLD)
(the
"Company"
or
"Austral"
) is pleased to announce exploration results at its Casposo-Manantiales
project in Argentina.
Highlights:
At the Manantiales vein, the follow-up drilling program intercepted high gold grades for the first
time, opening the upside at depth and indicating the continuity of mineralisation in the south ore-
shoot.
−
MDH-02-63:
4.40 meters @ 18.65 g/t gold and 58 g/t silver
-
including: 3.12 meters @ 26.04 g/t gold and 37 g/t silver
-
sub-including: 0.75 meters @ 76.26 g/t gold and 75 g/t silver
−
MDH-02-64:
2.35 meters @ 15.61 g/t gold and 81 g/t silver
-
including: 1.58 meters @ 22.30 g/t gold and 116 g/t silver
−
MDH-02-60:
2.50 meters @ 9.73 g/t gold and 49 g/t silver
-
including: 0.90 meters @ 25.48 g/t gold and 125 g/t silver
-
sub-including: 0.45 meters @ 48.16 g/t gold and 192 g/t silver
At the Cerro Amarillo project, the delineation process continued with rock-chip sampling providing
gold grades up to 149.74 grams per tonne ("g/t") Au and 622 g/t Ag at the La Puerta, Awada and
Fabiola targets. Subsequent follow-up with channel sampling indicates high-grade mineralisation
associated with intense silicification and the presence of multiple minor veining. The channels with
the best results by area are:
−
La Puerta: 6.20 m @ 11.22 g/t gold and 76 g/t silver
−
Awada: 2.60 m @ 19.62 g/t gold and 54 g/t silver
−
Fabiola: 1.50 m @ 19.70 g/t gold and 12 g/t silver
The first phase of drill testing in La Puerta, Awada and Fabiola were completed. At La Puerta, the
three holes drilled had no significant results, while the results from the three holes in Fabiola and
one in Awada have not yet been received.
To date, a total of 2,321.3 meters were drilled in 12 diamond drill holes and assays from 8 drill
holes have been received to date.
We plan to resume the drilling program in September 2022 when weather conditions improve,
which we expect to include the following:
(i)
infill drilling program at the Manantiales vein;
(ii)
follow-up drilling program at the best targets at the Cerro Amarillo project;
(iii)
revisit of remaining mineral resources in the Casposo mine
Chief Executive Officer, Stabro Kasaneva, commented:
"We are encouraged with the latest assay
results from our exploration program at the Casposo-Manantiales cluster. These results indicate that we
are on the path towards achieving our strategic objective of re-starting mining operations at Casposo.
We will keep our shareholders informed on further drill results and our next drilling campaign starting
during September 2022."
Manantiales Vein
The phase II drilling campaign commenced in 2022 as announced in the Company's press release
dated 28 April 2022. The drill campaign covered 1,273 meters in 5 holes with 4 holes oriented to define
the southern ore-shoot extensions and a fifth hole to explore the continuity of mineralisation in the
northern ore-shoot at the lower contact of the flat intrusive.
The best result obtained to date is drill hole MDH-22-063, which intercepted a high-grade gold structure
with a width of more than 4 meters. This intercept indicates that the best mineralisation control in
Manantiales vein is related to the lower contact of the dacitic intrusive opening the potential along this
discontinuity and at depth.
Results from the drill holes MDH-22-060 and MDH-22-064 confirmed the continuity of the blind ore-shoot
previously intercepted by drill holes MDH-22-057/058. Drill hole MDH-22-060 opens the mineralisation
to depth, while drill hole MDH-22-64 indicates mineralisation closer to the surface. Drill hole MDH-0061
intercepted a post mineral dyke using the same space of the structure in that segment and did not show
veins or mineralised structure.
The next drilling campaign is being planned to define the upside of the northern and southern ore-shoots
and to explore the potential to the South and North at the protected blocks related to the Vallecito
reverse faulting.
Casposo - Manantiales District: Targeting and Location Map
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Manantiales Vein:
Drilling results at longitudinal section
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Cerro Amarillo - Exploration Update
At Cerro Amarillo, the delineation process continued with rock chip sampling showing high gold values in
the La Puerta, Awada and Fabiola sectors.
These results are related to multiple centimeter veinlets in at least three main directions, all
predominantly hosted in a complex of exogenous rhyolitic domes. The largest known structures appear
to be controlled by the N-S oriented fault contacts of the domes with an andesitic tuff (Oveja Negra Fm).
Their formation is related to a low sulphidation system, likely developed as sheeted veinlets and
stockwork of millimeter to centimeter veinlets of quartz and quartz-adularia with the presence of ginguro.
The results of reconnaissance sampling in veinlets and veins from 2 to 60 cm obtained the following
results:
−
La Puerta:
-
Sample 9935 - 149.74 g/t gold and 622 g/t silver
-
Sample 10098 - 106.39 g/t gold and 1,110 g/t silver
-
Sample 9959 - 89.11 g/t gold and 441 g/t silver
-
Sample 9897 - 68.11 g/t gold and 200 g/t silver
−
Awada:
-
Sample 0122 - 38.22 g/t gold and 65 g/t silver
-
Sample 10124 - 27.36 g/t gold and 65 g/t silver
-
Sample 10125 - 6.61 g/t gold and 12 g/t silver
-
Sample 9411 - 6.52 g/t gold and 12 g/t silver
−
Fabiola:
-
Sample 9207 - 5.12 g/t gold and 11 g/t silver
-
Sample 9589 - 1.03 g/t gold and 201g/t silver
Subsequent follow-up channel sampling confirmed high-grade mineralisation associated with intense
silicification and the presence of veining. Highlights of the results from the channels are as follows:
−
La Puerta:
-
Channel LP04 - 6.20 m @ 11.22 g/t gold and 76 g/t silver
-
Including 5.10 m @ 13.47 g/t gold and 91 g/t silver
-
sub-including: 2.90 meters @ 20.06 g/t gold and 127 g/t silver
-
Channel LP17 - 0.80 m @ 45.07 g/t gold and 206 g/t silver
-
Including 0.40 m @ 83.45 g/t gold and 353 g/t silver
−
Awada:
-
Channel AW07 - 2.6 m @ 19.62 g/t gold and 54 g/t silver
-
Including 2.30 m @ 21.95 g/t gold and 60 g/t silver
-
sub-including: 1.05 meters @ 40.85 g/t gold and 118 g/t silver
-
Channel AW09 - 1.60 m @ 20.36 g/t gold and 62 g/t silver
-
Including 0.50 m @ 27.51 g/t gold and 61 g/t silver
−
Fabiola:
-
Channel FA03 - 1.50 m @ 19.70 g/t gold and 12 g/t silver
-
Including 0.65 m @ 34.61 g/t gold and 21 g/t silver
At La Puerta, the first phase of drilling was completed including 3 holes without significant results. The
drill testing program was completed in Fabiola and the results are pending. The three holes intercepted
a structure with widths that do not exceed one meter.
At Awada, one follow-up hole was drilled to the high grade AW07 channel, intercepting the sheeted
quartz veinlets with apparent presence of ginguro, continuing 50 meters below surface. We expect to
receive the results from this drill hole shortly.
Upcoming work program priorities are focused on drilling the second phase in Fabiola and Awada, with
the goal of finding the vertical continuity of high-grade mineralisation. In addition, the second drilling
phase at La Puerta is being designed.
Cerro Amarillo:
Channel and rock chip sampling results
To view an enhanced version of this graphic, please visit:
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Competent Person
Technical information in this press 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.
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 4666 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 future exploration activities including resumption of the drilling program in September 2022 and
detailed plans for the program, latest assay results indicate that we are on the path towards achieving
our strategic objective of re-starting mining operations at Casposo, planning of next drilling campaign at
the Manantiales vein and receipt of outstanding drilling results.
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, 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.
Austral Gold Limited
ABN 30 075 860 472
(ASX: AGD) (TSXV: AGLD)
Level 5 126 Phillip St, Sydney NSW 2000 |
T
+61 2 9380 7233 |
F
+61 2 9251 7455 |
|
www.australgold.com
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
Significant intercepts reported at 1 gpt Au cutoff;
* include at 3 gpt Au cutoff; ** sub-include at 10 gpt Au cutoff
LPO-22-
001
2437811.00
6551998.00
2764.00
-60.00
135.00
224.0
La Puerta
Section 1
0.30
36.30
1.79
14.4
LPO-22-
002
2437774.00
6551967.00
2770.00
-60.00
135.00
182.5
La Puerta
Section 2
No significant intercepts
LPO-22-
003
2437975.00
6552004.00
2724.00
-60.00
270.00
198.8
La Puerta
Section 3
No significant intercepts
AW-22-
001
2437275.00
6552395.00
2738.00
-65.00
0.00
56.0
Awada
E2437200
Results pending
FDH-22-
001
2437674.00
6552763.00
2703.00
-50.00
90.00
107.0
Fabiola
N6552775
Results pending
FDH-22-
002
2437741.00
6553125.00
2687.00
-60.00
270.00
143.0
Fabiola
N6553150
Results pending
FDH-22-
003
2437695.00
6553240.00
2636.00
-60.00
270.00
137.0
Fabiola
N6553250
Results pending
MDH-22-
060
2432162.18
6552375.00
3356.00
-65.00
270.00
236.0
Manantiales
Vein
N6552375
2.50
188.00
9.73
48.6
Include*
0.90
188.00
25.48
124.8
sub-
include**
0.45
188.45
48.16
191.8
MDH-22-
061
2432220.75
6552275.9
3359.00
-65.00
270.00
261.0
Manantiales
Vein
N6552275
No significant intercepts
MDH-22-
062
2432227.7
6552374.9
3335.00
-65.00
270.00
308.0
Manantiales
Vein
N6552375
1.00
253.50
1.13
23.0
MDH-22-
063
2432305.06
6552735.7
3342.00
-65.00
270.00
329.0
Manantiales
Vein
N6552725
4.40
290.85
18.65
58.0
include*
3.12
291.15
26.04
37.0
sub-
include**
0.75
291.70
76.26
75.1
MDH-22-
064
2432126.00
6552479.00
3334.00
-50.00
280.00
101.0
Manantiales
Vein
N6552500
2.35
57.50
15.61
80.8
include*
1.58
58.27
22.33
115.7
Table 2:
Cerro Amarillo Channel sampling results
Hole
East
North
RL
Azimuth
EoH
Sector
Intercept
Width (m)
Au gpt
Ag gpt
Significant intercepts reported at 1 gpt Au cutoff;
* include at 3 gpt Au cutoff; ** sub-include at 10 gpt Au cutoff
LP-01
2437870.00
6551995.86
2726.00
145.00
1.50
La Puerta
No significant intercepts
LP-02
2437846.94
6551963.97
2754.00
100.00
8.00
La Puerta
No significant intercepts
LP-03
2437837.00
6551960.00
2762.00
115.00
9.10
La Puerta
No significant intercepts
LP-04
2437750.00
6552049.00
2763.00
120.00
7.20
La Puerta
6.20
11.22
76.15
Include*
5.10
13.47
90.91
sub-include**
2.90
20.06
126.62
LP-05
2437750.00
6552049.00
2763.00
135.00
40.00
La Puerta
No significant intercepts
LP-06
2437773.00
6552011.00
2766.00
135.00
13.50
La Puerta
No significant intercepts
LP-07
2437800.00
6551961.00
2763.00
135.00
37.50
La Puerta
1.00
4.39
19.30
LP-08
2437723.09
6551988.17
2769.00
135.00
21.00
La Puerta
No significant intercepts
LP-09
2437683.33
6551993.43
2767.00
130.00
11.25
La Puerta
No significant intercepts
LP-10
2437704.61
6552009.38
2767.00
123.00
10.80
La Puerta
0.20
1.69
4.10
LP-11
2437726.47
6552021.62
2771.00
135.00
2.20
La Puerta
No significant intercepts
LP-12
2437723.90
6552139.86
2770.00
170.00
6.65
La Puerta
No significant intercepts
LP-13
2437652.09
6552003.17
2746.00
145.00
16.00
La Puerta
No significant intercepts
LP-14
2437653.20
6552003.79
2748.00
85.00
2.30
La Puerta
No significant intercepts
LP-15
2437744.09
6551981.17
2699.00
155.00
8.00
La Puerta
No significant intercepts
LP-16
2437793.09
6551942.17
2760.00
140.00
7.90
La Puerta
No significant intercepts
LP17
2437833.00
6551980.00
2751.00
135.00
2.7
La Puerta
0.80
45.07
205.91
Include*
0.40
83.45
353.00
AW-01
2436782.00
6552488.00
2842.00
10.00
15.60
Awada
0.7
1.44
15.6
AW-02
2437108.00
6552446.00
2778.00
160.00
2.60
Awada
0.85
1.20
10.56
AW-03
2437175.00
6552450.00
2753.00
152.00
4.80
Awada
No significant intercepts
AW-04
2437489.00
6552467.00
2721.00
135.00
2.30
Awada
0.40
2.40
201.00
AW-05
2437771.00
6552625.00
2722.00
190.00
3.80
Awada
No significant intercepts
AW-06
2437761.00
6552638.00
2724.00
120.00
1.70
Awada
0.25
2.80
83.20
AW-07
2437274.00
6552440.00
2748.00
135.00
4.0
Awada
2.60
19.62
53.50
Include*
2.30
21.95
59.93
sub-include**
1.05
40.85
117.53
AW-08
2437279.00
6552434.00
2712.00
104.00
2.00
Awada
2.00
6.21
10.78
Include*
1.50
7.79
13.13
sub-include**
0.50
14.97
26.40
AW-09
2437281.00
6552434.00
2712.00
20.00
2.10
Awada
1.60
20.36
62.23
Include*
0.50
27.51
60.90
AW-10
2437290.00
6552425.7
2726.00
75.00
1.50
Awada
0.60
2.25
6.70
FA-01
2437732.00
6552907.00
2711.00
20.00
4.8
Fabiola
0.15
1.27
201.00
FA-02
2437666.00
6553052.00
2749.00
85.00
10.45
Fabiola
No significant intercepts
FA-03
2437699.00
6552765.00
2695.00
115.00
7.35
Fabiola
1.50
19.70
11.97
Include*
0.65
34.61
21.0
FA-04
2437651.00
6553271.00
2643.00
120.00
6.7
Fabiola
No significant intercepts
FA-05
2437663.00
6553306.00
2638.00
105.00
4.0
Fabiola
No significant intercepts
FA-06
2437671.00
6553204.00
2638.00
140.00
3.0
Fabiola
No significant intercepts
Table 3:
Cerro Amarillo Rock chip sampling results
Hole
East
North
RL
Sector
Au gpt
Ag gpt
Samples reported at 2 gpt Au cutoff
M9709
2437711.00
6552007.00
2741.00
Cerro Amarillo Sur
6.63
19.2
M9712
2437752.00
6551991.00
2758.00
Cerro Amarillo Sur
4.12
10.6
M9719
2437912.00
6552115.00
2730.00
Cerro Amarillo Sur
10.72
62.6
M9720
2437967.00
6552056.00
2743.00
Cerro Amarillo Sur
17.14
14.5
M9732
2438020.00
6551832.00
2652.00
La Puerta
4.22
18.2
M9745
2437893.00
6551990.00
2710.00
Cerro Amarillo Sur
7.15
84.5
M9773
2437741.00
6552615.00
2708.00
Fabiola
2.52
5.2
M9774
2437759.00
6552633.00
2698.00
Fabiola
4.32
152.9
M9848
2437715.00
6552132.00
2761.00
La Puerta Oeste
2.89
10.3
M9856
2437689.00
6551988.00
2766.00
La Puerta Oeste
6.59
25.3
M9858
2437655.00
6551999.00
2763.00
La Puerta Oeste
2.18
9.3
M9888
2437881.00
6551974.00
2724.00
La Puerta Oeste
2.25
11.0
M9889
2437888.00
6551985.00
2718.00
La Puerta Oeste
8.72
52.0
M9892
2437836.00
6551968.00
2756.00
La Puerta Oeste
29.98
120.9
M9897
2437831.00
6551965.00
2761.00
La Puerta Oeste
68.11
200.0
M9898
2437803.00
6551960.00
2766.00
La Puerta Oeste
7.89
37.0
M9901
2438010.09
6552054.17
2730.00
La Puerta Oeste
4.53
10.4
M9906
2438016.09
6551834.17
2652.00
La Puerta Oeste
7.03
25.8
M9935
2437835.00
6551983.00
2742.00
La Puerta Oeste
149.74
621.9
M9936
2437837.00
6551977.00
2749.00
La Puerta Oeste
4.16
29.0
M9940
2437827.00
6551957.00
2762.00
La Puerta Oeste
2.05
8.3
M9956
2437734.00
6551981.00
2764.00
La Puerta Oeste
28.21
232.9
M9959
2437825.00
6551965.00
2754.00
La Puerta Oeste
89.11
440.9
M9973
2437812.00
6551964.00
2762.00
La Puerta Oeste
10.99
65.2
M9978
2437834.00
6551927.00
2762.00
La Puerta Oeste
2.11
4.3
M9980
2437844.00
6551934.00
2754.00
La Puerta Oeste
5.55
17.5
M9988
2437850.00
6551944.00
2739.00
La Puerta Oeste
64.57
176.8
M9989
2437850.00
6551944.00
2739.00
La Puerta Oeste
21.27
59.4
M9995
2437862.00
6551955.00
2737.00
La Puerta Oeste
5.63
31.9
M10000
2437863.00
6551958.00
2735.00
La Puerta Oeste
2.83
12.0
M10085
2437725.09
6552703.17
2688.00
Fabiola
2.48
22.5
M10096
2437844.00
6551980.00
2750.00
La Puerta Oeste
16.35
110.4
M10097
2437840.00
6551981.00
2752.00
La Puerta Oeste
17.36
114.5
M10098
2437836.00
6551978.00
2753.00
La Puerta Oeste
106.39
1109.6
M10114
2437233.00
6552469.00
2781.00
Awada
4.00
32.1
M10122
2437289.00
6552426.00
2746.00
Awada
27.36
64.6
M10124
2437280.00
6552437.00
2751.00
Awada
38.22
62.3
M10125
2437275.00
6552437.00
2752.00
Awada
6.61
12.4
M10172
2437581.64
6552122.11
2777.00
La Puerta Oeste
3.22
7.8
M10195
2437898.00
6551997.00
2699.00
La Puerta Oeste
51.94
187.4
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