Austral Gold's Expanded Drilling Program Commences at Casposo-Manantiales
Austral Gold's Expanded Drilling Program
Commences at Casposo-Manantiales
Highlights:
4,000 metre diamond drill program now underway. Objective is to expand recently
discovered high-grade mineralisation.
Current drilling program to test follow up targets on the Manantiales vein where high gold
grades were intersected in three of the five holes drilled in our most recent drill program:
MDH-02-63: 4.40 meters @ 18.65 g/t gold and 58 g/t silver
MDH-02-64: 2.35 meters @ 15.61 g/t gold and 81 g/t silver
MDH-02-60: 2.50 meters @ 9.73 g/t gold and 49 g/t silver
A strategic objective of Austral Gold is to establish sufficient mineral reserves to restart
mining operations at the Casposo-Manantiales mine complex.
Sydney, Australia--(Newsfile Corp. - September 19, 2022) -
Austral Gold Limited (ASX: AGD) (TSXV:
AGLD)
(the "Company")
is pleased to announce the start of a new drilling campaign ("drilling
program") at the Casposo-Manantiales Project located in the province of San Juan, Argentina. The
Company plans to drill approximately 4,000 metres of diamond drilling ("DD") in 16 DD holes.
The focus of the drilling program is 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 media releases. The drilling
program plans to define the upside of the northern and southern ore-shoots and explore the potential to
the South and North at the protected blocks related to the Vallecito reverse fault. To date, 2,313 metres
were drilled in 12 DD holes and total exploration costs were US$1.2 million.
Exploration activities are also ongoing at the Cerro Amarillo Project, including mapping and sampling of
trenches in the areas where we previously identified high-gold grades through rock-chip sampling (figure
3). The new drilling program is also expected to include three to four drill holes in the Cerro Amarillo
Project to test mineralisation continuity at depth. In addition, following the news release dated 27 July
2022, the last four pending assays from Fabiola and Awada (Cerro Amarillo Project) were received and
there are no significant results to report.
Chief Executive Officer, Stabro Kasaneva commented:
"We are pleased to commence the next
phase of diamond drilling at Casposo-Manantiales. We are doubling the number of metres to be
drilled in this phase based on high gold grades of
>
10 g/t received in our most recent drilling
program. Austral Gold's objective at Casposo-Manantiales is to restart mining operations as we have
established infrastructure including a 1,500 tpd crushing circuit agitation leach and Merrill Crowe
processing plant, which is currently on care and maintenance."
Figure 1: Manantiales Vein Longitudinal Section: New drilling program and highlights of results
announced on 27 July 2022 and 26 October 2021
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/690/137629_ccaa8a8e94c3e9cb_002full.jpg
Figure 2: Casposo - Manantiales District: Targeting and Location Map *
*Included in our 27 July 2022 ASX announcement
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/690/137629_ccaa8a8e94c3e9cb_003full.jpg
Figure 3: Cerro Amarillo: Channel and rock chip sampling results*
*Included in our 27 July 2022 ASX announcement
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/690/137629_ccaa8a8e94c3e9cb_004full.jpg
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
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 an attractive portfolio of exploration projects in the Paleocene Belt in Chile
(including those acquired in the 2021 acquisition of Revelo Resources Corp), a noncontrolling interest in
Pampa Metals and a 100% interest in the Pingüino project and a 51% interest in the Sierra Blanca
project, both 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 the Company's objective to expand recently discovered high grades and mineralisation in the
drilling program, the scope and timing of that drilling program as well as the plans to define the upside of
the northern and southern ore-shoots and explore the potential to the South and North at the protected
blocks related to the Vallecito reverse fault, and the Company's overall objective to restart mining
operations at Casposo-Manantiales.
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 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.
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.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/137629