Austral Gold’s expanded drilling program begins at Casposo-Manantiales | Taiwan News

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Strong points:

  • 4,000 meter diamond drill program underway. The objective is to extend the recently discovered high-grade mineralization.
  • Drilling program underway 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 at 18.65 g/t gold and 58 g/t silver
    • MDH-02-64: 2.35 meters at 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 mining complex.

Sydney, Australia – Newsfile Corp. – September 19, 2022 – Austral Gold Limited (ASX: AGD) (TSXV: AGLD) (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 meters of diamond core drilling (“DD”) in 16 DD holes.

The objective of the drilling program is to follow up on the results obtained from previous drilling campaigns in the Manantiales vein disclosed in the press releases of July 27, 2022 and October 26, 2021. The drilling program plans to define the face upper part of the north and south mineralized pipes and to explore the potential to the south and north of the protected blocks linked to the Vallecito reverse fault. To date, 2,313 meters have been drilled in 12 DD holes and total exploration costs have been US$1.2 million.

Exploration activities are also underway at the Cerro Amarillo project, including mapping and trench sampling in areas where we have previously identified high gold grades through rock chip sampling (Figure 3) . The new drill program is also expected to include three to four drill holes at the Cerro Amarillo project to test the continuity of mineralization at depth. Additionally, following the July 27, 2022 press release, the last four pending tests from Fabiola and Awada (Cerro Amarillo Project) have been received and there are no significant results to report.

Managing Director Stabro Kasaneva said: “We are pleased to begin the next phase of diamond drilling at Casposo-Manantiales. We are doubling the number of meters to be drilled in this phase based on the high gold grades of > 10 g/t received during our most recent drill program. Austral Gold’s objective at Casposo-Manantiales is to restart mining operations as we have put in place infrastructure including a 1,500 tpd crushing circuit agitated leach and the Merrill Crowe processing plant, which is currently in service and maintenance mode. »

Figure 1: Longitudinal section of the Manantiales vein: New drilling program and results highlights announced on July 27, 2022 and October 26, 2021

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Figure 2: Casposo – Manantiales District: Targeting and location map *
*Included in our ASX announcement of July 27, 2022

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Figure 3: Cerro Amarillo: channel and rock chip sampling results*
*Included in our ASX announcement of July 27, 2022

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Competent person

The technical information contained in this press release regarding exploration results is based on work supervised or compiled on behalf of Robert Trzebski, a director of the company. Dr. Trzebski, who is a Fellow 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 technical information that it has reviewed and approved or that has been compiled on its behalf.

About Southern Gold

Austral Gold Limited is a gold and silver mining explorer and producer whose strategy is to extend the life of its cash-generating assets in Chile, restart its Casposo-Manantiales mining complex in Argentina and build a portfolio quality assets in Chile, the United States and Argentina. organically through exploration and through acquisitions and strategic partnerships. Austral holds a 100% interest in the Guanaco/Amancaya mines in Chile and the Casposo-Manantiales mining complex (currently under 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 owns the Mercur project in Utah, USA.

Additionally, Austral has an attractive portfolio of exploration projects in Chile’s Paleocene belt (including those acquired through the 2021 acquisition of Revelo Resources Corp), a non-controlling 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 visit Austral’s website at www.australgold.com.

Neither the 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 endorsed by Austral Gold Managing Director Stabro Kasaneva.

For more information, please contact:
Jose Bordogna
Financial director
Austral Gold Limited
[email protected]
+61 466 892 307

Ben Jarvis
Director
Austral Gold Limited
[email protected]
+61 413 150 448

Forward-looking statements
Statements contained in this press 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 “plans”, “intends”, “plans”, “may”, “could”, “potential”, “should”, “anticipates”, “likely”, “believes” and words of similar significance tend to identify forward-looking statements. Forward-looking statements contained in this press release include the Company’s objective to expand the recently discovered high grades and mineralization in the drilling program, the scope and timing of this drilling program and plans to define the potential of the northern and southern deposits. and exploring the potential to the south and north of protected blocks related to the Vallecito Reverse Fault, and the Company’s overall goal of restarting mining operations at Casposo-Manantiales.

All such 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; production uncertainty; uncertainty of exploration programs, development plans and cost estimates; fluctuations in commodity prices; political or economic instability and regulatory changes; currency fluctuations, the state of capital markets, particularly 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 labor disturbances, reclamation and closure requirements relating to mineral properties; unforeseeable risks and dangers associated with 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 continuous disclosure documents filed on the ASX and on SEDAR. You are cautioned that the above list is not exhaustive of all factors and assumptions that may have been used. Austral cannot assure you that actual events, performance or results will conform to 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 undertakes no obligation to update any forward-looking statements if circumstances or management’s beliefs, expectations or opinions were to 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 it is not aware of any information or data materially affecting the information contained in its press releases dated July 27, 2022 and October 26, 2021.

Austral Gold's expanded drilling program begins at Casposo-Manantiales

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