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.”


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