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July 27, 2022, 8:32 a.m. EDT

Austral Gold Reports Encouraging Results at Casposo

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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
 
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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 /zigman2/quotes/205808903/delayed CA:AGLD -12.50% 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
Jose.bordogna@australgold.com
+61 4666 892 307

Ben Jarvis
Director
Austral Gold Limited
info@australgold.com
+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) /zigman2/quotes/205808903/delayed CA:AGLD -12.50% Level 5 126 Phillip St, Sydney NSW 2000 | T +61 2 9380 7233 | F +61 2 9251 7455 | info@australgold.com | 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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/zigman2/quotes/205808903/delayed
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CA : Canada: TSX Venture
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