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March 28, 2022, 11:17 p.m. EDT

Austral Gold Updates Mineral Reserve and Resource Estimates in Chile

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  1. Mineral Reserves follow CIM (2014) definitions and are compliant with the JORC Code.

  2. Mineral Reserves are reported on a 100% ownership basis and estimated at the following cut-off grades:

  3. Mineral Reserves are estimated using an average long term gold price of US$1,700/oz and silver price of US$22/oz.

  4. Amancaya AuEq was calculated as AuEq = Au + 0.0110 x Ag, based on prices of US$1,700/oz Au and US$22/oz Ag and recoveries of Au and Ag of 93% and 79%, respectively.

  5. The following parameters were used for the Amancaya Mineral Reserve estimate:

  6. Metallurgical recovery is 93% for gold and 79% for silver.

  7. Bulk density is 2.5 t/m3.

  8. The following parameters were used for the Inesperada Mineral Reserve estimate:

  9. The following parameters were used for the Mineral Reserve estimate for the Guanaco Heaps:

  10. Metallurgical recoveries for Heaps I, II, and II are 54%, 70%, and 46% for gold respectively.

  11. Bulk density is 1.77 t/m3 for Heap I, 1.50 t/m3 for Heap II, and 1.70 t/m3 for Heap III.

  12. Numbers may not add due to rounding.

There are no known legal, political, environmental, or other risks that could materially affect the potential development of the mineral resources or mineral reserves.

TECHNICAL CONTENT AND QUALIFIED PERSONS

The Technical Report for the Guanaco-Amancaya Operation referenced in this news release was prepared under the supervision of the following persons, each an Independent "Qualified Person" as defined by NI 43-101:

  • Orlando Rojas, MAIG, SLR Associate Principal Geologist,

  • Rodrigo Barra, MAIG, SLR Associate Principal Geologist,

  • Stephan R. Blaho, MBA, P.Eng., SLR Principal Mining Engineer,

  • Varun Bhundhoo, ing., SLR Project Mining Engineer,

  • Andrew P. Hampton, M.Sc., P.Eng., SLR Principal Metallurgist, and

  • Luis Vasquez, M.Sc., P.Eng, SLR Senior Environmental Consultant and Hydrotechnical Engineer

The technical content of this news release has also been reviewed and approved by the above Qualified Persons.

The Technical Report to support the updated Mineral Reserve and Mineral Resource estimates for the Guanaco-Amancaya Operation, prepared in accordance with NI 43-101, will be filed on SEDAR ( www.sedar.com ) within 45 days of this news release.

About Austral Gold

Austral Gold Limited is a growing gold and silver mining, development and exploration company whose strategy is to expand the life of its cash generating assets in Chile, restart its Casposo mine in Argentina and build a portfolio of quality assets in Chile, the USA and Argentina organically through a Tier 1 or 2 exploration strategy and via acquisitions and strategic partnerships. Austral owns a 100% interest in the Guanaco/Amancaya mine in Chile and the Casposo Mine (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 non-controlling interest in Pampa Metals and a 100% interest in the Pingüino project in Santa Cruz, Argentina. 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:

David Hwang Company Secretary
Austral Gold Limited
info@australgold.com+61 (2) 9698 5414

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 the intention to file the Technical Report within 45 days of the news release; the expectation of increased shareholder value from the extension of mine life; the expectation that the Heap Reprocessing project is expected to utilize excess processing capacity for stated benefits; and that stated opportunities can be integrated into the Life of Mine plan that would benefit from lower unit costs.

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.

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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/118479

COMTEX_404916106/2523/2022-03-28T23:17:15

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/zigman2/quotes/205808903/delayed
CA : Canada: TSX Venture
$ 0.04
-0.0050 -12.50%
Volume: 2,000
Sept. 30, 2022 10:35a
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$22.72 million
Rev. per Employee
N/A
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