April 27, 2022, 8:41 p.m. EDT

Austral Provides Exploration Update

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CASPOSO-MANANTIALES

Cerro Amarillo and La Puerta Oeste Geological Map

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Jaguelito

During Q1 2022, we acquired an earn-in option from Mexplort, where we may acquire a 50% interest in the Jaguelito project, located in the Province of San Juan, Argentina, which is a High Sulfidation deposit that has had 30,000 meters drilled.

The preliminary structural mapping highlighted the presence of first order structures generating a triangular zone, defined by the lift of basement of the Paleozoic Choiyoi Group in both sides and protecting the units of the Vacas Heladas Formation in the central zone affected by high sulfidation alteration and mineralisation assigned to Miocene age.

In the Jaguelito Norte area, in progress detailed mapping preliminarily confirmed phreatomagmatic activity controlled by reverse fault movement, generating a contact between the Paleozoic basement and the Miocene flat intrusive complex (Infiernillo Unit - 13,65 Ma).

Much of the steam-heated alteration is preserved in Jaguelito Norte, and most of the vuggy silica and mineralisation is related to phreatomagmatic products suggesting similarities with observations in Veladero and Alturas, both which are very close to the project.

Sierra Blanca-Pingüino

During Q1 2022, the main exploration activities focused on to the southwestern area of the property following Aster anomalies and geological indicators of potential mineralisation in the Vetarron area.

Preliminary studies confirm the presence of a dome-diatreme system controlling a large zone of argillic alteration of the same age and characteristics of the Cerro Vanguardia and Cerro Negro endowment. Detailed mapping identified vuggy silica and quartz-alunite alterations confirmed by petrography studies, which precede a low sulfidation type alteration.

SIERRA BLANCA-PINGÜINO

Sierra Blanca Geological Map

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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. Mr. 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 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 and a 51% interest in the Sierra Blanca project, both in Santa Cruz, Argentina. Austral Gold Limited is listed on the TSX Venture Exchange /zigman2/quotes/205808903/delayed CA:AGLD 0.00% 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 planned strategic alliance with Mexplort, drilling results expected to be received in Q2 2022, future drill targets, and future exploration activities.

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.

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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/121971

COMTEX_406355795/2523/2022-04-27T20:41:22

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/zigman2/quotes/205808903/delayed
CA : Canada: TSX Venture
$ 0.04
0.00 0.00%
Volume: 40,500
Sept. 27, 2022 12:25p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$23.38 million
Rev. per Employee
N/A
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