Highlights
- Gold and silver mineralisation intersected by diamond drilling at the Jaguelito Project, located within Argentina’s prolific El Indio Gold Belt close to the Barrick’s Veladero gold mine and Altura’s project.
- Best intercepts from assays of seven drill holes received:
Capote-Alcatraz target
(Norte Zone)
DJN-003: 26m @ 0.60 grams per tonne (gpt) gold and 7 gpt silver.
Including 1.5m @ 1.12 gpt gold and 45 gpt silver.
DJN-004: 21m @ 1.24 gpt gold and 1 gpt silver.
Including 3.0m@ 3.32 gpt gold and <0.5 gpt silver.
La Cuña Norte target
(Norte Zone)
DJN-006: 4m@ 1.40 gpt gold and 26 gpt silver.
Established gold producer Austral Gold Limited (the “Company” or “Austral”) (ASX:AGD; TSX-V:AGLD) has encountered gold and silver mineralisation in drilling at the Jaguelito Project, within Argentina’s prolific El Indio Gold Belt.
In accordance with our option agreement with Mexplort Perforaciones Mineras SA (“Mexplort”), Austral has completed 3,744m over 14 holes of its 5,000m diamond drilling campaign since December 2022 to acquire 50% of the advanced exploration project, which has a high-potential for high-sulfidation epithermal gold and silver deposits.
Up to eight targets have been identified across two zones, Norte and Sur. Further drilling is underway at La Cuña Norte (Norte) and Sagitario (Sur) targets.
Austral Gold’s Chief Executive Officer, Stabro Kasaneva said: “We are encouraged by the program, the initial results confirm our geological understanding of the structural mineralisation controls of the project related to the northwest direction, which are key in the development of important HS-type epithermal deposits during the Miocene period in the region. We expect to complete the drill program and announce the remaining assay results in Q2 2023.”
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