Reserves & Resources

 

Summary of Mineral Reserves – December 31, 2022
Austral Gold Limited – Guanaco/Amancaya Mine Complex

Category Tonnes
(000 t)
Grades Contained Metal
(g/t Au) (g/t Ag) (000 oz Au) (000 oz Ag)

Guanaco and Amancaya Mine

Underground
Proven 32 5,81 14,42 6 15
Probable 116 5,84 16,94 22 63
P+P 148 5,83 16,40 28 78

Inesperada

Open Pit
Proven - - - - -
Probable 1607 1,05 14,39 54 744
P+P 1607 1,05 14,39 54 744

Heap Reprocessing Project

Heap
Proven 10189 0,68 3,16 221 1037
Probable - - - - -
P+P 10189 0,68 3,16 221 1037

Total

Proven Total 10221 0,69 3,20 227 1052
Probable Total 1723 1,37 14,56 76 807
Total P+P 11945 0,79 4,84 303 1859
 

Summary of Mineral Resources – December 31, 2022
Austral Gold Limited – Guanaco/Amancaya Mine Complex

Category Tonnes
(000 t)
Grades Contained Metal
(g/t Au) (g/t Ag) (000 oz Au) (000 oz Ag)

Guanaco and Amancaya Mine

Underground
Measured 594 2,77 13,00 53 248
Indicated 868 2,31 17,67 64,5 492,9
M+I 1448 2,43 15,67 113,3 729,5
Inferred 250 3,42 6,26 27,6 50,4

Inesperada

Open Pit
Measured - - - - -
Indicated 1682 1,05 14,38 57 778
M+I 1682 1,05 14,38 57 778
Inferred 74 0,91 12,40 2 30

Heap Reprocessing Project

Heap
Measured 11366 0,67 3,10 246 1133
Indicated - - - - -
M+I 11366 0,67 3,10 246 1133
Inferred 1907 0,55 2,64 34 162

Total

Total Measured 11961 0,78 3,59 299 1381
Total Indicated 2692 1,82 15,73 158 1362
Total M+I 14652 0,97 5,82 457 2743
Total Inferred 2383 1,18 3,93 90 301

Notes

1. Mineral Resources followed CIM (2014) definitions and are compliant with the JORC Code.

2. Mineral Resources are reported on a 100% ownership basis.

3. Mineral Resources are inclusive of Mineral Reserves.

4. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.

5. Mineral Resources are estimated at the following cut-off grades:
Amancaya and Guanaco Underground Mineral Resources: 2.90 g/t AuEq and 1.50 g/t AuEq, respectively.
Inesperada open pit Mineral Resources: 0.38 g/t Au.
Heap Leach Pads Mineral Resources: zero cut-off grade.

6. Mineral Resources at Guanaco and Amancaya are estimated using a long term gold price of US$1,750/oz and a silver price of US$22/oz. Mineral Resources at Inesperada and Heap Leach Pads are estimated using a long term gold price of US$1,750/oz.

7. Gold equivalency (AuEq) was calculated as follows:
Guanaco: AuEq = Au + 0.0106 x Ag based on a gold and silver price of $1,750/oz and $22/oz and recoveries of gold and silver of 95% and 80%, respectively.
Amancaya: AuEq = Au + 0.0107 x Ag based on a gold and silver price of $1,750/oz and $22/oz and recoveries of gold and silver of 93% and 79%, respectively.

8. Metallurgical recoveries are 93% for gold and 79% for silver for Amancaya, 95% for gold and 80% for silver for Guanaco, 80% for gold for Inesperada, and 54%, 70%, and 46% for gold for Heaps I, II, and II, respectively.

9. A minimum mining width of 1.5 m is used for resource underground shapes for the Amancaya and Guanaco mines.

10. Bulk densities are 2.5 t/m3 for Amancaya and Guanaco, 2.44 t/m3 for Inesperada, and 1.77 t/m3 for Heap I, 1.50 t/m3 for Heap II, and 1.70 t/m3 for Heap III, respectively.

11. Numbers may not add due to rounding.