Tudor Gold Corp. press release
Austral Gold Announces Drilling Results at Sierra Inesperada, Chile
TSXV - TSX Venture Exchange · Gold · Copper · Silver · Lead · Zinc · Arsenic · Barium · Molybdenum · Canada
Highlights:
A mineralised NW structural Corridor has been identified at Sierra Inesperada as a result of the 2019 December quarterly exploration program. Sierra Inesperada represents a new exploration area for the Company - located SW of the Guanaco Mine area. Attractive new intersections observed from the 4,806 meters reverse circulation ("RC") and diamond drill hole ("DDH") campaign included: 8.0m @ 4.26 g/t Au incl. 1m @ 19.17 g/t Au 14m @ 2.90 g/t Au incl. 1.0m @ 13.77 g/t Au 4.05m @ 3.99 g/t Au incl. 0.63m @ 13.80 g/t Au
Sydney, Australia--(Newsfile Corp. - January 30, 2020) - Austral Gold Limited (ASX: AGD) (TSXV: AGLD) ("Austral" or the "Company") is pleased to announce exploration drilling results from its recent drill program at the Sierra Inesperada property, which is located near the Company's Guanaco Mine.
Sierra Inesperada is located approximately seven kilometers southwest of the Guanaco Mine. During the fourth quarter of 2019, the Company conducted a drill campaign comprising 48 holes and 4,806 meters, with 4,256 meters of RC and 550 meters of DDH drilling.
Austral Gold's Chief Executive Officer Stabro Kasaneva said:"Our technical team is very encouraged by these drilling results. We will analyze these results further as we plan our next drilling program for Q1 2020, as well as metallurgical testing and a geophysics campaign using ground magnetometry at Sierra Inesperada."
A mineralised structural corridor was identified, which is oriented N60 W / 85 SW, with a thickness that varies between 5 and 40 meters and an interpreted depth greater than 150 meters and strike of 200 meters. The structures have brecciated textures with fragments of gray quartz, vuggy silica and lithics. The wall rock is affected by an advanced argillic alteration with moderate to intense silicification and a strong presence of alunite.
The oxidation zone is recognized by the presence of iron oxides that mostly correspond to hematite-jarosite and traces of copper oxides. The sulphide zone is clearly represented by the weak to high presence of disseminated pyrite in irregular veinlets. Gray sulphides are observed as enargite and traces of chalcocite, which are arranged as a very thin patina in the pyrite.
The host rock of the mineralization corresponds to a pyroclastic sequence formed by layers of tuffs and lithic tuffs of andesitic-dacitic composition, defined as Inesperada Hydro-magmatic Sequence. It covers a unit of green porphyric andesites with medium-sized plagioclase phenocrystals.
The gold grades observed varied mostly in a range between 0.5 gr/t and 3 gr/t Au, with a maximum gold grade of 19.17 gr/t Au. See Table 1 for all mineralized intercepts.
The Company assumes that the geological characteristics and orientation of the structural patterns observed in the veins will provide an important exploration guide to recognize the mineral potential of the Sierra Inesperada. A location map of the Sierra Inesperada project is set out in Figure 1.
[](https://orders.newsfilecorp.com/files/690/51953_db87bae354d408f3_002full.jpg)
Figure 1: Location map Sierra Inesperada
To view an enhanced version of Figure 1, please visit: https://orders.newsfilecorp.com/files/690/51953_db87bae354d408f3_002full.jpg
SIERRA INESPERADA PROJECT - Drilling Results*
| Drill hole | From (m) | To (m) | Length (m) | Au (g/t) | Ag (g/t) | Cu (g/t) | Au Eq (g/t) | | INES_7N | 28 | 34 | 6 | 1.91 | 12 | 193 | 2.05 | | | 46 | 54 | 8 | 1.53 | 16 | 83 | 1.71 | | INES_8N | 36 | 40 | 4 | 1.00 | 6 | 106 | 1.06 | | | 73 | 74 | 1 | 1.15 | 15 | 56 | 1.32 | | | 78 | 86 | 8 | 2.82 | 16 | 114 | 3.00 | | | Including 78-79 (1m) : 3,90 g/t Au | | | | | | | | | Including 81-83m (2m): 4,79 g/t Au | | | | | | | | | Including 84-86 (2m) : 2,95 g/t Au | | | | | | | | | 101 | 107 | 6 | 1.26 | 6 | 105 | 1.33 | | INES_15N | 10 | 26 | 16 | 1.05 | 8 | 215 | 1.14 | | | 28 | 32 | 4 | 1.31 | 7 | 217 | 1.39 | | | 42 | 47 | 5 | 1.43 | 20 | 174 | 1.65 | | | 48 | 49 | 1 | 1.57 | 21 | 265 | 1.80 | | | 54 | 57 | 3 | 1.15 | 8 | 101 | 1.24 | | | 54 | 67 | 13 | 1.80 | 64 | 701 | 2.52 | | INES_16N | 60 | 64 | 4 | 1.87 | 23 | 127 | 2.13 | | | 77 | 79 | 2 | 1.14 | 36 | 131 | 1.55 | | | 80 | 87 | 7 | 2.17 | 44 | 159 | 2.67 | | | Including 85-86m (1m): 5,03 g/t Au | | | | | | | | | 92 | 100 | 8 | 1.2 | 8 | 158 | 1.27 | | | 102 | 103 | 1 | 1.2 | 21 | 336 | 1.45 | | INES_18N | 12 | 16 | 4 | 1.3 | 24 | 686 | 1.57 | | | 64 | 65 | 1 | 1.2 | 5 | 36 | 1.21 | | | 66 | 68 | 2 | 1.2 | 14 | 33 | 1.31 | | INES_19N | 38 | 46 | 8 | 1.2 | 48 | 53 | 1.71 | | | 52 | 58 | 6 | 1.3 | 16 | 63 | 1.49 | | | 60 | 67 | 7 | 1.9 | 32 | 93 | 2.28 | | | 67 | 76 | 9 | 4.6 | 31 | 73 | 4.98 | | | Including 69-73m (4m): 6,0 g/t Au | | | | | | | | | Including 75-76m (1m): 6,4 g/t Au | | | | | | | | INES_20N | 26 | 28 | 2 | 1.03 | 9 | 117 | 1.13 | | INES_21N | 40 | 42 | 2 | 1.06 | 5 | 38 | 1.12 | | | 44 | 46 | 2 | 1.08 | 10 | 50 | 1.19 | | | 50 | 54 | 4 | 1.65 | 25 | 51 | 1.93 | | | 56 | 59 | 3 | 1.22 | 13 | 84 | 1.37 | | INES_22N | 38 | 40 | 2 | 1.20 | 8 | 49 | 1.29 | | | 46 | 52 | 6 | 1.14 | 12 | 57 | 1.28 |
| Drill hole | From (m) | To (m) | Length (m) | Au (g/t) | Ag (g/t) | Cu (g/t) | Au Eq (g/t) | | INES_24N DDH | 52.1 | 52.5 | 0.4 | 12.05 | 126 | 130 | 13.47 | | | 53.75 | 61.77 | 8.02 | 1.45 | 13 | 51 | 1.59 | | | 75 | 75.34 | 0.34 | 1.11 | 13 | 120 | 1.26 | | | 122.85 | 134.8 | 11.95 | 2.66 | 41 | 11136 | 3.13 | | | Including 123,47-124,44m (0,97m): 8,83 g/t Au | | | | | | | | | Including 127,31-139,11m (1,8m): 6,86 g/t Au | | | | | | | | | 149.45 | 150.8 | 1.35 | 2.16 | 21 | 16026 | 2.39 | | | 153.43 | 155.1 | 1.67 | 1.04 | 20 | 10334 | 1.26 | | | 180.52 | 181.32 | 0.8 | 3.08 | 9 | 2780 | 3.18 | | | 184.37 | 186.44 | 2.07 | 1.48 | 14 | 6752 | 1.64 | | | 188.17 | 190.12 | 1.95 | 1.94 | 36 | 2586 | 2.34 | | INES_26N | 39 | 40 | 1 | 1.47 | 56 | 141 | 2.10 | | | 44 | 45 | 1 | 4.45 | 21 | 102 | 4.69 | | | 52 | 54 | 2 | 1.38 | 22 | 116 | 1.63 | | | 56 | 60 | 4 | 1.55 | 25 | 68 | 1.83 | | INES_27N | 11 | 16 | 5 | 1.29 | 10 | 156 | 1.41 | | | 33 | 35 | 2 | 1.40 | 19 | 161 | 1.62 | | | 63 | 79 | 16 | 2.29 | 12 | 107 | 2.42 | | | Including 77-79m (2m): 6,64 g/t Au | | | | | | | | | 81 | 95 | 14 | 2.90 | 33 | 107 | 3.27 | | | Including 84-85m (1m): 13,77 g/t Au | | | | | | | | INES_28N | 24 | 28 | 4 | 1.92 | 6 | 98 | 1.99 | | | 31 | 38 | 7 | 2.04 | 6 | 65 | 2.11 | | | 45 | 52 | 7 | 2.47 | 22 | 37 | 2.72 | | | Including 46-47m (1m): 7,77 g/t Au | | | | | | | | | 56 | 57 | 1 | 1.66 | 19 | 71 | 1.88 | | INES_29N | 12 | 24 | 12 | 2.08 | 26 | 558 | 2.37 | | | Including 12-13m (1m): 8,30 g/t Au | | | | | | | | | 37 | 38 | 1 | 3.63 | 70 | 173 | 4.42 | | INES_31N | 14 | 15 | 1 | 1.60 | 9 | 142 | 1.70 | | | 17 | 20 | 3 | 1.61 | 7 | 83 | 1.69 | | | 23 | 28 | 5 | 1.60 | 4 | 95 | 1.65 | | | 32 | 36 | 4 | 1.15 | 3 | 90 | 1.18 | | | 38 | 39 | 1 | 2.18 | 7 | 93 | 2.26 | | | 42 | 43 | 1 | 1.62 | 22 | 79 | 1.87 | | INES_32N | 21 | 22 | 1 | 1.40 | 9 | 317 | 1.50 | | | 49 | 54 | 5 | 1.31 | 39 | 220 | 1.74 | | | 56 | 57 | 1 | 1.07 | 10 | 287 | 1.19 | | INES_35N DDH | 42.6 | 45.58 | 2.98 | 1.12 | 16 | 94 | 1.30 | | | 56.95 | 61.03 | 4.08 | 1.85 | 35 | 190 | 2.25 | | | 65.5 | 75.75 | 10.25 | 1.97 | 23 | 97 | 2.23 |
| Drill hole | From (m) | To (m) | Length (m) | Au (g/t) | Ag (g/t) | Cu (g/t) | Au Eq (g/t) | | INES_36N DDH | 25.78 | 27.45 | 1.67 | 2.35 | 4 | 40 | 2.40 | | | 36.45 | 38.6 | 2.15 | 1.27 | 4 | 20 | 1.31 | | | 40.6 | 54 | 13.4 | 2.68 | 13 | 61 | 2.83 | | | Including 40,6-42,6m (2m): 5,71 g/t Au | | | | | | | | INES_37N | 38 | 39 | 1 | 1.03 | 30 | 49 | 1.37 | | | 47 | 54 | 7 | 1.60 | 3.6 | 74 | 1.64 | | INES_38N | 38 | 40 | 2 | 1.45 | 49 | 88 | 2.00 | | | 45 | 51 | 6 | 2.45 | 20 | 78 | 2.67 | | | Including 48-49m (1m): 5,62 g/t Au | | | | | | | | | 53 | 64 | 11 | 1.54 | 4 | 92 | 1.59 | | | 67 | 75 | 8 | 4.26 | 21 | 106 | 4.50 | | | Including 67-68m (1m): 19,17 g/t Au | | | | | | | | INES_40N | 22 | 24 | 2 | 1.76 | 41 | 346 | 2.22 | | | 34 | 37 | 3 | 2.12 | 29 | 104 | 2.45 | | | 61 | 69 | 8 | 2.18 | 8 | 137 | 2.27 | | | 76 | 79 | 3 | 3.42 | 75 | 135 | 4.26 | | | Including 78-79m (1m): 6,90 g/t Au | | | | | | | | | 87 | 88 | 1 | 1.11 | 6 | 57 | 1.18 | | INES_41N | 45 | 48 | 3 | 1.88 | 8 | 210 | 1.97 | | | 50 | 51 | 1 | 1.92 | 10 | 210 | 2.04 | | | 52 | 56 | 4 | 1.24 | 6 | 161 | 1.31 | | | 59 | 65 | 6 | 1.71 | 8 | 96 | 1.80 | | INES_42N DDH | 44.4 | 47.5 | 3.1 | 1.05 | 4 | 114 | 1.10 | | | 58.8 | 68.1 | 9.3 | 1.27 | 25 | 163 | 1.55 | | | 71.25 | 73.2 | 1.95 | 1.05 | 15 | 200 | 1.22 | | | 75.05 | 82.6 | 7.55 | 2.08 | 16 | 171 | 2.26 | | | Including 79,63-81m (1,37m): 5,48 g/t Au | | | | | | | | | 85.55 | 86.43 | 0.88 | 8.18 | 36 | 200 | 8.59 | | | 88 | 89.74 | 1.74 | 1.91 | 8 | 83 | 2.00 | | | 91.09 | 93.87 | 2.78 | 3.43 | 30 | 164 | 3.77 | | | Including 92,65-93,2m (0,55m): 8,08 g/t Au | | | | | | | | | 97.68 | 101.73 | 4.05 | 3.99 | 22 | 163 | 4.24 | | | Including 101,1-101,73m (0,63m): 13,80 g/t Au | | | | | | | | | 103.22 | 104.18 | 0.96 | 1.18 | 24 | 130 | 1.45 | | INES_43N | 2 | 3 | 1 | 1.72 | 2 | 37 | 1.74 | | | 22 | 24 | 2 | 3.62 | 13 | 263 | 3.76 | | | Including 23-24m (1m): 5,57 g/t Au | | | | | | | | | 31 | 37 | 6 | 1.54 | 11 | 111 | 1.66 | | INES_44N | 39 | 41 | 2 | 1.35 | 22 | 174 | 1.60 | | | 46 | 50 | 4 | 1.19 | 14 | 104 | 1.35 | | INES_45N | 39 | 44 | 5 | 1.52 | 5 | 120 | 1.58 |
| Drill hole | From (m) | To (m) | Length (m) | Au (g/t) | Ag (g/t) | Cu (g/t) | Au Eq (g/t) | | | 114 | 115 | 1 | 4.10 | 49 | 47 | 4.65 | | | 117 | 118 | 1 | 1.50 | 6 | 27 | 1.57 | | INES_47N | 126 | 127 | 1 | 2.12 | 32 | 113 | 2.48 | | INES_48N | 25 | 27 | 2 | 3.99 | 11 | 138 | 4.12 | | | 35 | 36 | 1 | 1.61 | 16 | 65 | 1.79 | | INES_49N | 2 | 3 | 1 | 5.20 | 23 | 1921 | 5.46 | | | 9 | 11 | 2 | 2.20 | 46 | 370 | 2.72 | | | 16 | 19 | 3 | 1.75 | 25 | 189 | 2.03 | | | 23 | 24 | 1 | 1.96 | 13 | 212 | 2.11 | | | 26 | 28 | 2 | 1.27 | 8 | 239 | 1.36 | | INES_50N DDH | 43.86 | 51.5 | 7.64 | 1.96 | 7 | 65 | 2.04 | | | 55.93 | 57.26 | 1.33 | 1.48 | 6 | 90 | 1.54 | | | 60.52 | 61.96 | 1.44 | 1.47 | 8 | 80 | 1.56 | | | 63.21 | 64.24 | 1.03 | 4.83 | 28 | 60 | 5.15 | | | 71.6 | 90 | 18.4 | 1.63 | 11 | 99 | 1.75 | | | Including 80,42-81,8m (1,38m): 6,22 g/t Au | | | | | | | | | 100.07 | 106.35 | 6.28 | 2.10 | 18 | 150 | 2.30 | | | Including 100,88-102,15 (1,27m) : 2,32 g/t Au | | | | | | | | | Including 102,78-104,2 (1,42m) : 2,05 g/t Au | | | | | | | | | Including 104,95-106,35 (1,4m) : 3,17 g/t Au | | | | | | |
Reporting Criteria:Intercepts reported are Au > 1.0ppm (1 g/t Au) and a minimum 1m downhole width with maximum consecutive internal dilution of 2m. Please refer to Appendix 1 (JORC Table) for further information on sampling techniques and data and reporting of exploration results.
The table above displays selected analytical results from a total of 48 RC and DDH drill holes. Complete drill results have been posted on the Company's website www.australgold.com.
[](https://orders.newsfilecorp.com/files/690/51953_db87bae354d408f3_003full.jpg)
Figure 2: Drilling holes with grade intervals of Au > 1.0ppm (1 g/t Au)
To view an enhanced version of Figure 2, please visit: https://orders.newsfilecorp.com/files/690/51953_db87bae354d408f3_003full.jpg
Competent Persons
The scientific and technical content of this news release has been prepared by, or under the supervision of Robert Trzebski, MAusIMM , and has been reviewed and approved by him. Dr. Trzebski is a Geologist and Member of Australian Institute of Mining and Metallugists and Director of Austral Gold Limited. Dr. Trzebski is a "competent person" for purposes of the JORC Code and of National Instrument 43-101, Standards of Disclosure for Mineral Projects.
About Austral Gold
Austral Gold Limited is a growing precious metals mining, development and exploration company building a portfolio of quality assets in Chile and Argentina. The Company's flagship Guanaco/Amancaya project in Chile is a gold and silver producing mine with further exploration upside. The company also holds the Casposo Mine (San Juan, Argentina), a ~22.48% interest in the Rawhide Mine (Nevada, USA) and an attractive portfolio of exploration projects including the Pingüino project in Santa Cruz, Argentina (100% interest) and the San Guillermo and Reprado projects near Amancaya (100% interest). With an experienced local technical team and highly regarded major shareholder, Austral's goal is to continue to strengthen its asset base through acquisition and discovery. Austral Gold Limited is listed on the TSX Venture Exchange (TSXV: AGLD), and the Australian Securities Exchange. (ASX: AGD). For more information, please consult the company's website www.australgold.com.
Neither the 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.
On behalf of Austral Gold Limited:
"Stabro Kasaneva"
CEO
For Further Information please contact:
Jose Bordogna Chief Financial Officer Austral Gold Limited jose.bordogna@australgold.com 54 11 4323 7558
David Hwang Company Secretary Austral Gold Limited info@australgold.com 61 2 9698 5414
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 Company's plan to review and analyze the results as it plans its next drill program, metallurgical testing, a geophysics campaign at Sierra Inesperada, and the Company's anticipation that the geological characteristics and orientation of the structural patterns will provide an important exploration guide to the geological potential at Sierra Inesperada.
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, 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.
Appendix 1: JORC Table Sierra Inesperada Exploration Section 1 Sampling Techniques and Data (Criteria in this section apply to all succeeding sections.)
| Criteria | JORC Code Explanation | Commentary | | Sampling techniques | - Nature and quality of sampling (eg cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling. Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used. Aspects of the determination of mineralisation that are Material to the Public Report. In cases where 'industry standard' work has been done this would be relatively simple (eg 'reverse circulation drilling was used to obtain 1m samples from which 3kg was pulverised to produce a 30g charge for fire assay'). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (eg submarine nodules) may warrant disclosure of detailed information. | - Industry standard practices were used for sampling of reverse circulation and diamond drilling. The diamond drilling core was recovered from drill tubes and stored in core boxes, where it was geologically logged For sampling half core, samples were taken using a mechanical core splitter, bagged and sent to the external laboratory. Diamond drill (DDH) samples were assayed for gold and base metals at ALS external laboratory. RC drill holes were assayed for gold and base metals at internal laboratory. | | Drilling techniques | - Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or standard tube, depth of diamond tails, face- sampling bit or other type, whether core is oriented and if so, by what method, etc). | - Drilling techniques used were surface core drilling rig producing core at HQ size (63.5mm) and cutting sample for RC drill holes. |
| Criteria | JORC Code Explanation | Commentary | | Drill sample recovery | - Method of recording and assessing core and chip sample recoveries and results assessed. Measures taken to maximise sample recovery and ensure representative nature of the samples. Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse
material. | - Sample recovery is generally >95%. The mineralised zone appeared to be quite competent core and cuttings recoveries > 95%. All core was carefully placed in HQ sized core boxes and transported a short distance to a core processing area where core recovery, depth markup and photography could be completed. Cuttings were carried out from rigs and stored separated by drill hole. | | Logging | - Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies. Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography. The total length and percentage of the relevant intersections logged. | - Diamond drill core and reverse circulation drill holes were geologically logged using predefined logging codes for lithological, mineralogical, and physical characteristics. Drill core logging, structural and geotechnical measurements and the estimation of recoveries, was quantitative in nature. Drill core was photographed and digitally stored for visual reference. All holes are logged from start to finish and were conducted on site. | | Sub- sampling techniques and sample preparation | - If core, whether cut or sawn and whether quarter, half or all core taken. If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry. For all sample types, the nature, quality and appropriateness of the sample preparation technique. Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples. Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate/second-half sampling. Whether sample sizes are appropriate to the grain size of the material being sampled. | - For the Diamond core, sample intervals were marked, and the core was split with a mechanical splitter. Half core samples were placed in plastic bags and tagged with a unique sample number. The other half of the core was returned to the core box and securely stored. For RC drill holes, samples were placed in plastic bags and tagged with unique sample number. Bags with sample A were sent to laboratory while sample B bags were securely stored. |