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AUSTRAL GOLD LIMITED

ASX: AGD

The data on Australian Shares.com is intended as a guide only and is compiled from information in the public domain. Data on this website should not be used to make an investment or trading decision.

Description

Austral Gold Limited is an Australian-based exploration company and is now advancing its significant interest in the Guanaco gold, copper and silver project in Chile. The Company listed on the Australian Stock Exchange in April 1997 and in 2002 established a gold division to develop gold interests both in Australia and overseas.

Guanaco Project

Guanaco is located some 220 kilometres south east of Antofagasta in Northern Chile at an elevation of 2600 metres.

The Guanaco gold deposit is located 220 kilometers south east of Antofagasta (II Region), Northern Chile. The UTM coordinates are 7,224,000N and 446,000E. The mine is located only 45 km east of the Pan American Highway and 70 km south of El Peñón (Yamana´s successful operation). The trip from Antofagasta takes about three hours. The climate is typical Atacama Desert, with little or no rainfall, and a resulting absence of practically any form of vegetation. The altitude ranges between 2,400 and 2,900 meters, averaging 2,600 meters above sea level.

These systems all strike east north east/west south west and dip steeply to the north. Exploration drilling at Guanaco has been focused in the Cachinalito, Dumbo and Perseverancia systems. The combined measured, indicated and inferred resources of contained ounces of gold as a result of that drilling are shown on each vein.

Austral Gold Limited (AGD) is pleased to announce a significant increase to gold resources at its wholly owned Guanaco Project (“Guanaco”) in Chile following the Company’s successful 2008 drill campaigns. Total resources of gold at Guanaco are now 904,361 ounces, as set out in the table attached. This total excludes approximately 53,000 gold equivalent ounces from the significant silver content of mineralisation at Guanaco.

Aminsa Joint Venture Project

An Earn In Agreement was recently signed with Argentina Minera S.A. (Aminsa) and its founders to jointly explore tenements covering approximately 227,000 hectares in the Province of San Juan. The property is located within the Porphyry Piuquenes- Los Azules corridor near Xstrata’s advanced exploration copper project called El Pachón in Argentina and Los Pelambres owned by Antofagasta Minerals in Chile.

Austral Gold through Austral Gold Argentina will earn in up to 50% of Aminsa in 5 years by contributing up to US $15 million over this period.

Copper and gold exploration will commence in September 2008 mainly in Los Bagres, Rincones de Araya, Rio Salinas and Calderon/Calderoncito in the Province of San Juan. Recently concluded geophysics (IP and Aster = Advanced Spaceborne Thermal Emission and Reflection Radiometer) and geochemical programs have confirmed anomalies within these areas.

The founders of Aminsa, Patricio Jones (CEO and Chairman of Suramina Resources, a company listed in the Toronto Stock Exchange with assets in Chile and Argentina), Ricardo Martinez and Roberto Martinez have vast experience in exploration activities in the region having participated, among others, in the discoveries of two of the largest mines in Argentina; Xstrata’s copper Bajo de la Alumbrera and Barrick’s gold mine Veladero. Patricio Jones has been involved with the Lundin Group since the 1980´s.

Mine For

gold, copper, silver

Location of operation(s)

Chile

Address

Suite 206, Terrace Tower, Level 6, 80 William Street
EAST SYDNEY, NSW, AUSTRALIA

Phone

61 2 9380 7233

Email

Website


Last Updated

21/04/2011

 

The data on Australian Shares.com is intended as a guide only and is provided purely as an indication of what information can be found through official announcements. Data on this website should not be used to make an investment or trading decision. All information should be carefully cross-checked against official sources for accuracy. The publisher (Intaanetto Pty Ltd) will not be held liable for any loss arising from the use of this website.