Austral Gold Updates Mineral Resource Estimate at Casposo-Manantiales Mine Complex
AGD (AGD) Share Update July 2024 Wednesday 17th
Austral Gold Announces Updated Mineral Resource Estimate at Casposo
Austral Gold Limited (ASX: AGD; TSX-V: AGLD; OTCQB: AGLDF) has announced an updated Mineral Resource Estimate for its Casposo-Manantiales Mine Complex in San Juan, Argentina. This update, prepared by independent Qualified Person Marcos Valencia, brings the company closer to potentially restarting mining operations.
Instant Summary:
- Measured and Indicated Resources total 1,068,469 tonnes.
- Inferred Resources total 662,291 tonnes.
- Measured and Indicated Resources contain 93,016 oz of gold and 3,657,882 oz of silver.
- Inferred Resources contain 106,961 oz of gold and 1,399,848 oz of silver.
- Updated estimates based on drilling and exploration activities from 2020 to 2022.
Resource Classification and Details
The updated Mineral Resource Estimate for the Casposo-Manantiales Mine Complex includes both Measured and Indicated Resources, as well as Inferred Resources. The Measured and Indicated Resources amount to 1,068,469 tonnes with a grade of 2.71 g/t Au, 106.48 g/t Ag, and 4.04 g/t AuEq, containing 93,016 oz of gold and 3,657,882 oz of silver. The Inferred Resources total 662,291 tonnes with a grade of 5.02 g/t Au, 65.74 g/t Ag, and 5.85 g/t AuEq, containing 106,961 oz of gold and 1,399,848 oz of silver.
The estimates are based on drilling and exploration activities conducted by the company between 2020 and 2022, as well as metallurgical test work on the Casposo project. The technical report supporting these estimates will be filed on SEDAR within 45 days.
Breakdown by Deposit
The resource estimates are further broken down by deposit:
- Open Pit: Measured Resources of 15,600 tonnes, Indicated Resources of 332,174 tonnes, and Inferred Resources of 119,233 tonnes.
- Underground: Indicated Resources of 346,692 tonnes and Inferred Resources of 543,059 tonnes.
- Stockpile: Indicated Resources of 374,003 tonnes.
Each deposit has been evaluated with specific cut-off grades and metallurgical recoveries applied, ensuring a detailed and accurate resource estimate.
Technical Validation
The technical report was prepared by Marcos Valencia, an independent Qualified Person as defined by NI 43-101. The report confirms that the data and methodologies used in the resource estimate are in line with industry standards and guidelines established by the CIM and JORC (2012) Code.
Data verification was carried out by comparing original information with previous reports and reviewing the procedures applied during drilling and quality assurance activities. The QP conducted a site visit and reviewed protocols and procedures to ensure compliance with industry standards.
The updated Mineral Resource Estimate is a positive development for Austral Gold, potentially leading to the restart of mining operations at Casposo. This could enhance the company's production capabilities and financial performance in the coming years. The detailed and thorough validation of the resource estimates adds credibility and confidence for investors.
Investor Reaction:
CEO Stabro Kasaneva expressed satisfaction with the updated resource estimates, highlighting the potential for restarting mining operations. Analysts have noted the thoroughness of the technical report and the positive implications for Austral Gold's future production plans.
Conclusion:
Investors should keep an eye on further updates from Austral Gold as the company progresses towards potentially restarting mining operations at Casposo. The detailed resource estimates and technical validation provide a solid foundation for future growth and development.