Austral Gold Limited (ASX:AGD) has discovered two new gold-silver rich veins at Amancaya Mine in Chile following the receipt of new assay results from 11 drill holes.
The Oeste Vein has been intersected by two core diamond drill holes with best results of:
- 2.41 metres at 0.19 g/t gold and 55.2 g/t silver; and
- 1.17 metres at 24.98 g/t gold and 77.3 g/t silver.
Follow-up drilling also confirmed the Este Vein continuity for at least 50 metres NW and SE, parallel to the Amancaya Sur Vein.
Four core diamond drill holes have intersected the Este Vein with the two new intercepts of:
- 4.27 metres at 7.81 g/t gold and 33.0 g/t silver; and
- 1.8 metres at 3.1 g/t gold and 1.5 g/t silver.
“Delighted with progress”
Austral Gold chief executive officer Stabro Kasaneva said: “I am delighted with the exploration progress at Amancaya.
“We started the program six months ago and we have extended the Amancaya mineralisation to depth and discovered two new veins.”
Goal to extend life of mine
Kasaneva said: “It was our goal to extend the life of mine at the Guanaco-Amancaya complex at the start of the exploration program in 2020, and we are now starting to identify the potential to achieve this milestone.
“Several other factors are important, including the high-grade Oeste Vein that was discovered near-surface could result in lower cost mining methods; the newly identified NW striking direction of veins could unlock further potential; and the proximity of the new veins to the existing underground mining infrastructure.”
The exploration program for this quarter is focusing on establishing continuity and extending the Oeste and Este veins along strike and at depth.