Austral Gold Starts Near-Mine Silver Exploration in Chile

Executive Summary

• Austral Gold announced the commencement of a phased, three‑phase exploration program at its 100 % owned Juncal Project in Chile.
• Phase 1 (Mar–Apr 2026) includes detailed geological mapping and >1,000 m of channel sampling; Phase 2 (Q2 2026) will conduct ground magnetics and IP surveys; Phase 3 (Q3 2026) targets 10,000 m of RC drilling.
• The program is funded by a placement completed on 23 Feb 2026 and aims to refine drill targets, assess satellite potential for the nearby Guanaco operation, and build momentum across Austral’s regional portfolio.

Key Details

• Project Location: ~35 km SE of Amancaya Mine, ~70 km S of Guanaco Mine, Chile; 2,100 ha in the Paleocene Belt.
• Ownership & Royalties: 100 % owned by Austral Gold; 1 % NSR royalty held by Elemental Royalty Corp.
• Geology: Intermediate‑to‑low sulphidation epithermal veins within Paleocene–Eocene andesitic volcanics intruded by 45 Ma dioritic body and 43.8 ± 0.4 Ma rhyolitic sub‑volcanic bodies; vein strike NNE, adularia ages 42.4 ± 0.28 Ma.
• Phase 1 (Mar–Apr 2026):
• Detailed surface geological mapping.
• Systematic channel sampling >1,000 m using a diamond‑blade rock saw (max sample length 1.0 m).
• Objective: confirm reconnaissance grades and refine structural models.
• Phase 2 (Q2 2026 – by 30 Jun):
• Ground magnetics survey.
• Induced polarization (IP) survey.
• Designed to complement Phase 1 data and generate drill targets focused on Au‑Ag geochemical anomalies.
• Phase 3 (Q3 2026 – by 30 Sep):
• Up to 10,000 m of Reverse Circulation (RC) drilling using in‑house equipment.
• Target: test down‑dip extensions of mapped structures and evaluate blind mineralised zones identified earlier.
• Funding: Program financed by a capital placement completed on 23 Feb 2026 (details not disclosed in release).
• Management Comment: CEO Stabro Kasaneva highlighted the program as an “important step towards advancing our exploration objectives” and indicated forthcoming similar programs at Casposo, Argentina.
• Qualified Person: Marcos Valencia, FAusIMM, Qualified Person under JORC 2012 and NI 43‑101, prepared the technical information.

Notable Quotes

“With funding from the placement completed on 23 February 2026, we are pleased to begin our phased exploration program at the Juncal Project in Chile… We also expect to announce shortly the commencement of phased exploration programs at Casposo in Argentina.” – Stabro Kasaneva, CEO, Austral Gold Limited.