Austral Gold (ASX:AGD) has completed phase one exploration at its 100%-owned Juncal Silver-Gold Project in Chile.
Covering over 1,000m of channel sampling in trenches, phase one identified continuous surface mineralisation along strike across seven of 11 mapped veins.
Key results include approximately 1,400m of strike with a length-weighted average grade of 183 grams per tonne silver equivalent over 0.7m across 25 channels in the Javiera vein; and around 500m of strike with a length-weighted average grade of 68g/t silver equivalent over 1.8m across 15 channels in the Sofia vein.
Meanwhile, the Koda vein featured an estimated 500m of strike with a length-weighted average grade of 71g/t silver equivalent over 1.8m across seven channels.
CEO Stabro Kasaneva describes Juncal as an “underexplored” project within the company’s northern Chile portfolio.
“Phase one has identified silver-gold mineralisation at surface across multiple veins and provides a basis for drill targeting,” Kasaneva says.
“To date, and despite the presence of mapped mineralised structures and historical workings, the project has not been drill tested.”
Austral notes phases two and three remain on schedule for Q2/Q3 2026.
Induced polarisation (IP) surveys for phase two, which is currently underway, are now being conducted to refine targets ahead of a maiden drilling program.
Meanwhile, approximately 10,000m of reverse circulation drilling under phase three is scheduled for the September quarter to test down-dip extensions and potential mineralisation below the surface.
Austral acquired the 2,100-hectare Juncal Project from SSR Mining (NASDAQ:SSRM) in 2016. The asset is located 70km south of the Guanaco Mine and 35km east of the Amancaya Mine, in the Paleocene Belt of northern Chile.
Austral Gold is a gold and silver mining producer building a portfolio of assets in the Americas.
Write to Paula Fabe at Mining.com.au
Images: Austral Gold
