Austral Gold Limited announced the results from its recent drilling campaign at the Casposo-Manantiales Project located in the province of San Juan, Argentina. The Company drilled 4,265 metres of diamond drilling in 15 DD holes. The focus of the drilling program was to follow up on the results achieved in previous drilling campaigns at the Manantiales vein disclosed in the 27 July 2022 and 26 October 2021 announcements.

The follow-up drilling program at the Manantiales vein intercepted high gold grades at the top and bottom of the central ore-shoot, indicating possible continuity at depth. The best two holes intercepted high-grade gold confirming the continuity of mineralisation in the central ore-shoot and opening the upside at depth. During 2022, 6,585 metres were drilled in 27 DD holes and total exploration costs were USD 2.8 million.

At Cerro Amarillo, which is close to the Manantiales vein, two holes were drilled; one in Awada, and the other in La Puerta to test for new structural and ore controls. Favorable alteration was intercepted with discrete gold anomalies. The AWD-22-003 hole located in the western sector of Awada recognised strong silicification in approximately 50 metres, although with low gold anomalies.

At La Puerta, the objective of drill hole LPO-22-004 was to intercept the veins in more favorable host rock, however the structures were intercepted in Oveja Negra Fm without significant gold values.