Austral Gold Advances Juncal with Strong Surface Silver-Gold Results

Robust Surface Grades Confirm Juncal’s Potential

Austral Gold (ASX:AGD) has delivered a promising start to exploration at its 100%-owned Juncal Silver-Gold Project in Chile, revealing continuous surface silver-gold mineralisation across seven of eleven mapped veins. The standout Javiera vein stretches approximately 1,400 metres with a length-weighted average grade of 183 g/t silver equivalent (AgEq) over 0.7 metres, equating to 128 g/t·m AgEq. The Sofia and Koda veins each extend about 500 metres, carrying respectable grades around 68–71 g/t AgEq over wider intervals.

Phase 1 Exploration Sets Stage for Drilling

Phase 1, completed between March and April 2026, involved detailed geological mapping, drone-supported magnetic surveys, multispectral satellite imagery analysis, and over 1,000 metres of channel sampling in trenches cut with a diamond-blade rock saw. These efforts not only confirmed mineralisation at surface but also refined structural interpretations, identifying three main vein systems trending NW, NE, and ENE. The intersection of the Gloria and Romané systems emerged as a priority target due to its association with extensive hydrothermal alteration.

Upcoming Geophysics and Maiden Drilling Program

Building on these surface results, Austral Gold has commenced Phase 2, an induced polarisation (IP) survey running through August 2026. This geophysical work aims to sharpen drill targeting by delineating subsurface chargeability anomalies linked to the silver-gold veins. Following this, a maiden 10,000-metre reverse circulation (RC) drilling program is planned for Q3 2026 to test the down-dip extensions of the veins and assess mineralisation continuity below the surface. Notably, Juncal has never been drilled before, making this the first systematic subsurface test of the district.

Rigorous Assay Protocols and Quality Control

Austral Gold’s channel samples were assayed at its Chilean subsidiary’s laboratory with a comprehensive QA-QC program including field duplicates, blanks, and external validation by Cotecna-AGS. The company upgraded its silver assay method mid-program to a 4-acid digestion technique after identifying limitations with the initial aqua regia method, ensuring near-total digestion and greater data reliability. Statistical analyses showed high precision and accuracy, supporting confidence in the reported grades.

Strategic Positioning in the Paleocene Belt

Juncal sits within the Paleocene metallogenic belt, a prolific epithermal gold-silver province in northern Chile. Austral acquired the project from SSR Mining in 2016, and it lies near the company’s producing Amancaya and Guanaco mines. The deposit exhibits intermediate sulfidation epithermal characteristics, with structurally controlled quartz-carbonate-base metal sulfide veins and hydrothermal breccias hosting native gold and silver sulfosalts. The project area covers about 2,100 hectares and carries a 1% net smelter return royalty to Elemental Royalty Corporation.

Austral Gold is advancing Juncal as part of a broader strategy to grow its portfolio in the Americas, complementing recent operational gains at Casposo and Guanaco. The transition from surface sampling to geophysical surveys and drilling marks a critical step in unlocking Juncal’s resource potential and could add a new silver-gold asset to Austral’s production pipeline.