Austral Gold Limited (ASX: AGD; TSXV: AGLD; OTCQB: AGLDF) reported initial results from a brownfield drilling program at the Los Nanos sector of its Guanaco gold-silver mine in northern Chile.
Hole RC-1186 intersected 95 meters grading 1.10 grams per tonne gold equivalent from one meter downhole. The interval averaged 0.97 g/t gold and 11.99 g/t silver.
It included several higher-grade sections, led by three meters grading 8.11 g/t AuEq near the bottom of the reported interval. That section contained 7.78 g/t gold and 30.47 g/t silver.
Twenty of 23 Holes Return Mineralization
Austral completed 23 reverse-circulation holes totaling 1,128 meters between the second and third quarters of 2026. Twenty holes returned intervals meeting the company’s reporting criteria, while three produced no significant results.
Hole RC-1197 returned 20 meters at 3.12 g/t AuEq, including five meters at 5.22 g/t AuEq.
RC-1196 intersected 15 meters at 3.33 g/t AuEq, including two meters at 16.01 g/t AuEq. Silver contributed substantially to that narrower interval, which averaged 5.73 g/t gold and 934.50 g/t silver.
Additional results included 26 meters at 1.82 g/t AuEq in RC-1199, 31 meters at 1.14 g/t AuEq in RC-1188 and 27 meters at 1.13 g/t AuEq in RC-1198.
The holes were drilled on a nominal 25-by-25-meter pattern to test the existing Los Nanos Mineral Resource and interpreted structural intersections. Austral said some mineralization extended beyond the current resource model.
Los Nanos Sits Near Existing Infrastructure
Los Nanos is approximately 2.5 kilometers from the Guanaco processing plant and is connected to existing roads, power and water infrastructure. Guanaco has agitation-leach and heap-leach processing circuits and currently produces gold and silver doré.
The existing Los Nanos estimate contains 54,000 tonnes of Measured and Indicated Mineral Resources grading 5.06 g/t gold and 6.62 g/t silver. It also contains 378,000 tonnes of Inferred Mineral Resources grading 1.54 g/t gold and 11.13 g/t silver.
That estimate predates the new drilling. The latest results do not automatically increase or upgrade the Mineral Resource; additional modeling and technical work would be required.
Los Nanos does not have a Mineral Reserve and is not included in Guanaco’s current life-of-mine plan.
Additional Drilling Planned
Austral interprets the broadest mineralized zones as occurring where east-west to east-northeast structures intersect subordinate northwest-trending structures.
The company plans to incorporate the results into an updated three-dimensional geological and structural model. Up to 8,000 meters of additional drilling is expected to begin during the fourth quarter of 2026.
Reported intervals are downhole lengths, and true widths have not been determined. Austral expects true widths to be shorter than the reported intervals.
The company calculated AuEq using assumed prices of US$2,500 per ounce for gold and US$27.50 per ounce for silver. Metallurgical recoveries were not applied. Intervals were calculated using a 0.3 g/t AuEq cutoff, with up to one meter of internal dilution.
Sources
- Austral Gold Intersects 95 Meters at 1.10 g/t AuEq at Guanaco — Sept. 28, 2026
- Austral Gold — Guanaco-Amancaya Mine Complex
Editorial Disclosure
This article was prepared from publicly available company disclosures. Mining Markets Report received no compensation from Austral Gold Limited for its preparation or publication and has no disclosed business relationship with the company.
The author and publisher do not hold securities in Austral Gold Limited as of the publication date. The reported assays, resource figures and geological interpretations were supplied by the company and have not been independently verified by Mining Markets Report.
Reported intervals are downhole lengths, and true widths remain unknown. Gold-equivalent grades depend on company-selected metal prices and exclude metallurgical recoveries. Los Nanos has Mineral Resources but no Mineral Reserve and is not included in Guanaco’s current life-of-mine plan.
This article is for informational purposes only and does not constitute investment advice or a recommendation to buy or sell securities. Mining investments can be highly speculative. Readers should conduct their own due diligence and consult a qualified financial professional. Read the full Mining Markets Report disclaimer.
