Austral Gold Limited announced the start of a new drilling campaign at the Casposo-Manantiales Project located in the province of San Juan, Argentina. The Company plans to drill approximately 4,000 metres of diamond drilling in 16 DD holes. The focus of the drilling program is 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 media releases.

The drilling program plans to define the upside of the northern and southern ore-shoots and explore the potential to the South and North at the protected blocks related to the Vallecito reverse fault. To date, 2,313 metres were drilled in 12 DD holes and total exploration costs were USD 1.2 million. Exploration activities are also ongoing at the Cerro Amarillo Project, including mapping and sampling of trenches in the areas where they previously identified high-gold grades through rock-chip sampling.

The new drilling program is also expected to include three to four drill holes in the Cerro Amarillo Project to test mineralisation continuity at depth. In addition, following the news release dated 27 July 2022, the last four pending assays from Fabiola and Awada (Cerro Amarillo Project) were received and there are no significant results to report.