Austral Gold Ltd. V.AGLD

Austral Gold Signs Binding Offer Letter from Mexplort

[Betteryear2]

Sydney, Australia--(Newsfile Corp. - February 11, 2022) - Austral Gold Limited (ASX: AGD) (TSXV: AGLD) ("Austral" or the "Company") is pleased to announce that Austral Gold Argentina SA ("AGASA"), a subsidiary of Austral, has accepted a binding offer letter to enter into a Joint Venture contract ("Agreement") (with Mexplort Perforaciones Mineras S.A. ("Mexplort"), a subsidiary of Corporacin America International ("Corporacin Amrica"). Pursuant to the terms of the Agreement, the parties are to enter into a 50:50 Joint Venture ("JV") to identify and develop new precious metal projects located in the Indio belt in the Province of San Juan, Argentina and Mexplort is to grant AGASA an earn-in option whereby it may acquire a 50% interest in the Jaguelito project held by Mexplort through a concession granted by the Instituto Provincial de Exploraciones y Explotaciones Mineras de la Provincia de San Juan (IPEEM) in October 2011.

Austral Gold's Chief Executive Officer Stabro Kasaneva said: "We are investing in the Jaguelito project as we believe the project has the potential to discover a high sulphidation deposit of the Alturas - Del Carmen or even Veladero type in Argentina. The Jaguelito project appears to have the same affected volcanic units that host a large zone of alteration having the same age based on evidence of mineralization of silver and gold intercepted in previous drilling campaigns. The deal also represents an opportunity for Company's sponsored by two of Argentina's most prominent businessmen (Eduardo Eurnekian and Eduardo Elsztain) to create a new mining vehicle in the country."


https://www.newsfilecorp.com/release/113531