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- Austral Gold (AGD) provides further information on its new Jaguelito precious metals project in Argentina after accepting a binding offer letter to enter into a joint venture with Mexplort Perforaciones Mineras
- Austral says more than 150 holes totalling about 30,000 metres have been drilled by previous owners at the project
- Jaguelito is located about 225 kilometres north-west of the city of San Juan in Valle del Cura
- The company describes Jaguelito as a high sulfidation epithermal deposit related to a Miocene volcanism hosted in basement of Permo-Triassic age
- AGD shares up 3.7 per cent to 8.4 cents
Austral Gold (AGD) has provided further information on its new Jaguelito precious metals project after accepting a binding offer letter to enter into a joint venture with Mexplort Perforaciones Mineras.
Jaguelito is an advanced exploration project covering an area of about 11,000 hectares in the Province of San Juan in Argentina.
Austral said more than 150 holes totalling about 30,000 metres were drilled by previous owners at the project between 1996 and 2009.
The company described Jaguelito as a high sulfidation epithermal deposit related to a Miocene volcanism hosted in the basement of Permo-Triassic age.
Its mineralisation is related to a hydrothermal system controlled by northeast-southwest oriented faults and hosted in porous-permeable volcaniclastic units.
These rocks allowed the circulation of precursor acidic hydrothermal fluids that strongly altered the rocks through which they circulated, generating a secondary porosity, or vuggy silica, in the alteration cores.
The high porosity product of the alteration served as a conduit for the posthumous hydrothermal fluids responsible for gold and silver mineralisation.
Jaguelito is also located in one of the main districts known for precious metals worldwide, the El Indio-Pascua Lama district. Its deposits, of the high sulfidation epithermal type of Miocene age, include mines in production and construction.
As noted in Austral’s release on 11 February 2022, the transaction holds strategic significance, representing an opportunity for two of Argentina’s most prominent businessmen – Eduardo Eurnekian and Eduardo Elsztain – to create a new mining vehicle in the company.
AGD shares were up 3.7 per cent to 8.4 cents at 10:22 am AEDT.
