Austral starts near-mine silver exploration at Juncal in Chile
Gold producer Austral Gold has started a phased exploration programme at the Juncal project in Chile, targeting near-mine silver opportunities close to its existing operations.
The project is located about 35 km south-east of the company’s Amancaya mine and near the Guanaco processing plant, forming part of Austral’s strategy to prioritise exploration targets close to existing infrastructure.
The exploration programme will be completed in several phases during 2026.
The first phase, scheduled for March and April, includes geological mapping and more than 1 000 m of channel sampling using a diamond-blade rock saw.
A second phase planned for the second quarter will involve ground magnetic and induced polarisation surveys to help define drilling targets.
The third phase, targeted for the third quarter, will include about 10 000 m of reverse circulation drilling using the company’s in-house drilling equipment to test priority targets.
CEO Stabro Kasaneva said the programme followed a capital raising completed earlier this year.
“With funding from the placement completed on February 23, 2026, we are pleased to begin our phased exploration programme at the Juncal project in Chile. This programme is an important step towards advancing our exploration objectives, helping refine drill targets, assess potential satellite targets for our Guanaco operation, and build momentum across our regional portfolio.”
Austral acquired the Juncal project from SSR Mining in 2016. The project covers about 2 100 ha within the Paleocene Belt of northern Chile and hosts intermediate- to low-sulphidation epithermal vein systems.
The project is also subject to a 1% net smelter return royalty held by Elemental Royalty Corporation.
