Estancia 8 de Julio

8 de Julio Project - Santa Cruz, Argentina

In southern Patagonia, Austral Gold has nine tenement applications totalling almost 85,000 hectares in the Macizo el Deseado area in the Province of Santa Cruz.

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During December 2010, geological mapping of the entire property of 8 de Julio was completed. Chief Operating Officer & Director Stabro Kasaneva and a consultant reviewed the results and 13 target areas predominantly in the west were mapped at a larger scale.  Veins with potential ore shoots were identified in three areas and 91 samples were sent for geochemical assaying.

The Los Pino-Aguada Norte and Barroso Grande areas both showed anomalies for gold and silver and ore considered to have the greatest potential for the project. The most attractive results were found in the Barroso Grande area.

A ground magnetic program was completed in the Barroso Grande area followed by a geochemical sampling campaign. Trench works have been designed and are planned to be carried out in the next few months.