austral gold limited technical report on the guanaco and aman gold caya project, antofagasta r

377 Pages·2017·13.35 MB·English

AUSTRAL GOLD LIMITED
TECHNICAL REPORT ON THE GUANACO
AND AMANCAYA GOLD PROJECT,
ANTOFAGASTA REGION ( I I), CHILE
NI 43-101 Report
Qualified Persons:
Kathleen Ann Altman, Ph.D., P.E.
Jason J. Cox, P.Eng.
Chester M. Moore, P.Eng.
Ian Weir, P.Eng.
June 16, 2017
RPA 55 UniversityAve. Suite 501 I Toronto, ON, Canada M5J 2H7 I T+ 1 [phone] www.rpacan.com
Report Control Form

Document Title Technical Report on the Guanaco and Amancaya Gold
Project, Region II, Chile

Client Name & Address Austral Gold Limited
14 de Febrero 2065, of. 1103

Antofagasta, Chile

Document Reference Status & FINAL
Project #2712 Issue No. Version

Issue Date June 16, 2017

Effective Date December 31, 2016

Lead Authors Kathleen Altman (Signed)
Jason Cox (Signed)
Chester Moore (Signed)
Ian Weir (Signed)

Peer Reviewer Deborah McCombe (Signed)

Project Manager Approval Jason J. Cox (Signed)

Project Director Approval Deborah McCombe (Signed)

Report Distribution Name No. of Copies
C lient

RPA Filing 1 (project box)

Roscoe Postle Associates Inc.
55 University Avenue, Suite 501
Toronto, ON M5J 2H7
Canada
Tel: [phone]
Fax: [phone]
[email protected]
www.rpacan.com
FORWARD-LOOKING INFORMATION
This report contains forward-looking statements. All statements, other than statements of
historical fact regarding Austral Gold Limited or the Guanaco and Amancaya project, are forward-
looking statements. The words "believe", "expect", "anticipate", "contemplate", "target", "plan",
"intend", "project", "continue", "budget", "estimate", "potential", "may", "will", "can", "could" and
similar expressions identify forward-looking statements. In particular, this report contains
forward-looking statements with respect to cash flow forecasts, projected capital, operating and
exploration expenditure, targeted cost reductions, mine life and production rates, potential
mineralization and metal or mineral recoveries, and information pertaining to potential
improvements to financial and operating performance and mine life at the Guanaco and
Amancaya projects that may result from mining and continued development of the project. All
forward-looking statements in this report are necessarily based on opinions and estimates made
as of the date such statements are made and are subject to important risk factors and
uncertainties, many of which cannot be controlled or predicted. Material assumptions regarding
forward-looking statements are discussed in this report, where applicable. In addition to such
assumptions, the forward-looking statements are inherently subject to significant business,
economic and competitive uncertainties and contingencies. Known and unknown factors could
cause actual results to differ materially from those projected in the forward-looking statements.
Such factors include, but are not limited to: fluctuations in the spot and forward price of
commodities (including gold, silver, diesel fuel, and electricity); the speculative nature of mineral
exploration and development; changes in mineral production performance, exploitation and
exploration successes; risks associated with the fact that the Amancaya project is still in the early
stages of development; diminishing quantities or grades of reserves; increased costs, delays,
suspensions, and technical challenges associated with the construction of capital projects;
operating or technical difficulties in connection with mining or development activities, including
disruptions in the maintenance or provision of required infrastructure and information technology
systems; damage to Austral Gold Limited’s or the Guanaco and/or Amancaya project’s reputation
due to the actual or perceived occurrence of any number of events, including negative publicity
with respect to the handling of environmental matters or dealings with community groups,
whether true or not; risk of loss due to acts of war, terrorism, sabotage and civil disturbances;
uncertainty whether the Guanaco and/or Amancaya project will meet Austral Gold Limited's
capital allocation objectives; the impact of global liquidity and credit availability on the timing of
cash flows and the values of assets and liabilities based on projected future cash flows; the
impact of inflation; fluctuations in the currency markets; changes in interest rates; changes in
national and local government legislation, taxation, controls or regulations and/or changes in the
administration of laws, policies and practices, expropriation or nationalization of property and
political or economic developments in Chile; failure to comply with environmental and health and
safety laws and regulations; timing of receipt of, or failure to comply with, necessary permits and
approvals; litigation; contests over title to properties or over access to water, power and other
required infrastructure; increased costs and physical risks including extreme weather events and
resource shortages, related to climate change; and availability and increased costs associated
with mining inputs and labour. In addition, there are risks and hazards associated with the
business of mineral exploration, development and mining, including environmental hazards,
industrial accidents, unusual or unexpected formations, pressures, cave-ins, flooding and gold
bullion losses (and the risk of inadequate insurance, or inability to obtain insurance, to cover
these risks).
Austral Gold Limited – Guanaco and Amancaya Mines, Project 2712
Technical Report NI 43-101 - June 16, 2017
www.rpacan.com
Many of these uncertainties and contingencies can affect Austral Gold Limited's actual results
and could cause actual results to differ materially from those expressed or implied in any forward-
looking statements made by, or on behalf of, Austral Gold Limited. All of the forward-looking
statements made in this report are qualified by these cautionary statements. Austral Gold Limited
and RPA and the Qualified Persons who authored this report undertake no obligation to update
publicly or otherwise revise any forward looking statements whether as a result of new
information or future events or otherwise, except as may be required by law.
‐
Austral Gold Limited – Guanaco and Amancaya Mines, Project 2712
Technical Report NI 43-101 - June 16, 2017
www.rpacan.com
TABLE OF CONTENTS
PAGE
1 SUMMARY ...................................................................................................................... 1-1
Executive Summary ....................................................................................................... 1-1
Economic Analysis ......................................................................................................... 1-8
Technical Summary ..................................................................................................... 1-14
2 INTRODUCTION ............................................................................................................. 2-1
3 RELIANCE ON OTHER EXPERTS ................................................................................. 3-1
4 PROPERTY DESCRIPTION AND LOCATION ................................................................ 4-1
5 ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE AND
PHYSIOGRAPHY ............................................................................................................... 5-1
Accessibility ................................................................................................................... 5-1
Climate .......................................................................................................................... 5-2
Local Resources ............................................................................................................ 5-2
Infrastructure ................................................................................................................. 5-2
Physiography ................................................................................................................. 5-3
6 HISTORY ........................................................................................................................ 6-1
Prior Ownership ............................................................................................................. 6-1
Exploration and Development History ............................................................................ 6-3
7 GEOLOGICAL SETTING AND MINERALIZATION .......................................................... 7-1
Regional Geology .......................................................................................................... 7-1
Local Geology ................................................................................................................ 7-5
Property Geology ........................................................................................................... 7-9
Structural Geology ....................................................................................................... 7-22
Hydrothermal Alteration ............................................................................................... 7-25
Mineralization .............................................................................................................. 7-27
8 DEPOSIT TYPES ............................................................................................................ 8-1
Guanaco ........................................................................................................................ 8-1
Amancaya ...................................................................................................................... 8-4
9 EXPLORATION ............................................................................................................... 9-1
Guanaco ........................................................................................................................ 9-1
Amancaya .................................................................................................................... 9-15
Exploration Potential .................................................................................................... 9-26
10 DRILLING .................................................................................................................... 10-1
Guanaco ...................................................................................................................... 10-1
Amancaya .................................................................................................................. 10-17
11 SAMPLE PREPARATION, ANALYSES AND SECURITY ............................................ 11-1
Guanaco ...................................................................................................................... 11-1
Amancaya .................................................................................................................. 11-15
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Quality Assurance/Quality Control ............................................................................. 11-20
12 DATA VERIFICATION ................................................................................................. 12-1
Guanaco ...................................................................................................................... 12-1
Amancaya .................................................................................................................... 12-7
13 MINERAL PROCESSING AND METALLURGICAL TESTING ..................................... 13-1
Metallurgical Samples and Testing .............................................................................. 13-1
14 MINERAL RESOURCE ESTIMATE ............................................................................. 14-1
Summary ..................................................................................................................... 14-1
Guanaco ...................................................................................................................... 14-3
Amancaya .................................................................................................................. 14-38
15 MINERAL RESERVE ESTIMATE ................................................................................ 15-1
Summary ..................................................................................................................... 15-1
Dilution ........................................................................................................................ 15-3
Extraction ..................................................................................................................... 15-5
Cut-off Grade ............................................................................................................... 15-6
Amancaya Open Pit Optimization ................................................................................ 15-7
Reconciliation .............................................................................................................. 15-9
16 MINING METHODS ..................................................................................................... 16-1
Mine Design ................................................................................................................. 16-1
Mining Method ........................................................................................................... 16-11
Geotechnical and Ground Support ............................................................................. 16-13
Life of Mine Plan ........................................................................................................ 16-19
Mine Infrastructure ..................................................................................................... 16-21
Mine Equipment ......................................................................................................... 16-26
17 RECOVERY METHODS .............................................................................................. 17-1
Introduction .................................................................................................................. 17-1
Heap Leach Operation ................................................................................................. 17-2
Milling Operation .......................................................................................................... 17-4
18 PROJECT INFRASTRUCTURE .................................................................................. 18-1
Introduction .................................................................................................................. 18-1
Access Roads .............................................................................................................. 18-1
Site Roads ................................................................................................................... 18-4
Logistics....................................................................................................................... 18-4
Waste Rock Dump ....................................................................................................... 18-4
Dry Tailings Deposition ................................................................................................ 18-5
Waste .......................................................................................................................... 18-5
Heap Leach Pads ........................................................................................................ 18-6
Water management ..................................................................................................... 18-6
Camp and Accommodations ........................................................................................ 18-6
Offices ......................................................................................................................... 18-7
Power and Electrical .................................................................................................... 18-7
Power Distribution ........................................................................................................ 18-7
Fuel ............................................................................................................................. 18-9

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Water Supply ............................................................................................................... 18-9
Water Uses ................................................................................................................ 18-10
Fire Protection ........................................................................................................... 18-11
Conclusions ............................................................................................................... 18-11
19 MARKET STUDIES AND CONTRACTS ...................................................................... 19-1
Markets ........................................................................................................................ 19-1
Contracts ..................................................................................................................... 19-1
20 ENVIRONMENTAL STUDIES, PERMITTING, AND SOCIAL OR COMMUNITY IMPACT
......................................................................................................................................... 20-1
Introduction .................................................................................................................. 20-1
Environmental Studies ................................................................................................. 20-2
Project Permitting ........................................................................................................ 20-5
Required Permits ....................................................................................................... 20-10
Social or Community Requirements ........................................................................... 20-12
Mine Closure Requirements ....................................................................................... 20-13
21 CAPITAL AND OPERATING COSTS .......................................................................... 21-1
Capital Costs ............................................................................................................... 21-1
Operating Costs ........................................................................................................... 21-2
22 ECONOMIC ANALYSIS............................................................................................... 22-1
23 ADJACENT PROPERTIES .......................................................................................... 23-1
24 OTHER RELEVANT DATA AND INFORMATION ........................................................ 24-1
25 INTERPRETATION AND CONCLUSIONS .................................................................. 25-1
26 RECOMMENDATIONS................................................................................................ 26-1
27 REFERENCES ............................................................................................................ 27-1
28 DATE AND SIGNATURE PAGE .................................................................................. 28-1
29 CERTIFICATE OF QUALIFIED PERSON .................................................................... 29-1
30 APPENDIX 1 ............................................................................................................... 30-1
Guanaco Concessions ................................................................................................. 30-1

LIST OF TABLES
PAGE
Table 1-1 Mineral Resources – December 31, 2016 ......................................................... 1-2
Table 1-2 Guanaco Mineral Reserves – December 31, 2016 ............................................ 1-3
Table 1-3 Amancaya Mineral Reserves – December 31, 2016 ......................................... 1-4
Table 1-4 After-Tax Cash Flow Summary ....................................................................... 1-10
Table 1-5 Sensitivity Analyses ........................................................................................ 1-13
Table 1-6 Guanaco and Amancaya Life of Mine Plan Summary ..................................... 1-23
Table 1-7 Summary of Capital Costs .............................................................................. 1-28
Table 1-8 Summary of LOM Unit Operating Costs .......................................................... 1-28
Table 1-9 Summary of LOM Total Operating Costs ........................................................ 1-29

Austral Gold Limited – Guanaco and Amancaya Mines, Project 2712
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Table 4-1 Mineral Tenure Summary, Guanaco Mine Deposits with Reported Mineral
Resources and Mineral Reserves Estimates ...................................................................... 4-7
Table 4-2 Infrastructure Covered by Approved Surface Rights ....................................... 4-10
Table 4-3 Amancaya Exploitation Mining Concessions ................................................... 4-11
Table 4-4 Optioned Revelo Exploitation Mining Concessions ......................................... 4-11
Table 4-5 Water Rights Summary ................................................................................... 4-15
Table 6-1 Amax Production History, 1993–1997 ............................................................... 6-5
Table 6-2 GCM Production History, 2010–2016 ................................................................ 6-5
Table 9-1 Exploration Targets and Prospects ................................................................. 9-26
Table 10-1 Exploration Targets and Prospects ............................................................... 10-1
Table 10-2 Sonic Drill Hole Summary ............................................................................. 10-5
Table 11-1 Bulk Density Statistics – 2006 ....................................................................... 11-5
Table 11-2 Bulk Density Statistics – 2008 ....................................................................... 11-6
Table 13-1 Gold Recovery Estimates for 2014, 2015, and 2016 ..................................... 13-1
Table 13-2 Summary of the Life of Mine Plan ............................................................... 13-11
Table 13-3 Guanaco Mill Process Criteria ..................................................................... 13-11
Table 13-4 Amancaya Composite Sample 1 ................................................................. 13-12
Table 13-5 Amancaya Composite Sample 2 ................................................................. 13-13
Table 14-1 Mineral Resources – December 31, 2016 ..................................................... 14-2
Table 14-2 Drill Hole Statistics, Cachinalito Central, Cachinalito West, and Dumbo West .....
....................................................................................................................................... 14-11
Table 14-3 Drill Hole Statistics, Defensa and Perseverancia ........................................ 14-11
Table 14-4 Drill Hole Statistics, Natalia ......................................................................... 14-12
Table 14-5 Gold and Silver Grade Caps ....................................................................... 14-12
Table 14-6 Outlier Restriction Strategy, Defensa .......................................................... 14-15
Table 14-7 Outlier Restriction Strategy, Perseverancia ................................................. 14-15
Table 14-8 Top Cut Values and Outlier Restrictions for Natalia .................................... 14-15
Table 14-9 Composite Statistics, Cachinalito Central, Cachinalito West, and Dumbo West
....................................................................................................................................... 14-16
Table 14-10 Descriptive Statistics of Composite Data ................................................... 14-17
Table 14-11 Geometric Definition of Guanaco Block Models by Sector ........................ 14-19
Table 14-12 Estimation Plan for Cachinalito Central, Cachinalito West and Dumbo West –
Inside the Grade-Shell .................................................................................................... 14-19
Table 14-13 Estimation Plan for Cachinalito Central, Cachinalito West and Dumbo West –
Outside the Grade-Shell ................................................................................................. 14-20
Table 14-14 Nearest Neighbor Estimation Parameters for Cachinalito Central, Cachinalito
West and Dumbo West ................................................................................................... 14-21
Table 14-15 Estimation Parameters for Defensa and Perseverancia – Inside the Grade-
Shell Gold ....................................................................................................................... 14-23
Table 14-16 Estimation Parameters for Defensa and Perseverancia – Outside the Grade-
Shell Gold ....................................................................................................................... 14-23
Table 14-17 Estimation Parameters for Gold Used in Natalia Sector ............................ 14-25
Table 14-18 Estimation Parameters for Silver Used in Natalia Sector ........................... 14-26
Table 14-19 Criteria Used to Classify Mineral Resources at Perseverancia and Defensa ......
....................................................................................................................................... 14-31
Table 14-20 Criteria Used to Classify Mineral Resources at Natalia ............................. 14-31
Table 14-21 Cut-off Grade Assumptions ....................................................................... 14-35
Table 14-22 Guanaco Mineral Resources – December 31, 2016 .................................. 14-36
Table 14-23 Comparative Statistics for Au Grades (blocks estimated by OK, NN and original
composites) .................................................................................................................... 14-37
Table 14-24 Amancaya Mineral Resources – December 31, 2016 ............................... 14-39
Table 14-25 Gold and Silver Grade Caps ..................................................................... 14-42

Austral Gold Limited – Guanaco and Amancaya Mines, Project 2712
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Table 14-26 Block Model Setup .................................................................................... 14-46
Table 14-27 Amancaya Interpolation Parameters ......................................................... 14-48
Table 14-28 Cut-off Grade and Whittle Assumptions .................................................... 14-52
Table 14-29 Amancaya Mineral Resources by Domain – December 31, 2016.............. 14-54
Table 14-30 Comparison of Composite and Block Gold Grades by Domain ................. 14-58
Table 14-31 Comparison of Composite and Block Silver Grades by Domain ................ 14-59
Table 15-1 Guanaco Mineral Reserves – December 31, 2016 ........................................ 15-2
Table 15-2 Amancaya Mineral Reserves – December 31, 2016 ..................................... 15-3
Table 15-3 Mine Cut-off Grade Parameters .................................................................... 15-6
Table 15-4 Pit Optimization Parameters ......................................................................... 15-7
Table 15-5 Guanaco Mine Reconciliation ..................................................................... 15-10
Table 16-1 Production from Short Term Model Versus Reserves Model ......................... 16-1
Table 16-2 Mine Design Parameters .............................................................................. 16-8
Table 16-3 Characteristics of the Geotechnical Rock Units ........................................... 16-14
Table 16-4 Main Structural Systems - Amancaya ......................................................... 16-15
Table 16-5 Rock Mass Geotechnical Classification Parameters ................................... 16-16
Table 16-6 Guanaco and Amancaya Life of Mine Plan Summary ................................. 16-19
Table 16-7 Guanaco and Amancaya UG Development Summary ................................ 16-20
Table 16-8 Open Pit Mining Equipment ........................................................................ 16-27
Table 20-1 Key Environmental Permit List ...................................................................... 20-7
Table 20-2 Sernageomin Key Permit List ........................................................................ 20-8
Table 20-3 Health Key Permit List .................................................................................. 20-9
Table 20-4 DGA Key Permit List ..................................................................................... 20-9
Table 20-5 Other Key Permit List .................................................................................. 20-10
Table 20-6 Approved Modifications of the Land Use ..................................................... 20-11
Table 20-7 Surface with Environmental Approval for Construction Outside Urban Limits –
Amancaya Project .......................................................................................................... 20-11
Table 21-1 Summary of Capital Costs ............................................................................ 21-1
Table 21-2 Development Cost Unit Rates ....................................................................... 21-2
Table 21-3 Summary of LOM Unit Operating Costs ........................................................ 21-2
Table 21-4 Summary of LOM Total Operating Costs ...................................................... 21-3
Table 22-1 After-Tax Cash Flow Summary ..................................................................... 22-2
Table 22-2 Sensitivity Analyses ...................................................................................... 22-5

LIST OF FIGURES
PAGE
Figure 1-1 Sensitivity Analysis ........................................................................................ 1-13
Figure 4-1 Location Map ................................................................................................... 4-2
Figure 4-2 Guanaco Claim Map ........................................................................................ 4-3
Figure 4-3 Amancaya Claim Map ...................................................................................... 4-4
Figure 4-4 Guanaco 1 – 168 Area ..................................................................................... 4-8
Figure 4-5 Exploitation Licences, Greater Guanaco Mine Area ......................................... 4-9
Figure 7-1 Guanaco Regional Geology ............................................................................. 7-2
Figure 7-2 Amancaya Regional Geology .......................................................................... 7-4
Figure 7-3 Amancaya Local Geology ................................................................................ 7-6
Figure 7-4 Geological Plan of the Cachinalito Area ......................................................... 7-11
Figure 7-5 Dumbo and Perseverancia Area .................................................................... 7-12
Figure 7-6 Inferred Lithocap Extension at Guanaco ........................................................ 7-13

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Figure 7-7 Amancaya Property Geology ......................................................................... 7-16
Figure 7-8 Structural Map of the Amancaya Area ........................................................... 7-23
Figure 7-9 Property Cross Sections ................................................................................ 7-24
Figure 7-10 Schematic Diagram Showing Main Vein Systems ........................................ 7-29
Figure 7-11 Vein Textures – South Block ........................................................................ 7-33
Figure 7-12 Vein Textures – North Block ........................................................................ 7-35
Figure 8-1 Conceptual Model for Fluid Generation in High- and Low-Sulfidation Epithermal
Gold Deposits ..................................................................................................................... 8-3
Figure 9-1 Geochemical Sample Location Plan ................................................................ 9-5
Figure 9-2 Sampling Grid at Las Pailas............................................................................. 9-7
Figure 9-3 Fortuna and Escondida Locations in Relation to Guanaco ............................... 9-8
Figure 9-4 Location Plan showing Outline of CSAMT Survey Lines ................................ 9-10
Figure 9-5 Magnetometer Survey Plan ........................................................................... 9-11
Figure 9-6 Geophysical Survey Index Map ..................................................................... 9-16
Figure 9-7 Magnetics Interpretation and Targets ............................................................ 9-18
Figure 9-8 2005 Radiometric Map ................................................................................... 9-19
Figure 9-9 IP Gradient Survey ........................................................................................ 9-21
Figure 9-10 Trench Locations ......................................................................................... 9-24
Figure 9-11 Interpreted Extensional Zone Exploration Targets ....................................... 9-28
Figure 9-12 Regional Exploration Targets ....................................................................... 9-29
Figure 9-13 Central Vein Longitudinal Section ................................................................ 9-30
Figure 10-1 Drill Hole Location Plan (1980-2013) ........................................................... 10-2
Figure 10-2 Cachinalito – Drill Hole Location Plan (2014-2015) ...................................... 10-3
Figure 10-3 Dumbo – Drill Hole Location Plan (2014-2015) ............................................ 10-4
Figure 10-4 Drill Hole Locations of the 2012 Program ..................................................... 10-9
Figure 10-5 2013 Drilling at Despreciada, Quillota Oeste, Cachinalito Extensión and Rajo
....................................................................................................................................... 10-11
Figure 10-6 Cross Section on Veta Aurora ................................................................... 10-13
Figure 10-7 Drill Hole Collar Map – Central Vein .......................................................... 10-20
Figure 10-8 Drill Hole Collar map – Julia Vein ............................................................... 10-21
Figure 10-9 Typical Cross Section ................................................................................ 10-22
Figure 11-1 Scatter Plot of Field, Preparation and Pulp Duplicate Samples from Austral
Gold’s 2015 Drill Program ............................................................................................... 11-24
Figure 11-2 Core Duplicate Control Graphs .................................................................. 11-25
Table 12-1 2008 Density Descriptive Statistics for the Most Populated Lithology and
Alteration Codes ............................................................................................................... 12-3
Table 12-2 2008 Density Descriptive Statistics by Gold Cut-off Grades .......................... 12-3
Figure 13-1 Cumulative Recovered Gold Data for Guanaco ........................................... 13-2
Figure 13-2 Gold Production Data for Guanaco .............................................................. 13-3
Figure 13-3 2016 Gold Production Data for Guanaco ..................................................... 13-4
Figure 13-4 Cumulative Recovered Silver Data for Guanaco .......................................... 13-4
Figure 13-5 Gold Extraction as a Function of Head Grade for Cachinalito ...................... 13-5
Figure 13-6 Gold Extraction as a Function of Head Grade for Dumbo ............................ 13-6
Figure 13-7 Silver Extraction as a Function of Head Grade for Cachinalito ..................... 13-6
Figure 13-8 Silver Extraction as a Function of Head Grade for Dumbo ........................... 13-7
Figure 13-9 Copper Extraction as a Function of Head Grade for Cachinalito and Dumbo13-8
Figure 13-10 Gold Extraction as a Function of Gold Head Grade for Amancaya ............. 13-9
Figure 13-11 Silver Extraction as a Function of Silver Head Grade for Amancaya ........ 13-10
Figure 13-12 Copper Extraction as a Function of Copper Head Grade for Amancaya .. 13-10
Figure 13-13 Drill Hole Locations for Amancaya Samples ............................................ 13-14
Figure 14-1 Plan View of Guanaco Solids ....................................................................... 14-5

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