Kamloops, British Columbia–(Newsfile Corp. – June 13, 2019) – Advance Gold Corp. (TSXV: AAX) (“Advance Gold” or “the Company”) is pleased to announce the remaining drilling results from its phase 3 drilling program and present a 3D model of the vein system at the 100% owned Tabasquena project in Zacatecas, Mexico. Drilling in the first 3 phases has hit a cluster of mineralized epithermal veins over an area from east to west of approximately 300 metres, and north to south 400 metres, and 300 metres of depth.
To date, the drilling has been confined to the first few hundred metres of vertical depth in the veins and has yet to be drilled into the boiling zone of the epithermal vein system. To better target the next phase of drilling, a 3D model of the mineralized vein hits with drilling was undertaken. Below are two images, an image from the north looking south showing the shell of the historical mining in the oxides, as well as the shafts and the area to the west of it where drilling has been completed. The second is south looking north, showing the veins hit in drilling as well as a model of the vein from the mining in the oxides to the nearest vein hits.
Highlighted in the 3D model are drill hole intersections of mineralized epithermal vein hits as well as a shell of the network of underground workings in the near surface oxide zone. Drilling to date in the 3 phases of drilling has hit the vein system over a wide area.
To view an enhanced version of Figure 1 please visit:
To view an enhanced version of Figure 2, please visit:
An important step in preparing for further drilling programs will be to complete a 3D IP geophysical survey, enabling us to target veins from surface to 600m. The survey will be completed over an 800 X 500 metre grid with thousands of data points. This geophysical survey, along the 3D model of the mineralized vein hits from drilling, will give a clearer picture to focus the next round of drilling.
Allan Barry Laboucan, President and CEO of Advance Gold Corp. commented: “Of late, things have been developing nicely on several fronts.”
“In Kenya, we have a partnership with Acacia Mining, which has recently received a takeover offer from Barrick. Exploration work to prepare for drilling is underway on our joint venture ground. The Liranda Corridor, a key structural zone, is part of 2 of our claims on either side of Acacia’s 100% owned ground and covers around ⅔ of the Liranda Corridor, with Acacia owning the remaining ⅓ of the corridor. We look forward to additional developments from the exploration of the joint venture ground, it is well located, has promising historical work done by Acacia and is a good place to look for high-grade gold.”
“In Mexico, at our Tabasquena project, we have completed 3 phases of drilling and have hit a large cluster of mineralized epithermal veins, with the boiling zone yet to be drilled. 3D modelling of the mineralized vein hits, gives us a better picture of the size of the cluster. We also included a shell of the historical mine workings in the near surface oxide zone. The picture of the system is becoming clearer with the 3D model of the veins hit so far. Now we need to focus deeper to find the boiling zone of the system. To further assist us, we will do a 3D IP survey, which will give us a good idea of anomalies in the 300-600 metre range. This depth is crucial, as we are very close to Fresnillo, Mexico, where Fresnillo PLC., has several mines and are partnered with MAG Silver on building their new silver mine which is getting close to production. The veins Fresnillo mines, and the new mine with MAG Silver are mostly blind veins, and hit their boiling zones at the vertical depth we hope to learn more about with the geophysics and our next drilling.”
Final Drill Results From Phase 3 Drilling At Tabasquena
Data for Hole AGT-08:
Bearing: N 40°E: Dip: -80°: Total Depth: 555.15m.; Diameter: HQ and NQ; Coordinates: N 2’497,195 E 785,805; Collar elevation: 2,112.00masl: Core Recovery: 89%. Samples taken: 15.
Data for Hole AGT-10:
Bearing: N 40° E; Dip: -85°; Total Depth: 351.60m.; Diameter: HQ; Coordinates: N 2’497,382 E 785,976; Collar elevation: 2,117.00masl; Core Recovery: 86%. Samples taken: 2.
Note: All vein widths cut by drill holes are not true widths, they represent the intersection of the incline hole with the dip of the vein. Advance is in the process of estimating true widths for all the vein intersections.
Drill core is logged and sampled in a secure core storage facility located near the Tabasquena claims in Ojocaliente, Mexico. Core samples from the program were cut in half, using a diamond cutting saw, and were sent to Laboratorio Metalurgico Courtade S.A de C.V. (Courtade) in San Luis Potosi, Mexico, for sample preparation and fire assaying for gold and silver. Although Laboratorio Metalurgico Courtade is not an accredited mineral analysis laboratory, they are a well-respected mineral analysis laboratory with a long history of working for major mining companies in Mexico, as well as a referee laboratory for grade disputes between small scale local miners and the toll mining companies they work with. All samples are analyzed for gold and silver using standard fire assay-AA (atomic absorption) techniques. The Company relies on Laboratorio Metalurgico Courtade for QA/QC procedures and protocols for the assaying process.
Courtade is specialized in mineral and metals analysis, was started in 1973, in San Luis Potosi, Mexico. They have a quality control program, designed for high precision in their assay results. They follow standard lab procedures from the time they receive the sample from Advance’s qualified person throughout the entire assaying process. Standards used for the analysis of Au and Ag are from Peñoles Mining Company and are used for every sample.
Dr. Julio Pinto Linares is the qualified person for the Tabasquena project. Since June 2018 when drilling began and throughout phase 3 he has been supervising drilling in the field for drill holes one through ten. He examined and reviewed core boxes in the field, supervised moving core boxes to the secure core storage facility located near the Tabasqueña mine and was present during logging and sampling of the core and kept control of all sample bags until delivered to the Laboratorio Metalurgico Courtade. He checked and was present during the QA/QC procedures and protocols during the preparation of the samples.
Julio Pinto Linares is a QP, Doctor in Geological Sciences with specialty in Economic Geology and Qualified Professional No. 01365 by MMSA., for Advance Gold and is the qualified person as defined by National Instrument 43-101 responsible for the accuracy of technical information contained in this news release.
Field work is underway at the Kakamega joint venture project. Which will including mapping, sampling and other work to prepare for drilling. As results are received for this work, the Company will make them available in future news releases.
About Advance Gold Corp. (TSXV: AAX)
Advance Gold is a TSX-V listed junior exploration company focused on acquiring and exploring mineral properties containing precious metals. The Company acquired a 100% interest in the Tabasquena Silver Mine in Zacatecas, Mexico in 2017, and the Venaditas project, also in Zacatecas state, in April, 2018.
The Tabasquena project is located near the Milagros silver mine near the city of Ojocaliente, Mexico. Benefits at Tabasquena include road access to the claims, power to the claims, a 100-metre underground shaft and underground workings, plus it is a fully permitted mine.
Venaditas is well located adjacent to Teck’s San Nicholas mine, a VMS deposit, and it is approximately 11km to the east of the Tabasquena project, along a paved road.
In addition, Advance Gold holds a 14.63% interest on strategic claims in the Liranda Corridor in Kenya, East Africa. The remaining 85.37% of the Kakamega project is held by Acacia Mining (63% owned by Barrick Gold Corporation).
For further information, please contact:
Allan Barry Laboucan,
President and CEO
Phone: (604) 505-4753
This news release contains certain statements that may be deemed “forward-looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward based on the beliefs, estimates and opinions of the Company’s management on the date the statements are made. The Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors should change, except as required by law.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/45602