Advance Gold Corp. (TSXV: AAX) ("Advance Gold" or "the Company") is pleased to announce phase 3 drilling is underway at the Tabasquena mine in the state of Zacatecas, Mexico. Two targets are planned to be drilled during this program, one is a near surface target and the other deeper to test the boiling zone of the cluster of epithermal veins drilled in the two earlier phases of drilling.
Highlights of Phase 1 and 2 Drilling
Advance discovered a cluster of epithermal veins through drilling, all but a few of them blind. This suggests drilling intersected the top of the epithermal vein system. From a regional perspective, most of the veins found near the city of Fresnillo, including those found at the Fresnillo Plc. and Mag Silver Juanicipio joint venture are blind.
Often, at the top of an epithermal vein system, anomalous to low grade is expected, which was found in phase 1 and 2 drilling. Also present in the core is milky quartz and amethyst, another important indicator of being at the top of an epithermal vein system. Importantly, crustiform and colloform quartz was encountered which are indicative of a long lived, multiple phase system.
Phase 3 Drilling Plans
Two shallow holes, around 150 metres each, are planned to test the near term production potential in the oxide zone of the Tabasquena vein. In the phase 2 drilling, a 12 metre intersection of the Tabasquena vein in the oxides was hit. This vein in the oxides is much wider than the historical 2-4 metre mining widths utilized by former operator Penoles. This intersection was a 125 metre step out to the north of the old mine workings and is approximately 75 metres along strike from the 100 metre deep shaft and headframe. Advance has mining equipment on site and the Tabasquena project is fully permitted for mining.
A key focus of the phase 3 drilling will be to drill deeper to target the boiling zone of the epithermal vein system. The cluster of veins dip toward a fault which is considered a key structural feature. A proposed deep hole will start from the west side of the fault, drill east, to then go through the cluster of veins to catch them at the boiling zone. This hole is planned for approximately 700-800 metres of depth, based on the well understood model of epithermal veins in the area, this depth should reach the boiling zone.
Allan Barry Laboucan, President and CEO of Advance Gold Corp. commented: “In past drilling, we have been able to hit important milestones drilling at the Tabasquena, with the discovery of a wider portion of the Tabasquena vein in the oxide zone, and the discovery of a cluster of epithermal veins. Our team is excited to test these two important targets. Considering we have a mine permit, and underground workings, plus that many streamers and royalty companies are in need of new projects to deploy their cash, makes the near surface drilling an important drill target. The deep drilling is very exciting as well. Our past drilling has shown we have a large epithermal vein cluster, mineralization of gold and silver, and that it is a long-lived system. Now comes the exciting part, drilling deeper to test for the boiling zone of the system.”
Julio Pinto Linares, Doctor in Geological Sciences with specialty in Economic Geology and Qualified Professional No. 01365 by MMSA is the qualified person as defined by National Instrument 43-101 responsible for the accuracy of technical information contained in this news release.
About Advance Gold Corp. (AAX.V)
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 14.53% interest on strategic claims in the Liranda Corridor in Kenya, East Africa. The remaining 85.47% of the Kakamega project is held by Acacia Mining (63% owned by Barrick Gold).
For further information, please contact:
Allan Barry Laboucan,
President and CEO
Phone: (604) 505-4753
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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.