Advance Gold Corp. (TSXV: AAX) ("Advance Gold" or "the Company") reports that drill core from 3 drill holes, one of which intersected 4 epithermal veins, have been submitted for assays.
The Company will be increasing its investor awareness efforts by continuing the previously announced Nicosia contract for a one year period and will also add a cashless advertising and media exposure program with Agoracom.
Allan Barry Laboucan, President and CEO of Advance Gold Corp. commented: "I’m happy to extend our relationship with Nicosia as I’ve been impressed with the quality of their network of retail and institutional investors. With the addition of Agoracom.com we will enhance our efforts to grow our stockholder base and increase our media exposure.
Increasing our marketing efforts is timely as we work toward firming up our plans going forward. Phase 1 has been successful so far in that we have proven that the Tabasquena vein continues at depth and is significantly wider at depth than in the oxide zone above that was historically mined to approximately 80 metres by Penoles. The parallel La Nina vein is significantly wider at depth (10 metre intersection). Two new cross cutting veins were intersected as well.
Importantly, we hit high-grade gold in our second drill hole, a previously reported 1.7 metre intersection of 9.64 g/t gold. In this discovery hole, we submitted the first 10 metres of the 19 metre intersection previously and have now submitted the final 9 metres.
Details of Submitted Core
Drill hole AGT-02 was a follow up hole to AGT-01 which faced challenging drilling conditions and was abandoned while still in the Tabasquena vein. AGT-02 was set up 15 metres beside AGT-01, and drilled through 19 metres of the Tabasquena vein, and is the high-grade gold discovery hole. The first 10 metres were previously reported, and the remaining 9 metres were submitted recently to the assay lab.
AGT-03 was designed to hit the La Nina vein in the oxide zone, it also hit a new vein now named La Chiquita and then cut a deeper intersection of the Tabasquena vein. The goal was to drill underneath the 100 metre shaft. After drilling through the Tabasquena vein an intersection of 4.80 metres of a sulphide zone was encountered.
AGT-04 is the most northerly hole, it’s a 130.00 metre step out from the historical mining. It hit 4 veins, the Tabasquena vein for 10 metres in the oxide zone, which is considerably thicker than the 2-4 metre oxide zone historically mined by Penoles. The drill also hit the cross cutting La Chiquita vein, for 4.70 metres. The drill continued and hit a new cross cutting vein now named the Yaki vein, for 0.80 metres. Yaki crosses the La Nina vein. This hole also reached the La Nina vein deeper than in hole AGT-02 and is the third hole to show the veins to be significantly thicker at depth.
True width of the veins discussed has yet to be determined. All of the vein intersections discussed, and the unnamed sulphide zone have been submitted to ALS Mexico for sample preparation and then will be sent to ALS Canada for assays.
For more information about the phase 1 drill program, please visit the Company’s website. On the website, in the Tabasquena project section, you will find pictures of drill core of the vein intersections, cross sections, assay results and a geology map with the drill holes included to understand where the various holes, veins and structures are located in relation to each other.
Julio Pinto Linares, PGeo, is the qualified person responsible for this release and has prepared, supervised and approved the preparation of the scientific and technical disclosure contained within the release.
About Nicosia Agreement
Nicosia, which will be paid $3,500 per month, will assist the Company in creating and implementing communication strategies that will facilitate relationships with finance professionals, investors and media contacts. Prior to entering into the Investor Relations Contract the principal of Nicosia had been retained to provide consulting services to the Company pursuant to which the principal was issued 100,000 stock options exercisable at $0.12 per share for five years from April 17, 2018 (the “Options”). The Options previously issued will take the place of a like number of stock options that would otherwise have been issuable under the Investor Relations Contract. Aside from the Options neither Nicosia nor its principal own other securities of the Company. The term of the contract with Nicosia is twelve months subject to the right of the Company to terminate it on 30 days’ notice.
About Agoracom Agreement
The Company is also pleased to announce that it has entered into a one-year advertising contract with Agoracom to provide advertising and media exposure. Agoracom will be paid $15,000 plus HST every three months payable in shares, the deemed price of which to be determined at the end of each three month period.
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 a "shadows of a headframe" project, 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 13.5% interest on strategic claims in the Liranda Corridor in Kenya, East Africa. The remaining 86.5% 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
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.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.