458 drill holes completed on Advance Gold's Licences
Advance Gold Corp. (“Advance Gold” or the “Company”) is pleased to announce that Acacia Mining plc. (LON:ACA) (“Acacia”) through its subsidiary Acacia Exploration Kenya Ltd. has completed their earn-in on Advance Gold's three exploration permits in Kenya, East Africa. Acacia has spent in excess of the required $1.5M to earn 85% of Advance Gold's Special License 265 (Bukura), Special License 266 (Sigalagala) and Special License 267 (Rosterman) that cover in total 40.4km2.
Acacia has spent, since November of 2012, a total of $18M on their West Kenya Project, which includes Advance Gold's three exploration permits. Exploration activities by Acacia incorporated geological mapping, extensive soil sampling, approximately 61,000m of Aircore drilling and over 35,000m of reverse circulation and diamond core drilling across their entire project area. The highest priority area for Acacia is within the Liranda Corridor where drilling has indicated a series of narrow vein, high grade zones within a 9km long structural corridor. Advance Gold's Sigalagala and Bukura licences lie along this corridor.
Jim Gillis, President of Advance Gold comments, “It is good that we have Acacia as a partner on our Kenya exploration licences and to see their level of exploration commitment. Their success in defining the very prospective Liranda Corridor and their continued exploration in 2016 is a tribute the gold potential of this Lake Victoria Greenstone Belt.”
Acacia's 2016 exploration budget for their West Kenya Project totals $8M with the majority of the exploration to be spent on a high priority 4.5 km section of the Liranda Corridor. Advance Gold's Sigalagala and Bukura licences bracket the high priority area. Advance Gold has received a Q2 exploration budget and work program from Acacia that will see an airborne Vtem survey cover a portion of the Advance Gold ground. Advance Gold has elected not to participate in this round of exploration and once the program has completed it will retain a 14.1% interest in the 3 permits.
Acacia's model for the Liranda Corridor is the Strzelecki & K2 Shear Zone with multiple shears/multiple shoots in Kundana, Australia, where Northern Star's Pegasus deposit has current total estimated resources of 3.0Mt at 11.6g/t Au for 1.1 million ounces of gold (see NST news release dated 16 February 2015). It is believed that the Liranda Corridor in Kenya is analogous to the high grade, steeply dipping and plunging oreshoots in Western Australia. Advance Gold's Sigalagala Licence encompasses a 4km section of this gold mineralized Liranda Corridor.
Over the JV earn-in period, Acacia Exploration Kenya Limited has drilled a total of 458 holes; 11 as diamond core, 5 as reverse circulation and the remainder as Aircore. A total of 6,672 samples were assayed from these drill holes. Highlights of the drilling are listed below in Table 1.
Table 1. Highlights of the drilling on Advance Gold's three Kenya Licences:
|Azi °||Dip °||Length|
The intervals do not necessarily indicate true width of mineralization, as its geometry is not known.
Average drilling depth from the Aircore drilling is relatively shallow at 30 metres.
* Hole ended in mineralisation.
Highlights of Acacia's latest results from the Liranda Corridor are shown in Figure 1. The Acacia and Bushiangala shoots have been drilled and have targeted high grade mineralized intersections down to 500m below surface. On both shoots, multiple high grade mineralised structures are associated with significant sericite-carbonate+/-fuchsite-pyrite alteration and moderate shearing. Acacia has found that the high grade mineralization at depth has the potential to occur “blind” or below weak near-surface anomalies. Advance Gold considers the portion of the Liranda Corridor on the Sigalagala Licence to remain extremely prospective for deep gold mineralization.
Maps also available at: www.advancegold.ca
About Advance Gold Corp: Advance Gold is focused on acquiring and developing gold and precious metal projects in stable jurisdictions with manageable risk. The Company has and will continue to identify, acquire and add value to overlooked and undervalued assets.
About Acacia Mining plc: Acacia is the largest gold producer in Tanzania. It has been operating in Tanzania for over a decade and during that time has produced nearly 8 million ounces of gold from a combination of open pit and underground mines. Acacia has three producing mines, all located in northwest Tanzania, together with several exploration projects at various stages of development, including exploration land holdings in the highly prospective greenstone belts in Western Kenya, Western Burkina Faso and Western Mali.
Acacia Mining plc is a UK public company with its headquarters in London. It is listed on the Main Market of the London Stock Exchange under the symbol ACA and it has a secondary listing on the Dar es Salaam Stock Exchange in Tanzania.
Jeffrey Ackert, a director of the Company is a Qualified Person as defined by National Instrument 43-101 and has reviewed and approved the exploration information and technical disclosure in this news release. Mr. Ackert served as Vice-President, Exploration and Business Development of Advance Gold from June 9, 2008, until in resignation as a Vice-President on September 24, 2015.
For further information, please contact:
Jim Gillis, President
Advance Gold Corp.
432 Royal Avenue
Kamloops, BC V2B 3P7
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