Advance Gold Corp. (TSXV: AAX) ("Advance Gold" or "the Company") is pleased to announce the completion of Phase 1 drilling, and the important discovery of high-grade gold at the Tabasquena Silver mine, near Ojocaliente, Mexico, including a 1.7 metre intersection, with a grade of 9.46 g/t gold, from the Tabasquena vein. This intersection was silver and gold mineralized over 10.15 metres, and included a highlight intersection that returned 0.55 metre of 12.65 g/t gold.
In addition to assays from the first two holes of the four-hole drill program, the Company will also provide drilling details, including cross sections, drill hole plan map, and pictures of entire vein intersections from holes 2 through 4. For these same details on hole 1, please see news release dated May 17, 2018, or on the Tabasquena project section on the Company's website. All of the drilling details in this press release will be added to the Tabasquena project section on the website as well.
Phase 1 Drilling Highlights
- AGT-01 was drilled approximately 100 metres below historical mining by Penoles (which was confined to the oxide zone of this epithermal vein), hitting 11 metres of the Tabasquena vein, ending in the vein;
- AGT-02 is the gold discovery hole, drilled approximately 100 metres below the historical mine workings, it hit the Tabasquena vein for 10.15 metres of gold mineralization, including 1.70 metres of 9.46 g/t gold and a highlight intersection of 0.55 metre of 12.65 g/t gold;
- AGT-03 was drilled to test under the 100 metre shaft, it hit three veins, the La Nina vein for 3.5 metres, and the Tabasquena vein for 10 metres, approximately 25 metres below the bottom of the shaft, it also hit the Chiquita vein, over 5.5 metres, for the first time;
- AGT-04 is a 100 metre step-out of the Tabasquena vein (from the historical underground mining) and it hit the vein in the oxide zone for 10 metres. It also hit the Chiquita vein over 4.50 metres, as well as the La Nina vein over 12 metres, approximately 30 metres deeper than in AGT-03. This hole hit another vein for the first time, the Yaki vein over 0.80 m width at 175 metres;
- Holes AGT-01, AGT-02 have established that the Tabasquena vein is significantly wider at depth. It also dips in the direction of a parallel fault, which opens the possibility of a nearby feeder;
- Hole AGT-04 established that as drilling in the open direction along strike of the Tabasquena vein, it is significantly wider than in the historical mining in the oxide zone 100 metres away;
- Phase 1 drilling was designed to show that the Tabasquena project hosts an epithermal vein field, with sulphides in the veins and in the near surface conglomerate, all suggesting a large mineralizing system;
- Phase 1 drilling exceeded expectations by showing the Tabasquena vein is hosting high-grade gold and significantly thicker at depth and along strike.
Allan Barry Laboucan, President and CEO of Advance Gold Corp. commented: "At the beginning of the Phase 1 drill program, our plan was to try to hit the Tabasquena vein, to show that it continued significantly below the old Penoles mining above it in the oxide zone. We weren’t expecting to see the Tabasquena vein get so much thicker at depth. Having lost the first hole while still in the vein, the second hole was designed so we could get a more accurate idea of the actual thickness. Hitting 10.15 metres of gold mineralization, with high-grade gold of 1.70 metres of 9.46 g/t gold, including 0.55 metre of 12.65 g/t gold in the gold discovery hole is a real gamechanger.”
“Now we know we have a big mineralizing system with silver and gold. In a vein that is much wider at depth and along strike than in the historical mining which was confined to a small portion of the oxide zone in the Tabasquena epithermal vein. The widening at depth and with the dip in the direction of a parallel fault, it will be a priority in our second phase of drilling to extend beyond hole AGT-02, toward the fault. We need to determine where the high-grade gold is coming from. Additional encouraging results are that we have now hit multiple veins as we move to the north of the historical mining, so in Phase 2 drilling we will test those veins as well as look for new ones. We are also looking at a couple of structural targets to drill in Phase 2 as possible feeders for the mineralization in the veins.”
“I’m looking forward to the assay results from AGT-03 as this hole is below the shaft where we took channel samples and received promising grades of silver. Assays from AGT-04 are important as well, as we are hitting parallel and cross cutting veins, four veins in total in one drill hole of 200 metres. We have started planning our Phase 2 drilling to further test the various veins, possible feeder systems, and to focus on silver and gold."
Table of Assay Results from AGT-01 and AGT-02
|Advance Gold Corp S.A. de C.V.|
|Hole No. AGT-01|
|Advance Gold Corp S.A. de C.V.|
|Hole No. AGT-02|
Near Term Plans
At the moment, the Company is planning a Phase 2 drill program, that will be designed to test the recently discovered veins, explore for new veins, follow up on the high-grade gold discovery, and to test for possible nearby structural controls to the mineralization.
Upon receiving and reporting the assay results for holes AGT-03 and AGT-04, the company will further enhance its target selection for Phase 2 drilling.
As the Company prepares to start the phase 2 Drill program, it will provide details of the various holes to be drilled, and what they will follow up on from the successful Phase 1 drill program.
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 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 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.
TABASQUEÑA GEOLOGY 18 JULY
DDH AGT-04 18-Jul-3
DDH AGT-02 18-JUL-3
DDH AGT-03 18-JUL-3
AGT-02 TABASQUEÑA VEIN-1
AGT-02 TABASQUEÑA VEIN-2
AGT-02 TABASQUEÑA VEIN
AGT-03 DETAIL TABASQUEÑA
AGT-03 DRILLING SITE
AGT-03 TABASQUEÑA VEIN
AGT-04 CHIQUITA VEIN
AGT-04 DETAIL LA NIÑA VEIN
AGT-04 DETAIL TABASQUEÑA VEIN
AGT-04 DRILLING SITE
AGT-04 LA NIÑA VEIN
AGT-04 TABASQUEÑA 65.00-78.60 m
AGT-04 TABASQUEÑA VEIN