2019 News

Advance Gold Corp. (TSXV: AAX) ("Advance Gold" or "the Company") is pleased to announce that a 3D Induced Polarization (IP) geophysical survey on its Tabasquena project in Zacatecas, Mexico is underway. This geophysical survey is designed to complement and enhance the 3D model derived from the recent drilling which confirmed a widespread gold and silver mineralized epithermal vein system.

 

Prior to Advance Gold acquiring the project, a limited IP survey had been carried out. This historical IP survey effectively identified three of the known veins as significant chargeability and resistivity anomalies.

 

The goal of the survey is to assess the depth potential below the near surface mineralized zone that was encountered in the andesites, with the graphitic phyllites below still open at depth. It is important to note that the vein systems in the nearby mines operated by Fresnillo Plc., and MAG Silver’s Juanicipio mine currently under construction, are epithermal veins systems focused on zones within the graphitic phyllites.

 

The 3D IP geophysical survey will take thousands of data point readings on an 800 X 500 metre grid. It is designed to give a clearer picture of anomalies adjacent to and below the current drilling, which is primarily down to 300 metres, and possibly see down to approximately 600 metres. 

 

Allan Barry Laboucan, President and CEO of Advance Gold Corp. commented: “We are in a unique position for a gold and silver explorer as having found a fully intact epithermal vein system. This is a fairly rare occurrence. Making things somewhat challenging is that with a system like this, the boiling zone of the system is deeper. This is the case in all of the nearby mines around the cities of Fresnillo and Zacatecas, Mexico. The mines are hosted in the graphitic phyllites below the andesites. We have drilled a widespread zone of gold and silver mineralization in the andesites at Tabasquena. Hopefully, once the geophysical survey is completed we will be better able to focus our deeper drilling in the search for the boiling zone of the system. With the gold and silver markets gaining strength, it is a very exciting time for us to be advancing this exceptional project. In addition to the technical merits of the project, we are in one of the most prolific mining regions worldwide for silver as 10% of the historical world silver production comes from the state of Zacatecas, from epithermal vein systems. Since we made the discovery of this system approximately one year ago, the gold and silver markets have gone from being subdued to much more optimistic. One of the defining attributes of this region, in addition to the prolific mines, is that the costs for exploration, development and mining are some of the lowest in the mining sector. We have a highly prospective project at Tabasquena, are doing the work to advance the project, have a small and tight share structure and will be delivering crucial news as the market for gold and silver are improving yet the menu for investors to choose from is small when it comes to the exploration of quality projects.” 

 

Julio Pinto Linares is a QP, Doctor in Geological Sciences with specialty in Economic Geology and Qualified Professional No. 01365 by MMSA., and QP for Advance Gold and is the qualified person as defined by National Instrument 43-101 and he has read and approved 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 Nicolas 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

Email: allan@advancegold.ca

 

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.

 

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