Advance Gold Corp. (TSXV: AAX) (“Advance Gold” or “the Company”) is pleased to announce that the second phase of geophysics is underway on the Company’s Tabasquena project in Zacatecas, Mexico. The goal of this second 3D induced polarization (IP) survey is to expand the grid completed in the first phase to the south where the anomaly comes closest to surface.
The first phase survey identified a large continuous chargeability anomaly just below an area of widespread gold and silver mineralization in epithermal veins. The anomaly is approximately 250 metres wide and 800 metres long from north to south. The second phase IP survey will extend the grid approximately 1000 metres to the south where due to the elevation change the anomaly is closest to surface. The chargeability anomaly remains open to the north, south and at depth.
An IP survey is a geophysical imaging technique used to identify the electrical chargeability of subsurface materials such as ore. The technique involves the measurement of the slow decay of voltage in the ground following the cessation of an excitation current. The method makes use of the capacitive action of the subsurface to locate zones where chargeable minerals are present. Disseminated sulphides and other chargeable minerals have distinct IP signatures.
It is important to note that approximately 12 miles to the west is the San Nicolas VMS mine owned by Teck Corporation and 12 miles to the south is the El Coronel open pit gold mine located in the same geological environment as the Tabasquena project.
Allan Barry Laboucan, President and CEO of Advance Gold Corp. commented: “It’s a very exciting time for Advance Gold, previous drilling found a network of veins with widespread gold and silver mineralization. Following this the first phase geophysical survey revealed a large chargeability anomaly right below these veins. Another impressive aspect of the first IP survey is that as we move to the south there is a decrease in the depth to the IP anomaly that would indicate that the anomaly is getting nearer to the surface as we move to the south. A possible reason for this is that the elevation decreases as we go southward, so it is important for us to extend the IP grid to the south before we drill test the IP anomaly. In our recent news release announcing the addition of our geophysical advisor, he described the anomaly as ‘quite remarkable in its size and continuity.’ As the anomaly is quite large, we are able to expand the grid to the south with fewer lines so we expect to complete this survey within 2 weeks and then begin drilling. We are in a region with very large mines, including El Coronel which is an open pit mine in production since 2008 which is 12 miles to the south of Tabasquena. Our team looks forward to further advancing the Tabasquena project with the second phase of geophysics and upcoming drilling.”
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 13.23% interest on strategic claims in the Liranda Corridor in Kenya, East Africa. The remaining 86.77% of the Kakamega project is held by Barrick Gold Corporation.
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.
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