Allan Barry Laboucan, President and CEO of Advance Gold Corp. commented: “We are very excited to drill this large chargeability anomaly as these kinds of targets are not easily found, especially in regions well known for big mines. What makes it particularly stand out is that the high chargeability is consistent from east to west on each survey line, and from line to line over the entire grid. One always has to be aware of possible false positives, such as the possibility of disseminated magnetite causing the chargeability anomaly. However, in this case there has been no magnetite found in the area and an historical magnetic geophysical survey by the Geological Survey of Mexico showed no magnetic anomaly. There are a few potential explanations for the anomaly of this size from mines in Zacatecas. At the Real de Angeles mine and the mine at Fresnillo there were large stockwork vein systems. Previous drilling at Tabasquena has found a near surface network of epithermal veins with widespread gold and silver mineralization, although the IP survey did not pick up that network of drilled veins. Another possibility is a porphyry intrusion that are known to be below epithermal vein systems. Finally, volcanogenic massive sulphide deposits (VMS) are known to occur in clusters, so far, there is only one found in the area, Teck’s San Nicolas VMS deposit. The San Nicolas discovery was found with the first drill hole into a large IP chargeability anomaly. For a small company like Advance Gold to have such a significantanomaly, in a prolific region for mines is exceptional, now we are drilling to better understand what we have at the Tabasquena project.”
The first drill hole to test the chargeability anomaly will be approximately in the middle of the anomaly. It will be drilled at a 65 degree angle, from west to east. The first image below shows the collar location and direction of the hole. In the north part of the image, you can see the Tabasquena shaft area, where historical mining was done in the oxide zone of the Tabasquena vein, and just off the image to the south is the Tesorito shaft also used historically to mine the Tabasquena vein in the oxides.
The image below is a plan view, with past drill holes outside the purple area which is the projected chargeability anomaly to surface. Those drill holes intersected a series of veins, with widespread gold and silver mineralization. None of the holes reached the chargeability anomaly.