Advance Gold Corp. (TSXV: AAX) (“Advance Gold” or “the Company”) is pleased to announce that Joint Venture partner Shanta Gold has completed one diamond drill hole at the Rosterman Gold Mine property in Western Kenya. The Rosterman mine is located on one of the three claim blocks that comprise the joint venture between Shanta Gold and Advance Gold. Currently Shanta holds an 88.55% interest in the Joint Venture. The Rosterman Mine operated in the late 1950s to the mid 1960s and mined seven gold bearing reefs from 23 underground levels. The other two claim blocks under the Joint Venture bracket the Liranda Gold Corridor.
Shanta Gold reports that one hole of 320m has been completed, with core having been sent to the lab for assaying. The hole was drilled to the west of the Rosterman Mine workings and along strike of the mineralized structure and surface gold in soil anomaly. Shanta considered the target a top priority due to the structural orientation and mineralization controls. Prior to drilling, Shanta performed 3D modelling of the historical level plans and sections of the Rosterman mine, interpreted recent multi-element surface sampling results and mapped structures which assisted in a better understanding of the orientation of the mineralized systems and helped to determine the extent of the mined zones and possible plunging mineralization trends.
Allan Barry Laboucan, President and CEO of Advance Gold Corp. commented: “Since Shanta Gold took over the joint venture from Barrick last year they have completed a lot of preparation work to get ready for drilling. We are pleased to see they have completed the first hole at the past producing Rosterman Gold Mine. They have taken a new look at the project with a new set of eyes and have put together a phased exploration plan that will move ahead based on results. With Shanta spending more money on the Joint Venture, we are nearing the stage where we will be diluted to a 10% interest. At that point, Advance Gold converts to a 3% uncapped royalty where Shanta has no right of first refusal. This will give Advance some flexibility if it chooses to sell a portion of the royalty.”
Julio Pinto Linares is a qualified person, doctor in geological sciences with specialty in economic geology and qualified professional No. 01365 by MMSA for Advance Gold and is the qualified person as defined by National Instrument 43-101 responsible for the accuracy of technical information contained in this news release.
About Advance Gold Corp.
Advance Gold is a junior exploration company focused on acquiring and exploring mineral properties containing precious metals, battery metals and fertilizer minerals. The company acquired a 100-per-cent interest in the Tabasquena silver mine in Zacatecas, Mexico, in 2017, and the Venaditas project, also in Zacatecas state, in April, 2018. In addition, Advance Gold holds an 11.45% interest in strategic claims in the Liranda Corridor in Kenya, East Africa. The remaining 88.55% of the Kakamega project is held by Shanta Gold Limited (project previously owned by Barrick Gold Corporation, for details see Advance Gold News Release dated 2020-08-26). In March 2020, the Company moved into the lithium space with a purchase agreement to acquire 13 lithium-potassium boron prospective salars in central Mexico, which also includes a test plant and exclusive rights to a patented proprietary lithium extraction method.
For further information, please contact:
Allan Barry Laboucan,
President and CEO
Mexico Cellular Phone: 492-238-5282
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