Advance Gold Corp. (TSXV: AAX) ("Advance Gold" or "the Company") is pleased to provide an update on exploration plans for its Tabasquena project near Ojocaliente, Mexico. Based on the phase 2 drilling program, and historical work completed by the geological survey of Mexico, a dual track drilling program is being planned.
The recently completed drilling in phase 2, has identified a series of epithermal veins (more than 30), which have only been drilled above the boiling point and remain open at depth and along strike. Approximately 1000 metres to the northeast, the SG3 target area, is a structural intersection mapped and sampled by the geological survey of Mexico which is a feeder system type target.
Allan Barry Laboucan, President and CEO of Advance Gold Corp. commented: “Now that we have established that there is a large cluster of epithermal veins at Tabasquena, we are also eager to explore for feeder system type targets. Our plan to drill deeper into the vein system to look for the boiling point in our epithermal veins, combined with stepping out into other areas of the property gives us a good chance to open things up.
Past work by the geological survey of Mexico, at the SG3 target area, has mapped a key structural intersection to the northeast of the vein system and a coincident gold anomaly.
The more work we do on the property, the more it becomes clear that we are looking at a large epithermal vein system, and other compelling targets on the project. We are looking forward to more drilling to test these targets in our phase 3 drilling.”
Julio Pinto Linares is a QP, 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.
The Company is cancelling the previously announced, see November 2/2018 news release, private placement. It proposes to undertake a non-brokered private placement of units at a price of $0.06 (6 cents) per unit for gross proceeds of up to $300,000. Each unit shall consist of one common share in the capital of the company and one common share purchase warrant.
Each warrant shall entitle the holder to purchase one common share at a price of $0.08 (8 cents) per share at any time within 24 months of the date of issuance. All securities to be issued under this private placement will be subject to a four-month resale restriction.
The company intends to close the private placement immediately following the satisfaction of customary closing conditions, including receipt of all regulatory approvals. There are no material facts or material changes relating to the company that have not been previously disclosed.
Advance Gold will use the net proceeds of this private placement for general corporate purposes and to advance its Tabasquena silver project in Zacatecas, Mexico.
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 Nicholas 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 14.5% interest on strategic claims in the Liranda Corridor in Kenya, East Africa. The remaining 85.5% 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.