Advance Gold Corp. (TSXV: AAX) ("Advance Gold" or "the Company") reports on final assays from its first phase of exploration drilling at the Tabasquena Silver Mine, near Ojocaliente, Mexico. Drill hole AGT-02 was the high-grade gold discovery hole, reported in a news release on July 19/2018, the high-grade was hit at the contact over 1.7 metres (true width has yet to be determined) of 9.64 g/t gold.
This is the first hole, to test below the near surface oxide zone (estimated to be approximately 10 metres below the oxides), hole AGT-02 returned gold mineralization throughout the 19 metres vein. Drilling below this intersection will be a high priority target in phase 2 drilling.
Another positive return from phase 1 drilling was a 4.80 metres sulphide zone intersection (true width has yet to be determined) that seems to be unassociated with the Tabasquena epithermal vein but is located close beside. In this sulphide zone, only anomalous grades of silver, lead and zinc were returned. Drilling below the sulphide zone intersection, to get deeper into the sulphide system, is another high priority target for drilling in phase 2.
An important take-away from phase 1 is that most vein intersections were in the oxidized portion of the veins. Drilling confirmed that the oxide zone goes down to a vertical depth of approximately 175 metres. The only hole to get below that depth in a vein was the gold discovery hole. Phase 2 drilling, will target drilling the veins below the oxidized zone.
Allan Barry Laboucan, President and CEO of Advance Gold Corp. commented: "Our key goal at the start of phase 1 drilling was to find certain veins, plus step out along strike of the Tabasquena vein and see if it continued to depth. Historical mining was confined to the oxidized portion of the Tabasquena vein. Intersecting high-grade gold just below the oxide zone is a great start.
An important point from the gold discovery hole is that it starts with the first 1.7 metres of high-grade, but also has another 17 metres of gold distribution across the hole. I’m eager to get back to drilling and drill underneath this hole
We are excited to begin a phase 2 drilling program that will help give us our first chance to more precisely drill our various veins below the oxide zone.
Another important question we need to answer is concerning the source of the sulphide zone hit in phase 1. This sulphide zone doesn’t seem to be associated to the Tabasquena vein. We have likely only clipped the edge of a sulphide system, in phase 2 drilling we will focus on trying to get deeper into the system.
We are currently finalizing our plans for phase 2 drilling. I hope to have announcements shortly with future news releases covering more specifically the targets to be drilled.
At the Juanicipio mine, owned by MAG Silver, near Fresnillo, the geological model indicates that the precious metals horizon begins at approximately 2000 metres above sea level, in our deepest drilling on the Tabasquena vein, the depth would be approximately 1930 metres above sea level where we hit high-grade gold. We look forward to drilling the various veins at depth to test well into the precious metals horizon.”
From Drill Hile AGT-02
|SAMPLENo.||SAMPLEDFROM (M)||LENTGHTO (M)||WIDTH||GRADEAu gr/t||Ag gr/t|
Table of Assays For AGT-03
All Veins in Hole From Oxide Zone of Epithermal Veins
Table of Assays For AGT-04
All Veins in Hole From Oxide Zone of Epithermal Veins
The tables of assays for previously reported vein intersections as well as videos showing the drill core intersections can be found on the Company’s website in the Tabasquena project section. You will also find cross sections and a geology map with the drill hole locations.
Sample preparation for assaying was completed by ALS Chemex in Zacatecas, Mexico and then ALS Chemex, in Ontario, Canada for assays. Atomic absorption was the testing procedure utilized and the Company relied on ALS Chemex for QA/QC procedures and protocols.
Julio Pinto Linares, PGeo, is the qualified person responsible for this release and has supervised the preparation, and approved the preparation of the scientific and technical disclosure contained within the 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 a "shadows of a headframe" project, 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 13.5% interest on strategic claims in the Liranda Corridor in Kenya, East Africa. The remaining 86.5% 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.
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