Agoracom Blog

$AAX.ca Advance Starts Phase 2 Drilling to Test Below High-Grade Gold Discovery Hole

Posted by AGORACOM-Eric at 2:55 PM on Monday, September 10th, 2018
https://s3.amazonaws.com/s3.agoracom.com/public/companies/logos/564631/hub/advance-gold-large.png
  • Started phase 2 drilling at the Tabasquena Silver Mine
  • First hole of phase 2 drilling intends to intersect the Tabasquena epithermal vein at 1800m above sea level.
  • Purchased mining equipment owned by prior operators for 300K at 0.50c per in all share transaction

Kamloops, British Columbia–(Newsfile Corp. – September 10, 2018) – Advance Gold Corp. (TSXV: AAX) (“Advance Gold” or “the Company”) is pleased to announce that it has started phase 2 drilling at the Tabasquena Silver Mine, near Ojocaliente, Mexico. In phase 1 drilling, only one hole went below the oxide zone of the 4 epithermal veins drilled, that hole was the high-grade gold discovery hole previously reported.

The first hole of phase 2 drilling, will test below the gold discovery hole with a goal to intersect the Tabasquena epithermal vein at 1800 metres above sea level. Which is around 100 metres below the discovery hole intersection. Epithermal veins that make up mines in the area, show that the precious metals horizon starts approximately were phase 1 drilling hit the gold discovery hole.

Once drilling of the first hole is completed, a news release will provided using the same details as in the first phase of drilling for each hole. Including drill hole cross sections, plan maps and core pictures. We will also present details of our second hole prior to drilling, and keep following this process throughout the phase 2 drilling program.

The Tabasquena project benefits from year round drilling weather and paved road access for relatively low-cost exploration.

Allan Barry Laboucan, President and CEO of Advance Gold Corp. commented: “During phase 1 we hit significant milestones, three of the most important are making a high-grade gold discovery, discovering a cluster of epithermal veins, and that at least two of these veins are significantly wider at depth that in the near surface historical mining done by Penoles in the oxide zone.

“We will begin phase 2 drilling with a drill hole deeper below the gold discovery hole. Once that is completed, we want to test some of the potential feeder type targets, plus we are eager to test all of the veins below the oxide zone which goes down to an estimated 175 metres below surface.

“Targeting the veins deeper is crucial as we aren’t reinventing the wheel here. Epithermal veins in the region have been studied for the 500 plus years of mining in the state of Zacatecas, Mexico. We look forward to testing down to a favourable depth for the precious metals horizon, on all the veins we have found and any new ones.

“Our goal with the first hole of phase 2 drilling is to get under the gold discovery hole and hit the Tabasquena vein at approximately 1800 metres above sea level. At this level we expect to hit the vein well into the precious metals horizon.”

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.

Other News

Previous owners of the Tabasquena project had a goal to mine in the oxides, in addition to the Tabasquena 100 metre shaft, they had also purchased a significant amount of mining equipment. One of the largest is the nearly new headframe at the Tabasquena shaft.

Advance Gold will purchase all of the mining related equipment for $300k CAD, in stock at a deemed price of 50 cents per share.

The Tabasquena project is a fully permitted mine, and this equipment will help keep the option of further development toward bringing it back into production open.

About Advance Gold Corp. (TSXV: AAX)

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
[email protected]

Nicosia Capital
Investor Relations
in[email protected]

Comments are closed.