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Candente Gold $CDG.ca signs Profit Share Agreement for the Cocula Gold Project Western Mexico $CDG.ca $MEX.ca $AGI.ca $DSV.ca

Posted by AGORACOM at 5:01 PM on Thursday, September 10th, 2020
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  • Candente Gold will be entitled to receive 70% of any potential profits that may be derived from mining and processing of ore from the Cocula Gold Project.

VANCOUVER, British Columbia, Sept. 10, 2020 (GLOBE NEWSWIRE) — Candente Gold Corp. (TSXV:CDG) (“Candente Gold” and/or the “Company”) is pleased to announce the signing of a Letter of Intent (“Agreement”) to enter into a profit sharing agreement on the Cocula Gold Project (“Cocula”) in Jalisco State, Mexico whereby Candente Gold will be entitled to receive 70% of any potential profits that may be derived from mining and processing of the deposit.  The addition of Cocula to our asset base represents another critical step in the Company’s growth strategy for Western Mexico.  In addition to untested exploration potential, the Project contains gold mineralization at surface, hosted in quartz veins, stockwork zones and oxidized, mineralized breccias.

Timmins Gold Corp. explored the Cocula property between 2007 and 2011 through a series of comprehensive exploration programs which included geological mapping, geochemical sampling, trenching and 1,974 meters (“m”) of Reverse Circulation (“RC”) drilling.  Significant results included 54m grading 4.97 grams per tonne (“g/t”) gold in a trench across the center of the mineralized area.  An RC hole drilled beneath this trench encountered 37.5m grading 1.3 g/t gold including 7.5m grading 5.8 g/t from surface to a 7.5 m depth.  Near and at-surface, mineralization delineated by drilling and trenching has been traced for at least 800m along strike within a NW-SE trending fault zone.

To the Company’s knowledge, a NI 43-101 compliant mineral resource estimate has not been completed for the Cocula property however Timmins Gold Corp. conducted various in-house resource estimates. A qualified person has not done sufficient work to classify the historical estimates as current mineral resources and therefor the Company is not treating the historical estimates as current mineral resources.  Historical reviews of the potential tonnes and the potential grades quoted below are conceptual in nature.

In December of 2008, consultant (Pedro Teran) contracted by Timmins Gold Corp., estimated an internal resource estimate for the portion of the deposit delineated by their RC drilling and trenching results, including assays from 1,552 surface samples.  The geologist applied a geological model appropriate to the observed mineralization to build a MineSight block model and derived an estimate of 5,796,023 tonnes grading 0.58 g/t gold containing 108,081 ounces (“oz”) gold (the cutoff grade was not defined and CIM categories are not clear). 

The Company has reviewed the above as well all reports and data available and considers there is potential for conceptual exploration targets including a lower grade bulk tonnage, potentially leachable deposit as well as a higher grade/lower tonnage core of the deposit.  Based on all of the existing exploration data and previous resource estimates to date the Company believes the Conceptual Exploration Targets have potential for: 500,000 to 6,000,000 tonnes grading from 0.5 g/t Au to 2.75 g/t Au containing between 50,000 and 110,000 oz Au with secondary credits from silver, lead, zinc and copper.  The above is based on exploration to date by Timmins and other and does not include additional exploration potential.  The potential quantity and grade described above is conceptual in nature, that there has been insufficient exploration to define a mineral resource and it is uncertain if further exploration will result in the target being delineated as a mineral resource.

The Agreement provides for the following payments to be made by Candente Gold to the owners (the Lopez family) of the Cocula Gold Project:

1. $10,000 upon signing of the Letter of Intent;
2. $20,000 upon signing of a Definitive Agreement (“DA”) and completion of due diligence within 60 days;
3. $210,000 in staged payments to be made every 6 months over a 36 month period starting 6 months after signing the DA.
4. Upon commencement of production, the owner of the Property will receive a minimum consideration of $25,000 per quarter deductible from mining profits for each quarter.

It will be Candente Gold Corp.’s responsibility to put the Property into production and the Lopez Family will retain 25% of the profits derived from mining, processing and product sales.  The Company has also agreed to pay 5% of profits to Mingeo International as a finder’s fee such that the Company will have the rights to retain 70% of all profits.  Mingeo is a non-arms length party.

In addition, the Company welcomes Mr. Barney Lee to the team overseeing operations in Western Mexico.  Barney has over 30 years of experience working in operations in Mexico with numerous companies including the El Sauzal Mine for Glamis Gold and Goldcorp; as Director for Premium Exploration operations in Nayarit and Jalisco and on the Cocula Property for Timmins Gold.  Most recently Mr. Lee has been working on the Los Cardones Project for the Invecture Group and on the Guadalupe de los Reyes Project for Prime Mining.  He has also worked for Barrick Gold, Kennecott and Excellon Resources.   Additionally, Mr. Lee is skilled in dealing with Mexican land tenure, fiscal and accounting matters.  His role going forward will be to manage operations in Western Mexico.

The Project area is located within the Ameca Mining District of Jalisco State which is home to Agnico Eagle’s El Barqueño Project and Endeavor Silver’s Terronera Project. It is hosted in a Mesozoic age volcano-sedimentary package of the Guerrero Terrane intruded by dioritic and granitic stocks.  Mineralization is hosted in multi-lithic breccia within a NW-SE trending fault zone that has been traced for at least 800m in strike length.  The fault zone coincides with the contact of andesites from the volcano-sedimentary package and a granodioritic stock.  A younger sequence of Tertiary age andesites and basalts locally covers portions of the host units.

About Candente Gold

Candente Gold has launched a comprehensive growth strategy to build a cash flowing business platform and gain access to properties with near surface exploration potential while maintaining El Oro as its flagship asset and an integral part of the overall growth strategy.  The acquisition of the SDA Plant and the El Dorado historic mines signifies an important first step.

The financial benefits from Western Mexico operations and the addition of specialized personnel will translate across platforms to strengthen our efforts to explore and potentially mine.  The Company is currently evaluating properties that are complimentary to the SDA plant and El Dorado Property. 

El Oro is a district scale gold project encompassing a well-known prolific high-grade gold dominant gold-silver epithermal vein system in Mexico.  The project covers 20 veins with past production and more than 57 veins in total, from which approximately 6.4 million ounces of gold and 74 million ounces of silver were reported to have been produced from just two of these veins (Ref. Mexico Geological Service Bulletin No. 37, Mining of the El Oro and Tlapujahua Districts. 1920, T. Flores*)

Modern understanding of epithermal vein systems indicates that several of the El Oro district’s veins hold excellent discovery potential, particularly below and adjacent to the historic workings of the San Rafael Vein, which was mined to an average depth of only 200 metres. 

Joanne C. Freeze, P.Geo., President, CEO and Director and Matthew Melnyk, CPG., Director Operations are Qualified Persons as defined by National Instrument 43-101 for the projects discussed above.  Ms. Freeze and Mr. Melnyk have reviewed and approved the contents of this release.

Neither TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

On behalf of the Board of Candente Gold Corp.
“Joanne Freeze” P.Geo.
President, CEO and Director

For further information please contact:
Joanne Freeze                                                                                   President & CEO   
Tel:+1(604)689-1957                                                                                                                  
[email protected]

Sun River Gold Completes the Purchase of an additional 5% NPI in the Mexico Mine Tailings Project $CDG.ca $MEX.ca $AGI.ca $DSV.ca

Posted by AGORACOM at 8:16 AM on Wednesday, August 19th, 2020
  • Sun River Gold has made the final payment of US$111,000
  • Sun River has the option to acquire 100% of the Tailings Project

VANCOUVER, British Columbia, Aug. 19, 2020 (GLOBE NEWSWIRE) — Candente Gold Corp. (TSXV:CDG) (“Candente Gold” and/or the “Company”) is pleased to advise that Sun River Gold (“Sun River”)  has made the final payment of US$111,000, to increase their ownership in the Mexico Mine Tailings at El Oro Mexico, such that the company’s NPI will be reduced from 10% to 5% after the first US$1,500,000 is received by the Company.

The Mexico Mine Tailings contain an Inferred Resource* of 1,267,400 Tonnes grading 2.94 Au g/t, 75.12 Ag g/t containing 119,900 ounces of gold and 3,061,200 ounces of silver. 

Sun River has the option to acquire 100% of the Tailings Project by making staged payments totalling US$300,000 (paid), bring the tailings into commercial production by October 31, 2021, and grant to the Company a 10% NPI, Life of Mine royalty (the “Candente Royalty”) as well as the Municipality’s 8% NPI on production from the properties.  Sun River had the right to reduce the NPI payable to the Company to 5% by paying an additional US$200,000 in payments (now paid). 

Candente Gold’s subsidiary, CCM El Oro Jales, has an agreement with the municipality of El Oro which provides the Company the right to recover all available gold and silver from the tailings deposit and pay to the Municipality of El Oro an 8% Net Profits Interest (“NPI”).  Candente Gold also retains the first US$1.5M from the 8% NPI payable to the Municipality.  Sun River must make all NPI payments to the Municipality. 

Sun River is a private Arizona based corporation managed by an experienced team of mining professionals with a combined 80 years of mining experience in Mexico, including specific experience in the reprocessing of old gold and silver tailings.  Sun River has advised the Company that it has completed a preliminary internal engineering study (“Internal Study”) for the Mexico Mine Tailings Project, and that it intends to continue development of the project with the objective to enter commercial production.  Sun River has recently advised the Company of the following key points in the development of the project:

  • Sun River has signed a letter of intent and made a down payment to purchase 25 hectares of land near the township of Nopalera approximately 5km by road north of the current location of the Mexico Mine Tailings, which is suitable for plant site and residue storage.
  • The project life is estimated by Sun River to be 1 year of engineering and construction and 4 years of tailings material reclaim and processing (at 1,000 tonnes per day) followed by reclamation.
  • Sun River advises that based on flotation test work at a recognized, independent US metallurgical lab, a standard metallurgical flotation process is expected to recover 65% of the gold and 60% of the silver to a marketable concentrate.
  • Sun River intends to market the gold/silver concentrate on the open market.
  • Sun River intends to contract with a local contractor who will use front end loaders and dump trucks to reclaim the tailings material and haul it to the proposed process plant approximately 5 kms away.   

Jim Bradbury, partner in Sun River Gold, Registered Professional Metallurgical Engineer in the State of Arizona, is considered the Qualified Person for the content of the Internal Study.   The metallurgical test work has been conducted by Minerals Technology LLC, a recognized metallurgical testing laboratory located in Tucson, Arizona whose clients include Florence Copper, ASARCO and BASF Mining Solutions. 

*Note: Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability.  All figures have been rounded to reflect the accuracy of the estimate. For more information see “National Instrument 43-101 Technical Report on the Inferred Mineral Resource Estimate of the Mexico Mine Tailings” prepared by Nadia Caira, P.Geo. and Allan Reeves, P.Geo., dated August 25, 2014 with an effective date of July 8, 2014 available at www.sedar.com.

About Candente Gold
Candente Gold’s flagship asset is El Oro, a district scale gold project encompassing a well-known prolific high-grade gold dominant silver epithermal vein system in Mexico.  The project covers 20 veins with past production and more than 57 veins in total, from which approximately 6.4 million ounces of gold and 74 million ounces of silver were reported to have been produced from just two of these veins (Ref. Mexico Geological Service Bulletin No. 37, Mining of the El Oro and Tlapujahua Districts. 1920, T. Flores*).

Modern understanding of epithermal vein systems indicates that several of the El Oro district’s veins hold excellent discovery potential, particularly below and adjacent to the historic workings of the San Rafael Vein, which was mined to an average depth of only 200 metres. 

Candente Gold is dedicated to being a responsible Community partner participating in Shared Value Initiatives.

Joanne C. Freeze, P.Geo., President, CEO and Director is a Qualified Person as defined by National Instrument 43-101 for the project discussed above.  Ms. Freeze has reviewed and approved the contents of this release.

Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

Forward-looking Information
This news release may contain forward-looking information (as such term is defined under Canadian securities laws) including but not limited to information regarding the processing of tailings to generate short-term cash flow, the potential for discovery in the El Oro district and other statements that are not historical facts.  While such forward-looking information is expressed by Candente Gold in good faith and believed by Candente Gold to have a reasonable basis, they address future events and conditions and are therefore subject to inherent risks and uncertainties including those set out in Candente Gold’s MD&A.  Factors that cause the actual results to differ materially from those in forward-looking information include, without limitation, gold prices, results of exploration and development activities, regulatory changes, defects in title, availability of materials and equipment, timeliness of government approvals, potential environmental issues, availability of capital and financing and general economic, market or business conditions. Candente Gold expressly disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except in accordance with applicable securities laws.

On behalf of the Board of Candente Gold Corp.
“Joanne Freeze” P.Geo.
President, CEO and Director

For further information please contact:
Joanne FreezePresident & CEO                                                                               
Tel: + 1 (604) 689-1957
[email protected]

Gold’s Mega Rally Faces $2,000 Hurdle, But For How Long? SPONSOR: Candente Gold $CDG.ca $MEX.ca $AGI.ca

Posted by AGORACOM at 11:48 AM on Tuesday, August 4th, 2020

SPONSOR: Candente Gold is creating a growth strategy encompassing its Mexican assets to build a cash flowing business. Recent acquisition of the SDA Plant and the El Dorado Historic Mines is the first step. Their growth strategy is to build a cash flowing business platform and gain access to properties with near surface exploration potential while maintaining El Oro as its flagship asset, and an integral part of the overall growth strategy. El Oro is a district scale gold project encompassing a well-known prolific high-grade gold-silver epithermal vein system in Mexico that has several undeveloped veins and has tremendous exploration potential. Click Here for More Info

LONDON (Reuters) – Gold’s rally has halted just below $2,000 an ounce partly due to fierce technical resistance, but an eventual break above that level is likely, freeing prices for more record highs, technical analysts said.

The gold price XAU= has surged 30% this year to an all-time peak around $1,975 an ounce and is one of 2020’s best-performing assets.

The rally was driven by a belief that gold will hold its value better than other assets as fallout from COVID-19 ripples through the global economy.

Central bank stimulus has pushed inflation-adjusted U.S. bond yields to record lows, making non-yielding gold more attractive, and the dollar has weakened sharply, making bullion cheaper for buyers with other currencies.

The never-before-reached $2,000-an-ounce mark is a major psychological resistance level, with gold’s 49-year trend channel resting just below it at $1,983, said Commerzbank technical analyst Karen Jones.

Only an end-of-month or, better yet, end-of-quarter close above these levels will signal a break from the channel, she said.

“Tighten your stops … unless the top of my range is taken out in a convincing manner … upside from here is marginal.”

Graphic – Gold’s long-term channel: here

Technical analysts seek patterns and signals in price charts which allow them to predict and interpret moves. Traders and automated trading systems also take prompts from technical signals.

Because gold’s rally has been so fast, a downward correction is likely and could be brutal, analysts said, before the market attempts another stab higher.

Early support is coming in around its 20-day moving average, at $1,875, and the bottom of its 4-month uptrend, around $1,830.

Below that is more powerful support at the 20-week moving average, currently at $1,755, said Tom Pelc, an independent technical analyst formerly at Nomura and RBS.

Graphic – Gold technical support: here

Such a fall wouldn’t necessarily doom the longer-term uptrend.

“We continue to see this improving volatility backdrop, so there’s no sign that the long-term trend is changing,” said Richard Adcock, a former UBS and now independent technical analyst.

“The market can carry on higher than people expect,” he said.

Graphic – Gold price volatility: here

If resistance is broken, Fibonacci extensions offer short-term targets. These are based on the idea that a rally will extend in predictable proportions extrapolated from a previous rally. One is at $2,067, said Pelc, another comes in at $2,286.

Graphic – Gold fibonacci extension: here

That could only be the beginning of a multi-year move. Lucas ratios — a tool using a sequence of numbers similar to Fibonacci’s — suggest gold could rise to $3,598.80 an ounce in 4-5 years, said Pelc.

Reporting by Peter Hobson; Editing by Veronica Brown and Emelia Sithole-Matarise

https://www.kitco.com/news/2020-08-04/Gold-s-mega-rally-faces-2-000-hurdle-but-for-how-long.html

Candente Gold Corp. $CDG.ca Launches AGORACOM Online Marketing as Primary Investor Social Media Discussion Platform

Posted by AGORACOM at 8:20 AM on Wednesday, July 29th, 2020

VANCOUVER, British Columbia, July 29, 2020 (GLOBE NEWSWIRE) — Candente Gold Corp. (TSXV:CDG) (“Candente Gold” and/or the “Company”) is pleased to announce the launch of a “CEO Verified” Discussion Forum on AGORACOM. The forum will serve as the Company’s primary social media platform to interact with both shareholders and the broader investment community in a fully moderated environment.

The Candente Gold HUB is live and can be found at: https://agoracom.com/ir/CandenteGold

Candente Gold will also receive significant exposure through millions of content brand insertions on the AGORACOM network and extensive search engine marketing over the next 12 months. In addition, exclusive sponsorships of invaluable digital properties such as the AGORACOM home page and the AGORACOM Twitter account will serve to significantly raise brand awareness of the Company among small cap investors. AGORACOM is the only small cap marketing firm to hold a Twitter Verified badge, averaging 4.2 million Twitter impressions per month in 2019.

Moderated Discussion for Candente Gold Management and Shareholders

AGORACOM “CEO Verified” provides the first ever identity verification of small cap executives on a finance platform.  Small cap CEO’s and other company officers are now able to post or communicate within a discussion forum without the risk of impersonation.  As the ultimate influencers of their own companies, “CEO Verified” forums create unmatched levels of engagement between companies and investors that have long desired civilized, constructive and factual conversation.

Posts to AGORACOM are shareable on Twitter, Facebook and LinkedIn, which provides Management with one-click sharing of valuable content to these social media platforms, with automatic links back to AGORACOM for civilized investor engagement. 

There are no log-in requirements for investors to visit the forum, read posts and share company posts with their networks on other platforms.  Investors wishing to post questions, comments and interact with company officers can quickly log-in using their Facebook or LinkedIn accounts, or create an anonymous new user account.

The Candente Gold Forum can be found at: https://agoracom.com/ir/CandenteGold/profile

Verified Candente Gold Officer at Launch

  • Joanne Freeze, President, CEO and Director

Joanne Freeze, President and CEO stated, “Social media participation is very important for growth companies such as ours and AGORACOM forums are purpose built to facilitate intelligent discussion without the nonsense that plagues other such sites.  I encourage everyone to read and participate in our CEO Verified Discussion Forum to create vibrant and constructive discussions for the long term benefit of everyone.”

George Tsiolis, AGORACOM Founder stated: “With gold prices hitting record highs and conditions looking favourable for continuation over the next three years, small cap investors are looking for high quality companies to grow with in this cycle. Candente Gold’s strategy to build cash flowing assets couldn’t come at a better time and we can’t wait to tell their story to the world.”

Term and Compensation

TERM: July 15, 2020 – July 15, 2021

FEES: $CDN 60,000 + HST*

  • $60,000 + HST to be paid via Shares For Services Under TSX Venture Policy 4.3 (Section 5)

  • $12,000 + HST Shares For Services upon Commencement July 15, 2020 for initial set up of HUB, marketing materials and search engine programs.

  • $12,000 + HST Shares For Services at end of Third Month October 15, 2020

  • $12,000 + HST Shares For Services at end of Sixth Month January 15, 2020

  • $12,000 + HST Shares For Services at end of Ninth Month April 15, 2021

  • $12,000 + HST Shares For Services at end of Twelfth Month July 15, 2021 

Per TSX Venture Policy 4.3 (Section 6.1), the deemed price of the securities to be issued will be determined after the date services are provided to advertiser in each period and are to be calculated using the closing price on each date above. Share issuances to AGORA under this Shares For Services Agreement will be effected pursuant to the “consultant exemption” contained in Section 2.24 of National Instrument 45-106 Prospectus Exemptions. To qualify as a consultant with this exemption, the consultant must be engaged to provide services to the issuer, pursuant to a written contract, other than services provided in relation to a distribution and must spend a significant amount of time and attention on the affairs and business of the issuer.

About Candente Gold

Candente Gold has launched a comprehensive growth strategy to build a cash flowing business platform and gain access to properties with near surface exploration potential while maintaining El Oro as its flagship asset and an integral part of the overall growth strategy.  The acquisition of the SDA Plant and the El Dorado historic mines signifies an important first step.

The financial benefits from Western Mexico operations and the addition of specialized personnel will translate across platforms to strengthen our efforts to explore and potentially mine.  The Company is currently evaluating properties that are complimentary to the SDA plant and El Dorado Property. 

El Oro is a district scale gold project encompassing a well-known prolific high-grade gold dominant gold-silver epithermal vein system in Mexico.  The project covers 20 veins with past production and more than 57 veins in total, from which approximately 6.4 million ounces of gold and 74 million ounces of silver were reported to have been produced from just two of these veins (Ref. Mexico Geological Service Bulletin No. 37, Mining of the El Oro and Tlapujahua Districts. 1920, T. Flores*)

Modern understanding of epithermal vein systems indicates that several of the El Oro district’s veins hold excellent discovery potential, particularly below and adjacent to the historic workings of the San Rafael Vein, which was mined to an average depth of only 200 metres. 

Joanne C. Freeze, P.Geo., President, CEO and Director and Matthew Melnyk, CPG., Director Operations are Qualified Persons as defined by National Instrument 43-101 for the projects discussed above.  Ms. Freeze and Mr. Melnyk have reviewed and approved the contents of this release.

Neither TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

About AGORACOM

AGORACOM is the pioneer of online marketing, broadcasting, conferences and investor relations services to North American small and mid-cap public companies, with more than 300 companies served. AGORACOM is the home of more than 7.7 million investors that visited 55.2 million times and read over 600 million pages of information over the last 10 years. The average visit of 8min 43sec is more than double that of global financial sites, which can be attributed to the implementation and enforcement of the strongest moderation rules in the industry.

Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this press release, which has been prepared by management.

Forward-looking Information
This news release may contain forward-looking information (as such term is defined under Canadian securities laws) including but not limited to information regarding the potential for discovery in the El Oro district and other statements that are not historical facts.  While such forward-looking information is expressed by Candente Gold in good faith and believed by Candente Gold to have a reasonable basis, they address future events and conditions and are therefore subject to inherent risks and uncertainties including those set out in Candente Gold’s MD&A.  Factors that cause the actual results to differ materially from those in forward-looking information include, without limitation, gold prices, results of exploration and development activities, regulatory changes, defects in title, availability of materials and equipment, timeliness of government approvals, potential environmental issues, availability of capital and financing and general economic, market or business conditions. Candente Gold expressly disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except in accordance with applicable securities laws.

On behalf of the Board of Candente Gold Corp.
“Joanne Freeze” P.Geo.

For further information please contact:

Joanne FreezePresident & CEO+1 (604) 689-1957
[email protected]

Advance Gold $AAX.ca Starts Phase 3 Drilling at the Tabasquena Project in Zacatecas, Mexico $MGG.ca $SIL.ca $FA.ca

Posted by AGORACOM at 5:26 PM on Friday, March 29th, 2019
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  • phase 3 drilling is underway at the Tabasquena mine in the state of Zacatecas, Mexico
  • Two targets are planned to be drilled:
  • One target is a near surface, the other a deeper test for the boiling zone of the cluster of epithermal veins drilled in the two earlier phases of drilling.
  • Advance discovered a cluster of epithermal veins through drilling, all but a few of them blind. This suggests drilling intersected the top of the epithermal vein system.

Vancouver, British Columbia–(Newsfile Corp. – March 22, 2019) – Advance Gold Corp. (TSXV: AAX) (“Advance Gold” or “the Company”) is pleased to announce phase 3 drilling is underway at the Tabasquena mine in the state of Zacatecas, Mexico. Two targets are planned to be drilled during this program, one is a near surface target and the other deeper to test the boiling zone of the cluster of epithermal veins drilled in the two earlier phases of drilling.

Highlights of Phase 1 and 2 Drilling

Advance discovered a cluster of epithermal veins through drilling, all but a few of them blind. This suggests drilling intersected the top of the epithermal vein system. From a regional perspective, most of the veins found near the city of Fresnillo, including those found at the Fresnillo Plc. and Mag Silver Juanicipio joint venture are blind.

Often, at the top of an epithermal vein system, anomalous to low grade is expected, which was found in phase 1 and 2 drilling. Also present in the core is milky quartz and amethyst, another important indicator of being at the top of an epithermal vein system. Importantly, crustiform and colloform quartz was encountered which are indicative of a long lived, multiple phase system.

Phase 3 Drilling Plans

Two shallow holes, around 150 metres each, are planned to test the near term production potential in the oxide zone of the Tabasquena vein. In the phase 2 drilling, a 12 metre intersection of the Tabasquena vein in the oxides was hit. This vein in the oxides is much wider than the historical 2-4 metre mining widths utilized by former operator Penoles. This intersection was a 125 metre step out to the north of the old mine workings and is approximately 75 metres along strike from the 100 metre deep shaft and headframe. Advance has mining equipment on site and the Tabasquena project is fully permitted for mining.

A key focus of the phase 3 drilling will be to drill deeper to target the boiling zone of the epithermal vein system. The cluster of veins dip toward a fault which is considered a key structural feature. A proposed deep hole will start from the west side of the fault, drill east, to then go through the cluster of veins to catch them at the boiling zone. This hole is planned for approximately 700-800 metres of depth, based on the well understood model of epithermal veins in the area, this depth should reach the boiling zone.

Allan Barry Laboucan, President and CEO of Advance Gold Corp. commented: “In past drilling, we have been able to hit important milestones drilling at the Tabasquena, with the discovery of a wider portion of the Tabasquena vein in the oxide zone, and the discovery of a cluster of epithermal veins. Our team is excited to test these two important targets. Considering we have a mine permit, and underground workings, plus that many streamers and royalty companies are in need of new projects to deploy their cash, makes the near surface drilling an important drill target. The deep drilling is very exciting as well. Our past drilling has shown we have a large epithermal vein cluster, mineralization of gold and silver, and that it is a long-lived system. Now comes the exciting part, drilling deeper to test for the boiling zone of the system.”

Julio Pinto Linares, Doctor in Geological Sciences with specialty in Economic Geology and Qualified Professional No. 01365 by MMSA 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. (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 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 14.53% interest on strategic claims in the Liranda Corridor in Kenya, East Africa. The remaining 85.47% 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: [email protected]