Posted by AGORACOM
at 10:10 AM on Monday, July 29th, 2019
SPONSOR: Advance Gold AAX.v – Advance Gold controls 100% interest in the Tabasquena Silver Mine in Zacatecas, Mexico. A cluster of 30 Epithermal veins have been discovered, with recent emphasis on exploring a large anomaly to drill. Advance also owns 15% of the Kakamega JV attached to Barrick Takeover Offer for Acacia Mining
AAX.v
Caution ahead of this week’s U.S. Federal Reserve meeting, with investors likely to look beyond an expected rate cut
Interest rate futures are fully priced for a quarter-point rate cut from the Fed on Wednesday, with only a small chance of a half-point move.
Gold was little changed on Monday as caution set
in ahead of this week’s U.S. Federal Reserve meeting, with investors
likely to look beyond an expected rate cut to the central bank’s
guidance on monetary policy for the rest of the year.
“A rate cut is entirely priced in while a 50 basis points cut is
extremely unlikely. So guidance becomes absolutely key,†OANDA senior
market analyst Craig Erlam said.
â€(Gold’s movement) will depend
on how dovish or how far ajar Jerome Powell leaves the door on these
rate cuts in the months ahead.â€
For the first time since the
financial crisis, the Fed is expected to trim the key interest rate by
at least 25 basis points (bps) at its July 30-31 meeting. Investors will
also look for signals of likely additional cuts in the pipeline.
“Much will also depend on what Fed Chair Powell says in the subsequent
press conference: if he makes no mention of a cycle of rate cuts,
causing gold to come under pressure, we would not see this as a trend
reversal but as an attractive buying opportunity,†analysts at
Commerzbank said in a note.
Interest rate futures are fully priced
for a quarter-point rate cut from the Fed on Wednesday, with only a
small chance of a half-point move.
Traders
will also keep a close eye on the U.S. and Chinese trade talks in
Shanghai this week, as negotiators from both countries meet for their
first in-person talks since a truce at G20 last month. Expectations are
low for a breakthrough.
On the technical front, $1,400 will be the key downside support for gold, and beyond that, $1,380, OANDA’s Erlam said.
“Bulls are very reluctant to let go just yet, but if we do see those
levels break, we might see gold bulls head for the exits quite quickly.â€
Hedge
funds and money managers reduced their bullish stance in COMEX gold in
the week to July 23, the U.S. Commodity Futures Trading Commission
(CFTC) said in a report on Friday.
SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings fell 0.1% to 818.14 tonnes on Friday.
Among other precious metals, silver dipped 0.1% to $16.37 per ounce.
Palladium fell 0.3% to $1,530.38 per ounce, while platinum gained 0.8% to $867.26 per ounce.
Posted by AGORACOM
at 7:30 PM on Tuesday, July 16th, 2019
Barrick Gold Corporation’s offer for Acacia Mining PLC under review by Independent Mining Consultants
Arguing Acacia is worth 38% more than Barrick’s offer
The takeover offer and its effect on the Kakamega joint venture project between Acacia and Advance Gold are not yet understood
The Kakamega joint venture project is owned 85.37% by Acacia and 14.63% by Advance Gold
New licenses for the joint venture project were issued and exploration program is underway post rainy season
Kakamega – The Rosterman Mine
Acacia Exploration Kenya Ltd. (“Acaciaâ€) has 85.47% equity in the
Kakamega Project, which comprises the Rosterman, Burkura, and Sigalagala
Projects in Kenya, East Africa.
Rosterman SL267: The most northerly of the three
licences hosts the historic Rosterman mine, which is reported to have
produced in excess of 250,000oz Au at average grade in excess of 13g/t. Click Click here for map
Bukura SL265 and Sigalagala SL266: The southern licences host numerous significant historical colonial mines and areas of active artisanal mining. Click here for map
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
and the Venaditas project in Zacatecas state. Advance Gold also holds a
14.63% interest in the Kakamega project held by Acacia Mining (63% owned
by Barrick Gold Corporation)
Posted by AGORACOM
at 1:37 PM on Friday, June 21st, 2019
US $ Gold price touched a 5-year peak at $1400 as the US Fed signalled a rate cut, pressuring U.S. Treasury yields and the dollar.
This is the highest gold has been since March 17, 2014 at $1,386.38
Continued Central Bank accumulation of physical gold represents fundamental floor for market as a weakening US dollar accelerates Central Bank demand. Purchases rose 130% in the 4th quarter, and 2018 purchases came in at 650 tons
Trade wars ( China ) and Geopolitical conflicts ( Iran )
Dearth of exploration discovery leads to future supply deficits
Technical factors support higher long term gold prices and renewal of bull market
Higher prices make marginal projects economic
Exploration becomes a renewed focus to supply future demand
Joint Venture with Tudor Gold and
a 20% FULLY CARRIED INTEREST until a production notice is given. The last hole
drilled intersected 563.8m of 0.98 g/t gold and remains open. The 2019 program
is designed to drill well over one billion tonnes of rock and produce a
multi-million-oz gold deposit incorporating an open pit design and with higher
gold grades and remarkably better logistics than Seabridge’s adjoining KSM. Click
here for the Treaty Creek JV Highlights
Advance Gold is focused on its
100% interest in the Tabasquena Silver Mine in Zacatecas, Mexico. Drilling in
the first 3 phases identified a cluster of 30 mineralized epithermal veins over
an area from east to west of approximately 300 metres, and north to south 400
metres, and 300 metres of depth. Advance plans to focus deeper to find the
boiling zone of the system and potentially economic mineralization. AAX
recently created a 3D model of the vein Tabasquena system.
GGX gold has discovered high grade gold silver and tellurium in the Greenwood-Republic mining camp, British Columbia. The current 2019 drill program follows up on 2018 intercept of high grade gold-silver (129 g/t gold and 1,154 g/t silver over 7.28 meter) from the near surface COD vein which is projected to be 1.5 kms in length. In addition tellurium grades were announced with “up to 3,860 g/t telluriumâ€, including “823 g/t tellurium over 7.28-meter core length†and “640 g/t tellurium over 6.90-meter core length. 2019 drilling on COD North is currently underway.
Great Atlantic is situated between Marathon Gold and Sokoman in Canada’s
newest emerging gold district. The Company reported a NI 43-101mineral
resource estimate for the JMZ in late 2018 on Golden Promise and 2019 is
focussed on prospecting and geochemical sampling at high priority targets
within the property. Planned 24 hole program in the northern half of the
property at the gold-bearing Jaclyn Zone, specifically at the Jaclyn Main Zone
(JMZ) and Jaclyn North Zone (JNZ).
Lead by Shawn Ryan and Roger Moss, LAB has 2
district scale Greenfield Gold projects in Labrador that have never seen any
modern exploration techniques. Ashuanipi and Hopedale are being systematically
explored for gold potential following the same techniques that created the
White Gold discoveries. At Ashuanipi , a
15km long by 2 to 6 km wide north-south trend exists and a second 14 km long by
2 to 4 km wide east-west trend are the focus of 2019 exploration.
Posted by AGORACOM
at 1:27 PM on Thursday, June 13th, 2019
Drilling in the first 3 phases has hit a cluster of mineralized epithermal veins over an area from east to west of approximately 300m, and north to south 400m, and 300m depth.
3D IP geophysical survey will be completed over an 800 X 500 metre grid with thousands of data points
AAX will focus deeper to find the boiling zone of the system.
Kamloops, British Columbia–(Newsfile Corp. – June 13, 2019) –
Advance Gold Corp. (TSXV: AAX) (“Advance Gold” or “the Company”) is
pleased to announce the remaining drilling results from its phase 3
drilling program and present a 3D model of the vein system at the 100%
owned Tabasquena project in Zacatecas, Mexico. Drilling in the first 3
phases has hit a cluster of mineralized epithermal veins over an area
from east to west of approximately 300 metres, and north to south 400
metres, and 300 metres of depth.
To date, the drilling has been
confined to the first few hundred metres of vertical depth in the veins
and has yet to be drilled into the boiling zone of the epithermal vein
system. To better target the next phase of drilling, a 3D model of the
mineralized vein hits with drilling was undertaken. Below are two
images, an image from the north looking south showing the shell of the
historical mining in the oxides, as well as the shafts and the area to
the west of it where drilling has been completed. The second is south
looking north, showing the veins hit in drilling as well as a model of
the vein from the mining in the oxides to the nearest vein hits.
Highlighted
in the 3D model are drill hole intersections of mineralized epithermal
vein hits as well as a shell of the network of underground workings in
the near surface oxide zone. Drilling to date in the 3 phases of
drilling has hit the vein system over a wide area.
An
important step in preparing for further drilling programs will be to
complete a 3D IP geophysical survey, enabling us to target veins from
surface to 600m. The survey will be completed over an 800 X 500 metre
grid with thousands of data points. This geophysical survey, along the
3D model of the mineralized vein hits from drilling, will give a clearer
picture to focus the next round of drilling.
Allan Barry
Laboucan, President and CEO of Advance Gold Corp. commented: “Of late,
things have been developing nicely on several fronts.”
“In Kenya,
we have a partnership with Acacia Mining, which has recently received a
takeover offer from Barrick. Exploration work to prepare for drilling
is underway on our joint venture ground. The Liranda Corridor, a key
structural zone, is part of 2 of our claims on either side of Acacia’s
100% owned ground and covers around â…” of the Liranda Corridor, with
Acacia owning the remaining â…“ of the corridor. We look forward to
additional developments from the exploration of the joint venture
ground, it is well located, has promising historical work done by Acacia
and is a good place to look for high-grade gold.”
“In Mexico, at
our Tabasquena project, we have completed 3 phases of drilling and have
hit a large cluster of mineralized epithermal veins, with the boiling
zone yet to be drilled. 3D modelling of the mineralized vein hits, gives
us a better picture of the size of the cluster. We also included a
shell of the historical mine workings in the near surface oxide zone.
The picture of the system is becoming clearer with the 3D model of the
veins hit so far. Now we need to focus deeper to find the boiling zone
of the system. To further assist us, we will do a 3D IP survey, which
will give us a good idea of anomalies in the 300-600 metre range. This
depth is crucial, as we are very close to Fresnillo, Mexico, where
Fresnillo PLC., has several mines and are partnered with MAG Silver on
building their new silver mine which is getting close to production. The
veins Fresnillo mines, and the new mine with MAG Silver are mostly
blind veins, and hit their boiling zones at the vertical depth we hope
to learn more about with the geophysics and our next drilling.”
Final Drill Results From Phase 3 Drilling At Tabasquena
Data for Hole AGT-08:
Bearing:
N 40°E: Dip: -80°: Total Depth: 555.15m.; Diameter: HQ and NQ;
Coordinates: N 2’497,195 E 785,805; Collar elevation: 2,112.00masl:
Core Recovery: 89%. Samples taken: 15.
Data for Hole AGT-10:
Bearing:
N 40° E; Dip: -85°; Total Depth: 351.60m.; Diameter: HQ; Coordinates: N
2’497,382 E 785,976; Collar elevation: 2,117.00masl; Core Recovery:
86%. Samples taken: 2.
D.D.Hole No.
Sample Length
Width m.
Sample No.
Assay Grade
From m.
To m.
Au g/t
Ag g/t
AGT-08
73.15
74.25
1.10
7211
0.03
5
74.25
76.30
2.05
7212
0.05
4
76.30
77.40
1.10
7213
0.03
5
77.40
78.50
1.10
7214
0.04
3
80.80
81.90
1.10
7215
0.04
4
81.90
83.00
1.10
7216
0.03
3
83.00
84.10
1.10
7217
0.03
4
84.10
85.15
1.05
7218
0.04
3
87.45
88.60
1.15
7219
0.03
5
88.60
89.70
1.10
7220
0.04
3
89.70
90.80
1.10
7221
0.05
4
107.40
108.50
1.10
7222
0.03
3
109.65
112.35
2.70
7223
0.03
4
161.00
162.15
1.15
7224
0.04
2
162.15
163.25
1.10
7225
0.04
3
AGT-08
163.25
164.40
1.15
7226
0.05
4
164.40
165.50
1.10
7227
0.03
3
189.80
190.90
1.10
7228
0.03
4
194.80
195.40
0.60
7229
0.04
5
222.25
223.35
1.10
7230
0.04
3
224.15
225.25
1.10
7231
0.04
2
225.25
226.25
1.00
7232
0.03
3
237.75
238.80
1.05
7233
0.03
5
238.80
240.00
1.20
7234
0.03
4
257.80
258.90
1.10
7235
0.03
3
258.90
260.05
1.15
7236
0.04
2
432.85
433.95
1.10
7237
0.04
3
473.90
474.75
0.85
7238
0.03
4
AGT-10
181.50
181.85
0.35
7254
0.16
3
215.80
218.25
2.45
7255
0.32
22
Note:
All vein widths cut by drill holes are not true widths, they represent
the intersection of the incline hole with the dip of the vein. Advance
is in the process of estimating true widths for all the vein
intersections.
Drill core is logged and sampled in a secure core
storage facility located near the Tabasquena claims in Ojocaliente,
Mexico. Core samples from the program were cut in half, using a diamond
cutting saw, and were sent to Laboratorio Metalurgico Courtade S.A de
C.V. (Courtade) in San Luis Potosi, Mexico, for sample preparation and
fire assaying for gold and silver. Although Laboratorio Metalurgico
Courtade is not an accredited mineral analysis laboratory, they are a
well-respected mineral analysis laboratory with a long history of
working for major mining companies in Mexico, as well as a referee
laboratory for grade disputes between small scale local miners and the
toll mining companies they work with. All samples are analyzed for gold
and silver using standard fire assay-AA (atomic absorption) techniques.
The Company relies on Laboratorio Metalurgico Courtade for QA/QC
procedures and protocols for the assaying process.
Courtade is
specialized in mineral and metals analysis, was started in 1973, in San
Luis Potosi, Mexico. They have a quality control program, designed for
high precision in their assay results. They follow standard lab
procedures from the time they receive the sample from Advance’s
qualified person throughout the entire assaying process. Standards used
for the analysis of Au and Ag are from Peñoles Mining Company and are
used for every sample.
Dr. Julio Pinto Linares is the qualified
person for the Tabasquena project. Since June 2018 when drilling began
and throughout phase 3 he has been supervising drilling in the field for
drill holes one through ten. He examined and reviewed core boxes in the
field, supervised moving core boxes to the secure core storage facility
located near the Tabasqueña mine and was present during logging and
sampling of the core and kept control of all sample bags until delivered
to the Laboratorio Metalurgico Courtade. He checked and was present
during the QA/QC procedures and protocols during the preparation of the
samples.
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.
Other News
Field
work is underway at the Kakamega joint venture project. Which will
including mapping, sampling and other work to prepare for drilling. As
results are received for this work, the Company will make them available
in future news releases.
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 14.63% interest on strategic claims in the Liranda Corridor in
Kenya, East Africa. The remaining 85.37% of the Kakamega project is held
by Acacia Mining (63% owned by Barrick Gold Corporation).
Posted in Advance Gold | Comments Off on Advance Gold $AAX.ca Completes 3D Model of Gold and Silver Epithermal Vein System at Tabasquena Project, Mexico $MGG.ca $SIL.ca $FA.ca $LON
Posted by AGORACOM
at 10:58 AM on Thursday, June 13th, 2019
Barrick Gold Corporation has made a takeover offer for Acacia Mining plc
The takeover offer and its effect on the Kakamega joint venture project between Acacia and Advance Gold are not yet understood
The Kakamega joint venture project is owned 85.37% by Acacia and 14.63% by Advance Gold
New licenses for the joint venture project were issued and exploration program is underway post rainy season
Kakamega – The Rosterman Mine
Acacia Exploration Kenya Ltd. (“Acaciaâ€) has 85.47% equity in the
Kakamega Project, which comprises the Rosterman, Burkura, and Sigalagala
Projects in Kenya, East Africa.
Rosterman SL267: The most northerly of the three
licences hosts the historic Rosterman mine, which is reported to have
produced in excess of 250,000oz Au at average grade in excess of 13g/t. Click Click here for map
Bukura SL265 and Sigalagala SL266: The southern licences host numerous significant historical colonial mines and areas of active artisanal mining. Click here for map
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
and the Venaditas project in Zacatecas state. Advance Gold also holds a
14.63% interest in the Kakamega project held by Acacia Mining (63% owned
by Barrick Gold Corporation)
Posted by AGORACOM
at 7:59 PM on Saturday, June 1st, 2019
Barrick Gold Corporation has made a takeover offer for Acacia Mining plc
The takeover offer and its effect on the Kakamega joint venture project between Acacia and Advance Gold are not yet understood
The Kakamega joint venture project is owned 85.37% by Acacia and 14.63% by Advance Gold
New licenses for the joint venture project were issued and exploration program is underway post rainy season
Kakamega – The Rosterman Mine
Acacia
Exploration Kenya Ltd. (“Acaciaâ€) has 85.47% equity in the Kakamega
Project, which comprises the Rosterman, Burkura, and Sigalagala Projects
in Kenya, East Africa.
Rosterman SL267: The most northerly
of the three licences hosts the historic Rosterman mine, which is
reported to have produced in excess of 250,000oz Au at average grade in
excess of 13g/t. Click Click here for map
Bukura SL265 and Sigalagala SL266: The southern licences host numerous significant historical colonial mines and areas of active artisanal mining. Click here for map
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
and the Venaditas project in Zacatecas state. Advance Gold also holds a
14.63% interest in the Kakamega project held by Acacia Mining (63%
owned by Barrick Gold Corporation)
Posted by AGORACOM
at 9:30 PM on Saturday, May 25th, 2019
Barrick Gold Corporation has made a takeover offer for Acacia Mining plc
The takeover offer and its effect on the Kakamega joint venture project between Acacia and Advance Gold are not yet understood
The Kakamega joint venture project is owned 85.37% by Acacia and 14.63% by Advance Gold
New licenses for the joint venture project were issued and exploration program is underway post rainy season
Kakamega – The Rosterman Mine
Acacia
Exploration Kenya Ltd. (“Acacia”) has 85.47% equity in the Kakamega
Project, which comprises the Rosterman, Burkura, and Sigalagala Projects
in Kenya, East Africa.
Rosterman SL267: The most northerly
of the three licences hosts the historic Rosterman mine, which is
reported to have produced in excess of 250,000oz Au at average grade in
excess of 13g/t. Click Click here for map
Bukura SL265 and Sigalagala SL266: The southern licences host numerous significant historical colonial mines and areas of active artisanal mining. Click here for map
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 and the Venaditas project in Zacatecas state. Advance Gold also holds a 14.63% interest in the Kakamega project held by Acacia Mining (63% owned by Barrick Gold Corporation)
Posted by AGORACOM
at 12:11 PM on Thursday, May 23rd, 2019
Kamloops, British Columbia–(Newsfile Corp. – May 23, 2019) –
Advance Gold Corp. (TSXV: AAX) (“Advance Gold” or “the Company”) is
pleased to provide an update on the recent news that Barrick Gold
Corporation (“Barrick”) has made a takeover offer for Acacia Mining
plc(“Acacia”). The Company has not been contacted by either Barrick or
Acacia concerning the takeover offer and its effect on the Kakamega
joint venture project between Acacia and Advance Gold.
Earlier
this year, new licenses for the joint venture project were issued.
Exploration plans have been made for the upcoming exploration season to
be underway once the rainy season in west Kenya is over.
The joint
venture is owned 85.37% by Acacia and 14.63% by Advance Gold. If during
the joint venture either party decides to sell their interest, the
other party has a first right of refusal on any offering price. If
Advance Gold is diluted down to a 10% interest (approximately $1.7
million in exploration to dilute), then its interest converts to a 3%
uncapped net smelter royalty (NSR). In the event that Advance Gold is
diluted to a NSR, Acacia Mining has no first rights of refusal and the
NSR can be sold directly to any interested party.
Allan Barry Laboucan, President and CEO of Advance Gold Corp. commented: “Advance
Gold is keenly watching recent developments concerning the takeover
offer that Barrick has made for our joint venture partner Acacia Mining
plc. Although Barrick owns a large majority of the shares of Acacia
Mining, it is an independently run public company. We are eager to see
how the takeover proceeds and how it will affect Advance. We are looking
at all our options concerning our Kakamega project.”
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.
Other news
In a press
release dated April 24, 2019, Advance announced that it was granting
stock options to its directors, key employees and consultants at an
exercise price of $0.12 per share. The Board of Directors has determined
that it’s in the Company’s best interest to amend the issue price of
these options to $0.065 per share. As per conditions of the Company’s
stock option plan, it will be a term of each stock option agreement that
a mandatory hold period will be imposed upon the sale or disposition of
any shares acquired for four months from the date of the grant of the
stock options.
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 14.63%
interest on strategic claims in the Liranda Corridor in Kenya, East
Africa. The remaining 85.37% of the Kakamega project is held by Acacia
Mining (63% owned by Barrick Gold Corporation).
For further information, please contact: Allan Barry Laboucan, President and CEO Phone: (604) 505-4753 Email: [email protected]
Posted by AGORACOM
at 1:19 PM on Wednesday, April 24th, 2019
Phase 3 drilling results from 1100m program at 100% owned Tabasquena
The two deep holes did not intersect the targeted depth extension of the cluster of epithermal veins discovered in Phase 1 and 2 drilling
Advance believes the fault is the mineral source, and will re-evaluate the dip direction of the veins encountered in earlier drilling.
ADVANCE GOLD HITS SILVER AND GOLD IN OXIDE ZONE OF EPITHERMAL VEIN SYSTEM AT TABASQUENA PROJECT, MEXICO
Advance Gold Corp. has released drilling results from its phase 3
drilling program at the 100-per-cent-owned Tabasquena project in
Zacatecas, Mexico. This 1,093-metre diamond drilling program included
two deep holes targeting the western extension of a cluster of
epithermal veins and one shallow hole to test the potential of the veins
in the near-surface oxide zone.
Drilling Highlights
The 180m shallow hole targeted the oxide zone of the vein system and
returned a 17.65 metre intersection with gold and silver mineralization
throughout. Highlight interval included 4.72m with 0.15 g/t gold and 73
g/t silver. The best gold interval was 1.05m of 0.58 g/t gold and 31 g/t
silver.
The oxide zone was hit at approximately 75 metres of depth, it is
125m north along strike of the nearest historical mining. More drilling
will be needed to determine if this is a strike extension of the
historical mining by Penoles of the main Tabasquena vein, or one of the
other veins in the cluster. The two deep holes did not intersect the
targeted depth extension of the cluster of epithermal veins discovered
in Phase 1 and 2 drilling. It is possible that the veins are more
vertically dipping than the company had thought.
Allan Barry Laboucan, President and CEO of Advance Gold Corp.
commented: “We have completed 3 drilling programs for a total of 10
drill holes, 9 focused on drilling below the oxide zone and one targeted
to hit the oxide zone at approximately the same depth as the historical
mining by former operator Penoles. In this third phase of drilling, our
goal was to test the depth extension of the cluster of epithermal veins
hit in our earlier drilling. Based on this drill program, we no longer
believe the fault is the mineral source, and that we need to re-evaluate
the dip direction of the veins we hit in earlier drilling. We have yet
to drill into the boiling zone of the cluster of epithermal veins. After
our first shallow hole hit a 17.65 metre vein intersection, at
approximately the same depth level as Penoles had mined in the past, we
were comfortable we had a good intersection to help us understand the
oxide zone better. Our findings suggest that either the Tabasquena vein
gets significantly wider in the oxide zone as we move north, or that we
hit another vein in the cluster, possibly in the oxide zone. We have
more drilling to do in order to test the boiling zone of the cluster of
epithermal veins, and to test the oxide zone more thoroughly to
determine near surface mining potential at the Tabasquena project.”
Details of Phase 3 Drilling
Phase 3 drilling included the first hole that was focused on testing
the oxide potential of the epithermal vein system. Hole AGT-09 was
targeted to test down to the depth where historical mining intersected
the oxides 125 metres away north of the strike of the known vein. More
drilling will be required to determine if this is a strike extension of
the Tabasquena vein that Penoles mined, or another vein in the cluster.
Deeper drilling in Phase 3 opened up the potential that the veins
could be dipping more vertically. The two deep drill holes in Phase 3
(AGT-08 and AGT-10) were drilled from west to east. The targeted vein
cluster was not intersected from these western step-outs. Importantly,
drilling in phase 3 went through the fault, and back into the andesites
which strongly suggests that the fault is not the plumbing system for
the cluster of veins.
This hole had 28 core samples taken, they have been submitted to the laboratory for assaying, results are pending.
This hole had two core samples taken, they have been submitted to the laboratory for assaying, results are pending.
Note: All vein widths cut by drills holes are not true widths, they
represent the intersection of the incline hole with the dip of the vein.
Advance is in the process of estimating true widths for all the vein
intersections.
Drill core is logged and sampled in a secure core storage facility
located near the Tabasquena claims by Ojocaliente, Mexico. Core samples
from the program are cut in half, using a diamond cutting saw, and were
sent to Laboratorio Metalurgico Courtade S.A de C.V. in San Luis Potosi,
Mexico, for sample preparation and fire assaying for gold and silver.
Although, Laboratorio Metalurgico Courtade is not an accredited mineral
analysis laboratory, they are a well-respected mineral analysis
laboratory with a long history of working for major mining companies in
Mexico, as well as a referee laboratory for grade disputes between small
scale local miners and the toll mining companies they work with. All
samples are analysed for gold and silver using standard fire assay-AA
(atomic absorption) techniques. The Company relies on Laboratorio
Metalurgico Courtade for QA/QC procedures and protocols for the assaying
process.
Dr. Julio Pinto Linares is the qualified person for the Tabasquena
project, since June 2018 when drilling began and throughout phase 3.
Supervising drilling in the field for drill holes one through ten. He
examined and reviewed core boxes in the field, supervised moving core
boxes to the secure core storage facility located near the Tabasquena
mine and was present during logging and sampling of the core and kept
control of all sample bags until delivered to the Laboratorio
Metalurgico Courtade. He checked and was present during the QA/QC
procedures and protocols during the preparation of the samples.
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.
Follow Up Drilling Plans for Oxide Zone and Depth Potential of Vein Cluster
The next drilling to explore for the boiling zone of the cluster of
veins hit in phase 1 and 2, but, missed in phase 3, will focus on the
down dip and the eastern strike potential. Early interpretation of the
vein system showed the system dipping to the west, with most of the
holes drilling to the east, to hit the veins perpendicular to the dip.
The cluster of epithermal veins below the oxide zone has been
intersected for approximately 150 metres from east to west and
approximately 250 metres from north to south. In the next planned
program drilling will focus on intersecting the boiling point of the
system and will be focused on testing the variation of grade from
surface to 100 metres depth, which is considered the base of the oxide
zone. Also, other oxide targets have been delineated on the property
which will be drilled in a subsequent program.
Other News
Advance Gold is pleased to announce the addition of William Atkinson,
CPA, CA to the board of directors as an independent director. William
Atkinson is a partner of Atkinson & Company, CPA and has extensive
governance, financial reporting and auditing experience. He is an
important addition to the board of directors that enhances the board
with his accounting experience working with publicly reporting
companies.
Advance Gold Corp. will grant 1.9 million stock options to its
directors, key employees and consultants entitling them to purchase
shares over a five year term expiring May 1, 2024 at an exercise price
of $0.12 per share. Pursuant to the company’s stock option plan, it will
be a term of each stock option agreement that a mandatory hold period
will be imposed upon the sale or disposition of any shares acquired for
four months from the date of the grant of the stock options.
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.
