- 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.
