Advance Gold Corp. (TSXV: AAX) (“Advance Gold” or “the Company”) is pleased to announce that it has started phase 2 drilling at the Tabasqueña Silver Mine, near Ojocaliente, Mexico. In phase 1 drilling, only one hole went below th 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 Tabasqueña 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 Tabasqueña 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 Peñoles 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 Tabasqueña 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 Tabasqueña project had a goal to mine in the oxides, in addition to the Tabasqueña 100 metre shaft, they had also purchased a significant amount of mining equipment. One of the largest is the nearly new headframe at the Tabasqueña shaft.
Advance Gold will be purchase all of the mining related equipment for $300K CAD, in stock at a deemed price of 50 cents per share.
The Tabasqueña 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. (AAX.V)
Advance Gold is a TSX-V listed junior exploration company focused on acquiring and exploring mineral properties containing precious metals. The Compa y acquired a 100% interest in the Tabasqueña Silver Mine in Zacatecas, Mexico in 2017, and the Venaditas project, also in Zacatecas state, in April, 2018.
The Tabasqueña project is located near the MIlagros silver mine near the city of Ojocaliente, Mexico. Benefist at Tabasqueña 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 Tabasqueña 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).
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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.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Original Article: https://www.advancegold.ca/news-releases/2018/advance-starts-phase-2-drilling-to-test-below-high-grade-gold-discovery-hole/
