Vancouver, British Columbia--(Newsfile Corp. - May 17, 2018) - Advance Gold Corp. (TSXV: AAX) ("Advance Gold" or "the Company") is pleased to provide an update on drilling at its Tabasquena Silver Mine, located just outside of Ojocaliente, Mexico. Drilling in the first hole, designed to follow up on work done in recent underground channel sampling and historical mine workings, has successfully intersected the vein for 11 metres and remains open. Also, higher in the hole, 60 metres of conglomerate containing pyrite and chalcopyrite was intersected. The core of the conglomerate and vein have been submitted to ALS lab in Zacatecas, Mexico for sample preparation and assaying will be completed in ALS lab in Canada.
The Tabasquena epithermal vein, had not seen any drilling or mining into the sulphide zone, only the oxide zone was mined historically. In the near surface oxide zone, the vein is between 2-4 metres, but is wider at depth and although true width has not yet been determined, it was drilled for 11 metres and remains open.
Highlights of Drilling
- Untapped potential below oxide zone hits a thick intersection of the vein in sulphide zone;
- There has been no previous drilling or mining in the sulphide zone of the Tabasquena epithermal vein;
- Drilling is approximately 100 metres below the deepest channel sample reported previously;
- Samples of drill core from the vein and conglomerate unit have been submitted for assays;
- Second hole will be underway shortly with a focus on hitting the Tabasquena vein, the La Nina vein and an unnamed cross cutting vein.
Allan Barry Laboucan, President and CEO of Advance Gold Corp. commented: "Our exploration team, led by Jose Parga (former head of Geological Survey of Mexico for 32 years), is delighted with the first drill testing into the sulphide zone of the Tabasquena epithermal vein. Near surface, in the oxide zone, it ranges from 2 to 4 metres, so this much thicker intersection at depth is a welcome surprise. We encountered some difficult drilling conditions at the bottom of the hole, and are working to finish the hole. At this point our higher priority is to obtain assays for the 11 metre section than finding the width as it is already thick for an epithermal vein. Our highest grades from the recent underground channel sampling, including two of over a half kilogram per tonne silver, were at the top of the sulphide zone and this new hole is around 100 metres below. It is also important to note that pyrite and chalcopyrite are observed in the core. In the oxide zone, chalcopyrite is not found in past work. We are excited to see the assays, the drill core has been submitted and we will report them shortly. Another exciting discovery is the conglomerate unit, just below around 20 metres of cover, drilling cut through the conglomerate unit for approximately 60 metres. This conglomerate unit is a pleasant surprise as it also has disseminated pyrite and chalcopyrite. We started this hole with a goal of testing below the deepest channel samples in the Tabasquena vein and are encouraged to see it is thicker at depth. Our second hole, which will be underway shortly, is designed to cut across the conglomerate unit and three veins, we hope to have more news on it soon as well."
Assay results for the first hole are expected shortly, a plan map and cross section will be prepared for reporting in the news release of the assay results.
Julio Pinto Linares, PGeo, is the qualified person responsible for this release and has prepared, supervised and approved the preparation of the scientific and technical disclosure contained within the release.
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.
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 Tabasquena project, along a paved road. 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.
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
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.
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