VANCOUVER, BC / ACCESSWIRE / March 31, 2022 / Alerio Gold Corp. (the "Company") (CSE:ALE) announces advancement of exploration activities on the Company's 100% owned Tassawini Gold Property, Guyana including a review of the historical resource using updated parameters which will be used for drill target definition, a Property-wide topographic survey, and camp upgrades in anticipation of the commencement of field activities.
The Company's technical consultants Kangari Consulting LLC has engaged with mining engineers to conduct a review of the geological and historical mineral resource data that exists for the Tassawini Property using updated mining parameters for the historical resource of 437,000 ounces of gold Indicated (10.8Mt @ 1.3 g/t Au) and the additional 62,000 ounces of gold Inferred (0.6Mt @ 1.7 g/t Au) estimated by SRK in 2010. This re-run will include updates on costs and gold price to better reflect the higher current gold pricing. These results, expected in April, will guide the confirmation and extension drill campaign on the Property in Q3 2022. This work will allow for the upcoming exploration to be guided by current mining parameters. It is expected the Company will update the mineral resource model after the confirmation and extension drill program is completed.
Work by previous owners includes 47,509 meters of drilling in 1,279 core and reverse circulation drill holes. The historical practices were in accordance with CIM Estimation of Mineral Resource and Mineral Reserve Best Practice Guidelines (November 29, 2019) and followed CIM Definition Standards for Mineral Resources and Mineral Reserves (May 10, 2014), that are incorporated by reference into National Instrument 43-101 ("NI 43-101").
The data and procedures employed by SRK are considered reliable and it was a valid resource estimation in 2010. The estimate used geological interpretation to prepare wireframes, data validation, and statistical analyses including variograms. Composites were capped for gold grades, block size was determined by drill spacing, and grades were estimated into the block model using ordinary kriging. Mineral resource classification was carried out using a combination of drillhole spacing, geological and wireframe confidence. Pit optimization studies were conducted to determine the depth to which resource estimates were reported. Since 2010, a qualified person has not done sufficient work to classify the historical estimation as current mineral resources and the Company is not treating the historical resource estimation as a current mineral resource. Additional confirmation drilling and updated topographic surveying is required to update the historic resource estimate.
As part of doing business in Guyana, the Company has formed a wholly owned local subsidiary which will be used to conduct all in country activities. An in-country management team is being formed along with a technical team in anticipation of a rapid ramp up in activities.
The Company is receiving quotations for work programs on Tassawini including a Property-wide detailed topographic survey which will assist in the planning of field activities as well as verification of prior activities. The topographic survey will produce an accurate 3D coverage for the license to allow the Company to map artisanal mining activity and verify the location of historic drill holes.
In anticipation of the commencement of field activities Alerio Gold is in the process of initiating the re-commissioning of the on-site camp and updates are expected in due course.
Mr. Greg Smith, P. Geo. Director of Alerio Gold, is a Qualified Person as defined by NI 43-101 and has reviewed and approved the technical data and information contained in this news release. Mr. Smith has verified the technical and scientific data disclosed herein and has conducted appropriate verification on the underlying data.
About Alerio Gold Corp.
Alerio Gold Corp. is a mineral exploration and development company in the business of acquiring, exploring, and developing natural resource properties, with a focus in Guyana, SA. The company currently has 100% interest in two gold properties located in Guyana.
ON BEHALF OF THE BOARD of DIRECTORS
"Geoff Balderson"
Geoff Balderson, CFO
For further information, please contact:
Telephone: (604) 343-3739
Email: info@aleriogold.com
Website: aleriogold.com
#1000 - 409 Granville Street
Vancouver, BC, Canada, V6C 1T2
604-602-0001
SOURCE: Alerio Gold Corp
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