Amarillo Announces Drilling Results Update at Mara Rosa
September 10 2018 - 7:00AM
Amarillo Gold Corporation (“Amarillo” or the “Company”)
(TSX.V: AGC; OTCQB: AGCBF) is pleased to announce drilling
results from its first 11 holes of the planned 10,000 m drill
program on its flagship Mara Rosa Project which commenced on May
23, 2018.
Highlights:
- 1.57 Au g/t over 18 metres from 214 to 231¹ metres in
Hole 18P047
- 1.57 Au g/t over 10 metres from 206 to 216 metres in
Hole 18P056
- 1.29 Au g/t over 13 metres from 189 to 202 metres in
Hole 18P057¹Drill core lengths and true widths are
indicated in Table 1 below
In May 2018, the Company commenced a 10,000m
drill program at Mara Rosa which included 7,000m of core drilling
and 3,000 m of RC drilling designed to convert the existing 310K
ounces from inferred resources to indicated resources and to
explore additional targets along the 12km long Posse trend. A total
of 2,617m from 11 diamond drill holes have been completed to date
using three drills. Drilling focused on the northeast end of the
pit which has previously been identified as the low strip, shallow
end of the ore body. "These infill drill results confirm the gold
deposit grade continuity and thickness and are expected to
contribute positive economic ounces to our indicated resources,"
said Mike Mutchler, CEO of Amarillo Gold. "We are now working on 16
additional drill holes downdip in the south end of the pit after
which we will move the drills to the southwest for 4 planned
step-out drill holes in the fall."
Table 1: Drill Hole Assay Results |
|
|
|
Drill Hole |
From (m) |
To (m) |
Core Length (m) |
True Width (m) |
Grade Au (g/t) |
|
18P047 |
194 |
205 |
11 |
9.9 |
0.56 |
|
18P047 |
213 |
231 |
18 |
17.4 |
1.57 |
|
18P048 |
176 |
178 |
2 |
1.7 |
2.29 |
|
18P048 |
201 |
215 |
14 |
12.9 |
0.97 |
|
18P049 |
196 |
209 |
13 |
11.2 |
0.57 |
|
18P050 |
189 |
201 |
12 |
8.6 |
0.48 |
|
18P051 |
218 |
222 |
4 |
3.7 |
0.98 |
|
18P052 |
191 |
202 |
11 |
7.9 |
0.57 |
|
18P052 |
206 |
212 |
6 |
5.7 |
1.33 |
|
18P053 |
199.5 |
205.5 |
6 |
4.6 |
0.70 |
|
18P054 |
160 |
164 |
4 |
3.3 |
0.44 |
|
18P055 |
180 |
190 |
10 |
8.6 |
0.66 |
|
18P055 |
208 |
210 |
2 |
1.9 |
1.66 |
|
18P056 |
206 |
216 |
10 |
8.2 |
1.57 |
|
18P057 |
189 |
202 |
13 |
9.8 |
1.29 |
|
18P057 |
213 |
221 |
8 |
4.5 |
0.81 |
|
18P057 |
231 |
233 |
2 |
1.4 |
0.81 |
|
Notes to
Table 1 |
|
|
|
|
|
Samples of
split NQ size core, sampled at 1m intervals, assayed by fire assay
at ALS Laboratories an ISO registered laboratory. |
Blank,
repeat assays, and standards were used and all returned results
within compliance. |
|
Gold
intervals calculated using a 0.35 g/t cut-off. Intervals of up to
5m below cut-off included for continuity. |
Assays
greater than 10 g/t cut to 10 g/t. Grades quoted to two decimal
places. |
|
|
Samples
followed a chain of custody protocol. |
|
|
|
Table 2: Drill Hole Parameters |
Drill Hole |
Easting (m) |
Northing (m) |
Length (m) |
Azimuth/Dip |
18P047 |
696794 |
8454791 |
252.8 |
140°/-61.8 |
18P048 |
696845 |
8454837 |
250.8 |
140°/-58.6 |
18P049 |
696897 |
8454865 |
242.1 |
140°/-70.1 |
18P050 |
696910 |
8454884 |
250.4 |
140°/-69 |
18P051 |
696823 |
8454837 |
243.6 |
144°/-59.9 |
18P052 |
696772 |
8454764 |
225.63 |
140°/-60 |
18P053 |
696929 |
8454905 |
242.1 |
140°/-70 |
18P054 |
696970 |
8454932 |
198.7 |
140°/-59.9 |
18P055 |
696821 |
8454803 |
222.9 |
140°/-61 |
18P056 |
696861 |
8454873 |
235.9 |
140°/-57.4 |
18P057 |
696622 |
8454494 |
252 |
140°/-88 |
Drill hole
co-ordinates use WGS84 Zone 22 S |
|
ABOUT
AMARILLOAmarillo is developing an open pit gold
resource at its Mara Rosa Project in the mining friendly
jurisdiction of Goias State in Brazil. An Updated Pre-Feasibility
Study (NI 43-101 technical report) for the Mara Rosa Project was
filed on SEDAR on May 4, 2017. The Mara Rosa Project was awarded
its main (LP) permit which provides the social and environment
permission to mine. Amarillo is progressing toward obtaining an
installation permit (LI). The Posse Deposit at the Mara Rosa
Project contains 540,567 ounces of gold in the Proven category from
9.27MT at 1.81 g/t Au, and 456,968 ounces in the Probable category
from 9.74MT at 1.46 g/t Au, for total Reserves of 997,536 ounces
from 19.01 MT at 1.63 g/t Au. In addition to the Mara Rosa Project,
Amarillo has an advanced exploration project with excellent grades
at Lavras do Sul, Brazil. A Mineral Resource Estimate Study (NI
43-101 technical report) for Lavras do Sul was filed on SEDAR on
October 4, 2010. The Lavras do Sul Project is an advanced
exploration stage property (190 sq. km.) comprising of more than 22
prospects centered on historic gold workings. The initial resource
estimate at the Butia prospect reported 215,000 ounces of gold in
the Indicated category from 6.4 MT at 1.05 g/t Au, and 308,000
ounces of gold in the Inferred category from 12.9 MT at 0.74 g/t Au
using a 0.3 g/t cut-off grade. Both projects have excellent nearby
infrastructure.
Mike Mutchler, President and Chief Executive
Officer of the Company, is a Qualified Person as defined by NI
43-101 guidelines, and has reviewed and approved the scientific and
technical disclosure in this news release.
For further
information, please
contact:
Mike
Mutchler |
or |
Karen
Mate |
President & CEO |
|
External
Communications |
416-294-0736 |
|
416-230-6454 |
mike.mutchler@amarillogold.com |
|
karen.mate@amarillogold.com |
82 Richmond St. EastSuite 201 Toronto, ONCanada, M5C 1P1
Website: www.amarillogold.com
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
FORWARD LOOKING STATEMENTS:
This news release contains Forward Looking
Statements regarding the Company’s current expectations regarding
future events, including with respect to the Company’s business,
operations and condition, management’s objectives, strategies,
beliefs and intentions. Various factors may prevent or delay our
plans, including but not limited to, the trading price of the
Common Shares, certain lenders not advancing funds as required,
contractor availability and performance, weather, access, mineral
prices, and success and failure of the exploration and development
carried out at various stages of the program. Permission from the
Government and community is also required to proceed with future
mining production. Readers should review the Company’s ongoing
quarterly and annual filings, as well as any other additional
documentation comprising the Company’s public disclosure record,
for additional information on risks and uncertainties relating to
these forward-looking statements. Readers should also review the
risk factors applicable to junior mining exploration companies
generally to better understand the variety of risks that can affect
the Company. The Company undertakes no obligation to update
publicly or otherwise revise any Forward Looking Statements whether
as a result of new information or future events or otherwise,
except as me be required by law.
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