TORONTO and VANCOUVER, Oct. 1,
2018 /CNW/ - Minera Alamos Inc. (the "Company" or "Minera
Alamos") (TSX VENTURE:MAI) is pleased to provide an update on
the exploration activities underway at the Santana gold project
(the "Project") in Sonora,
Mexico. The Santana project (Nicho deposit) was the focus of
the Company's recent heap leach bulk test mining
activities. In July 2018 a
submission was made to the relevant Mexican regulatory agency
(SEMARNAT) to amend the scope of the existing site permits in order
to provide the Company with the flexibility to transform the
operation to a commercial scale gold mine (see Company news release
dated July 26th, 2018). Approval
of the changes is anticipated for later this year.
The current geological model for the Santana project area
consists of a series of hydrothermal breccias (approximately
300-500m in diameter) hosted by
stocks and batholithic intrusions that extend from surface to
depth. As part of the ongoing drilling activities the Company
is engaged in a systematic review of the entire project concession
area in order to identify additional surface structures with the
potential for resource definition. Although these efforts
have only recently begun the Company is pleased to report that a
new "Nicho-style" structure (Zata zone) has already been confirmed
via a program of surface rock sampling (see Figure 1). The
Company will work with the community to obtain the necessary
agreements that would allow the new Zata discovery to be drilled in
the upcoming drill programs.
Highlights from the new Zata zone include:
- Sixty-six (66) rock samples have been assayed with over 50%
exhibiting grades suitable for heap leaching (>0.10 g/t) --
assays ranging up to 3.3 g/t gold;
- Mineralized surface exposure over an area of approximately
400m x 400m;
- Mineralization appears to be contained in a topographic high
allowing for reasonable open pit access;
- New Zata system is located approximately 3 km from currently
planned Santana commercial heap leach facilities and in close
proximity to an existing site road that connects the two areas (see
Figure 2).
"The acquisition of the Santana project was a major
milestone for the Company not only for the near-term production
potential but also for the significant exploration upside that
existed." stated Darren Koningen,
CEO of Mineral Alamos. "As we have aggressively moved forward with
the production permitting our exploration group has been working
hard to expand our understanding of the geological sources of the
gold mineralization that occur throughput the property. The
recent confirmation of the new Zata
Zone and its similarities to the Nicho area is an exciting
development and further confirmation of the true potential for the
Santana concession to host to a number of gold mineralized breccia
systems."
The Company's current exploration program is the first
drilling campaign at the project since the Nicho deposit was
delineated in 2009-2011. Phase 1 is now nearing completion and,
to date, includes nine diamond drill holes for a total of
approximately 1300 meters (some assays are pending, and the most
recent holes are being logged prior to being sent for
assay). Drilling was focused in the vicinity of the Nicho
deposit area and was targeted to provide structural information for
mine planning and infrastructure purposes as well as to provide
additional insight into the developing geological models for the
area. Following an evaluation of the results from Phase 1, a second
phase of drilling is planned for later in 2018 and will target new
areas of potential mineralization.
Stock Options
In addition, the Company announces the granting of incentive
stock options to certain consultants to purchase up to 3,000,000
common shares under the Company's Incentive Stock Option Plan. The
options will be granted for a period of five (5) years, exercisable
at a price of $0.15 per share and
subject to certain vesting quarterly over a twelve-month period,
the grant is subject to the approval of the TSX Venture
Exchange.
About Minera Alamos
Minera Alamos is an advanced
stage exploration and development company. Its growing portfolio of
high-grade Mexican projects includes the La Fortuna open pit gold project in Durango
and the Guadalupe de los Reyes gold/silver project in Sinaloa as well as the now combined
Santana/Los Verdes gold-copper project in Sonora. The Company is well financed to
conduct all of its planned exploration and development activities
and continues to pursue additional project acquisitions in
Latin America.
Mr. Darren Koningen, P. Eng.,
Minera Alamos' CEO, is the Qualified
Person responsible for the technical content of this press release
under National Instrument 43-101. Mr. Koningen has supervised the
preparation of, and approved the scientific and technical
disclosures in this news release.
Caution Regarding Forward-Looking Statements
This news release may contain forward-looking information and
Minera Alamos cautions readers that
forward-looking information is based on certain assumptions and
risk factors that could cause actual results to differ materially
from the expectations of Minera
Alamos included in this news release. This news release
includes certain "forward-looking statements", which often, but not
always, can be identified by the use of words such as "believes",
"anticipates", "expects", "estimates", "may", "could", "would",
"will", or "plan". These statements are based on information
currently available to Minera Alamos
and Minera Alamos provides no
assurance that actual results will meet management's expectations.
Forward-looking statements include estimates and statements with
respect to Minera Alamos' future
plans with respect to the Projects, objectives or goals, to the
effect that Minera Alamos or
management expects a stated condition or result to occur and the
expected timing for release of a resource and reserve estimate on
the Projects. Since forward-looking statements are based on
assumptions and address future events and conditions, by their very
nature they involve inherent risks and uncertainties. Actual
results relating to, among other things, results of exploration,
the economics of processing methods, project development,
reclamation and capital costs of Minera
Alamos' mineral properties, the ability to complete a
preliminary economic assessment which supports the technical and
economic viability of mineral production could differ materially
from those currently anticipated in such statements for many
reasons. Minera Alamos' financial
condition and prospects could differ materially from those
currently anticipated in such statements for many reasons such as:
an inability to finance and/or complete an updated resource and
reserve estimate and a preliminary economic assessment which
supports the technical and economic viability of mineral
production; changes in general economic conditions and conditions
in the financial markets; changes in demand and prices for
minerals; litigation, legislative, environmental and other
judicial, regulatory, political and competitive developments;
technological and operational difficulties encountered in
connection with Minera Alamos'
activities; and other matters discussed in this news release and in
filings made with securities regulators. This list is not
exhaustive of the factors that may affect any of Minera Alamos' forward-looking statements. These
and other factors should be considered carefully and readers should
not place undue reliance on Minera
Alamos' forward-looking statements. Minera Alamos does not undertake to update any
forward-looking statement that may be made from time to time by
Minera Alamos or on its behalf,
except in accordance with applicable securities laws.
NEITHER 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.
SOURCE Minera Alamos Inc.