There were 621 press releases posted in the last 24 hours and 159,026 in the last 365 days.

Amarillo Concludes In-fill Drilling and Initiates Resource Update

/EIN News/ -- TORONTO, Feb. 12, 2019 (GLOBE NEWSWIRE) -- Amarillo Gold Corporation (“Amarillo” or the “Company”) (TSX.V: AGC) (OTCQB: AGCBF) is pleased to provide an update of results from its recently concluded in-fill drilling program at its Mara Rosa open-pit gold project (Mara Rosa Project or Posse Gold Deposit) in Goias State, Brazil.

Highlights¹:

  • 1.15 Au g/t over 44 m core length in Hole 18P082
  • 1.61 Au g/t over 46 m core length in Hole 18P086
  • 1.10 Au g/t over 48 m core length in Hole 18P088

¹Drill core lengths and true widths are indicated in Table 1 below

A total of 13,929 m of diamond drilling from 46 holes have been completed to date (see also results from 31 diamond drill holes in our Press Releases dated September 10, 2018, October 31, 2018 and January 7, 2019).

Amarillo has completed the in-fill core drilling and has commissioned Australian Exploration Field Services (AEFS) to provide a resource update for the Posse Gold Deposit to be used in the Feasibility Study (FS) which commenced in January 2019.  AEFS completed the last two Resource Updates for the Posse Gold Deposit.  Three planned step-out exploration holes remain to be drilled totalling 1,150 m and are expected to be completed later this month.

Assay results of 1.61 g/t Au over 46 m core from in-fill drill hole18P086 confirm better than average ore grade and deposit width in the southern section of the ore body.

The links below provide access to the drill hole location map and drill Subsection 5 for reference:

https://www.amarillogold.com/W0p23B/wp-content/uploads/2019/02/Mara-Rosa-2018-2019-Drilling-Program-Posse-Mine-Map-and-drill-Locations-Updated-Feb-2019.jpg

https://www.amarillogold.com/W0p23B/wp-content/uploads/2019/02/Mara-Rosa-Cross-Section-Subsection-5-DDH-18P081-and-DDH-18P082.jpg

Amarillo CEO, Mike Mutchler commented “We are very pleased to have our in-fill drilling program completed and our Resource Update pending at the end of the month.  Our objective of this drill program is to convert some of the 330K ounces of Inferred resource into Measured or Indicated resource so that it can be included in the Feasibility Study Mine Plan.  The PFS Mine Plan left 183K ounces in the pit floor as it could not justify a push back for that number of ounces.  The 330K ounces of Inferred resource is just down dip from these remaining ounces, so by converting some of the Inferred resource into Measured and Indicated resource, we expect to justify a push back to expand the mine. Subsection 5 in the attached cross section shows a good example of our drilling results with holes 18P081 and 18P082 cutting the Inferred resource just down dip from the planned pit.  Subsection 5 also shows the good grades and thicknesses that are encountered in the southern end of the planned pit.

The attached drill hole location map also shows the 8 step out exploration holes that we are in the process of completing.  Hole 18P070 cut 22 m of 1.78 gpt, and we are hopeful that this extends the resource by another 200 m to the southwest to potentially further extend the mine life.  The exploration drilling will be completed later this month.

We kicked off our FS in late January with SRK, Ausenco and GHT Engineering (see the Press Release dated January 21, 2019) a group of highly reputable firms in which we are confident will deliver a robust plan to develop the Mara Rosa Project.  The FS will provide the information and documentation to satisfy the regulatory requirements in the application for the License to Install (LI) in mid 2019.  We anticipate receiving the LI in late 2019 or early 2020 and to be ready for construction beginning in 2020.”

Table 1: Diamond Drill Hole Assay Results      
             
Drill Hole From (m) To (m) Core Length (m) True Width (m) Grade Au g/t Grade Au g/t
uncut
18P075           Results pending
18P078 104 107 3.0 2.9 0.80 0.80
18P079 61 63 2.0 1.8 0.37 0.37
  71 74 3.0 2.7 0.41 0.41
18P080 110 112 2.0 2.0 0.50 0.50
  117 123 6.0 5.9 0.46 0.46
  144 148 4.0 3.9 0.73 0.73
  151 156 5.0 4.9 1.46 1.46
18P082 353 359 6.0 5.7 0.77 0.77
  365 409 44.0 42.0 1.15 1.15
Including 365 378 13.0 12.4 1.08 1.08
Including 379 396 17.0 16.3 1.23 1.23
Including 398 409 11.0 10.5 1.37 1.37
18P083 257 266 9.0 8.7 1.08 1.08
  270 272 2.0 2.0 1.04 1.04
18P084 193 196 3.0 3.0 0.38 0.38
  201 204 3.0 3.0 1.34 1.34
18P085 114 116 2.0 1.9 0.34 0.34
18P086 329 375 46.0 44.4 1.61 1.74
Including 329 361 32.0 30.9 1.58 1.58
Including 363 375 12.0 11.6 1.90 2.41
18P087 85 87.5 2.5 2.3 0.55 0.55
19P088 310 312 2.0 1.9 0.70 0.70
  321 369 48.0 45.2 1.10 1.10
  375 381 6.0 5.7 1.03 1.03
  408 410 2.0 1.9 0.37 0.37
  449 453 4.0 3.8 0.60 0.60
19P089 48 50 2.0 1.9 0.37 0.37
19P090           Results pending
19P091           Results pending
19P092           Results pending
           
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 10g/t cut to 10g/t. Grades quoted to two decimal places.    
Samples followed a chain of custody protocol.      

 

Table 2: Diamond Drill Hole Location and Parameters    
           
Drill
Hole
Easting
(m)
Northing
(m)
Elevation
(m)
Length
(m)
Azimuth/Dip
18P075 695992 8454239 440 425.8 140°/-59.9
18P078 697084 8454952 420 121.6 140°/-60.2
18P079 697107 8454959 421 121.7 140°/-70
18P080 697100 8455050 418 181 140°/-55.1
18P081 696198 8454418 447 482.8 140°/-71
18P082 696167 8454417 446 500.2 140°/-69.9
18P083 696158 8454269 446 379 140°/-60.4
18P084 696181 8454212 438 296.9 140°/-52.2
18P085 697112 8454993 418 130.6 140°/-59.1
18P086 696195 8454460 445 423 140°/-60.3
18P087 697194 8455092 423 106.3 140°/-66.8
19P088 696246 8454435 446 463.1 140°/-70.3
19P089 697234 8455007 418 94.7 140°/-59.5
19P090 696063 8454303 442 378.9 140°/-58.4
19P091 696007 8454371 442 486.6 140°/-68.5
19P092 696068 8454140 440 355 140°/-67.3

Upcoming Marketing Schedule

Mike Mutchler,CEO of Amarillo Gold, will be marketing as follows:

  • New York – February 19th and 20th
  • London – February 25th
  • Geneva – February 26th
  • Zurich – February 27th
  • PDAC - March 3rd and 4th at Booth # 2621A and available for one on one meetings on March 5th and 6th

To schedule a meeting or request further information, please contact our Director of Communications, Karen Mate by email: karen.mate@amarillogold.com or by dialling 1 (416) 230-6454.

ABOUT AMARILLO

Amarillo is developing an open pit gold reserve at its Mara Rosa Project in the mining friendly jurisdiction of Goias State in Brazil. 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). Based on the NI 43-101 Pre-Feasibility Study 2018 (PFS 2018) update filed on SEDAR on September 13, 2018, the Posse Deposit at the Mara Rosa Project contains estimated 513,000 ounces of gold in the Proven category from 9.6 Mt at 1.65 g/t Au, and 574,000 ounces gold in the Probable category from 14.2 Mt at 1.26 g/t Au, for total estimated Reserves of 1,087,000 ounces from 23.8 Mt at 1.42 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.

Marc Ducharme, Chief Exploration Geologist of the Company, is a Qualified Person as defined by NI 43-101 – Standards of Disclosure for Mineral Projects guidelines and has reviewed and approved the scientific and technical disclosure relating to the drilling results in this news release.

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 relating to the PFS 2018 in this section of the 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 

32 Richmond St. East Suite 201
Toronto, ON Canada,
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 the content of this news 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, and 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 of the Company, 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.

PDF Available: http://resource.globenewswire.com/Resource/Download/97357e3a-c8cf-493e-b3b2-8410460a98bf

Amarillo-Logo.png

Distribution channels: Mining Industry


EIN Presswire does not exercise editorial control over third-party content provided, uploaded, published, or distributed by users of EIN Presswire. We are a distributor, not a publisher, of 3rd party content. Such content may contain the views, opinions, statements, offers, and other material of the respective users, suppliers, participants, or authors.