Amarillo Gold Corporation (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.
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)|
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|
Drill hole co-ordinates use WGS84 Zone 22 S
Amarillo 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.
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