Kamloops, British Columbia--(Newsfile Corp. - September 18, 2019) - Advance Gold Corp. (TSXV: AAX) ("Advance Gold" or "the Company") is pleased to provide an exploration update on its Tabasquena gold and silver project in Zacatecas, Mexico. To date, 10 drill holes have been completed hitting widespread gold and silver mineralization in near surface epithermal veins. Recently, a 3D induced polarization (IP) survey was completed that identified a significant continuous chargeability anomaly, with an east-west width of approximately 250 metres and an apparent strike length of over 800 metres. This anomaly is located directly below the Tabasquena vein. The anomaly remains open to the north and to the south and at depth. A second phase 3D IP geophysical survey is scheduled to begin in the first week of October to extend the grid to the south.
The purpose of the extended grid to the south will be threefold, firstly it will establish the continuity of the anomaly to the south, secondly whether or not the target anomaly becomes shallower and lastly it will assist in positioning the upcoming drill hole locations. It is planned to commence drilling once the IP survey has been completed.
Images shown below are a 3D model of the epithermal veins hit in previous drilling and a voxel inversion model showing the extent of the large chargeability anomaly for lines L7450N and L7250N. These two diagrams are an excellent representation of the emerging targets at Tabasquena.
The black line at the surface of the 3D model of drill holes is the surface projection of the Tabasquena vein. The red shaded area is the historical mining done by Penoles. The chargeability anomaly is approximately 250 metres below the historical mining, and it follows the strike direction of the Tabasquena vein. The epithermal veins, with highlighted widespread gold and silver mineralization, are above and slightly to the west of the deeper chargeability anomaly.
Diagram 1
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Diagram 2
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Allan Barry Laboucan, President and CEO of Advance Gold Corp., commented: "Our exploration efforts at Tabasquena are coming together nicely with the past drilling and the recent IP geophysical survey. It is important to point out, the IP survey is meant to reveal sulphides through chargeability. The epithermal veins are low sulphidation and relatively small and don't show up well in the IP survey, however right below these veins is the large continuous chargeability anomaly of over 800 metres from north to south and approximately 250 metres from east to west. Before starting our next round of drilling, we wanted to extend the IP grid to the south, where the anomaly is closer to surface. There is a significant elevation change of approximately 300 metres from the northernmost line of the geophysical survey to the most southerly one. We have approximately 1500 metres to the southern limits of our claims. The chargeability anomaly is open to the north, but due to the higher elevation and more cover it exceeds the depth limits of the IP survey. We are very excited to extend the grid to the south as that is the direction of the highest intensity of the chargeability and where it becomes closest to surface. The combination of the quality of Tabasquena and our various projects, our low share count and a tight share structure, with substantial insider ownership and tiny valuation, puts us in a unique position relative to our exploration focused peers as the market for gold and silver are gaining strength."
Julio Pinto Linares is a QP, Doctor in Geological Sciences with specialty in Economic Geology and Qualified Professional No. 01365 by MMSA., and QP for Advance Gold and is the qualified person as defined by National Instrument 43-101 and he has read and approved the accuracy of technical information contained in this news release.
About Advance Gold Corp. (AAX.V)
Advance Gold is a TSX-V listed junior exploration company focused on acquiring and exploring mineral properties containing precious metals. The Company acquired a 100% interest in the Tabasquena Silver Mine in Zacatecas, Mexico in 2017, and the Venaditas project, also in Zacatecas state, in April, 2018.
The Tabasquena project is located near the Milagros silver mine near the city of Ojocaliente, Mexico. Benefits at Tabasquena include road access to the claims, power to the claims, a 100-metre underground shaft and underground workings, plus it is a fully permitted mine.
Venaditas is well located adjacent to Teck's San Nicolas mine, a VMS deposit, and it is approximately 11km to the east of the Tabasquena project, along a paved road.
In addition, Advance Gold holds a 13.23% interest on strategic claims in the Liranda Corridor in Kenya, East Africa. The remaining 86.77% of the Kakamega project is held by Barrick Gold Corporation.
For further information, please contact:
Allan Barry Laboucan,
President and CEO
Phone: (604) 505-4753
Email: allan@advancegold.ca
This news release contains certain statements that may be deemed "forward-looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. The Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors should change, except as required by law.
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