Minera Alamos Announces Initiation of Resource Expansion Program for La Fortuna Gold Project in Durango, Mexico
Minera Alamos Inc.
Minera Alamos Announces Initiation of Resource Expansion Program for La
Fortuna Gold Project in Durango, Mexico
TORONTO, ONTARIO -- (Marketwired – August 17, 2017)
Minera Alamos Inc. (TSX VENTURE:MAI) (the "Company" or "Minera Alamos") is pleased to
announce that it has hired Robelsis Altamirano, P.Eng. , to manage advanced exploration
activities aimed at expanding the resource base at the Company’s flagship La Fortuna gold
project (“La Fortuna”) in Durango, Mexico. Mr. Altamirano worked previously with the
Company’s Mexican technical team and was the exploration manager for Argonaut Gold’s
(previously Castle Gold) south extension of the El Castillo gold mine. He has extensive
experience (+30 years) managing exploration programs in Mexico with both the Mexican
Geological Service (“SGM” – Servicio Geologico Mexic ano) and numerous independent
mining groups. This included being involved from start -to-finish in the discovery and
delineation of Torex Gold Resources’ Media Luna gold project (current inferred resources of
7.4 million gold equivalent ounces at a grade of 4.48 g/t) in the Guerrero Gold Belt, Mexico.
“We are excited to commence this extensive exploration program to quantify the resource
potential of the entire La Fortuna project area, ” said Miguel Cardona , Vice President of
Exploration for Minera Alamos. “Over the last number of months, we have substantially
increased our understanding of the significant mineralizing events that occurred in the La
Fortuna area and why this was the site of so much historical gold mining activity. The
ability to bring in someone with the experience and capabilities of Robelsis to directly
manage our exploration efforts is a significant opportunity for the C ompany and we are
pleased to welcome him to our expanding team”.
The Company’s geological team, as well as previous owners , confirmed the potential for
significant resource growth at the La Fortuna project. The present Measured and Indicated
mineral resource of the Main Zone 1 (4,800,000 tonnes at 1.99 g/t gold containing 308,000
ounces) is located within a limited 300m strike length which was drilled in the mid-1990s.
Importantly, this drilling occurred on only one of at least four known systems of gol d
mineralization. Although remnants of historic mining activities are present throughout the
project area, no modern drilling or systematic exploration has ever been completed
elsewhere on the project.
Target areas for resource expansion include:
Mineralization that is evident at surface to the north and also approximately 400 -500m
to the south along strike from the La Fortuna Main Zone resource. These areas were
targeted by previous owners for a second phase drill program in the late 1990s, which
was cancelled due to the depressed gold price environment at that time.
The highly prospective PN Area located at the north ern end of the land package which
presents the potential for a large bulk tonnage gold/silver system contained within a
shear zone at the intersection of two major fault systems. The system can be followed
at surface for approximately 1.5 km and contains numerous occurrences of old mine
workings with sampling confirming widespread mineralization with gold grades ranging
from approximately 1 to 10 g/t, in addition to 50 to 400 g/t of silver.
The Ramada Zone located between the Fortuna Main and PN Zones on a parallel fault
structure. Mineralization can be traced at surface for a length of approximately 600m
and exhibits grades up to 40 g /t gold from sampling both at surface and inside of
historic mine workings.
The recently acquired Cerro Pelon Zone , located to the south of the major E -W fault
system passing through the project area , where it appears the deeper porphyritic rocks
have been uplifted and are now exposed due to erosion. This area also contains historic
workings and was delineated in the past by the Mexican Geological Service (“SGM ”) to
contain a large area (3-5 km in diameter) of anomalous and disseminated gold showings
(0.1 to 10 g/t gold).
The 2017 exploration program has been initiated in preparation for drill ing to commence in
the near future . The C ompany will continue to optimize the program schedule as results
become available with plans to carry through aggressively into 2018. A basic outline of
Phase 1 of the exploration program for the project is outlined below:
Detailed review of historical data and drill information available for the project;
Surface mapping and drill t argeting to evaluate potential extensions to the north and
south of the previously drilled resource at the La Fortuna Main Zone;
Completion of a new geophysical survey for the entire La Fortuna project area using the
known drilled resource as a source to “calibrate” geophysical information;
Field re view/mapping of the prospective PN Zone aimed at establishing initial drill
targets to better delineate the multiple parallel mineralized structures present on this
epithermal system; and
Field review/mapping of the large porphyritic gold anomaly discovered previously by the
SGM in the far southern are of the project boundaries.
1 Resources are as reported in the NI 43 -101 compliant Technical Report titled “La Fortuna
Project, Durango, Mexico, Updated Technical Report for Castle Gold” by Toren K. Olson,
P.Geo. and dated November 21, 2008.
About Minera Alamos
Minera Alamos is a n 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 Los Verdes open pit copper-molybdenum project in Sonora. The Company
is well financed to conduct all of its planned exploration and development activities and is
pursuing additional project acquisitions in Latin America.
Mr. Darren Koningen, P. Eng., Mi nera Alamos’ President & 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.
CONTACT INFORMATION:
Minera Alamos Inc
Darren Koningen, President & CEO Patrick Piette, Investor Relations
416-306-0990 ext 201 416-306-0990 ext 203
www.mineraalamos.com
.
Caution Regarding Forward-Looking Statements
This news release may contain forward -looking information and Minera Alamo s cautions
readers that forward -looking information is based on certain assumptions and risk factors
that could cause actual results t o 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, objectives or goals, to the effect that Minera Alamos or management
expects a stated condition or result to occur, including funding and exercise of roya lty
options contemplated under the Investment Agreement with Osisko Gold Royalties Ltd, on
the terms provided for therein or at all, the expected timing for release of an updated
resource and reserve estimate and a preliminary economic assessment on Fortuna and
whether or not the assessment will conclude that mineral production is feasible on a
technical or economic basis, and the ability to successfully develop other mineral exploration
properties now or in the future. 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, recl amation 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 .
Minera Alamos’ financial condition and prospects, could di ffer materially from those
currently anticipated in such statements for many reasons such as: the absence of funding
resulting from a determination by Osisko Gold Royalties Ltd not to exercise the royalty
options contemplated under the Investment Agreement on the terms provided for therein or
at all; 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 gener al 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 tim e to
time by Minera Alamos or on its behalf, except in accordance with applicable securities laws.
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TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.