Minera Alamos Defines New Nicho-Style Gold Discovery at the Santana Property, Sonora, Mexico; Drilling Results Pending
Minera Alamos Defines New Nicho-Style Gold
Discovery at the Santana Property, Sonora,
Mexico; Drilling Results Pending
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."
Figure 1 – Newly Defined Zata Breccia Pipe (CNW Group/Minera Alamos Inc.)
Figure 2 – Zata Pipe location and proximity to the Nicho deposit proposed development (CNW
Group/Minera Alamos Inc.)
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.
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For further information:
Minera Alamos Inc.: Darren Koningen, CEO, Tel: 416-306-0990,
Email:
[email protected]; Doug Ramshaw, President, Tel: 236-521-0429, Email:
[email protected]; Website: www.mineraalamos.com
CO: Minera Alamos Inc.
CNW 10:53e 01-OCT-18