Minera Alamos Receives Additional Gold Sale Proceeds and Prepares for Phase 2 Drilling at the Santana Gold Project, Sonora, Mexico
Minera Alamos Receives Additional Gold Sale Proceeds
and Prepares for Phase 2 Drilling at the Santana Gold
Project, Sonora, Mexico
Toronto, Ontario and Vancouver, British Columbia--(Newsfile Corp. - February 19, 2019) -
Minera Alamos Inc.
(TSXV: MAI)
("Minera Alamos" or the "Company")
is pleased to report a further gold sale from residual leaching of its 50,000 t bulk leach
test at the Santana gold project in Sonora, Mexico.
A gold/silver sale for the 162 oz of contained gold and 54 oz of contained silver was made resulting in net proceeds of
US$213,000 received by the Company.
Although the majority of the recoverable gold has now been extracted from the bulk test material, limited residual leaching
continues. The cumulative gold recovered from the bulk test activities to date is as follows:
Total Gold Recovered - 1,060 oz Au
Calculated Recovered Gold - 0.66 g/t Au (based on total mineralized material loaded to the heap leach test area)
As previously stated by the Company (
see news release July 26
th
, 2018
) the results achieved from the bulk sample leaching
testwork met or exceeded expectations across the range of crush sizes that were tested.
The positive results led to the filing in
2018 of permit amendments to allow for the development of a commercial scale operation at the Santana project site. The
Company awaits notice of final approval for these permits.
Phase 2 Exploration Planning Complete
Following the successful Phase 1 results achieved in late 2018, the Company has also completed its exploration plans for a
Phase 2 exploration and development drilling program at the Santana project. The program is currently planned to total in excess
of 10,000 m and is expected to run throughout the year.
Phase 2 work will include expansion drilling at the Nicho and Nicho
Norte deposits and exploration drilling at a number of high priority targets:
Nicho/Nicho Norte - 20-30 infill and step out holes (~4,000m) - Drilling will seek to further expand on the step-out drill holes
from Phase 1 drilling that included: 127m grading 0.81 g/t Au and 80m grading 1.05 g/t Au (
see news releases dated
October 11
th
, 2018, October 17
th
, 2018 and November 1
st
, 2018
)
Divisadero - 20 holes (3,000m) to follow up on a Phase 1 discovery hole containing 95.7m at 0.85 g/t Au and 0.33% Cu
(
see news release dated October 25
th
, 2018
) and the subsequent mapping of over 400m of the related porphyry style
outcrop and float (
announced in the news release dated November 15
th
, 2018
).
Zata - 5-10 holes (~1,500m) which will be the first holes in this new breccia pipe discovery (
see news release dated
October 1
st
, 2018
)
Benjamin - 5-10 holes (~1,500m) to further understand historical drilling which yielded results including 2.3 g/t Au & 444.0
g/t Ag over 19.8 m and 0.70 g/t Au over 93.0 m yet has remained undrilled since 2011.
Ubaldo - 5-10 holes (~1,500m) to follow up on a historic target with utilizing the new geological models for the project area
All target areas are located within 3km of the currently proposed commercial leach pad area for which the Company awaits
notice of approval for permits submitted last year.
For Further Information Please Contact:
Minera Alamos Inc.
Doug Ramshaw, President
Tel: 604-600-4423
Email:
Website:
www.mineraalamos.com
About Minera Alamos
Minera Alamos is an advanced-stage exploration and development company with a growing portfolio of high-quality Mexican
assets, including the La Fortuna open-pit gold project in Durango with positive PEA completed, the Santana open-pit heap-
leach development project in Sonora with test mining and processing completed and the Guadalupe de Los Reyes open-pit
gold-silver project in Sinaloa with mine planning in progress.
The Company is awaiting the pending approval of permit
applications related to the commercial production of gold at both the Santana and Fortuna projects.
The Company's strategy is to develop low capex assets while expanding the project resources and pursue complementary
strategic acquisitions.
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.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/42908