New Discovery Hole - 95.7 metres of 1.47 g/t gold equivalent at the Santana Project, Sonora, Mexico
New Discovery Hole - 95.7 metres of 1.47 g/t
gold equivalent at the Santana Project, Sonora,
Mexico
TORONTO
and
VANCOUVER
,
Oct. 25, 2018
/CNW/ -
Minera Alamos Inc. (the "Company" or
"Minera Alamos") (TSX VENTURE:MAI)
is pleased to report the discovery of a new broad zone of
gold/silver mineralization in its Phase 1 drill program at the Santana gold project,
Sonora, Mexico
.
The discovery drill hole into the new
Divisadero
zone, was drilled approximately
200m
north of the
known mineralization limits at the Nicho Main and Nicho Norte zones and returned a wide intercept of
disseminated gold, silver and copper mineralization in a previously underexplored part of the Santana
Property. The hole is the first drilled deep enough to intersect this new style of polymetallic
mineralization that is associated with an andesite porphyry unit related to disseminated pyrite and
intrusive breccias. Based on surface exposures and known geology the mineralized system appears
to be open to expansion in all directions.
Drilling Highlights:
Hole S18-121 –
95.7 m
of 0.85 g/t Au, 9.8 g/t Ag and 0.33% Cu – (1.47 g/t AuEQ)
from
32 m
Including
70.0 m
of 1.1 g/t Au, 11.8 g/t Ag and 0.56% Cu – (1.88 g/t AuEQ) beginning at
55 m
down hole.
"This new discovery hole is an extremely exciting development for the Company" stated
Darren
Koningen
, CEO of
Minera Alamos
. "One of the driving factors behind the merger between
Minera
Alamos
and Corex earlier this year was the significant untapped potential we believed we could
unlock once the two Companies' contiguous land packages were combined. As our knowledge base
grows and we continue to better understand the regional geology we should continue to find
additional mineralization. The discovery of the
Divisadero
area provides further evidence that the
mineralizing events that occurred in the Nicho area are present at shallow depths elsewhere on our
extensive property holdings."
Hole S18-121 (70-degree inclination) was the Company's first effort to assess the potential
extensions of known mineralization on Corex's Santana claim group on to the Minera Alamos Los
Verdes claim group directly to the north. Rather than exhibiting Nicho style mineralization, S18-121
returned a considerable interval of more porphyry style mineralization with broad, rather evenly
distributed gold, silver and copper disseminated throughout much of the hole starting from 32 metres
down the hole (see Table 1).
The Company is currently evaluating the significance of this new discovery and its relationship with
the mineralized breccia systems that form the predominantly gold rich mineralization at Nicho Norte
and Nicho to the southwest. Preliminary surface mapping immediately adjacent to the intercept
shows that the mineralized porphyritic unit extends in all directions and appears to be distinct from
the Nicho Main and Norte zones to the south. Additional holes are planned to further test the
discovery as part of Phase 2 drilling at Santana.
The Phase 1 drilling program has now concluded with the completion of ten holes totalling
approximately
1500 m
. The remaining holes yet to be reported include further testing of the
southwest extensions of the Nicho deposit (see Figure 1). Planning of the Phase 2 drill program will
begin once the remaining drilling results have been received and evaluated.
Table 1 – Mineralized intervals from 2018 Santana Project drill program
Mineralized Interval
1,2
Drill Hole
From
(m)
To
(m)
Width
(m)
Gold
(g/t)
Silver
(g/t)
Copper
(%)
Gold Eq
3
(g/t)
Area
S18-121
32.0
127.7
95.7
0.85
9.8
0.33
1.47
Divisadero
incl
55.0
125.0
70.0
1.10
11.8
0.56
1.88
Notes:
1.
Grades/widths of mineralized intervals represent complete "from" "to" drill depths as shown.
2.
The hole was drilled at a 70-degree inclination. The true width of the mineralized zone in this new area is currently unknown.
3.
Gold Equivalent calculated using the following metal prices - $1250/oz gold, $16/oz silver and $2.85/lb copper.
Assay results are pending from the remaining three holes; the results, as well as additional
geological interpretations, will be released as they are received over the coming weeks. All diamond
drill samples were collected by
Minera Alamos
personnel including the Company's exploration
geologists. Drill core samples were cut in half and divided into 1-
2 m
intervals. One half of the
sample was bagged for analysis and the remaining half was logged by
Minera Alamos
personnel
and stored for future reference. Blanks, duplicates, and standards were randomly inserted with the
samples sent for analysis as part of the normal QA/QC procedures.
All samples were prepared and analyzed for gold using fire assaying with AA/gravimetric finish. All
samples were sent for sample preparation at the ALS-Chemex facility in
Hermosillo, Mexico
.
Figure 1 – Drill Hole Location Plan (CNW Group/Minera Alamos Inc.)
Guadalupe
de los Reyes Option Payment Extension
Minera Alamos
and Vista Gold Corp. ("Vista") have agreed to extend the due date for the
second US$1.5 million option payment for the
Guadalupe
de los Reyes gold / silver project in
Sinaloa, Mexico
("the GdR Project") by six months to April 23, 2019. The extension will better align
development plans for the GdR project with those previously announced for the Company's Santana
and Fortuna projects.
Minera Alamos
continues to advance engineering efforts for the GdR project
and community discussions related to the development of a commercial gold mining operation at the
site.
As consideration for the deferral, Vista will receive an additional
US$150,000
in cash,
US$50,000
of
which has already been paid and
US$100,000
of which will be paid no later than
January 23, 2019
.
In addition, Vista will receive interest at a rate of 1.5% per month on the deferred amount beginning
January 24, 2019
.
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 has approved the scientific and technical disclosures in this news
release.
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.
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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http://www.newswire.ca/en/releases/archive/October2018/25/c5613.html
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For further information:
Minera Alamos Inc.: Doug Ramshaw, President, Tel: 604-600-4423,
Email: [email protected], Website: www.mineraalamos.com
CO: Minera Alamos Inc.
CNW 10:46e 25-OCT-18