Minaurum Acquires Historical Drilling Data Revealing High-Grade Extensions of Past Producing Mines at the Alamos Project; Schedules Webcast to Discuss
NEWS RELEASE
MINAURUM GOLD INC.
FOR RELEASE: February 6, 2020 TRADING SYMBOL TSX.V:MGG
(MGG 2020 – NR #3)
Minaurum Acquires Historical Drilling Data Revealing High-Grade
Extensions of Past Producing Mines at the Alamos Project; Schedules
Webcast to Discuss
Minaurum Gold Inc., (“Minaurum”) is pleased to announce that it has acquired historical data
including mine maps, sections and results of 40 holes ( 6,099 m) drilled in multiple surface and
underground exploration campaigns that occurred from the 1960s through the early 1980s at its
Alamos silver project in Sonora, Mexico. The exploration programs were focused on the historic
Promontorio and Minas Nuevas underground mines that closed in 1898 and 1912. The majority
of these historic holes cut broad widths of high -grade silver, the best include: Hole U -3 that
cut 4.6 m grading 2,838 g/t (82.8 oz/t) silver and Hole U-5 that cut 11.3 m of 785 g/t (22.9 oz/t)
silver. The drill results indicate that the historically mined deposits included multiple veins and
continue at depth both down plunge and along -strike. At Promontorio, drill holes intersected
mineralization over 50 m below the historic mining level and indicate an aggregate 735 m strike
length of mineralization. It is estimated that 200 million ounces of silver were mined from the
Quintera, Promontorio and Minas Nuevas mines.
“Minaurum’s Phase I drilling demonstrated the district -scale potential for high-grade veins at
Alamos. The acquisition of this data adds another dimension to the project by providing low-to-
no-cost geologic answers for areas that Minaurum would otherwise have had to drill, while
revealing high-potential targets for immediate drilling around the old mines,” stated Darrell Rader,
President and CEO of Minaurum Gold. “These new targets will be added to our large inventory of
targets that will be further delineated and expanded upon by our Phase II drill program. Beyond
the technical value of the data, we also regard the fact that they were presented to us by a local
resident as affirmation of our focus on operating in a socially and environmentally responsible
manner in the Alamos community.”
Drill highlights from the Promontorio mine include: (only silver and gold were assayed – widths
are reported drill thickness)
• 1.2 m of 5,588 g/t Ag (Hole U-1)
• 1.2 m of 1,008 g/t Ag (Hole U -1)
• 4.6 m of 2,838 g/t Ag (Hole U-3)
• 4.6 m of 305 g/t Ag (Hole U-4)
• 1.4 m of 377 g/t Ag (Hole U-4)
• 12.2 m of 710 g/t Ag (Hole U-4)
• 7.6 m of 747 g/t Ag (Hole U-5)
• 11.3 m of 785 g/t Ag (Hole U-5)
• 1 m of 2,177 g/t Ag (Hole U-12)
• 1.2 m of 854 g/t Ag and 23 g/t Au (2,845 g/t AgEq*) (Hole U-15)
Drill highlights from the Minas Nuevas mine include: (only silver was assayed – widths are
reported drill thickness)
• 1.7 m of 452 g/t Ag (Hole TP-80-08)
• 2 m of 367 g/t Ag (Hole TP-80-09)
• 1.8 m of 839 g/t Ag (Hole TZ-80-01)
*Ag Equivalent value was derived using silver price of $17.99 and gold price of $1,557.10 (Kitco, 15 January 2020).
Table 1. Summary of historical drilling, Alamos Project. Drilling totaled 6,099.4 metres in 40
holes.
Vein zone Vein target Number
of Holes Surface or UG Meters Company Year
Promontorio Veta Guijas 4 Underground 374.00 Alamos Mining Co. 1961
Promontorio V. Grande,
Veta del 100 11 Underground 551.50 Alamos Mining Co. 1961
Promontorio V. Grande,
V. del 100 6 Underground 307.60 Alamos Mining Co. 1966
Minas Nuevas Zambona N vein 7 Surface 2,022.80 Minera Minas Nuevas 1979-
1981
Minas Nuevas Purisima vein,
E and W 6 Surface 1,941.40 Minera Minas Nuevas 1980
Minas Nuevas Zambona vein 2 Surface 609.60 Minera Minas Nuevas 1981
San Jose
La Huerta
(north ext San
Jose zone)
4 Surface 292.60 Minera Minas Nuevas 1981
Promontorio Mine
At Promontorio, 17th- to late 19th-century mining exploited three principal veins, Veta Guijas, Veta
Grande, and Veta del 100 (Figure 1), first by Spanish and Mexican miners and later by the British
Promontorio Mining Company in the 1870s-1890s. Reports indicate that the operation s focused
on high-grading the veins and spent little on development which explains the considerable amount
of un -mined mineralization left behind and intersected in a number of subsequent drill holes.
When the higher grade Las Guiijas vein was discovered, work on the Veta Grande and Veta del
100 was abandoned. The Promontorio Mining Company ceased operations in 1896 due to a drop
in the silver price.
In the 1950s and 1960s, the Alamos Mining Company rehabilitated the Promontorio mine and
carried out an underground drilling campaign. Highlights from this program (Table 2) show that
significant high-grade silver intervals were drilled below the mine workings on all three of the
principal veins at Promontorio. These historical reports also suggest the existence of another blind,
undeveloped vein lying to the west of the Veta del 100.
Table 2. Highlights of Alamos Mining Co. 1961 underground drilling program in the Promontorio
mine. Note high-grade intercepts below stope levels. Intervals are drilled thickness. Only silver
and gold were assayed.
Hole Meters g/t Ag g/t Au Comment Vein Area From To Interval
U-1
71.9 73.2 1.2 5,588
Veta Grande
90.8 92.0 1.2 189
113.4 114.6 1.2 161 Below historical
workings 114.6 115.8 1.2 1,008
U-2
35.7 36.9 1.2 89
36.9 39.9 3.0 103
49.1 50.6 1.5 175
55.0 56.5 1.5 69
56.5 58.2 1.7 233
U-3
6.1 18.9 12.8 1,139
Between Veta
Grande and Veta
del 100
including
6.1 10.7 4.6 2,838
25.0 30.5 5.5 185
35.1 39.3 4.3 141
U-4
0.0 4.6 4.6 305
Below historical
workings
67.1 68.4 1.4 377
72.5 84.7 12.2 710
including
72.5 76.2 3.7 823
and
76.2 80.2 4.0 1,111
U-5 7.9 15.5 7.6 747
18.6 29.9 11.3 785
U-7 62.5 65.2 2.7 274
Below historical
workings Tirito/Guijas 102.4 105.5 3.0 41
U-8 80.5 82.6 2.1 247
U-12
26.8 27.7 0.9 2,177
Veta del 100 27.7 29.0 1.2 103
40.2 41.8 1.5 41
U-15 5.2 6.4 1.2 854 23
U-16 23.8 25.3 1.5 219 Below historical
workings Veta Grande
Table 3. Highlights of Minaurum drilling in Promontorio vein zone.
Hole From
(m) To (m) Interval
(m) Ag (g/t) Au (ppb) Cu (%) Pb (%) Zn (%) Area
AL17-
004
81.9 102.05 20.15 154 234 0.50 2.30 6.80
Veta del
100 - Veta
Grande
including
84.1 85.7 1.6 236 697 0.50 11.80 20.00
AL17-
005
124 132.5 8.5 81 129 0.14 3.23 2.72
including
126.05 128.8 2.75 127 275 0.15 8.91 5.26
135.35 138.5 3.15 296 235 0.62 0.62 2.42
including
135.35 136.35 1 557 208 0.65 0.77 2.17
AL19-
023
0.00 12.25 12.25 122 23 0.21 0.21 1.42 Immediate
Footwall
Las
Guijas
including
0.00 7.85 7.85 141 34 0.29 0.31 1.82
AL19-
025
463.25 474.1 10.85 154 986 0.52 2.68 4.42
Veta Las
Guijas
including
463.85 467.65 3.8 415 2676 1.37 6.20 9.19
including
463.85 464.8 0.95 1566 6719 4.48 9.27 10.08
AL19-
034 234.15 235.25 1.1 729 1730 0.13 3.05 5.73
Figure 1. Promontorio Mine and vein zone, showing Minaurum drill holes, and 1960s underground
drilling. Note that holes AL19-021 and AL19-023 collared in the immediate footwall of the Las
Guijas vein and tested its footwall.
Figure 2. Veta Grande and Veta del 100 area, Promontorio vein zo ne, showing plan projections
of underground workings, Minaurum drill holes, and 1960s underground drilling. Workings on
the veins were originally accessed by shafts and later connected by the 1,200-m long Promontorio
haulage tunnel. Longitudinal sections indicate that stoping on the Veta Grande and Veta del 100
extended to about 470 metres elevation, about 230 metres below the surface (Figures 3 and 4).
Figure 3. Veta Guijas, Promontorio mine and vein zone, showing plan projections of underground
workings, Minaurum drill holes, and 1960s underground drilling.
Figure 4. Longitudinal section of the Veta Grande – Veta del 100, Promontorio vein zone, looking
west-northwest. Note the high -grade silver historical intercepts below the mined -out area.
Intercepts are drilled thicknesses. Minaurum holes AL17 -004 and -005 cut mineralization in the
southern periphery of the stope. Ag Equivalent values are for comparison purposes only and are
based on the metal prices of 15 January 2020: Ag: $17.99/oz, Au: $1,557.10/oz, Cu: $2.81/lb, Pb:
$0.89/lb, Zn: $1.08/lb (Kitco).