Pastinho is no longer a drill target but a full-fledged satellite
deposit, said Amarillo Gold Corporation (TSXV: AGC, OTCQB: AGCBF)
today, as it announced results from 15 new drill holes on the
Company’s Mara Rosa Property in Goiás State, Brazil.
Located 3.5 kilometres northeast of Amarillo’s
flagship Posse Gold Deposit, the Pastinho Deposit is a near-surface
tabular shaped deposit striking 1,700 metres in a
northeast-southwest direction that dips approximately 60 degrees
northwest.
Amarillo is expanding its overall diamond drill
program at Mara Rosa by 3,000 metres to follow up on the gold
mineralization at Pastinho, which remains open along strike and
down dip.
“We are very pleased with the drill results coming
out of the 2021 exploration program at Pastinho,” said Mike
Mutchler, Amarillo’s President and Chief Executive Officer.
“We have defined near surface gold mineralization
over potentially mineable widths for a strike length of 1.7
kilometres and to depths of more than 100 metres. We are optimistic
that with further work Pastinho will develop into a source of
future ore feed for the Posse mill.”
Pastinho drilling highlights
- 3,767 metres of
diamond drilling consisting of 23 holes has been completed at
Pastinho
- Remarkably,
all 15 drill holes received to date intersected elevated
gold values, demonstrating the notable consistency of the Pastinho
Gold Deposit
- Assay results have
been received for 15 holes spanning a strike length of 1,200 metres
from section line 14.00 to section line 38.00 (see Figure 1)
- Partial drilling
results from drillhole 21PTN017 collared on section 38.00 returned
7.00 metre grading 0.9 g/t gold. This hole was the most
north-easterly collared hole of the program and extends known gold
mineralization by 250 metres of strike length to the northeast
where the deposit remains open
- Drillhole 21PTN016
returned 6 metres grading 1.57 g/t gold from 42.00 metres on
Section Line 24.00, demonstrating that higher relative gold grades
over good thickness exist within the Pastinho Deposit
- Several drill holes
have encountered multiple parallel gold zones and more work is
required to better understand the nature and extent of these
parallel gold-bearing structures:
- 21PTN009 intersected
7.00 metres grading 0.89 g/t gold from 35.00 metres
- 1.00 metres grading
3.430 g/t gold from 51.00 metres
- 7.50 metres grading
0.93 g/t gold from 67.50 metres
- Pastinho remains open
along strike and at depth
- A follow-up 3,000
metres drilling program will continue testing the downdip and
strike extension of Pastinho
Background
The Pastinho Deposit is located approximately 3.5
kilometres northeast of Posse on 6,000 hectares of exploration
tenements that Amarillo gained access to in December 2019.
The geological setting and style of mineralization
observed at Pastinho is like what is seen at the flagship Posse
Gold Deposit. The gold mineralization typically occurs within
sheared mylonitic rocks that occur between hanging wall biotite
gneiss and/or metatonalite and footwall gabbro and/or metatonalite
(see Figure 2).
Gold is normally associated with 3-5% fine grained
disseminated pyrite in silicified and carbonatized mylonitic
(highly sheared) rocks composed of quartz, plagioclase, biotite,
sericite, and epidote. The foliation in the hanging wall biotite
gneiss strikes northeast with a shallow northwest dip of 45-50
degrees in the southwest, with the dip steepening to 70-80 degrees
to the northeast suggesting a wrenching affect.
Limited drilling in 2020 defined a tabular-shaped
gold-mineralized structure approximately 800 to 900 metres long
oriented in a northeast-southwest direction along the same
structural trend as the Posse Gold Deposit. The apparent thickness
varies from 5 to 20 metres and dips about 60 degrees
northwest.
Follow up surface trenching and shallow auger
drilling in late 2020 extended the strike length of mineralization
to about 1.5 kilometres. As previously disclosed, selected
near surface drillhole intercepts include 18.7 metres grading 0.84
g/t gold, 11.0 metres grading 0.74 g/t gold, and 7.6 metres grading
1.45 g/t gold (assuming a cut-off of 0.2 g/t gold).
Highlights of previously released surface trenching
results include Trench 20TCH009 that returned 17 metres grading
1.46 g/t gold at the farthest northeast extent of the Pastinho
Deposit.
As discussed in more detail below, results of the
2021 drilling program are confirming and enhancing the geological
model of Pastinho.
About the 2021 drilling
program
The goal of the 2021 drilling program is to:
- confirm that primary
gold mineralization occurs below the surface trace of the
gold-bearing surface trenches.
- test the strike extent
of the deposit to the northeast
- look for a
higher-grade and potentially thicker zone of mineralization.
Drill holes were collared in the hanging wall of
the deposit and drilled perpendicular to the interpreted northwest
dip plane of the tabular structure. The azimuths of the drill holes
were oriented southeast and inclined usually at an angle of 60
degrees. Generally, holes were collared every 50 metres targeting
vertical depths of 50 to 100 metres along the strike length of the
gold deposit.
About drilling at Pastinho
Results have been received for 15 holes
representing 2,228.9 metres drilled into Pastinho (see Table 1 and
Figure 1). Overall 23 holes totalling 3,787 metres were completed.
The holes tested a strike length of 1,200 metres from section line
14.00 to 38.00, and each section line is spaced 50 metres.
Remarkably, all 15 drill holes intersected elevated gold values,
demonstrating the notable consistency of the Pastinho gold
deposit.
Assay results show elevated gold values over wide
thicknesses. Furthermore, mineralization begins at surface and has
been confirmed to vertical depths of more than 100 metres and
widths of 5 to 20 metres. The deposit remains open along strike and
down dip.
Key takeaways from the drilling are:
- primary gold
mineralization has been defined below the surface trenches along
and beyond the strike length of the surface trenches to the
northeast
- gold mineralization
was encountered in drill hole 21PTN017, 200 metres northeast of
trench 20TCH009 confirming that the gold deposit remains open to
the northeast
- wider and higher
grades zones are beginning to develop within the south-central
portion of the deposit. Furthermore, multiple parallel gold
structures have been observed. Much more work needs to be completed
to better understand the nature of the deposit here.
Pastinho drill results: notable
details
Pastinho is demonstrating remarkable consistency
and is dipping approximately 60 degrees to the north west.
For example, drill hole 21PTN001 intersected 12.00
metres grading 0.79 g/t gold on section line 14.00 in the central
southwestern portion of Pastinho. Drill hole 21PTN002 was collared
100 metres northeast on Section line 16.00 and returned 13.00
metres grading 0.98 g/t gold at a vertical depth of 30 metres.
Drill hole 21PT005 was a step out hole also collared on Section
line 16.00 and intersected 15.00 metres grading 1.00 g/t gold
(including 4.00 metres grading 2.67 g/t gold) at a vertical depth
of 80 metres.
Multiple parallel gold structures have been
observed at Pastinho. For instance, on section 17.00 (see Figure 3)
a further 50 metres to the northeast, drill hole 21PT007 returned
multiple gold intercepts including:
- 7.00 metres grading
1.37 g.t gold from 73.00 metres
- 12.50 metres grading
0.55 g/t gold from 112.50 metres.
Also on section 17.00, hole 21PTN009 likewise
intersected three intervals of gold mineralization including:
- 7.00 metres grading
0.89 g/t gold from 37.00 metres
- 1.00 metres grading
3.430 g/t gold from 51.00 metres
- 7.50 metres grading
0.931 g/t gold from 67.50 metres.
Drill hole 21PTN008 on section 18.00 intersected
three intervals of gold including:
- 7.00 metres grading
0.80 g/t gold
- 6.00 metres grading
0.67 g/t gold
- 10.00 metres grading
0.71 g/t gold.
These results demonstrate that at least three
parallel gold-bearing structures exist in this portion of the
deposit.
Pastinho is demonstrating that higher grade “sweet
spots” exist. For instance, on section 22.00 drill hole 21PTN010
intersected 7.00 metres grading 1.02 g/t gold from 46 metres. One
hundred metres to the northeast on section 24.00, drill hole
21PTN016 returned 6.00 metres grading 1.573 g/t gold. These results
suggest a potential corridor of relatively higher-grade gold
mineralization.
Pastinho is wide open along strike to the
northeast. The drilling program tested the northeast strike
extension of the deposit by collaring one hole 200 metres northeast
of the most northeasterly surface trench (20T009). Hole 21PTN017
returned 7.00 metres grading 0.88 g/t gold on section line 38.00.
This hole extends known gold mineralization to the northeast by 200
metres and remains open along strike to the northeast.
Summary
Including results for the 2020 drilling program,
the strike length of Pastinho has been extended to 1,700 metres
where primary gold mineralization has been encountered from section
line 01 to section line 38 (see Figure 1). The central portion of
the deposit appears to host three or more parallel gold bearing
structures. Further work is required to better understand the
nature and extent of these parallel structures.
The drilling results from Pastinho confirm a new
primary gold discovery on the Mara Rosa property. At this stage,
the gold deposit is interpreted to be a near-surface
northeast-striking tabular structure dipping approximately 60
degrees to the northwest. Pastinho remains open along strike and at
depth. This upside potential will be tested with the 3,000 metres
drilling program that begins imminently.
Qualified person
Michael Durose, P.Geo., Consulting Geologist for
Amarillo Gold Corporation and a qualified person (QP) as defined by
Canadian National Instrument 43-101, has reviewed and approved the
scientific and technical information contained in this release.
Quality assurance and quality
control
Sample handling, preparation and analysis are
monitored through the implementation of formal chain-of-custody
procedures and quality assurance/quality control programs designed
to follow industry best practices.
Trench channel samples were taken at 1 metre
intervals and placed in a secure sample bag and submitted to ALS
Laboratories Inc. in Goiania, Goiás State, Brazil for preparation
by crushing to 70% passing 2.0 mm, riffle splitting to obtain 500 g
aliquots, and pulverizing to 85% passing 75 microns.
All drillhole samples in this drilling program
consist of split NQ diamond drill core.
Drillcore is logged and sampled in a secure
facility located in Mara Rosa, Goiás State, Brazil. Drillcore
samples for gold assay are cut in half using a diamond saw and
submitted to ALS Laboratories Inc. in Goiania, Goiás State, Brazil
for preparation by crushing to 70% passing 2.0 mm, riffle splitting
to obtain 500 g aliquots, and pulverizing to 85% passing 75
microns.
Pulps are shipped to ALS Laboratories in Lima, Peru
and analyzed by a 30 g fire assay and AAS finish. For assays above
10 ppm gold, a cut of the original pulp was re-assayed with a
gravimetric finish.
Certified standards, non-certified blanks and field
duplicates are inserted into the sample stream at regular
intervals, so that QA/QC accounted for about 10% of the total
samples. Results are routinely evaluated for accuracy, precision,
and contamination.
TABLE 1: SUMMARY OF ASSAY RESULTS1,2
|
Hole |
Azimuth(degrees) |
Dip(degrees) |
From(metres) |
To(metres) |
Gold interval(metres) |
Gold grade(grams/tonne) |
Section(line) |
|
21PTN001 |
110 |
-60 |
23.00 |
35.00 |
12.00 |
0.794 |
14.00 |
|
21PTN002 |
111 |
-60 |
26.00 |
39.00 |
13.00 |
0.983 |
16.00 |
|
|
|
including |
27.00 |
31.00 |
4.00 |
1.185 |
16.00 |
|
21PTN003 |
110 |
-59 |
28.00 |
39.00 |
11.00 |
0.887 |
15.00 |
|
|
|
|
65.00 |
67.50 |
2.50 |
0.458 |
15.00 |
|
|
|
|
75.00 |
76.00 |
1.00 |
0.310 |
15.00 |
|
21PTN004 |
110 |
-58 |
40.00 |
48.00 |
8.00 |
0.575 |
19.00 |
|
|
|
|
51.00 |
54.00 |
3.00 |
0.513 |
19.00 |
|
|
|
|
62.50 |
65.00 |
2.50 |
0.473 |
19.00 |
|
21PTN005 |
110 |
-60 |
75.00 |
90.00 |
15.00 |
1.003 |
16.00 |
|
|
|
including |
76.00 |
80.00 |
4.00 |
2.666 |
16.00 |
|
|
|
|
94.00 |
96.00 |
2.00 |
0.128 |
16.00 |
|
|
|
|
125.00 |
127.50 |
2.50 |
0.101 |
16.00 |
|
|
|
|
150.00 |
152.50 |
2.50 |
0.102 |
16.00 |
|
21PTN007 |
109 |
-59 |
73.00 |
80.00 |
7.00 |
1.369 |
17.00 |
|
|
|
including |
73.00 |
77.00 |
4.00 |
1.891 |
17.00 |
|
|
|
|
112.50 |
125.00 |
12.50 |
0.547 |
17.00 |
|
|
|
including |
112.50 |
120.00 |
7.50 |
0.770 |
17.00 |
|
21PTN008 |
110 |
-59 |
35.00 |
42.00 |
7.00 |
0.795 |
18.00 |
|
|
|
|
47.00 |
53.00 |
6.00 |
0.670 |
18.00 |
|
|
|
|
75.00 |
85.00 |
10.00 |
0.711 |
18.00 |
|
21PTN009 |
110 |
-61 |
37.00 |
44.00 |
7.00 |
0.886 |
17.00 |
|
|
|
|
51.00 |
52.00 |
1.00 |
3.430 |
17.00 |
|
|
|
|
67.50 |
75.00 |
7.50 |
0.931 |
17.00 |
|
|
|
including |
72.50 |
75.00 |
2.50 |
1.860 |
17.00 |
|
21PTN010 |
110 |
-59 |
46.00 |
53.00 |
7.00 |
1.017 |
22.00 |
|
21PTN011 |
110 |
-59 |
114.00 |
125.00 |
9.00 |
0.386 |
24.00 |
|
|
|
|
137.00 |
138.00 |
1.00 |
0.210 |
24.00 |
|
21PTN013 |
110 |
-60 |
82.00 |
96.00 |
15.00 |
0.291 |
28.00 |
|
|
|
|
101.00 |
104.00 |
2.00 |
1.378 |
28.00 |
|
|
|
|
170.00 |
172.50 |
2.50 |
0.113 |
28.00 |
|
21PTN014 |
110 |
-61 |
1.00 |
2.00 |
1.00 |
0.345 |
34.00 |
|
|
|
|
20.00 |
31.00 |
11.00 |
0.700 |
34.00 |
|
|
|
|
34.00 |
35.00 |
1.00 |
1.240 |
34.00 |
|
|
|
|
287.50 |
290.00 |
2.50 |
0.364 |
34.00 |
|
21PTN016 |
110 |
-60 |
42.00 |
48.00 |
6.00 |
1.573 |
24.00 |
|
21PTN0173 |
110 |
-65 |
29.00 |
36.00 |
7.00 |
0.880 |
38.00 |
|
21PTN018 |
110 |
-60 |
71.00 |
77.00 |
6.00 |
0.270 |
32.00 |
|
|
|
|
80.00 |
89.00 |
9.00 |
0.280 |
32.00 |
|
|
|
|
93.00 |
100.00 |
7.00 |
0.250 |
32.00 |
|
|
|
|
207.00 |
208.00 |
1.00 |
0.234 |
32.00 |
|
|
|
|
238.00 |
239.00 |
1.00 |
0.325 |
32.00 |
Notes1 Assumes 0.2 g/t gold cut-off2True widths
have not been determined at this time3Partial results
FIGURE 1: PLAN MAP SHOWING DRILL HOLE LOCATIONS AND
ASSAY RESULTS FOR PASTINHO GOLD
DEPOSIThttps://www.globenewswire.com/NewsRoom/AttachmentNg/495df0bb-672d-4b88-ba16-a7e2b13f6268
FIGURE 2: GEOLOGY OF THE PASTINHO GOLD
DEPOSIThttps://www.globenewswire.com/NewsRoom/AttachmentNg/d3faec1d-966b-475b-8b5a-dad56bf96331
FIGURE 3: PASTINHO DEPOSIT – SECTION 17.00 –
NORTHEAST FACING CROSS
SECTIONhttps://www.globenewswire.com/NewsRoom/AttachmentNg/8f345710-ce8c-449a-9314-56302398b183
About Amarillo
Amarillo is advancing two gold projects located
near excellent infrastructure in mining-friendly states in
Brazil.
The development stage Posse Gold Project is on the
Company’s Mara Rosa Property in Goiás State. It has a positive
definitive feasibility study that shows it can be built into a
profitable operation with low costs and a strong financial return.
Mara Rosa also shows the potential for discovering additional
near-surface deposits that will extend Posse’s mine life beyond its
initial 10 years.
The exploration stage Lavras do Sul Project in Rio
Grande do Sul State has more than 23 prospects centered on historic
gold workings.
Amarillo trades on the TSXV under the symbol AGC
and the OTCQB under the symbol AGCBF. Visit www.amarillogold.com to
learn more about the Company’s focus on becoming a mid-tier
Brazilian gold producer.
Follow us on LinkedIn, Twitter, and YouTube.
Contact information
Mike MutchlerPresident &
CEO416-294-0736mike.mutchler@amarillogold.com
Annemarie BrissendenInvestor
Relations416-844-6284annemarie.brissenden@amarillogold.com
NOTES
Neither the TSX Venture Exchange nor its Regulation
Services Provider (as defined in the policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
the content of this news release.
Forward-looking statements
This news release contains forward-looking
statements regarding the Company’s current expectations regarding
future events, including its business, operations and condition,
and management’s objectives, strategies, beliefs, and
intentions.
Various factors may prevent or delay our plans,
including but not limited to, the trading price of the common
shares of the Company, capital market conditions, impacts from the
coronavirus or other epidemics, counterparty risk, TSXV
approval(s), contractor availability and performance, weather,
access, mineral and gold prices, and success and failure of the
exploration and development carried out at various stages of the
program. Permission from the government and community is also
required to proceed with future mining production. Readers should
review the Company’s ongoing quarterly and annual filings, as well
as any other additional documentation comprising the Company’s
public disclosure record, for additional information on risks and
uncertainties relating to these forward-looking statements.
Readers should also review the risk factors
applicable to junior mining exploration companies generally to
better understand the variety of risks that can affect the Company.
The Company undertakes no obligation to update publicly or
otherwise revise any Forward-looking statements whether as a result
of new information or future events or otherwise, except as may be
required by law.
PDF
available: http://ml.globenewswire.com/Resource/Download/7b313b41-8b37-45f5-84e4-c6e976d5fb2c
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