The latest assay results from a regional exploration program
confirm the continuity and down dip extensions of the Pastinho Gold
Deposit, said Amarillo Gold Corporation (TSXV: AGC, OTCQB: AGCBF)
today.
“We expect Pastinho to develop into another source of future ore
feed for the Posse mill once the Posse Gold Mine is built,” said
Mike Mutchler, Amarillo’s President and Chief Executive Officer.
“We believe Pastinho will eventually not only extend Posse’s
overall mine life, but significantly increase its average annual
gold production as well.”
Pastinho is Amarillo’s second primary gold deposit on Amarillo’s
Mara Rosa Property in Goiás State, Brazil. It is located 3.5
kilometres northeast of the Company’s flagship Posse Gold Deposit
along the Posse north gold trend.
The assay results are from nine holes representing 1,564 metres
of the 4,000 metres originally budgeted for the 2021 exploration
program at Mara Rosa. These results are in addition to the positive
assay results from the 15 holes released in September, after which
Amarillo expanded its diamond drill program by 3,000 metres.
Highlights
- Drillhole 21PTN021 on section line 14
intersected 11.00 metres grading 1.20 g/t gold from 222.0 metres,
including 7.00 metres grading 1.81 g/t gold from 220.0 metres. This
extends Pastinho to a vertical depth of
approximately 200 metres. The deposit remains open at depth.
- Drillhole 21PTN025 on section line 14
intersected four intervals of elevated gold interpreted to
represent parallel gold structures. Highlights include 9.00 metres
grading 1.39 g/t gold from 81.00 metres including 4.00 metres
grading 2.42 g/t gold from 81.00 metres. There is another one-metre
interval from 113.00 metres of greater than 10.0 g/t gold, and 3.00
metres grading 0.52 g/t gold from 145 metres.
- Drillhole 21PTN012 on section line 26
returned three intervals of prominent gold values including 8.00
metres of 0.78 g/t gold from 44.00 metres, 2.50 metres grading
0.308 g/t gold from 72.50 metres, and 7.50 metres grading 0.731 g/t
gold from 90.00 metres. These results are interpreted to represent
parallel gold structures.
Discussion of results
Pastinho is located approximately 3.5 kilometres northeast of
the flagship Posse Gold Project along the Posse north gold
trend.
Drilling to date has defined a near surface northeast-southwest
trending tabular-shape gold deposit over a strike length of 1,700
metres that dips approximately 60 degrees northwest. The apparent
thickness ranges from 5 to 20 metres. Several parallel gold
structures have been observed in some places.
Pastinho is interpreted to be a mesothermal orogenic gold
deposit. The gold is typically associated with highly sheared
mylonitic metatonalite and amphibolite rocks. The mylonite has been
hydrothermally altered characterized by intense silicification,
biotite, carbonate, and 3-5% disseminated pyrite occurring within
the foliation of the mylonite. The gold-bearing rocks are like the
flagship Posse Gold Deposit (see photos in Appendix 1).
The Pastinho drilling program is designed to expand the strike
length and depth potential of the Pastinho discovery and confirm
the continuity of gold mineralization. Eight of the nine holes
disclosed in this press release returned elevated gold values from
section line 10 through section line 26 confirming good gold
continuity over 800 metres of strike length (see Table 1, Figure 1,
and Figure 2). Overall, gold continuity is observed over 1,700
metres of strike length including results from previous drill
programs.
Drill hole 21PTN019 was drilled off the Pastinho gold trend to
the east on section line 39 and therefore is excluded from this
interpretation – although anomalous gold values were
encountered.
Each of the nine drill holes disclosed in this news release
intersected multiple gold intervals (between three and five)
suggesting several parallel gold structures exist at Pastinho.
Importantly, many of these parallel gold structures are wide. For
example, 21PTN012 on section line 26 returned 8.00 metres grading
0.77 g/t gold, followed by 2.50 metres grading 0.31 g/t gold, and
7.50 metres grading 0.73 g/t gold. Further work is required to
better understand the nature of these parallel gold structures.
In addition to lateral continuity, good vertical continuity is
developing. For example, on section line 14 drill hole 21PTN021
returned three intervals of gold mineralization highlighted by
11.00 metres grading 1.201 g/t gold at a vertical depth of
approximately 200 metres followed by 4.00 metres grading 1.10 g/t
gold. Drill hole 21PTN025 was drilled up dip from hole 21PTNH021
and intersected 9.00 metres grading 1.39 g/t gold at vertical depth
of about 70 metres, followed by an interval of 3.00 metres grading
0.52 g/t gold. Hole 21PTN001 intersected 12 metres grading 0.78 g/t
gold from 23 metres.
Summary
Recent drilling results are confirming good continuity and depth
potential at Pastinho. The deposit has been defined over 1,700
metres of strike length to depths of 200 metres and widths of up to
20 metres. The deposit remains open.
The 2021 drilling program has been increased by an additional
3,000 metres based on positive results generated to date.
Two drills are currently operating, and further updates will be
provided when results are received.
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 (gold – AA23 method). For
assays above 10 ppm gold, a cut of the original pulp was re-assayed
with a gravimetric finish (gold – GRA21 method).
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.
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.
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) |
|
21PTN006 |
110 |
-60 |
94.00 |
101.00 |
7.00 |
0.565 |
19.00 |
|
|
|
|
106.00 |
109.00 |
3.00 |
1.205 |
19.00 |
|
|
|
|
112.00 |
113.00 |
1.00 |
0.153 |
19.00 |
|
21PTN012 |
110 |
-60 |
44.00 |
52.00 |
8.00 |
0.767 |
26.00 |
|
|
|
including |
44.00 |
49.00 |
5.00 |
1.140 |
26.00 |
|
|
|
|
72.50 |
75.00 |
2.50 |
0.308 |
26.00 |
|
|
|
|
90.00 |
97.50 |
7.50 |
0.731 |
26.00 |
|
21PTN015 |
110 |
-60 |
51.00 |
59.00 |
8.00 |
0.689 |
21.00 |
|
|
|
including |
51.00 |
57.00 |
6.00 |
0.800 |
21.00 |
|
|
|
|
64.00 |
67.00 |
3.00 |
0.267 |
21.00 |
|
|
|
|
70.00 |
72.50 |
2.50 |
0.161 |
21.00 |
|
21PTN019 |
110 |
-60 |
76.00 |
77.00 |
1.00 |
0.265 |
39.00 |
|
|
|
|
109.00 |
110.00 |
1.00 |
0.197 |
39.00 |
|
|
|
|
112.00 |
113.00 |
1.00 |
0.155 |
39.00 |
|
21PTN020 |
110 |
-60 |
157.00 |
164.00 |
7.00 |
0.648 |
12.00 |
|
|
|
|
168.00 |
169.00 |
1.00 |
1.290 |
12.00 |
|
|
|
|
176.00 |
177.00 |
1.00 |
0.168 |
12.00 |
|
|
|
|
178.00 |
179.00 |
1.00 |
0.192 |
12.00 |
|
21PTN021 |
110 |
-60 |
222.00 |
232.00 |
11.00 |
1.201 |
14.00 |
|
|
|
including |
222.00 |
229.00 |
7.00 |
1.812 |
14.00 |
|
|
|
|
237.00 |
241.00 |
4.00 |
1.067 |
14.00 |
|
|
|
including |
237.00 |
239.00 |
2.00 |
2.000 |
14.00 |
|
|
|
|
276.00 |
277.81 |
1.81 |
0.282 |
14.00 |
|
21PTN022 |
110 |
-60 |
162.00 |
164.00 |
2.00 |
0.235 |
10.00 |
|
|
|
|
171.00 |
172.00 |
1.00 |
1.485 |
10.00 |
|
|
|
|
185.00 |
190.00 |
5.00 |
0.269 |
10.00 |
|
21PTN023 |
110 |
-60 |
77.00 |
85.00 |
9.00 |
0.571 |
15.00 |
|
|
|
|
240.00 |
241.00 |
1.00 |
0.174 |
15.00 |
|
|
|
|
136.00 |
137.00 |
1.00 |
0.627 |
15.00 |
|
|
|
|
159.00 |
160.00 |
1.00 |
0.281 |
15.00 |
|
|
|
|
186.00 |
187.00 |
1.00 |
0.232 |
15.00 |
|
21PTN025 |
110 |
-60 |
81.00 |
90.00 |
9.00 |
1.385 |
14.00 |
|
|
|
including |
81.00 |
85.00 |
4.00 |
2.423 |
14.00 |
|
|
|
|
113.00 |
114.00 |
1.00 |
>10.000 |
14.00 |
|
|
|
|
129.00 |
134.00 |
5.00 |
0.1796 |
14.00 |
|
|
|
|
145.00 |
148.00 |
3.00 |
0.517 |
14.00 |
Notes1 Assumes 0.2 g/t gold cut-off2 True widths
have not been determined at this time
FIGURE
1: https://www.globenewswire.com/NewsRoom/AttachmentNg/1e0deac6-e778-4264-9602-4397e6698eb7
FIGURE
2: https://www.globenewswire.com/NewsRoom/AttachmentNg/5f900d16-29ca-4e6c-b405-3aa1b876c0b7
FIGURE
3: https://www.globenewswire.com/NewsRoom/AttachmentNg/428d25b3-910a-430f-9575-4d14100be661
Appendix: Photos comparing gold mineralization at Pastinho and
Posse
PASTINHO GOLD DEPOSIT
https://www.globenewswire.com/NewsRoom/AttachmentNg/77c5bc25-129a-46eb-9499-e6cf8f9451f6
IMAGE OF TYPICAL CORE FROM POSSE GOLD DEPOSIT
https://www.globenewswire.com/NewsRoom/AttachmentNg/c972a21d-e31e-401d-8f35-14b62bb05ea5
PDF Available:
http://ml.globenewswire.com/Resource/Download/dbc590f3-33f5-4c78-882a-79c9e20798b4
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