TORONTO and VANCOUVER, May 3,
2018 /CNW/ - Minera Alamos Inc. ("Minera Alamos") (TSX
VENTURE:MAI) is pleased to report that planning is nearing
completion for the commencement of its new exploration drill
program at the now combined Los Verdes/Santana gold project in
Sonora, Mexico.
The Phase One drill program consisting of up to 20 holes with
a combined meterage of approximately 3,000
m is anticipated to begin in the next month and will
prioritize areas associated with the extension of the Nicho Main
deposit to the NW and SE, as well as additional holes at Nicho
Norte testing continuity into the contiguous Los Verdes claims
(Nicho Norte is currently undergoing bulk heap leaching tests to
determine optimal crushing sizes for the potential development of a
commercial heap-leach mining operation).
Previous drilling programs at the Santana project outlined
significant gold mineralization associated with hydrothermal
breccias hosted by stocks and batholithic intrusions (approximately
500m x 300m) in the Nicho Main Zone target area.
Drill holes were shallow (<150m
depth) and the mineralization appears to remain open both at depth
and along strike. In addition, a number of other mineralized
satellite targets were identified within the project area via
surface sampling and limited drilling. The most significant
of these to date is the Nicho Norte area located approximately
500m northwest of the Nicho Main Zone
and which is the subject of ongoing heap leach test mining
activities. Similar gold mineralization was once again
drilled via shallow holes (<150m)
over a strike length of approximately 200m right up to the limits of the then owner's
(Corex Gold) northern claim boundary. The identified
mineralization appears to extend northwards onto the contiguous
Minera Alamos Los Verdes concessions
and testing these extensions will be one of the primary objectives
of the current exploration program.
The Company's current exploration program will be the first
drilling campaign at the project since the Nicho deposit was
delineated in 2009-2011. During that time 25,000m of total drilling was completed;
approximately half occurred within the Main Zone area, returning
significant intervals of disseminated gold mineralization such as
those illustrated within a typical cross-section presented in
Figure 1:
- 87 m grading 1.04 g/t gold;
and
- 47.5m grading 0.80 g/t
gold
Mineralization extends from surface and appears to remain open
at depth. A portion of the currently budgeted drill program
will be aimed at confirming the vertical continuity of the
deposits.
"The opportunity to combine the two respective project areas
within Minera Alamos immediately
provides near-term gold exploration upside by allowing the
previously identified Nicho gold structures to be followed onto the
southern end of the Company's Los Verdes concessions." stated
Doug Ramshaw, President of
Minera Alamos. "These
concessions were known to be the subject of historical gold
activity and recent surface work by our exploration group has
confirmed the presence of Nicho-style geology across the concession
boundaries. In addition to targeting lateral extensions, the
current program will also allow the Company to confirm the deeper
vertical potential of the deposits. We look forward to
providing updates on the progress and results from the drill
program over the coming months."
Santana Gold Project
The main mineralized zones of the Santana project exhibit
strong, low sulfidation alteration characterized by pervasive and
structurally controlled sericite-quartz-calcite alteration, with
associated disseminated iron oxides, quartz vein stockworks and
clay alteration. Numerous historical pits and small mines are
also evident. The alteration is hosted in intermediate flows,
tuffs, and comagmatic dikes and plugs. Gold and silver
mineralization is controlled by both lithologic and structural
features and presents itself at the Nicho Main and Norte zones as
mineralized elliptical sub-vertical hydrothermal breccias. Full
historical information pertaining to the exploration campaigns by
the now wholly-owned subsidiary Corex Gold can be found on
www.sedar.com
Drilling at the Nicho Norte satellite deposit returned similar
results (see below) to those in the Main Zone area but progress was
stopped at the property boundary with the Los Verdes claims to the
north. All indications from recent site mapping efforts in
the field suggest that mineralization extends into the Los Verdes
concession areas. Significant intervals of disseminated gold
mineralization were encountered during the previous drill campaigns
such as those illustrated within a typical cross-section presented
in Figure 2.
- 93 m grading 1.03 g/t gold;
and
- 75 m grading 0.78 g/t
gold
About Minera Alamos
Minera Alamos is an advanced
stage exploration and development company. Its growing portfolio of
high-grade Mexican projects includes the La Fortuna open pit gold project in Durango
and the Guadalupe de los Reyes gold/silver project in Sinaloa as well as the now combined
Santana/Los Verdes gold-copper project in Sonora. The Company is well financed to
conduct all of its planned exploration and development activities
and continues to pursue additional project acquisitions in
Latin America.
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.
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PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX
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ACCURACY OF THIS RELEASE.
SOURCE Minera Alamos Inc.