Toronto, Ontario and Vancouver, British Columbia--(Newsfile Corp. - September 5, 2019) - Minera Alamos Inc. (TSXV: MAI) ("Minera" or the "Company") is pleased to announce that ongoing exploration work on its extensive land position at the Santana gold project has identified significant new Nicho-style Au-Ag surface anomalies at the newly named "Gold Ridge" discovery zone to the east of the Nicho deposit.
The current geological model for the Santana project area has identified that gold mineralization is related to a series of hydrothermal breccias (approximately 300-500m in diameter or greater) hosted by the copula of batholithic intrusions, porphyritic stocks and by roof pendants of their volcanic host rocks. The breccia bodies extend from surface to significant depths. As part of the ongoing drilling activities the Company is engaged in a systematic review of the entire project concession area in order to identify additional zones of surface mineralization with the potential for resource definition. The Company is encouraged by the scale of the new Gold Ridge discovery that can be traced at surface for almost 1,000m.
The Company will include drill testing of Gold Ridge as part of the previously announced Phase 2 drill program at Santana (see news release dated August 15th, 2019).
Highlights from the new Gold Ridge discovery include:
- 147 rock samples have been assayed with roughly one-third exhibiting grades suitable for heap leaching (>0.10 g/t) -- assays ranging from 0.1 g/t to 3.6 g/t gold; and 5 g/t to 669 g/t silver (see Table 1 and Figures 2, 3 and 4)
- Mineralized surface exposure over an area of approximately 1,000m x 200m;
- Mineralization appears to be contained along a topographic high allowing for reasonable open pit access;
- Located approximately 2-3 km from currently planned Santana commercial heap leach facilities (see Figure 1).
ETJ Formal Issuance of Permit
The Company is pleased to announce receipt and formal issuance of the ETJ (Estudio Tecnico Justificativo) for the Company's Santana gold project (see news release dated June 27th, 2019). Combined with the MIA (Manifestacion de Impacto Ambiental - see news release dated August 8th, 2019) these two permits (MIA and ETJ) provide the Company with all the necessary rights to initiate the construction of commercial scale gold operations at the Santana project site. This includes the mine preparations and all gold recovery facilities and related infrastructure. In addition, the possession of the MIA-ETJ documentation is the critical prerequisite for the Company to initiate applications for other permits including those for explosives use and storage that will be necessary for the initiation of project operations following the completion of construction activities.
Table 1 - Gold, Silver and Gold Equivalent Sampling Results (147 total samples taken)
|Number of Samples above Cut-Off**||Cut-Off (g/t)||Max (g/t)||Average (g/t)|
|Gold Equivalent *||61||0.1||10.3||0.94|
*AuEq calculated using $1250/oz gold and $15/oz silver
** Theoretical heap-leach cut-off
Figure 2 - Gold Results from Surface Rock Sampling at Gold Ridge
Figure 3 - Silver Results from Surface Rock Sampling at Gold Ridge
Figure 4 - Gold Equivalent Results from Surface Rock Sampling at Gold Ridge
Other news - Denver Gold Show/Beaver Creek Conference Participation
The Company will be presenting at both the Beaver Creek (September 10th-13th) and Denver Gold Show (September 15th-18th) conferences and looks forward to a full schedule of meetings at both. Webcasts of the two presentations will be made available on the Company website as they become available.
Rock Samples (g/t Au)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.
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.
For Further Information Please Contact:
Minera Alamos Inc.
Doug Ramshaw, President
About Minera Alamos:
Minera Alamos is an advanced-stage exploration and development company with a portfolio of high-quality Mexican development assets, including the La Fortuna open-pit gold project in Durango (positive PEA completed and permits granted) and the Santana open-pit heap-leach development project in Sonora (permits received).
The Company's strategy is to develop low capex, high margin assets with expansion opportunities while continuing to 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.
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