TORONTO and VANCOUVER, Oct. 17,
2018 /CNW/ - Minera Alamos Inc. (the "Company" or "Minera
Alamos") (TSX VENTURE:MAI) is pleased to report the second
round of results from its Phase 1 drill program at the Santana gold
project, Sonora, Mexico. The 2018
drill program is the first exploration drilling to be conducted at
Santana since 2011. The new holes drilled were intended to evaluate
the southwest extension of the Nicho main zone which was previously
intersected by Hole S118-116 – see news release "Minera Alamos
Drills 93.5 Metres of 0.65 g/t Gold from Surface at Santana
Project" dated October 10,
2018. All drill holes analyzed to date continue to encounter
zones of disseminated gold mineralization.
Drilling Highlights:
- Hole S18-117 – 80.4 m of 1.05
g/t Au
- Hole S18-118 – 8.0 m of 1.0 g/t
Au; and 24.5 m of 0.81 g/t Au
"The recent drill results continue to demonstrate the potential
for growth of the mineralization contained within the Nicho deposit
and we expect these results to have a positive impact on the
ongoing pit design." stated Darren
Koningen, CEO of Minera
Alamos. "While we continue to expand the footprint of
the Nicho zone we also look forward to pending drill results from
new areas to the north of the proposed open pit".
Holes S18-117 (60-degree inclination) and S18-118 (45-degree
inclination) were step-out holes designed to further assess the
southwest extensions of the main Nicho zone (see Figure 1). Hole
S18-117 returned 80.4m of 1.05 g/t
gold starting approximately 10 m
below surface. The application of a typical open pit heap
leach cut-off grade of 0.15 g/t results in 42 m of mineralization containing approximately
1.96 g/t gold (see Table 1). Hole S18-118 returned several
intervals of disseminated gold mineralization including
8 m of 1.0 g/t gold from surface and
a broader 24.5m of 0.81 g/t gold
starting 48m down hole. The results
from these two holes not only expand the mineralization to the
southwest but demonstrate that Nicho remains open for further
expansion.
Hole S18-119 was positioned further southwest along the
mineralized topographic ridge that hosts the Nicho gold
mineralization. The hole passed through a large interval of
porphyritic andesite similar to that of the host rock for holes
S18‑116/117/118 with multiple zones of gold mineralization as
listed in Table 1. The data confirms that this lithological
unit appears to remain open and addition drilling has been targeted
in this area.
The Phase 1 drilling program has now concluded with the
completion of ten holes totalling approximately 1500 m. The remaining holes yet to be
reported include further testing of the southwest extensions of the
Nicho deposit (see Figure 1) as well as areas to the north of the
Nicho zone. Planning of the Phase 2 drill program will begin once
the remaining drilling results have been received and
interpreted.
Table 1 – Mineralized intervals from 2018 Santana Project
drill program
|
|
|
|
|
|
|
Mineralized
Interval 1,2
|
Composite Interval
3
|
|
Drill
Hole
|
From
(m)
|
To
(m)
|
Width
(m)
|
Gold
(g/t)
|
Width
(m)
|
Gold
(g/t)
|
Area
|
S18-117
|
19.3
|
99.7
|
80.4
|
1.05
|
42.0
|
1.96
|
Nicho
|
S18-118
|
|
2.5
|
10.5
|
8.0
|
1.0
|
|
|
Nicho
|
And
|
48.5
|
73.0
|
24.5
|
0.81
|
|
|
And
|
90.0
|
103.6
|
13.6
|
0.29
|
|
|
S18-119
|
|
1.3
|
10.7
|
9.4
|
0.14
|
|
|
Nicho
|
And
|
20.5
|
34.9
|
14.4
|
0.33
|
And
|
77.9
|
82.5
|
4.6
|
0.25
|
Notes:
- Grades/widths of mineralized intervals represent complete
"from" "to" drill depths as shown.
- All holes were drilled at 45-60 degree inclinations designed to
be roughly perpendicular to the estimated dip of mineralized
structures. Based on current understanding of the geological
structures, true widths of the mineralized zones are expected to be
80-90% or greater of the drill widths outlined in the table
above.
- Grade/width of composite intervals is a total of all
mineralized intervals that have gold grades equal to or in excess
of "typical" open-pit mining heap leach cut-off grades of 0.15 g/t
gold.
Assay results are pending from the remaining four holes; the
results, as well as additional geological interpretations, will be
released as they are received over the coming weeks. All diamond
drill samples were collected by Minera
Alamos personnel including the Company's exploration
geologists. Drill core samples were cut in half and divided
into 1-2 m intervals. One half
of the sample was bagged for analysis and the remaining half was
logged by Minera Alamos personnel
and stored for future reference. Blanks, duplicates, and
standards were randomly inserted with the samples sent for analysis
as part of the normal QA/QC procedures.
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.
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.
About Minera Alamos
Minera Alamos is an
advanced-stage exploration and development company with a growing
portfolio of high-quality Mexican assets, including the
La Fortuna open-pit gold project
in Durango with positive PEA completed, the Santana open-pit
heap-leach development project in Sonora with test mining and processing
completed and the Guadalupe de
Los Reyes open-pit gold-silver
project in Sinaloa with mine
planning in progress.
The Company's strategy is to develop low capex assets while
expanding the project resources and 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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SOURCE Minera Alamos Inc.