TORONTO, October 13, 2021 (GLOBE NEWSWIRE) – The latest assay results from the regional inspection program confirm the continued dipping rate for Pastinho Gold Deposit, Amarillo Gold Corporation (TSXV: AGC, OTCQB: AGCBF) said today.
\”We expect Pastinho to develop into another source of future steel supply for the Posse mill once the Posse Gold Mine is built,\” said Mike Mutchler, President of Amarillo and Chief Executive Officer.
It is located 3.5 miles northeast of the Company\’s leading Posse Gold Deposit near the gold standard of the north Posse.
The results of the assay come from nine holes representing 1,564 meters of 4,000 meters set aside for the 2021 test program in Mara Rosa. These results added to the positive test results from 15 holes released in September, after which Amarillo expanded its diamond mining program by 3,000 meters.
Highlights
The Drillhole 21PTN021 in the section 14 line cut 11.00 meters from 1.20 g / t gold from 222.0 meters, including 7.00 meters from 1.81 g / t gold from 220.0 meters. This stretches Pastinho to a direct depth of about 200 meters. The deposit remains open in depth.
The Drillhole 21PTN025 in the section 14 line cuts four times the top gold translated to represent the same gold structures. Highlights including 9.00 meters set 1.39 g / t gold from 81.00 meters to 4.00 meters set 2.42 g / t gold from 81.00 meters. There is another one-meter interval from 113.00 meters larger than 10.0 g / t of gold, and 3.00 meters setting 0.52 g / t of gold from 145 meters.
The Drillhole 21PTN012 on the section 26 returned three times of outstanding gold prices including 8.00 meters of 0.78 g / t gold from 44.00 meters, 2.50 meters set 0.308 g / t gold from 72.50 meters, and meters. 7.50 set 0.731 g / t of gold from 90.00 meters. These results are interpreted to represent the same gold structures.
Discussion of results
Pastinho is located about 3.5 miles northeast of the Posse Gold Project leading near the northern Posse gold practice.
Drilling has so far defined an area near the northeast of the south that tends to form a gold table with a 1,700-meter-long strike that dips about 60 degrees northwest. The apparent size is between 5 to 20 feet. Several similar gold buildings have been seen elsewhere.
Pastinho is translated as a gold mesothermal orogenic deposit. Gold is often associated with mylonitic metatonalite and amphibolite rocks. Mylonite is hydrothermally altered characterized by strong silicification, biotite, carbonate, and 3-5% dispersed pyrite occurring within foliation of mylonite. Gold-bearing stones such as the Posse Gold Deposit (flagship Posse Gold) (see photos in Appendix 1).
The Pastinho drilling system is designed to extend the length of the strike and the depth of the depth obtained by Pastinho and ensure continued gold mining. Eight of the nine holes exposed in this press release have returned gold prices from section 10 to section 26 which ensures a good gold flow over 800 meters of strike length (see Table 1, Figure 1, and Figure 2). Overall, the gold rush is reflected in more than 1,700 meters of strike length including results from previous mining plans.
The drill hole 21PTN019 has removed the Goldinho gold practice east of the section 39 line and is therefore not included in this description – although it met some undesirable gold values.
Each of the nine football holes featured in this press release has cut a number of gold frames (between three and five) suggesting that there are several similar gold frames in Pastinho. Importantly, many of these similar gold structures are wide. For example, 21PTN012 in section 26 returned 8.00 meters containing 0.77 g / t of gold, followed by 2.50 meters holding 0.31 g / t of gold, and 7.50 meters holding 0.73 g / t gold. More work is needed to better understand the nature of the same gold frames.
In addition to lateral progression, good vertical progression improves. For example, in line 14 the drill hole 21PTN021 recovered three times of mineralization highlighted by 11.00 meters holding 1.201 g / t of gold at a direct depth of about 200 meters followed by 4.00 meters setting 1.10 g / t of gold. The Drill 21PTN025 hole was drilled from the 21PTNH021 hole and mixed with 9.00 meters containing 1.39 g / t gold at a direct depth of 70 meters, followed by a 3.00 meter spacing of 0.52 g / t gold. Hole 21PTN001 crossed 12 meters recording 0.78 g / t of gold from 23 meters.
Summary
The latest excavation results confirm the possible continuation and possible depth in Pastinho. The deposit is defined at more than 1,700 meters of strike length to a depth of 200 meters and a width of up to 20 meters. The deposit remains open.
The 2021 football program has been upgraded by an additional 3,000 meters based on the good results achieved so far.
Two drills are currently in use, and more updates will be provided when results are obtained.
Qualified person
Michael Durose, P.Geo., Consulting Geologist for Amarillo Gold Corporation and a qualified person (QP) as defined by Canada National Instrument 43-101, reviewed and approved the scientific and technical information contained in this publication.
Quality assurance and quality control
Sample management, preparation and analysis is considered through the use of formal capture procedures and quality assurance / quality control systems designed to follow industry-leading trends.
Samples of the channel channel taken from 1 meter intervals were placed in a safe sample bag and sent to ALS Laboratories Inc. in Goiania, Goiás State, Brazil to be crushed by 70% more than 2.0 mm, riffle cracked to get 500 g aliquots, and up to 85% by more than 75 microns.
All drillhole samples in this drilling system contain a split NQ diamond drill core.
Drillcore logged a sample to a safe location located in Mara Rosa, Goiás State, Brazil. Drillcore samples of the gold assay were cut in half using a diamond saw and delivered to ALS Laboratories Inc. in Goiania, Goiás State, Brazil for crushing up to 70% more than 2.0 mm, split rif to get 500 g aliquots, and 85% grinding over 75 microns.
The pulps were sent to the ALS Laboratories in Lima, Peru and tested for a 30 g fire test and the abolition of AAS (gold method – AA23). For experiments in excess of 10 ppm of gold, the cut of the real gem was re-tested with gravimetric termination (gold method – GRA21).
Verified standards, non-guaranteed spaces and field duplicates are included in the sample distribution from time to time, so that QA / QC has 10% of the total samples. Results are regularly checked for accuracy, precision, and accuracy.
About Amarillo
Amarillo is promoting two gold projects located close to excellent infrastructure in Brazil\’s friendly mining regions.
The development phase of the Posse Gold Project is at Mara Rosa Property Company in Goiás State. It has a good study of the feasibility of being able to build a profitable business at a low cost and a strong financial return. Mara Rosa also demonstrates the ability to earn extra deposits around the world that will extend the life of the Posse mine over the first 10 years. The Lavras do Sul Project exploration phase in Rio Grande do Sul State has more than 23 prospects focused on historical gold performance.