Amarillo Gold Drills 133m @ 2.65 g/t Au and 123m @ 1.49 g/t Au, Lavras do Sul Project, Brazil
20 Giugno 2012 - 2:00PM
Marketwired Canada
Amarillo Gold Corp. (TSX VENTURE:AGC) ("Amarillo" or the "Company") is pleased
to announce the following drill results from the Butia prospect, which is part
of the Lavras do Sul project in Rio Grande do Sul, Brazil. Amarillo previously
reported the Butia prospect contained an indicated resource of 215,000 ounces of
gold from 6.4 MT @ 1.05 g/t Au, and 308,000 ounces of gold inferred resource
from 12.9 MT @ 0.74 g/t Au, using a 0.3 g/t cut-off grade, NI 43-101 compliant,
as independently determined by Atticus Consulting, August 2010. This current
round of drilling was designed to define and expand the known resource through
infill drilling, and by targeting new mineralised zones in the larger Butia
alteration zone. Assays results from the first eleven holes in this program have
been received and the gold intercepts are reported here as shown in Table 1
below.
Drilling in the higher-grade gold zone of the Butia prospect included drill
holes LDH-209 which intercepted 133m @ 2.65 g/t Au and LDH-212 which intercepted
123m @ 1.49 g/t Au. Both drill holes filled gaps in the previous drill program
pattern that exceeded 50m.
Drill holes LDH-200 and LDH-208 (located 100m apart East to West), were drilled
50m to the south of the reported resource, and angled north. These holes were
drilled, to locate the southern edge of the intense alkaline epithermal
alteration that hosts the majority of the gold mineralization at Butia. Both
holes intercepted this alteration with gold mineralisation and extended the zone
50m south, at greater than 50m depth, where it remains open.
Drill holes LDH-204 and LDH-206 were drilled 50m apart 100m north of the main
resource in the area of the old gold workings known as, "Guampa de Ferro".
Previous drilling had hinted at a separate mineral zone beneath these workings
(LDH 155, which had 23m @ 1.33 g/t Au). Drill hole LDH 204, intercepted 15m @
2.95 g/t Au and 8m @ 4.23 g/t Au, (drilled 50m above the LDH 155 intercept), and
drill hole LDH-206 intercepted 5m @ 3.48 g/t Au, (drilled 50m west of the LDH
155 intercept), confirming there is a persistent, steeply dipping, E-W striking,
gold bearing zone. The true width will therefore be approximately 50% of the
down-hole intercept.
Drill holes, LDH 205 and LDH 210 failed to intersect gold mineralisation. These
were step out holes drilled to the north and south west of the known
mineralisation.
The remaining three drill holes reported in Table 1 were drilled in order to
infill other gaps in the known resource which exceeded 50m. Each intercepted
gold mineralisation thereby enhancing the continuity of the resource.
A total of 3,434m of drilling are reported in table 1. Assays are pending for
another 12 holes and 3,110m of drilling. In total, Amarillo has now drilled
20,245m from 70 holes at the Butia prospect.
Table 1 Drill hole results
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Total
Depth From To Width Grade
Hole No. (metres) Azimuth/Dip (metres) (metres) (metres) (g/t Au)
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LDH-200 332.00 20 degrees/-60 40.0 44.0 4.0 0.38
degrees
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80.0 115.0 35.0 0.83
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Including 99.0 100.0 1.0 13.50
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132.5 216.0 83.5 0.43
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215.0 236.0 21.0 0.30
---------------------------------------------------------------------------
268.0 288.0 20.0 0.30
---------------------------------------------------------------------------
299.0 304.0 5.0 0.40
---------------------------------------------------------------------------
---------------------------------------------------------------------------
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LDH-202 415.65 20 degrees/-60 42.0 55.0 13.0 0.30
degrees
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69.0 128.0 59.0 0.66
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176.0 181.0 5.0 0.34
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219.0 224.0 5.0 0.54
---------------------------------------------------------------------------
---------------------------------------------------------------------------
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LDH-204 337.40 200 degrees/-60 28.0 41.0 15.0 2.95
degrees
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Including 31.4 32.4 1.0 38.00
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56.0 64.0 8.0 4.23
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Including 57.0 58.0 1.0 30.30
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214.0 2.46 45.0 0.31
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---------------------------------------------------------------------------
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LDH-205 242.60 200 degrees/-75 No significant intersections
degrees
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---------------------------------------------------------------------------
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LDH-206 304.50 200 degrees/-65 117.0 122.0 5.0 3.48
degrees
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Including 117.0 118.0 1.0 14.50
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188.0 191.0 3.0 1.78
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---------------------------------------------------------------------------
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LDH-207 316.10 20 degrees/-80 13.0 36.9 23.9 0.51
degrees
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96.0 105.0 9.0 4.21
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Including 104.0 105.0 1.0 34.70
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113.0 117.0 4.0 2.12
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175.0 182.5 7.5 0.55
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---------------------------------------------------------------------------
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LDH-208 361.00 20 degrees/-60 181.5 185.5 4.0 0.47
degrees
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190.5 194.5 4.0 0.46
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199.5 224.5 25.0 0.30
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230.5 247.5 17.0 0.69
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277.5 288.5 11.0 0.30
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LDH-209 245.5 20 degrees/-70 1.6 33.0 31.4 0.43
degrees
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52.0 185.0 133.0 2.65
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Including 132.0 133.0 1.0 109.50
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Including 142.0 148.0 6.0 8.84
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Including 180.0 181.0 1.0 18.50
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203.0 208.0 5.0 0.42
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---------------------------------------------------------------------------
---------------------------------------------------------------------------
LDH-210 278.00 200 degrees/-60 No significant intersections
degrees
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---------------------------------------------------------------------------
---------------------------------------------------------------------------
LDH-211 290.00 200 degrees/-60 188.0 205.5 17.5 1.86
degrees
---------------------------------------------------------------------------
---------------------------------------------------------------------------
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LDH-212 311.00 20 degrees/-60 9.0 13.0 4.0 0.44
degrees
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18.0 141.0 123.0 1.49
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Including 140.0 141.0 1.0 44.10
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213.0 240.0 27.0 0.34
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Notes: All drill hole samples shown here consist of split HTW and NTW
diamond drill core. The samples are sent to Acme Laboratories in Goiania,
Brazil, and Vancouver, Canada, Samples are first subjected to a multi-
element ICP assay that includes Au and then sent to fire assay for Au using
30g aliquots. If the grade is higher than 5 g/t a gravimetric method is
used. All samples are subject to a chain of custody and are submitted with
standards and blanks to check the assay results. The laboratories also use
internal standards and repeat analysis. For the results reported in this
release all the standards, blanks and repeats delivered acceptable results.
Intercepts were calculated using a minimum of a 0.3 g/t cut off at the
beginning and end of the intercept and allowing for no more than 10
consecutive metres of less than 0.3 g/t Au. Drill holes are exploratory and
true widths are not yet known,, however in most cases the holes are designed
to cut perpendicular to the mineralization trend.
The location of the previous drill holes, and the new drill holes reported here,
can be viewed in three dimensions and by section on the Company's website at
www.amarillogold.com or at http://www.corebox.ca.
Upon receipt of the final assays from this drill program an updated NI 43-101
compliant resource will be calculated for the Butia prospect. Keith Whitehouse
of Australian Exploration Field Services, an independent consultant, has been
contracted to perform this work and he will be conducting a site visit at the
end of June. The initial resource estimates of the Cerrito prospect at Lavras do
Sul will also be completed at the same time.
The author of this news release is Buddy Doyle, a member of the AUSIMM, and a
geologist of 30 years experience. The NI 43-101 compliant qualified person for
this news release is Kevin Kivi, P.Geol.
About Amarillo Gold Corp.
Amarillo Gold Corp. is focused on acquisition, discovery, and definition of gold
resources in Brazil. The Company's principal projects are the Mara Rosa Project
in the state of Goias, and the Lavras do Sul Project in the state of Rio Grande
do Sul. The Posse Deposit at Mara Rosa contains 1,174,900 ounces of measured and
indicated gold contained in 20.85 MT at 1.75 g/t Au, and 156,400 ounces of gold
inferred from 3.63 MT at 1.38 g/t Au (0.5 g/t cut-off grade) (NI 43-101
compliant resource as independently determined by Australian Exploration Field
Services Pty. AEFS). The Mara Rosa Gold Project has received a positive economic
assessment from a Pre-feasibility study and is preparing to proceed to a
bankable feasibility study. Should this continue to be positive it would be
possible to commence mining by 2014.
The Posse Deposit was successfully mined by Western Mining Company (WMC) during
the 1990s (mined areas are excluded from the above-stated resource figures), and
is located in an area of excellent infrastructure: approximately 35 km NE of
Yamana's Chapada open pit Cu-Au operation, some 80 km NE of Yamana's Pilar Au
project (in Feasibility), 95 km NW of Votarintim's Niquelandia Ni laterite mine,
105 km from NE of Serra Grande's underground Au mine, and 105 km NNW of Anglo
American's Ni laterite project at Barro Alto.
The Lavras do Sul Project is an advanced exploration stage property (190 sq.
km.) comprising more than 19 prospects centred on historic gold workings, with
encouraging gold mineralization discovered and defined by more than 16,000
metres of drilling. The initial resource estimate at the Butia prospect reported
215,000 ounces of gold indicated from 6.4 MT at 1.05 g/t Au, and 308,000 ounces
of gold inferred from 12.9 MT at 0.74 g/t Au using a 0.3 g/t cut-off grade in a
NI 43-101 compliant resource as independently determined by Atticus Consulting
2010. Lavras do Sul is also located near excellent infrastructure. The Company
also has a portfolio of earlier stage projects and all properties under
Amarillo's management are located in areas of good infrastructure and
mining-friendly communities.
ON BEHALF OF THE BOARD OF DIRECTORS
AMARILLO GOLD CORP.
Buddy Doyle, President
FORWARD LOOKING STATEMENTS:
This news release contains Forward Looking Statements regarding our intentions
and plans. Various factors may prevent or delay our plans, including but not
limited to, contractor availability and performance, weather, access, mineral
prices and success and failure of the exploration and development carried out at
various stages of the program. The company has not made any studies towards
determining if the gold mineralisation at the Butia prospect can be economically
exploited at this stage. The prospect is still in the advance exploration stage.
Permission, from the Government and community is also required to proceed with
future mining production. Readers should review risk factors applicable to
junior mining exploration companies generally to understand the variety of risks
that can affect the Company.
Grafico Azioni Amarillo Gold (TSXV:AGC)
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