Amarillo Gold Discovers New Gold Zones at Lavras do Sul in Brazil, 55m @ 2.06 g/t Au and 36m @ 1.05 g/t Au
09 Luglio 2012 - 8:03PM
Marketwired Canada
Amarillo Gold Corp. (TSX VENTURE:AGC) ("Amarillo" or the "Company") is pleased
to announce the final round of drill results from the current drilling program
at 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 resource forms a mineralized zone centred on the
old workings named Bloco Butia. Numerous other workings of various sizes occur
in the area, and they are all hosted by a 1.75km by 0.8km alteration zone. It is
this alteration zone that defines what is known as the Butia prospect. The
prospect is one of another 19 prospects that make up the Lavras do Sul project.
The project encompasses a gold rush district that was exploited by artisanal
miners from the 1780's to the 1930's.
This drilling program is designed to define and expand the known resource at
Bloco Butia through infill drilling, and by targeting new mineralization by
drilling beneath nearby artisanal workings within the Butia prospect area.
Assays results from the final 12 holes of this 23 hole program have been
received and the gold intercepts are reported in Table 1 below.
Nine of the drill holes reported were exploration holes that targeted artisanal
workings. These efforts were successful in locating two new gold zones at Boa
Vista, 100m south of the Butia resource and Sao Clemente 250m to the southeast.
Drill hole LDH-220 intersected 55m @ 2.06 g/t Au from 137.5m depth at the Boa
Vista workings. The gold is associated with intense alkaline alteration forming
episyenite. This intercept lines up well with gold mineralization previously
reported (see NR June 20, 2012) that expanded the known gold mineralisation at
Butia resource to the south. If this new gold intercept connects to the main
Butia gold resource mineralization it may expand the gold system a further 100m
south. More drilling is required to confirm this interpretation.
Drill holes LDH-217 (36m @ 1.05 g/t Au from 87.5m depth) and LDH-219 (multiple
intercepts see Table 1), were drilled beneath the Sao Clemente gold workings.
The holes were drilled 100m apart and have defined a new gold mineralized zone
250m to the SW of the Butia resource.
Drill holes LDH 222 to LDH 224 were drilled to infill and confirm the known
resource and are described as follows.
LDH-222 returned 54m @ 1.28 g/t Au from 33m depth between sections 1 and 2.
LDH-223 returned 100m @ 1.85 g/t Au from 85m depth intersecting the higher grade
zone between sections 4 and 5.
Amarillo has now drilled 11 holes into the higher grade zone, with each
consistently yielding greater than 100 gram-metres intercepts, which
demonstrates good continuity.
LDH-224 returned 4.7m @ 15.46 g/t Au form 4.3m depth from the western edge of
the resource and confirmed near surface mineralization drilled previously. The
first 4.3m of this drill hole was not sampled initially, but has now been
submitted for assay.
In total Amarillo has now drilled 20,245 metres from 70 holes at the Butia
prospect.
TABLE 1. Drill results
----------------------------------------------------------------------
Total
Depth Azimuth From To Width Grade
Hole No. (metres) /Dip (metres) (metres) (metres) (g/t Au)
----------------------------------------------------------------------
LDH-213 350.20 20
degrees No significant intersections
-60
degrees
----------------------------------------------------------------------
LDH-214 321.20 200
degrees No significant intersections
-60
degrees
----------------------------------------------------------------------
LDH-215 329.90 200 124.0 130.0 6.0 0.29
degrees
-60
degrees
----------------------------------------------------------------------
LDH-216 338.50 20
degrees No significant intersections
-60
degrees
----------------------------------------------------------------------
LDH-217 385.00 20 87.5 123.5 36.0 1.05
degrees
-60
degrees
----------------------------------------------------------------------
LDH-218 343.70 20
degrees No significant intersections
-60
degrees
----------------------------------------------------------------------
LDH-219 388.30 20 32.0 44.0 12.0 0.69
degrees
-60
degrees
Including 33.0 34.0 1.0 6.14
51.0 61.0 10.0 0.64
152.5 153.5 1.0 1.02
----------------------------------------------------------------------
LDH-220 397.30 20 83.0 85.0 2.0 1.37
degrees 98.0 118.0 20.0 0.70
-60 137.0 192.0 55.0 2.06
degrees
Including 173.0 174.0 1.0 37.00
Including 187.0 191.0 4.0 10.50
203.0 215.0 12.0 12.25
Including 208.0 210.0 2.0 46.25
235.0 252.0 17.0 0.30
343.5 358.0 14.5 0.40
----------------------------------------------------------------------
LDH-221 370.30 20 0 1.0 1.0 9.15
degrees 141.0 143.0 2.0 0.52
-60
degrees
----------------------------------------------------------------------
LDH-222 390.20 20 33.0 87.0 54.0 1.28
degrees 99.5 102.0 2.5 1.22
-60
degrees
----------------------------------------------------------------------
LDH-223 378.90 20 53.5 79.5 26.0 0.56
degrees 88.5 188.5 100.0 1.85
-60
degrees
Including 153.5 155.5 2.0 6.98
Including 167.5 169.5 2.0 8.29
----------------------------------------------------------------------
LDH-224 378.70 290 4.3 9.0 4.7 15.46
degrees 38.5 41.0 2.5 0.90
-60 99.0 100.0 1.0 9.50
degrees
----------------------------------------------------------------------
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. New sections and plans showing
the drilling at Butia have also been posted to our website.
Keith Whitehouse, an independent consultant of Australian Exploration Field
Services, has conducted the site visit at Lavras do Sul and he now has all the
information required to complete an upgraded resource estimate at Butia as well
as an initial estimate at the Cerrito prospect, 6 km to the east of Butia.
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 of more than 19 prospects centred on historic gold workings,
with encouraging gold mineralization discovered and defined by more than 26,000
metres of drilling. The initial resource estimate at the Butia prospect is
reported above in this news release. 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.
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