Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Assay results in “widespread silver and gold mineralization”
  • 1.88% zinc, 1.40% lead, 77g/t silver and 0.198 g/t of gold at a zinc subinterval of 1.10m.
  • 23.56g/t of silver at a subinterval of 34m, including a 101g/t of silver, 0.59% of lead and 0.74% of zinc.

Assay results from Advance Gold Corporation’s first drill core have indicated widespread silver and gold mineralization at their Tabasquena site in Zacatecas, Mexico.

Geophysics revealed a 1000m by 500m continuous chargeability anomaly below near-surface quartz veins, with the first drill hole returning 78 meters of continuous zinc mineralization with a reading of 1.88% zinc, 1.40% lead, 77g/t  silver and 0.198 g/t of gold at a zinc subinterval of 1.10m.

It also returned a grading of 23.56g/t of silver at a subinterval of 34m, including a 101g/t of silver, 0.59% of lead and 0.74% of zinc.

President and CEO Allan Barry Laboucan said he interprets the anomaly as being “caused by sulphides that carry precious and base metals” and that all of the work being done will “result in a strong flow of news.”

“Each time we do additional geophysics and drilling we come to a better understanding of this widespread mineralizing structure with all the hallmarks of a long-lived system,” he said.

“Approximately 12 miles to the east of Tabasquena is the San Nicholas VMS deposit (and) this deposit has a geometry like an inverted cone with a zinc rich zone nearest to surface followed by a deeper copper rich zone.”

He also said the company is currently drilling their second hole as well as completing a third geophysical survey to better define the anomaly and its southern extension.

Further core samples will be sent to ALS Global in Zacatecas for sample preparation before being sent to ALS Global’s Vancouver office for assaying.

Advanced Gold acquired the Tabasquena silver mine in 2017 and the neighbouring Venaditas project in 2018. Both are located in the Zacatecas state, a region with historical silver production and contain some of world’s most important silver belts.

Advance Gold Corporation shares were down CAD$0.0050 (4.76%) and has a market cap of CAD$3.37 million.

More From The Market Herald

" Prime Meridian (TSXV:PMR) announces $1M financing

Prime Meridian Resources Corp. (PMR) has signed a non-brokered private placement financing agreement for proceeds of up to $1 million.

" Fortune Bay (TSXV:FOR) files Goldfields PEA

Fortune Bay (FOR) has filed an independent preliminary economic assessment (PEA) for its Goldfields Project in Saskatchewan.

" Emperor Metals (CSE:AUOZ) announces $5M private placement

Emperor Metals (AUOZ) has announced a non-brokered private placement for gross proceeds of up to $5,001,550.
Emerita Resources Corp. - CEO, David Gower

" Emerita (TSXV:EMO) announces Aznalcóllar trial date

Emerita Resources (EMO) announced the Third Section of the Provincial Court of Seville has set the date court date regarding the Aznalcóllar package.