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Amarillo Gold Corp.
Summary
| Project: | Mara Rosa | |
|---|---|---|
| Deposit: | Posse | |
| Location: | Brazil | |
| Commodities: | Gold | |
| Date: | 4/15/2019 | |
| Report Code: | NI43-101 | |
| Report Type: | Resource Estimation | |
| Project Stage: | Mine Development | |
| Report details: | 15-4-2019: Amarillo Gold Corp. announces a Resource Estimation report for its Posse deposit at the Mara Rosa project. Updated mineral resource estimate at the project. TORONTO, March 25, 2019 (GLOBE NEWSWIRE) -- Amarillo Gold Corporation (“Amarillo” or th | |
| Resources: | (Resource, M+I): 29.0Mt @ 1.20g/t Au for 1.2Moz Au contained | |
| CP/QP: | [Resources]: Keith Whitehouse (Australian Exploration Field Services Ltd.) | |
| ABSTRACT: | TORONTO, March 25, 2019 (GLOBE NEWSWIRE) -- Amarillo Gold Corporation (“Amarillo” or the “Company”) (TSX.V: AGC) (OTCQB: AGCBF) is pleased to announce an updated resource model for the Posse deposit at the Mara Rosa gold project in Goias State, Brazil. This new resource model will be used for a Feasibility Study (FS) mine plan that is expected to be finalized later this year. Keith Whitehouse of Australian Exploration Field Services Ltd, (“AEFS”) estimated the new resource with three contiguous grade zones as listed in Table 1 below. Amarillo President and CEO Mike Mutchler commented, “This new resource model for the Posse deposit at Mara Rosa allows the Company to proceed with a new mine plan for the Feasibility Study to be completed later this year. We were successful in converting nearly all the Inferred Resources into Measured and Indicated Resources to potentially extend the planned mine life. The change to ordinary kriging has resulted in a more conservative and robust resource for use in the FS, and the 0.5 g/t cutoff grade allows us to maximize the use of the areas already permitted for waste rock dumps and a tailings dam under the Preliminary License. The high-grade core zone that can be accessed and mined in the early mining years is largely responsible for the one-year payback demonstrated in the September 2018 Updated Pre-Feasibility Study. As seen in the Grade Tonnage Curve in Table 2, there remains a significant amount of lower grade gold mineralization surrounding the resource to potentially extend the mine life in the future. The new resource will now be run through the Whittle Consulting Prober optimization model to produce an optimal mine plan for the FS. With the FS engineering already underway, we are pursuing the regulatory and resultant financial prerequisites necessary to keep us on track to submit our application for the License to Install (LI) mid-year with the FS to be completed in the second half of the year.” | |
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