Jul 25 2017
Antioquia Gold Inc. announces a new 3,000 meter surface drilling program and provides a Cisneros project update.
Logan Drilling SAS has been contracted for the drilling program with the goal of extending the Nus, Guayabito and Guaico vein structures and exploration of new mineralization.
The drilling program will explore the NUS structure with eight drill holes moving roughly 700 meters to the west of previous drilling, intersecting the previously defined Manuela, Soroma, and Chapulin-Manuela Veins. The Guayabito System will be explored with four drill holes. A new vein system will also be tested at Guaico near the intersection of the NUS and Cisneros faults. See Figure 1
It is anticipated the surface drilling program will commence in late July with first results by October.
Underground drilling will be performed by Antioquia Gold using a Packsack Hydraulic FL-50 drilling machine with a 70m depth capability. The underground drilling will test Nus vein targets with the goal of defining the geometry and actual thickness of the Nus vein structure. The company anticipates systematic underground drilling spaced on 15-20 meter intervals above the most important veins along levels 1248, 1235 and 1160. Initial results of assays from the drilling are expected in late September.
"We have made great advances at the project and are looking forward to the upcoming surface and underground drilling to better define the vein structures and mineralization. We anticipate releasing an updated mineral resource estimate within the next month,"stated Mr. Gonzalo de Losada, President and Chief Executive Officer of Antioquia Gold. "With a focus on the updated mineral resource and new drilling we anticipate initial production may be delayed into the second quarter of 2018." Mineral resource are not mineral reserves and do not have demonstrated economic viability.
Progress at the Guiaco Mine includes the following updates. See Figure 2
- + 5000 meters of tunnel development
- 986 meters of Main Ramp developed at level 1160, 115 meters below main access
- Average of 400 meters/month of tunnel development in last six months
- A 136 meter vertical ventilation shaft has been completed and connected to the underground workings at level 1160.
- + 1500 meters of drifts on mineralized structures have been excavated.
- +5500 tonnes of mineralized material mined from drifts on structure. Mineralized material is being stockpiled pending completion of millworks.
- + 3300 geochemical channel samples taken in the underground workings.
- Purchasing main pumping and ventilation equipment to replace contractor's equipment.
- Underground electric installation on level 1160 has been complete and energized. With a total capacity of 1.0 MVA. The Mine is connected to the national electrical grid.
Roger Moss, Ph.D., P.Geo, is the qualified person, as that term is defined by National Instrument 43-101, on behalf of the Company and has reviewed and approved the scientific and technical content contained in this press release.
Readers are cautioned that the Company's decision to move forward with the construction and production of the Cisneros Mine is not based on the results of any preliminary economic assessment ("PEA"), pre-feasibility study or feasibility study of mineral resources or reserves demonstrating economic or technical viability. As such there may be an increased uncertainty of achieving any particular level of recovery of gold or the cost of such recovery, including increased risks associated with developing a commercially mineable deposit.