Editor's PickMarket News

Amarillo Gold Corporation to drill up to 8,500 metres this year at its Posse Gold project in Brazil

Amarillo Gold Corporation (CVE:AGC) (OTCQB:AGCBF), the Brazil-focused gold company, said it plans to drill up to 8,500 metres at its Mara Rosa property in the State of Goiás. Drilling will be concentrated on four targets near the Posse Gold project on the property, which hosts proven and probable reserve of 902,000 ounces, according to a 2020 feasibility study. Toronto-based Amarillo said that it decided on the drill plan after its 2020 exploration program defined gold mineralization up to 1.5 kilometres in strike length around 3.5 kilometres northeast of Posse Gold. READ: Amarillo Gold brings in C$5.3 million to advance Brazilian gold assets “Amarillo’s work in 2020 generated numerous high-quality drill targets within an 8-kilometre radius of Posse, several of which will be drilled for the first time this year,” Mike Mutchler, Amarillo’s CEO said in a statement. According to Mutchler, the company will focus on defining new zones of mineralization, initially emphasizing the Pastinho target. “Last year, gold soil surveys, surface trenchwork, auger drilling, and limited diamond core drilling at Pastinho defined gold mineralization up to 1.5 kilometres in strike length. A recently completed induced polarization survey has defined chargeability anomalies that have aided in drill target selection.” Other targets include Estrela, Speti, and Filo and Sorongo. Diamond drilling will comprise 6,500 metres of the 8,500 total, with the remainder being reverse circulation drilling. Mutchler also addressed the coronavirus (COVID-19) situation in Brazil, saying that Amarillo’s “thoughts and prayers” are with the people of Brazil. “Mining and exploration remain a crucial function for the Brazilian economy and we are working closely with officials in Mara Rosa city to ensure that our employees, contractors, and neighbours are kept safe by following proper COVID protocols coupled with a rigorous testing program.” Amarillo is advancing two gold projects located near infrastructure in mining-friendly states in Brazil. In addition to Posse Gold, Amarillo is also exploring the early-stage Lavras do Sul project in the State of Rio Grande do Sul. Contact Angela at angela@proactiveinvestors.com Follow her on Twitter @AHarmantas

Leave a Reply

Your email address will not be published. Required fields are marked *