Advance Gold Corp. (TSXV: AAX) (“Advance Gold” or “the Company”) is pleased to announce results from an auger drilling sampling program at all 13 salars it recently acquired in central Mexico. A series of samples from auger holes were taken from a depth of 1/2m to 1m to test grades at surface. Highlight grades included 1.91% potassium, 650ppm boron and 620ppm lithium. A total of 39 auger drill samples were taken across the 13 salars with the average grade of potassium at 1.17%, boron at 247ppm and lithium at 215ppm.
Allan Barry Laboucan, President and CEO of Advance Gold Corp. commented: “We are off to an excellent start at our lithium projects. Our auger drilling was to show that the lithium-boron-potassium mineralization starts at the surface, with widespread mineralization across our various salars. It is rare to be able to use an auger drill to test the mineralized zone on an exploration project and sample high-grade material. This gives us a unique opportunity to move our projects forward in order to establish the potential for near term lithium production. We have surface lithium mineralization, drilling underway to better understand the near surface lithium grade distribution, a test plant to run material through to assess the small sized fraction mineral separation, magnetic separation and leaching characteristics. When we acquired the group of salars in Mexico, we also purchased a proprietary and patented extraction method that can be used to separate out 80% of the material leaving a high-grade concentrate which can be rapidly leached.”
Table 1: Sample results from Advance’s 13 salars
The samples were taken at 1/2m to 1m intervals using an auger drill, approximately 1kg of material was taken from each sample location. They were bagged and secured, then taken to a secure location and when all were completed they were delivered to ALS Global’s lab in Zacatecas, Mexico for assay preparation, they were then sent to ALS Global’s lab in Vancouver, Canada for assaying.
Julio Pinto Linares is a qualified person, doctor in geological sciences with specialty in economic geology and qualified professional No. 01365 by MMSA for Advance Gold and is the qualified person as defined by National Instrument 43-101 responsible for the accuracy of technical information contained in this news release.
About Advance Gold Corp.
Advance Gold is a junior exploration company focused on acquiring and exploring mineral properties containing precious metals, battery metals and fertilizer minerals. The company acquired a 100-per-cent interest in the Tabasquena silver mine in Zacatecas, Mexico, in 2017, and the Venaditas project, also in Zacatecas state, in April, 2018. In addition, Advance Gold holds an 11.45% interest in strategic claims in the Liranda Corridor in Kenya, East Africa. The remaining 88.55% of the Kakamega project is held by Shanta Gold Limited (project previously owned by Barrick Gold Corporation, for details see Advance Gold News Release dated 2020-08-26). In March 2020, the Company moved into the lithium space with a purchase agreement to acquire 13 lithium-potassium boron prospective salars in central Mexico, which also includes a test plant and exclusive rights to a patented proprietary lithium extraction method.
For further information, please contact:
Allan Barry Laboucan,
President and CEO
Mexico Cellular Phone: 492-238-5282
This news release contains certain statements that may be deemed “forward-looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward based on the beliefs, estimates and opinions of the Company’s management on the date the statements are made. The Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors should change, except as required by law.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.