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Mining Stock News: Advance Gold (TSXV: AAX) Begins Third Phase Geophysical Survey at Tabasquena to Test Second Chargeability Anomaly and a Longer Cross Cutting Line for Deeper Penetration

 

Kamloops, British Columbia - January 13, 2020 (Newsfile Corp.) (Investorideas.com Newswire) Advance Gold Corp. (TSXV: AAX) ("Advance Gold" or "the Company") is pleased to announce that the third phase of geophysics is underway on the Company's Tabasquena project in Zacatecas, Mexico. The goal of this third 3D induced polarization (IP) survey is twofold, firstly to delineate a new chargeability anomaly, identified on the most southerly of the reconnaissance lines from the second survey and secondly to do a long northwest-southeast line cross cutting all of the previous east-west survey lines and by so doing obtain a much deeper penetration to better understand the depth potential of the previously identified chargeability anomaly.

This new survey will consist of 9 east-west lines, each line will be approximately 1000 metres long. The line spacing will be 120 metres. They will be extensions to the south of the newly identified chargeability anomaly located south of the 1000 metres by 500 metres primary anomaly.

Another long line will cut across the entire claim block from the northwest to southeast, covering approximately 4000 metres. It will use the Tabasquena vein as an axis and will cut across the entire east to west grid that covers approximately 2500 metres from north to south. This work will add an additional 200 metres of depth penetration to the previous grids and help to better understand the depth potential of the main target and will tie together all of the previous IP surveys.

An IP survey is a geophysical imaging technique used to identify the electrical chargeability of subsurface materials such as ore. The technique involves the measurement of the slow decay of voltage in the ground following the cessation of an excitation current. The method makes use of the capacitive action of the subsurface to locate zones where chargeable minerals are present. Disseminated sulphides and other chargeable minerals have distinct IP signatures.

Allan Barry Laboucan, President and CEO of Advance Gold Corp. commented: "Our previous geophysical surveys have identified a large continuous chargeability anomaly and what appears to be the start of a new anomaly, however this new anomaly can only be seen on one of the most southerly reconnaissance lines. This additional grid to the south of the primary anomaly will extend the grid beyond the last reconnaissance line by approximately 1000 metres and hopefully delineate the new anomaly. Another important aspect of this third phase is that we will acquire IP data along a single long line running from the NW to SE of the project area. This will help us to better understand the depth potential of the main chargeability anomaly. It is important to point out that our first hole into the primary anomaly has hit a 78-metre sulphide zone. This confirms that the chargeability anomalies are not false positives and are actually caused by sulphide mineralisation. Each time we do more work at Tabasquena, it gives us added confidence that we are looking at a very large sulphide system with associated widespread quartz veining throughout the entire system, including adularia, crustiform and colloform quartz, as well as some veinlets of quartz-adularia crystals. We are expecting a strong flow of news, with assays from the 78-metre sulphide zone expected shortly, a current hole being drilled, a second drill rig planned to arrive shortly, and a third phase geophysical survey underway."

Julio Pinto Linares is a QP, Doctor in Geological Sciences with specialty in Economic Geology and Qualified Professional No. 01365 by MMSA., and QP for Advance Gold and is the qualified person as defined by National Instrument 43-101 and he has read and approved the accuracy of technical information contained in this news release.

About Advance Gold Corp. (AAX.V)

Advance Gold is a TSX-V listed junior exploration company focused on acquiring and exploring mineral properties containing precious metals. The Company acquired a 100% interest in the Tabasquena Silver Mine in Zacatecas, Mexico in 2017, and the Venaditas project, also in Zacatecas state, in April, 2018.

The Tabasquena project is located near the Milagros silver mine near the city of Ojocaliente, Mexico. Benefits at Tabasquena include road access to the claims, power to the claims, a 100-metre underground shaft and underground workings, plus it is a fully permitted mine.

Venaditas is well located adjacent to Teck's San Nicolas mine, a VMS deposit, and it is approximately 11km to the east of the Tabasquena project, along a paved road.

In addition, Advance Gold holds a 12.84% interest on strategic claims in the Liranda Corridor in Kenya, East Africa. The remaining 87.16% of the Kakamega project is held by Barrick Gold Corporation.

For further information, please contact:

Allan Barry Laboucan,
President and CEO
Phone (604) 505-4753
www.advancegold.ca

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.

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