Amarillo Announces Results of Posse Orebody Infill Program, Mara Rosa Project. Intersects 60 Metres of 2.19g/t Au.
March 25 2009 - 7:30AM
Marketwired
Amarillo Gold Corp. (TSX VENTURE: AGC) ("Amarillo" or the
"Company") is pleased to announce results from its drilling program
of the Posse gold resource at its Mara Rosa project in the state of
Goias in central Brazil. This series of 14 holes adds 3,292 metres
of drilling to the 21,647m of drilling already completed at Posse
to total 24,939 metres. The results of this drilling are summarized
in the Table 1 below.
In March 2008 Amarillo announced a preliminary economic
assessment on the deposit which indicated robust economics at gold
prices better than $650/ounce. This drilling followed on from that
work and was designed primarily to fill in 50 metre or greater gaps
in the Posse ore block model below the $800/oz open pit shell
developed from this scoping study. Positive results beneath this
shell have the potential to widen the shell to incorporate these
results next time the ore body is modeled, thus adding ounces to
the resource. Other holes were targeted to infill data gaps within
the shell, the best intersection being in hole MRP-0002 which
intersected 60 metres (est. true width 42.4m) at 2.19 g/t Au. All
of the 14 drill holes hit mineralization and the information
gathered by this drilling will allow for more certainty in the next
ore resource/reserve estimate.
Figure 1, depicts the location of the drill holes in relation to
the Posse Pits and previous drill collars. Please follow this link
to view the release with image:- www.amarillogold.com
Table 2 is also provided to show the influence of higher grade
intervals, it lists all the returned grades of 5 g/t Au.
Drill holes MRP0001 and 0002 drilled in the core of the deposit
and return typical results for this part of the orebody. Drillholes
MRP0003 to MRP0008 were drilled in the zone between the old North
and South pits. Any gold found in this area has the potential to
expand the $800/ounce open pit shell which shallows in this area.
Drillholes MRP0009, MRP0010 and MRP0013 were drilled to the south
and below the open pit shell and the gold found in these holes is
encouraging. Drill MRP009 intercepted a post mineralized diabase
dyke that cuts the orebody North to South, future ore modeling will
incorporate the effects of this dyke, which constitutes a minor
barren zone. The remaining holes, MRP0011, MRP0012 and MRP0014 were
drilled below the shell on the periphery of the plunge of the main
orebody.
The Company also conducted a review of the geology of the
deposit by re-logging key historic drill holes. This work
recognized two main ore types that can be split into hanging wall
or foot wall. Samples of these ore types have been collected for an
extensive metallurgical testing program which the Company plans to
undertake as the first phase of a 43-101 compliant prefeasibility
study.
TABLE 1: Drill Results from Partial Posse Infill Program
----------------------------------------------------------------------------
Total Azimuth
Hole No. Depth /Dip From To Interval True Width Grade
(metres) (degrees) (metres) (metres) (metres) (metres) (g/t Au)
----------------------------------------------------------------------------
MRP0001 191.95 0 / -90 138.8 180.0 41.2 29.1 1.97
----------------------------------------------------------------------------
MRP0002 164.67 0 / -90 97.0 157.0 60.0 42.4 2.19
----------------------------------------------------------------------------
MRP0003 182.02 0 / -90 103.6 116.0 12.4 8.8 1.43
-------------------------------------------------------------------
145.2 161.2 16 11.3 2.05
----------------------------------------------------------------------------
MRP0004 209.25 0 / -90 0.0 6.0 6.0 6.0(ii) 0.35
-------------------------------------------------------------------
69.0 74.0 5.0 3.5 3.43
-------------------------------------------------------------------
81.5 87.0 5.5 3.9 2.13
----------------------------------------------------------------------------
MRP0005 210.90 0 / -90 0.0 11.0 11.0 11.0(ii) 0.31
-------------------------------------------------------------------
93.1 1.09 15.1 10.7 0.99
-------------------------------------------------------------------
132.2 138.5 6.3 4.5 0.72
-------------------------------------------------------------------
183.6 193.0 9.4 6.6 1.05
----------------------------------------------------------------------------
MRP0006 220.30 0 / -90 0.0 7.5 7.5 7.5(ii) 0.74
-------------------------------------------------------------------
132.6 162.0 29.4 20.8 0.90
----------------------------------------------------------------------------
MRP0007 170.45 0 / -90 58.0 63.0 5.0 3.5 0.52
-------------------------------------------------------------------
91.0 96.0 5.0 3.5 0.49
-------------------------------------------------------------------
102.0 120.0 18.0 12.7 1.38
----------------------------------------------------------------------------
MRP0008 204.35 0 / -90 0.0 9.0 9.0 9.0(ii) 0.39
-------------------------------------------------------------------
109.0 114.0 5.0 3.5 0.48
-------------------------------------------------------------------
154.8 161.0 6.2 4.4 1.16
----------------------------------------------------------------------------
MRP0009 211.63 0 / -90 115.9 121.0 5.1 3.6 1.03
-------------------------------------------------------------------
123.0 158.0 35.0 24.7 1.28
----------------------------------------------------------------------------
MRP0010 182.13 0 / -90 99.9 119.0 19.1 13.5 2.00
----------------------------------------------------------------------------
MRP0011 342.38 0 / -90 292.0 308.0 16.0 11.3 1.30
----------------------------------------------------------------------------
MPR0012 330.45 0 / -90 224.5 230.0 5.5 3.9 1.00
-------------------------------------------------------------------
242.0 259.2 17.2 12.2 0.49
-------------------------------------------------------------------
265.0 270.0 5.0 3.5 0.49
-------------------------------------------------------------------
307.0 314.0 7.0 4.9 1.80
----------------------------------------------------------------------------
MRP0013 310.73 0 / -90 187.0 223.0 36.0 25.5 1.14
----------------------------------------------------------------------------
MRP0014 361.34 0 / -90 242.0 270.0 28.0 19.8 0.76
----------------------------------------------------------------------------
285.0 318.0 33.0 23.3 0.72
----------------------------------------------------------------------------
Notes: All drill hole samples shown here consist of split NQ diamond drill
core. The samples were sent to Acme Laboratories in Goiania, Brazil, and
Vancouver, Canada. Gold is determined using fire assay using 50g aliquots
with an ICP finish.; For drill holes 13 and 14 only ICP gold was determined
in order to lower costs, previous work shows the ICP average within 6% of
the fire assay results. All samples are subject to a chain of custody and
are submitted with standards and blanks to check the assay results. The
laboratories also use internal standards and repeat analysis. For the
results reported in this release all the standards, blanks and repeats
delivered acceptable results. Intercepts were calculated using a minimum of
a 0.5 g/t cut off where any one sample point lies within a 5m intersection
averaging at least 0.5 g/t Au. (ii)For surface intersections, all of which
are in oxides, a 0.3 g/t Au cut-off is used.
Table 2 High Grade Intercepts (greater than 5.0g/t)
-------------------------------------------------------------
True
From To Interval Interval Grade
Hole No. (metres) (metres) (metres) (metres) (g/t Au)
-------------------------------------------------------------
MRP0001 141.1 144.0 2.9 2.0 5.58
----------------------------------------------------
145.7 146.3 0.5 0.4 6.19
----------------------------------------------------
151.2 153.5 2.3 1.6 5.11
----------------------------------------------------
165.5 167.2 1.7 1.2 8.72
-------------------------------------------------------------
MRP0002 104.0 106.0 2.0 1.4 10.47
----------------------------------------------------
112.0 114.0 2.0 1.4 10.50
----------------------------------------------------
119.0 123.0 4.0 2.8 7.67
-------------------------------------------------------------
MRP0003 106.0 108.0 2.1 1.5 6.58
-------------------------------------------------------------
MRP0004 70.0 72.0 2.0 1.4 8.30
----------------------------------------------------
82.3 84.0 1.7 1.2 6.25
-------------------------------------------------------------
MRP0009 153.0 154.4 1.4 1.1 6.36
-------------------------------------------------------------
MRP0010 115.6 118.0 2.4 1.7 7.81
-------------------------------------------------------------
To view figure 1, please visit the following link:
http://media3.marketwire.com/docs/agc325.pdf
ABOUT AMARILLO:
Amarillo Gold Corp. is a company focused on the acquisition,
definition and discovery of gold resources in Brazil. Its principal
projects are the Mara Rosa project in the state of Goias and the
Lavras do Sul project in the state of Rio Grande do Sul. The Posse
Deposit at Mara Rosa was found by an independent 43-101 compliant
preliminary economic assessment study carried out by CCIC to
contain 1.18 million ounces applying a cut-off grade of 0.5 g/t Au
(643,000 ounces indicated @ 1.48 g/t Au, 538,000 ounces inferred @
1.26 g/t Au). The Company also has a portfolio of earlier stage
projects. All properties under Amarillo's management are located in
areas of good infrastructure and robust community support.
FORWARD LOOKING STATEMENTS:-
This news release contains Forward Looking Statements regarding
our intentions and plans. Various factors may prevent or delay our
plans, including but not limited to, contractor availability and
performance, weather, access, mineral prices and success and
failure of the exploration and development carried out at various
stages of the program. Readers should review risk factors
applicable to junior mining exploration companies generally to
understand the variety of risks that can affect the Company.
ON BEHALF OF THE BOARD OF DIRECTORS
AMARILLO GOLD CORP.
Per: Buddy Doyle, President
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
Contacts: Amarillo Gold Corp. Buddy Doyle President (604)
689-1799 (604) 689-8199 (FAX) Website: www.amarillogold.com
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