Amarillo Gold Reports Final 12 Definition Drill Holes at Mara Rosa Gold Project, Brazil: Highlights Include True Widths of 54.8m @ 1.61 g/t Au, 31.7m @2.01 g/t Au. Resource Upgrade Well-Underway
Published : June 29, 2011
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Keywords :   Brazil | Canada | Diamond | Gold | Lead | Market |

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 29, 2011) - Resource Amarillo Gold Corp. (News - Market indicators) ("Amarillo" or the "Company") is pleased to announce that it has received the final assay results from its definition drilling program for the Mara Rosa project. The entire program consisted of 31 drill holes totaling 8524 metres. The program was designed to upgrade the inferred gold resource category at Mara Rosa into measured and indicated resources. The program focused on material contained within the theoretical "Whittle" open pit shell optimized for a US$1000/ounce gold price. The infill-drilling has increased the total metres drilled at Mara Rosa to 33,024m. Amarillo has previously reported the assay results for the prior 21 drill holes from this infill (see AGC News Releases April 7, March 3, and Feb.1, 2011, www.amarillogold.com). The final twelve drill holes are reported here and shown in Table 1. The locations of the drill-collars reported in this news release are provided in Table 2.

Receipt of the final assay results from this drill program has enabled our geological staff to complete an initial review and the results are encouraging. Where there were previously large gaps in the data, the new drilling intersected mineralization, as would be expected from projecting from surrounding holes, thereby increasing the degree of geological confidence in the resource model. The new drilling has also extended the main zone of mineralization further to the south (at depths of about 150m to 200m). The weighted average grade of all the holes drilled in this program is 1.50 g/t. This compares favourably with the 1.38 g/t average grade of the current inferred resource which the drill program targeted.

The drilling data have been delivered to independent consultants who will prepare an updated 43-101 compliant resource estimate within the next few weeks. This estimate will then be delivered to Coffey International Ltd., the lead contractor for the Mara Rosa Prefeasibility Study ("PFS") currently underway, for review and incorporation into the PFS.

Table 1: Composite Assay Results.
 
Hole No.   From
(metres)
  To
(metres)
  Interval
(metres)
  True Width
(metres)
  Grade
(g/t Au)
                     
MRP0031A   240   286   46   41.7   1.34
                     
MRP0035   289   315   29   26.3   1.83
                     
    327   387.5   60.5   54.8   1.61
                     
includes   361   363   2   1.8   10.04
                     
MRP0036   269   285   16.0   14.5   1.24
                     
    292   333   41   37.1   1.72
                     
MRP0037   234   241   7   6.3   0.93
                     
    247   282   35   31.7   2.01
                     
MRP0038   188   213   25   22.7   1.98
                     
MRP0039   180   195   15   13.6   0.50
                     
MRP0040   171   193   22.0   19.9   1.83
                     
MRP0041   124   138   14.0   12.7   0.56
                     
MRP0042   195   200   5.0   4.5   7.16
                     
    208   249   41.0   37.2   1.34
                     
MRP0043   176   181   5.0   4.5   1.59
                     
    194   229   35.0   31.7   1.05
                     
MRP0044   119   125   6.0   5.43   1.30
                     
    132   140   8.0   7.3   3.04
                     
    145   158   13.0   11.8   0.84
                     
    167   176   9.9   9.0   0.93
                     
MRP0045   122   127   5.0   4.5   0.66
                     
    138   175   37.0   33.5   1.13
                     
    181   190   9.0   8.2   0.78
                     
 
Notes: All drill hole samples consist of split HQ and NQ Diamond drill core. The samples were sent to Acme Laboratories in Goiania, Brazil, and Vancouver, Canada. Gold is determined by fire assay using 30g aliquots with an ICP finish. 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 news release all standards, blanks and repeats delivered acceptable results. Intercepts were calculated using a minimum 0.5 g/t cut off where any one sample point lies within a 5m intersection averaging at least 0.5 g/t Au. True width was determined assuming the mineralization has an average dip of 45 degrees.
 
Table 2: Collar information for the drill holes reported in Table 1.
 
Hole No.   Total Depth
(metres)
  Azimuth
(degrees)
  Dip
(degrees)
  Easting
UTM
  Northing
UTM
  Elevation
(metres)
                         
MRP0031A   340.3   140   70   696445   8454525   445.91
                         
MRP0035   395.45   140   70   696257   8454438   447.4
                         
MRP0036   380.4   140   70   696308   8454454   447.2
                         
MRP0037   307.25   140   70   696304   8454381   445.8
                         
MRP0038   282.4   140   70   696386   8454362   443.1
                         
MRP0039   260.15   140   70   696298   8454324   440.3
                         
MRP0040   307.70   140   70   696399   8454263   440.8
                         
MRP0041   217.70   140   70   696333   8454193   440.0
                         
MRP0042   316.75   140   70   696511   8454524   444.4
                         
MRP0043   284.0   140   70   696598   8454573   437.2
                         
MRP0044   285.2   140   70   696649   8454516   434.9
                         
MRP0045   269.15   140   70   696400   8454497   450.0
 
Notes: Collars located by Differential GPS, UTMs are in SAD69

An updated plan map and a 3D view of the results can be found on www.corebox.net and at www.amarillogold.com on the front page. 

This press release was reviewed by Buddy Doyle (B. App. Sc.), a member of AusIMM, with 28 years' experience and a Qualified Person in compliance with National Instrument 43-101.

About Amarillo Gold Corp.:

Amarillo Gold Corp. is focused on the acquisition, discovery, and definition of gold resources in Brazil. The Company's 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 contains 623,000 ounces of gold indicated from 11.9 MT at 1.62 g/t Au, and 451,000 ounces of gold inferred from 10.1 MT at 1.38 g/t Au (0.5 g/t cut-off grade) (NI 43-101 compliant resource as independently determined by Australian Exploration Field Services Pty. AEFS). The Mara Rosa Gold Project is in the Pre-feasibility stage.

The Posse Deposit was successfully mined by Western Mining Company (WMC) during the 1990s (mined areas are excluded from the above-stated resource figures), and is located in an area of excellent infrastructure approximately 35 km NE of Yamana's Chapada open pit Cu-Au operation, 105 km NE of Serra Grande's underground Au mine, 105 km NNW of Anglo American's Ni laterite project (in construction), 95 km NW of Votarintim's Niquelandia Ni laterite mine, and some 60 km NE of Yamana's Pilar Au project (in Feasibility).Grid power to the site was established during WMC's open pit mining operation, and the Serra da Mesa (450 MW) hydro-electric dam lies 35 km to the east.

The Lavras do Sul Project is an advanced exploration stage property (190 sq. km.) comprised of more than 19 prospects centred on historic gold workings, with encouraging gold mineralization discovered and defined by more than 16,000 metres of drilling. The initial resource estimate at the Butia prospect reported 215,000 ounces of gold indicated from 6.4 MT at 1.05 g/t Au, and 308,000 ounces of gold inferred from 12.9 MT at 0.74 g/t Au ((0.3 g/t cut-off grade)(NI 43-101 compliant resource as independently determined by Atticus Consulting 2010). Lavras do Sul is also located near excellent infrastructure. The Company also has a portfolio of earlier stage projects and all properties under Amarillo's management are located in areas of good infrastructure and mining-friendly communities.

ON BEHALF OF THE BOARD OF DIRECTORS

AMARILLO GOLD CORP.

Buddy Doyle, President

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.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Amarillo Gold Corp.
Buddy Doyle
President
+ 1-604-689-1799 (Canada)
+55-31-3261-5974 (Brazil)
info@amarillogold.com or www.amarillogold.com
Data and Statistics for these countries : Brazil | Canada | All
Gold and Silver Prices for these countries : Brazil | Canada | All

Amarillo Gold Corp.

EXPLORATION STAGE
CODE : AGC.V
ISIN : CA02301T1084
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Amarillo Gold is a gold exploration company based in Canada.

Amarillo Gold holds various exploration projects in Brazil.

Its main exploration properties are MARA ROSA, SAN ANTONIO, OUROLANDIA and LAVRAS DO SUL in Brazil.

Amarillo Gold is listed in Canada and in United States of America. Its market capitalisation is CA$ 19.7 millions as of today (US$ 15.9 millions, € 13.7 millions).

Its stock quote reached its highest recent level on December 24, 2010 at CA$ 1.90, and its lowest recent point on December 24, 2015 at CA$ 0.04.

Amarillo Gold has 80 250 000 shares outstanding.

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Annual reports of Amarillo Gold Corp.
2007 Annual Report
Financings of Amarillo Gold Corp.
4/14/2011ANNOUNCES $10 MILLION PRIVATE PLACEMENT
Option Grants of Amarillo Gold Corp.
7/18/2011Shareholders Approve Rights Plan; Company Grants Options
Project news of Amarillo Gold Corp.
4/29/2013(Mara Rosa)Mara Rosa Project: New Geotechnical Study Allows for Steeper...
10/11/2012(Mara Rosa)Receives Further Positive Metallurgical Results at the Mara ...
9/13/2011(Mara Rosa)Upgrades Mara Rosa Resource to Measured + Indicated 1.17 Mil...
6/29/2011(Mara Rosa)Reports Final 12 Definition Drill Holes at Mara Rosa Gold Pr...
4/8/2011(Mara Rosa)Completes Definition Drilling at Mara Rosa Gold Project
2/1/2011(Mara Rosa)Drills 35.7 m (True Width) of 2.67 g/t Au in First Results f...
5/28/2007Releases Drilling and Assaying Update from its Lavras do Sul...
Corporate news of Amarillo Gold Corp.
1/18/2016Public Hearing for the Environmental Permitting of the Posse...
1/18/2016Public Hearing for the Environmental Permitting of the Posse...
7/14/2015Amarillo Appoints Araõ Portugal to Expedite Permitting
7/14/2015Amarillo Appoints Arao Portugal to Expedite Permitting
10/8/2014Amarillo Gold Welcomes New Chief Financial Officer
8/18/2014Amarillo Gold Announces Gold-linked Credit Facility
7/15/2014Amarillo Gold Signs a Protocol With the State of Goias and t...
2/19/2013Drills 19 Metres at 2.47 g/t Au at Saddle Zone in Proposed P...
9/12/2012Closes Non-Brokered Private Placement for $4.1 Million in Pr...
9/19/2011Dale Mah comments on Amarillo Gold Corp. in Gold Report Inte...
9/9/2011Upcoming Conferences
6/17/2011Implements Shareholder Rights Plan
5/26/2011Follow Up (Mackie Research)
5/24/2011Receives Pre-Feasibility Metallurgical Report, Defining Gold...
5/4/2011Closes $10 Million Brokered Private Placement
4/29/2011Closes First Tranche of Brokered Private Placement for $8.4 ...
4/11/2011Buddy Doyle Leads Amarillo Gold - Northern Miner
3/3/2011Drills 17 Metres of 3.17 G/T Au in 2nd Round of Results From...
8/20/2008drills 88 m @ 1.83 g/t Au at Butiá, and 162m @ 0.70 g/t Au a...
4/17/2007Assay Results From Marifil'S Amarillo Norte Gold Property --...
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