Amarillo Gold Completes Definition Drilling at Mara Rosa
Gold Project in Brazil and Reports Results from 4 Holes �
Including 7m @ 6.36 g/t Au Intercept
Amarillo Gold Corp. (TSX-V: AGC) (�Amarillo� or the �Company�) is
pleased to announce completion of the definition drilling program on
the Mara Rosa project. The entire program consisted of 31 drill holes
totaling 8524 metres
designed to upgrade the defined gold resource at Mara Rosa from
the inferred category into the measured and indicated categories. The
program focused on material contained within the theoretical
"Whittle" open pit shell optimized for a US$1000/ounce gold
price. The new infill drilling increases the total metres
completed to 33,024m from 24,500m previously reported.
Amarillo has reported assay results for 15 drill holes from this
definition program prior to this news release, (see AGC News Releases
March 3, 2011, and Feb.1, 2011). Four additional holes are reported
here and shown in Table 1 below, bringing the total results received to
19 drill holes. The locations of collars for the drill holes reported
in this news release are provided in Table 2.
Table 1: Composite Assay Results
Hole No.
|
From
(metres)
|
To
(metres)
|
Interval
(metres)
|
True Width
(metres)
|
Grade
(g/t Au)
|
MRP0030
|
218
|
246
|
28
|
25.4
|
1.69
|
MRP0032
|
223
|
277
|
39
|
35.3
|
1.36
|
MRP0033
|
347
|
400
|
53
|
48.0
|
1.91
|
includes
|
386
|
393
|
7
|
6.3
|
6.36
|
MRP0034
|
305
|
310
|
5
|
4.5
|
0.50
|
|
316
|
339
|
23
|
20.8
|
1.03
|
|
348
|
382
|
34
|
30.8
|
2.10
|
Notes: All drill hole samples consist
of split HQ 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.
A request has been made to the laboratory to
expedite the processing of assay results for the remaining 12 drill
holes for which assays are pending. When the final assays are received,
a new NI 43-101 compliant resource estimate will be generated. This new
resource estimate will become an integral part of the ongoing
pre-feasibility study.
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)
|
MRP0030
|
340.45
|
140
|
70
|
696256
|
8454283
|
443
|
MRP0032
|
371.05
|
140
|
70
|
696266
|
8454349
|
445
|
MRP0033
|
421.45
|
140
|
70
|
696205
|
8454422
|
446
|
MRP0034
|
400.9
|
140
|
70
|
696204
|
8454384
|
446
|
Notes: Collars located by hand held
GPS and are yet to be surveyed to high resolution. UTMs are in SAD69
An updated plan map is presented in Figure 1 (below) and will
also be posted on the Company�s website at www.amarillogold.com
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 centered 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.
Per: "Buddy Doyle"
Buddy Doyle, President
Contacts: Amarillo Gold Corp. +1-604-689 1799 (Canada) +55-31-3261 5974 (Brazil) info@amarillogold.com
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.
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.
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