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Antioquia Gold Announces Mineral Resource Estimate Update for Cisneros Project and Filing of Financial Statements and Annual Information Form(August 15, 2017)
CALGARY, Alberta, Aug. 15, 2017 (GLOBE NEWSWIRE) -- Antioquia Gold Inc. ('Antioquia Gold" or the "Corporation") (TSX VENTURE:AGD) (OTCQX:AGDXF) is pleased to announce that it has received an updated National Instrument 43-101 ("NI 43-101") compliant resource report (the "Report") for its Cisneros gold project in Antioquia Department, Colombia. The report was prepared by Mr. Fernando Linares, MAusIMM of Lima, Peru and Mr. Edgard Vilela, MAusIMM (CP) who by reason of education, affiliation with a professional association and past relevant work experience, fulfill the requirements of a "qualified person" as defined in NI 43-101.
The current mineral resource estimate (Antioquia Gold Ltd. Cisneros Gold Project, Antioquia Department, Colombia NI 43-101 Technical Report Update on Mineral Resource Estimate, July 16, 2017) is an update to the 2013 resource estimate accompanied by the Technical report prepared by LINAMEC SAC and utilized ordinary kriging interpolation as estimation methodology on a more extensive database. The resource of Guayabito Deposit and Papi Deposit, remains unaltered since 2013 and was estimated using inverse distance cubed (ID3) interpolation methodology.
The Report has an effective date of July 16, 2017 and the Corporation has filed the complete report on SEDAR. It should also be noted that Antioquia Gold has identified an additional six targets that merit further exploration via diamond drilling.
The main objective of the Corporation's drilling campaign during the past year was to increase resource confidence levels at the Cisneros gold project in Antioquia.
The Mineral Resource Estimates (MRE) prepared by LINAMEC utilized a total of 107 drillholes, included 11 new drillholes drilled by AGD in 2016 and 992 underground channel samples, sampled between 2016 and 2017. The mineralized structures, updated with new data are: Nus, Guaico, Footwall-03, Footwall-05 and La Manuela-01. The other areas, Guayabito North and Papi, remain unchanged from 2013.
Cisneros Resources Highlights:
- Updated Mineral Resources for the Cisneros Properties, above cutoff grade for all mineralized structures consist of 509,508 tonnes of Measured + Indicated Mineral Resources with an average grade of 5.95 g/t Au and 495,771 tonnes of Inferred Mineral Resources with an average grade of 6.66 g/t Au (See Table 1).
Table 1. Cisneros Resource Estimate Summary
|Classification||Tonnes|| Grade Au |
|Measured + Indicated||509,508||5.95||97,468|
- Mr. Fernando Linares and Mr. Edgard Vilela, are the Qualified Persons for the Mineral Resource estimate. The effective date of the estimate is 16 July 2017.
- Mineral Resources are reported using a cut-off grade of 2.7 g/t Au for GCO, GCFW3, GCFW5 and LMN1.
- Mineral Resources are reported using a cut-off grade of 1.5 g/t Au for NUS and PAPI.
- Mineral Resources are reported using a cut-off grade of 2.5 g/t Au for GYB.
- Reported Mineral Resources contain no allowances for hanging wall or footwall contact boundary loss and dilution. No mining recovery has been applied.
- Rounding as required by reporting guidelines may result in apparent summation differences between tonnes, grade and metal content.
Mr. Gonzalo de Losada, President and Chief Executive Officer of Antioquia Gold stated:
"We are very pleased with the mineral resource estimate update for the Cisneros project which incorporates additional drill holes and underground sampling. The revised mineral resources are defined at a higher cut-off grade and the measured and indicated resources have improved both in grade and contained ounces of gold. In addition to improving confidence in the deposit, we are encouraged by sample results that have identified six additional potential mineralized gold systems: Bareño, Santa Gertrudis, Cucurucho, Los Planes Monte-Bello, Alto La Cumbre and Guayabito Sur sectors. The geochemical pattern of anomalies encountered for Au, Cu and As are very similar to the La Quiebra- El Limón System where the four gold vein deposits of Guayabito, Guaico, Nus and Papi are located. The potential mineralization of these six sectors is very promising and remains unexplored at depth.”
“Our goal with planned surface and underground drilling (see News Release July 24, 2017) is to continue to build confidence in the resource, de-risk the project and provide value for investors.”
Cisneros Resource Estimate Parameters are as follows:
- The current mineral resource estimate (Antioquia Gold Ltd. Cisneros Gold Project, Antioquia Department, Colombia NI 43-101 Technical Report Update on Mineral Resource Estimate, July 2017) is an update to the 2013 resource estimate accompanied by the Technical report prepared by LINAMEC SAC and utilized ordinary kriging interpolation as estimation methodology on a more extensive database. The resources of the Guayabito Deposit and Papi Deposit, remain unaltered since 2013 and were estimated using inverse distance cubed (ID3) interpolation methodology.
- The Mineral Resource Estimates (MRE) prepared by LINAMEC utilized a total of 107 drillholes, including11 new drillholes drilled by AGD in 2016 and 992 underground channels, sampled between 2016 and 2017. The mineralized structures, updated with new data are: Nus, Guaico, Footwall-03, Footwall-05 and La Manuela-01. The other areas, Guayabito North and Papi remain unaltered.
- For modelling of the main mineralized structures, LINAMEC use Leapfrog and GEMS. The modelling was based upon information obtained from drill hole and channel sampling databases, which compiles the different lithological, mineralogical, structural and alteration characteristics in the Guaico Domain.
- All tables include the resources estimated in 2013 for Guayabito and Papi deposits to obtain the global mineral resources estimate of the Cisneros Property.
- All Mineral Resources were estimated by Fernando Linares, principal geologist with Linares Americas Consulting S.A.C. using the Canadian Institute of Mining (CIM) Standards on Mineral Resources and Reserves, Definitions and Guidelines prepared by the CIM Standing Committee on Reserve Definitions.
- Mineral resources, which are not mineral reserves, do not have demonstrated economic viability.
- The quantity and grade of reported Inferred resources are uncertain in nature and there has been insufficient exploration to classify these Inferred resources as Indicated or Measured; it is uncertain if further exploration will result in upgrading them to a Measured or Indicated category.
Mr. Edgard Vilela, MAusIMM (CP), is a Qualified Person under NI 43-101. Mr. Fernando Linares (MAusIMM), reviewed and approved the scientific or technical disclosure in this release and has verified the data disclosed.
This press release has been prepared under the supervision of Dr. Roger Moss, Ph.D., P.Geo a Qualified Person as defined by NI 43-101.
Q2 2017 Interim Financial Statements and Annual Information Form
The Corporation announces that it has filed its interim unaudited condensed consolidated financial statements for the three and six month period ended June 30, 2017 and related Management Discussion and Analysis. Antioquia has also filed an annual information form for the year ended December 31, 2016. Copies of these documents are available at www.sedar.com under the Corporation’s profile.
Resignation of Mr. Alvaro Espinoza
The Corporation announces that Mr. Alvaro Espinoza has resigned as Executive Vice President of the Corporation and Antioquia Gold Ltd.
The Corporation would like to thank Mr. Espinoza for his dedication, hard work and support.
On behalf of the Antioquia Gold Board of Directors
Mr. Gonzalo de Losada, President and Chief Executive Officer
Antioquia Gold Inc.
For further information on Antioquia Gold Inc., visit our website at www.antioquiagoldinc.com
Neither the 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 press release.
Reader Advisory Forward-Looking Statements:
This press release contains "forward-looking information" within the meaning of Canadian securities legislation. This information and these statements, referred to herein as “forward-looking statements”, are made as of the date of this press release and the Corporation does not intend, and does not assume any obligation, to update these forward-looking statements, except as required by law.
Forward-looking statements relate to future events or future performance and reflect current expectations or beliefs regarding future events and include, but are not limited to, statements with respect to: capital expenditures, operating costs, and the anticipated project schedule. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as “expects”, “anticipates”, “plans”, “projects”, “estimates”, “assumes”, “intends”, “strategy”, “goals”, “objectives”, “schedule” or variations thereof or stating that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be forward-looking statements.
Forward-looking statements are made based upon certain assumptions by the Corporation and other important factors that, if untrue, could cause the actual results, performances or achievements of Antioquia to be materially different from future results, performances or achievements expressed or implied by such statements. Such statements and information are based on numerous assumptions regarding present and future business prospects and strategies and the environment in which Antioquia will operate in the future, including the accuracy of any resource estimations, the price of gold, anticipated costs and Antioquia’s ability to achieve its goals, anticipated financial performance, regulatory developments, development plans, exploration, development and mining activities and commitments. Although management considers its assumptions on such matters to be reasonable based on information currently available to it, they may prove to be incorrect. Additional risks are described in Antioquia's most recently filed Annual Information Form, annual and interim MD&A and other disclosure documents available under the Corporation’s profile at: www.sedar.com.
By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and risks exist that estimates, forecasts, projections and other forward-looking statements will not be achieved or that assumptions do not reflect future experience. We caution readers not to place undue reliance on these forward-looking statements as a number of important risk factors could cause the actual outcomes to differ materially from the beliefs, plans, objectives, expectations, anticipations, estimates, assumptions and intentions expressed in such forward-looking statements.
Readers should also be cautioned that the Corporation’s decision to move forward with the construction and production of the Cisnero Mine is not based on the results of any preliminary economic assessment (“PEA”), pre-feasibility study or feasibility study of mineral resources demonstrating economic or technical viability. Readers are referred to section 14.14 of the Cisneros Report for details on independently verified mineral resources on the Cisneros Project. Since 2013, the Corporation has undertaken exploration and development activities; and after taking into consideration various factors, including but not limited to: the exploration and development results to date, technical information developed internally, the availability of funding, the low starting costs as estimated internally by the Corporation’s management, the Corporation is of the view that the commissioning of a PEA, the establishment of mineral reserves, the commissioning of a pre-feasibility study or feasibility study at this stage is not necessary, and that the most responsible utilization of the Corporation’s resources is to proceed with the development and construction of the mine. Readers are cautioned that due to the lack of a PEA, pre-feasibility study or feasibility study, there is increased uncertainty and higher risk of economic and technical failure associated with the Corporation’s decision. In particular, there is additional risk that mineral grades will be lower than expected, the risk that construction or ongoing mining operations will be more difficult or more expensive than management expected. Production and economic variables may vary considerably, due to the absence of a detailed economic and technical analysis in accordance with NI 43-101. Project failure may materially adversely impact the Corporation’s future profitability, its ability to repay existing loans, and its overall ability to continue as a going concern.
CONTACT: Contact: Antioquia Gold Inc.1-800-348-9657www.antioquiagoldinc.com