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Advance Gold Corp (2)
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Shares Issued 7,696,339
Close 2016-03-28 C$ 0.02
Market Cap C$ 153,927
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Advance Gold JV completes 85% earn-in on Kenyan permits

2016-04-18 14:31 ET - News Release

Mr. Jim Gillis reports

ACACIA MINING PLC COMPLETES EARN-IN AT ADVANCE GOLD'S WEST KENYA PROPERTIES 458 DRILL HOLES COMPLETED ON ADVANCE GOLD'S LICENCES

Acacia Mining PLC, through its subsidiary Acacia Exploration Kenya Ltd., has completed its earn-in on Advance Gold Corp.'s three exploration permits in Kenya, East Africa. Acacia has spent in excess of the required $1.5-million to earn 85 per cent of Advance Gold's special licence 265 (Bukura), special licence 266 (Sigalagala) and special licence 267 (Rosterman) that cover 40.4 square kilometres in total.

Acacia has spent, since November, 2012, a total of $18-million on its West Kenya project, which includes Advance Gold's three exploration permits. Exploration activities by Acacia incorporated geological mapping, extensive soil sampling, approximately 61,000 metres of air-core drilling and over 35,000 metres of reverse circulation and diamond core drilling across its entire project area. The highest-priority area for Acacia is within the Liranda corridor, where drilling has indicated a series of narrow vein, high-grade zones within a nine-kilometre-long structural corridor. Advance Gold's Sigalagala and Bukura licences lie along this corridor.

Jim Gillis, president of Advance Gold, commented: "It is good that we have Acacia as a partner on our Kenya exploration licences and to see their level of exploration commitment. Their success in defining the very prospective Liranda corridor and their continued exploration in 2016 is a tribute [to] the gold potential of this Lake Victoria greenstone belt."

Acacia's 2016 exploration budget for its West Kenya project totals $8-million, with the majority of the exploration to be spent on a high-priority 4.5-kilometre section of the Liranda corridor. Advance Gold's Sigalagala and Bukura licences bracket the high-priority area. Advance Gold has received a second quarter exploration budget and work program from Acacia that will see an airborne VTEM (versatile time-domain electromagnetic) survey cover a portion of the Advance Gold ground. Advance Gold has elected not to participate in this round of exploration and once the program has completed it will retain a 14.1-per-cent interest in the three permits.

Acacia's model for the Liranda corridor is the Strzelecki and K2 shear zone with multiple shears/multiple shoots in Kundana, Australia, where Northern Star's Pegasus deposit has current total estimated resources of three million tonnes of 11.6 grams per tonne gold for 1.1 million ounces of gold (see Northern Star's news release dated Feb. 16, 2015). It is believed that the Liranda corridor in Kenya is analogous to the high-grade, steeply dipping and plunging ore shoots in Western Australia. Advance Gold's Sigalagala licence encompasses a four-kilometre section of this gold-mineralized Liranda corridor.

Over the joint venture earn-in period, Acacia Exploration Kenya has drilled a total of 458 holes -- 11 as diamond core, five as reverse circulation and the remainder as air core. A total of 6,672 samples were assayed from these drill holes.

           HIGHLIGHTS OF THE DRILLING ON ADVANCE GOLD'S THREE KENYA LICENCES

Hole ID                    Drill         From           To     Interval           Au
                            type           (m)          (m)          (m)        (g/t)
                         
LCD0013                  Diamond        
                            core         62.0         65.0          3.0         8.74
including                                62.0         62.7          0.7         34.1
and                                     162.0        163.0          1.0         3.50                        
RODD001                  Diamond         
                            core         37.5         38.1          0.6        16.20
and                                     266.0        267.0          1.0         4.59
and                                     277.0        277.5          0.5         2.89
and                                    281.88       282.38          0.5         3.71
and                                     335.0        338.0          3.0         3.51
and                                     446.5        448.7          2.2         2.81                         
ASRC036                  Reverse         
                     circulation         72.0         86.0         14.0         1.17
including                                80.0         83.0          3.0         4.56
KDAC0152*               Air core         29.0         35.0          6.0        30.90
KDAC0135                Air core          0.0         10.0         10.0         1.75
KDAC0161*               Air core         41.0         50.5          9.5         1.59
including                                47.0         50.5          3.5         4.20
KDAC0558                Air core          0.0          3.0          3.0         3.08
KDAC0617                Air core         33.0         39.0          6.0         7.70
KDAC0180                Air core         47.0         80.0         33.0         0.38
KDAC0125                Air core         29.0         35.0          6.0         1.69
including                                29.0         32.0          3.0         3.35
KDAC0043                Air core          0.0          5.0          5.0         1.85
KDAC0074                Air core          5.0         17.0         12.0         0.64
KDAC0188                Air core          0.0         23.0         23.0         0.28
including                                 8.0         14.0          6.0         0.89
KDAC0041                Air core          0.0          2.0          2.0         2.83

The intervals do not necessarily indicate true width of mineralization
as its geometry is not known.
Average drilling depth from the air-core drilling is relatively 
shallow at 30 metres.
* Hole ended in mineralization.

The Acacia and Bushiangala shoots have been drilled and have targeted high-grade mineralized intersections down to 500 metres below surface. On both shoots, multiple high-grade mineralized structures are associated with significant sericite-carbonate-plus-or-minus-fuchsite-pyrite alteration and moderate shearing. Acacia has found that the high-grade mineralization at depth has the potential to occur blind or below weak near-surface anomalies. Advance Gold considers the portion of the Liranda corridor on the Sigalagala licence to remain extremely prospective for deep gold mineralization.

Qualified person

Jeffrey Ackert, a director of the company, is a qualified person as defined by National Instrument 43-101 and has reviewed and approved the exploration information and technical disclosure in this news release. Mr. Ackert served as vice-president, exploration and business development, of Advance Gold from June 9, 2008, until his resignation as a vice-president on Sept. 24, 2015.

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