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Advance Gold Corp (2)
Symbol AAX
Shares Issued 14,656,338
Close 2018-04-16 C$ 0.115
Market Cap C$ 1,685,479
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Advance Gold acquires Venaditas project

2018-04-17 13:48 ET - News Release

Mr. Allan Laboucan reports

ADVANCE GOLD ADDS VENADITAS PROJECT ADJACENT TO SAN NICHOLAS MINE IN OJOCALIENTE, MEXICO

Advance Gold Corp. has added the Venaditas project, a new 100-per-cent-owned property, to adjoin the claims for Teck's San Nicholas base metals mine in Ojocaliente, Mexico. This is the second project for the company in the area. It is approximately 11 kilometres to the west of the Tabasquena silver mine where, as previously announced, drilling is under way.

Highlights of Venaditas project:

  • The Venaditas project's size is 2,365 hectares.
  • The Venaditas project has potential for VMS (volcanogenic massive sulphide) exploration.
  • The Venaditas project adjoins Teck's San Nicholas mine, a VMS deposit.
  • This is a prolific region of Mexico, with several large mines within a 25-mile radius.
  • Nearby mines are hosted in same Tertiary volcanics as Venaditas.
  • There exists a geophysical anomaly below a structural intersection at Venaditas.

Allan Laboucan, president and chief executive officer of Advance Gold, commented: "This is our second project near Ojocaliente. Venaditas is approximately 11 kilometres to the west of our Tabasquena silver mine. Also, in the immediate area are the Milagros and El Coronel mines; all of the mines in the area are hosted in the Tertiary andesites. What stands out to me about Venaditas is twofold, as there are two geological structures that come together at Venaditas. This project is close to being drill ready, and we should have updates shortly on drilling this high-quality exploration project."

Terms of Venaditas acquisition

Upon receipt of regulatory approval, Advance will issue to Hot Spring Mining, a Mexican-based corporation, one million common shares, which will be subject to a statutory four-month hold period. In exchange, Hot Spring Mining will transfer a 100-per-cent interest in the Venaditas claims to Advance. Hot Spring Mining will retain a 2.5-per-cent NSR (net smelter returns) royalty. Advance has the right to buy up to 1.5 per cent of the NSR at a rate of $500,000 per 0.5 per cent.

Other news

Advance will issue 800,000 options at 12 cents per share to certain consultants and advisers.

Julio Linares, PGeo, is the qualified person responsible for this release and has prepared, supervised and approved the preparation of the scientific and technical disclosure contained within the release.

About Advance Gold Corp.

Advance Gold is a TSX Venture Exchange-listed junior exploration company focused on acquiring and exploring mineral properties containing precious metals. The company has acquired a 100-per-cent interest in the Tabasquena silver mine in Zacatecas, Mexico, in 2017.

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