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Minera Alamos Inc
Symbol MAI
Shares Issued 448,246,353
Close 2022-06-23 C$ 0.51
Market Cap C$ 228,605,640
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Minera Alamos samples over one g/t gold at Zacatecas

2022-06-23 11:57 ET - News Release

Mr. Doug Ramshaw reports

MINERA ALAMOS ANNOUNCES REGIONAL EXPLORATION UPDATE -- MELCHOR OCAMPO AREA, ZACATECAS

Minera Alamos Inc. has released an update on its regional exploration activities in the Melchor Ocampo area of Zacatecas. In total, the company owns 6,405 hectares of mineral concessions in the area surrounding its Cerro de Oro project development area. A continuing program of rock sampling and mapping has been under way in this extended area since 2021 while the company was working to finalize surface rights necessary for the permitting of the Cerro de Oro gold project (see recent news release dated June 21, 2022).

The Melchor Ocampo district was home to extensive historical mining activity and evidence of these workings are present throughout the company's concession area. The focus of the larger regional sampling program was to identify other mineralized targets for drilling with an aim of defining exploitable resources beyond those already identified for development at Cerro de Oro.

As part of the continuing exploration activities in the area, a new mineralized trend was identified approximately four to five kilometres southwest of the Cerro de Oro project area and traced over a distance of greater than one kilometre. Surface rock samples have confirmed the presence of widespread disseminated gold mineralization contained in a sedimentary sequence of interbedded siltstone, sandstones and limestones that have been intruded by granitic dikes and sills. The gold-rich mineralization has been deposited distally (up-dip and laterally) from intrusives, creating weak hornfels alteration in skarns and carbonate replacement mineral deposits which lie proximal. Follow-up research by the company's exploration group was able to ascertain that the area of interest was within a previous area of exploration activity by Echo Bay Mexico. During the 1990s, Echo Bay was actively exploring the area at the same time Noranda was exploring the Cerro de Oro area to the northeast (currently owned by Minera Alamos). Both groups were focused on higher grade skarn/carbonate replacement style structures located in areas surrounding intrusive stocks. Due to metal prices at the time, lower-grade anomalous zones containing less than one gram per tonne (g/t) gold were of relatively minor interest.

Mineral Alamos completed an initial rock sampling program in the area of exposed mineralization extending for approximately one km in length. In total 40 samples were collected and analyzed returning gold contents ranging from 0.05 to over 18 g/t (average 1.2 g/t). The results from the sampling program are summarized in the associated table.

"The recent discovery of a significant exposed gold mineralization system located within our greater Santa Rita concession area is extremely exciting and confirms our belief that the areas surrounding the Cerro de Oro project area are prime targets for the development of additional gold resources," said Darren Koningen, chief executive officer of Minera Alamos. "The fact that both Echo Bay and Noranda were active in the area and looking for large mineral systems but at a time of much lower metal prices is particularly encouraging, especially given the initial results from the first modern sampling programs conducted in the area."

With this first pass rock sampling program complete, a more detailed sampling program will be initiated to further define the extent of the known mineralization in advance of drill targeting.

Key highlights from historical reports

The following information was retrieved from historical reports completed for the area by Echo Bay Mexico SA de CV

(Note: These exploration results are historical in nature. Minera Alamos has not undertaken any independent investigation of the sampling nor has it independently analyzed the results of the historical exploration work in order to verify the results. Minera Alamos considers these historical results relevant as the company will use this data as a guide to plan future exploration programs in the area. The company also considers the data to be reliable for these purposes, however, the company's future exploration work will include verification of the data through new drilling.)

  • Eight prospective target areas were identified for drilling with a goal of identifying mineralization containing greater than one g/t gold. The initial target areas were located in an area containing an abundance of old mine workings. Rich silver-base metal-gold mineralization was mined in the area from mantos and replacements near the contact with the Zuloaga limestone formations in the area.
  • It was noted that the alteration observed in the target area was likely consistent with the presence of a large intrusive stock located below the historical mining areas. Zoning was observed with higher grade gold material at or near the crest of the Zuloaga anti-cline that runs through the anomaly with values decreasing down dip. The presence of disseminated low-grade anomalous gold mineralization in the areas surrounding the higher grade contact structures was also noted but was not the primary focus of the initial drill campaigns.
  • Five of the initial gold target areas were drill tested (36 holes for 5,240 metres) using reverse-circulation (RC) techniques. Samples were collected in 1.5-metre intervals and sent to Bonder Clegg for analysis along with bulk control samples and blanks. Some additional samples were sent to an additional third party lab for check analysis.
  • Three of the five drilled gold targets contained significant intercepts of gold mineralization with gold grades in excess of 0.5 g/t. The main target for exploration by Echo Bay was potentially large-tonnage gold-bearing deposits in sedimentary rocks at the top of anticlinal close by the El Cajon mine (these skarns are generally relatively restricted and contains less gold and more silver, lead and zinc). Although not the primary target of the drill campaigns a number of drill holes encountered wide zones of disseminated gold mineralization located away from the skarn contacts that were delineated to depths of 200 m or greater with grades ranging from 0.2 to 0.3 g/t Au up to approximately one g/t Au.
  • An internal historical resource estimate for the area surrounding the limited initial drill holes (0.3 g/t Au cut-off) was calculated by Echo Bay at 2.8 million tonnes containing 0.75 g/t.
  • It was noted that a "possible large tonnage Ag-Pb-Zn [silver-lead-zinc] mineralization with little or no gold was encountered in the down-dip portions of the anti-cline, but was not systematically explored by Echo Bay." Eight holes in this area encountered mineralization containing 50 to 110 g/t silver and 1 to 3 per cent combined lead and zinc. At the time the central part of the polymetallic anomaly with high-grade mineralization was not tested as it was located outside of the Echo Bay concession area. While it was noted that the system was open in several directions, polymetallic mineralization was not of interest at the time to Echo Bay.

Technical information

Mr. Koningen, PEng., Minera Alamos's chief executive officer, is the qualified person responsible for the technical content of this press release under National Instrument 43-101.

All samples from Minera Alamos exploration programs were prepared and analyzed for gold using 30-gram nominal weight fire assaying with AA (atomic absorption)/gravimetric finish. Samples were sent for final preparation and analysis at the SGS facilities in Durango, Mexico. The SGS facilities are ISO/IEC 17025 certified. Some of the data disclosed in this news release related to drilling results and sampling by Echo Bay Mexico SA de CV is historical in nature. Minera has not undertaken any independent investigation of the sampling nor has it independently analyzed the results of the historical exploration work in order to verify the results. Minera considers these historical drill results relevant as the company will use this data as a guide to plan future exploration programs. The company's future exploration work will include verification of the data through drilling.

About Minera Alamos Inc.

Minera Alamos is a gold production and development Company undergoing the operational start-up of its first gold mine that produced its first gold in October, 2021. The company has a portfolio of high-quality Mexican assets, including the 100-per-cent-owned Santana open-pit, heap-leach mine in Sonora that is currently going through its operational ramp up. The 100-per-cent-owned Cerro de Oro oxide gold project in northern Zacatecas that has considerable past drilling and metallurgical work completed and could enter the permitting process rapidly. The La Fortuna open pit gold project in Durango (100-per-cent-owned) has an extremely robust and positive preliminary economic assessment (PEA) completed and the main Federal permits in hand. Minera Alamos is built around its operating team that together brought three mines into successful production in Mexico over the past 13 years.

The company's strategy is to develop very low capex (captial expenditure) assets while expanding the projects' resources and continuing to pursue complementary strategic acquisitions.

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