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Advance Gold Corp (2)
Symbol AAX
Shares Issued 50,514,032
Close 2020-09-16 C$ 0.14
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Advance Gold continues drilling at Tabasquena

2020-09-16 12:21 ET - News Release

Mr. Allan Laboucan reports

ADVANCE GOLD PROVIDES EXPLORATION UPDATE ON RECENTLY COMPLETED DRILLING AND GEOPHYSICS AT TABASQUENA PROJECT IN ZACATECAS, MEXICO

Advance Gold Corp. has provided an update on exploration work recently completed, including drilling and an expanded geophysical survey. The recently completed hole 16 returned a 10.7-metre-thick sulphide zone; samples from this zone have been submitted for assaying. The expanded geophysical program was focused on the northern end of a 3,500-metre continuous IP (induced polarization) chargeability anomaly. This geophysical work has outlined a new key target zone.

Of the four holes drilled to date into the 3,500-metre continuous IP chargeability anomaly, drill hole AGT-16 has encountered the best mineralization, including a 10.7-metre sulphide zone. Mineralization in this hole has zones of semi-massive pyrite, containing 15 per cent to 30 per cent pyrite, together with up to 3 per cent sphalerite and some galena. The first three holes intersected stacked lenses of disseminated sulphides and are around 3,000 metres to the south of AGT-16.

Allan Barry Laboucan, president and chief executive officer of Advance Gold, commented: "The more drilling and geophysical work we do, the more it becomes clear we are looking at a big sulphide system at Tabasquena. So far, drilling into the geophysical anomaly has found stacked layers of disseminated sulphides at the southern end of the anomaly, and now hole AGT-16, approximately 3,000 metres north of the southern holes, has hit a thicker intersection of semi-massive sulphides. It is a big anomaly, and we are now narrowing in on the core of the sulphide system. We have just started a new drill hole into the chargeability anomaly located 75 metres east of hole AGT-16. It is a high-chargeability anomaly. It is also closer to the surface than the anomaly on our original 4,000-metre-long, north-to-south geophysical survey. After we complete this new hole (depth approximately 400 metres), which will test this part of the northern anomaly, we will move to the anomaly in the second image, where the target widens. The high-chargeability anomaly is also within a few hundred metres of the surface. In addition to the upcoming drilling, we are planning a series of east-west IP lines to give us further clarity on the north end of the anomaly. With only four holes into the continuous high-chargeability anomaly, we have moved it forward nicely with sulphides in drill holes covering some 3,500 metres north to south. At the north end, it looks like we are coming closer to the plumbing of the entire sulphide system."

Dr. Julio Pinto Linares, doctor in geological sciences with specialty in economic geology, qualified professional No. 01365 by the MMSA (Mining and Metallurgical Society of America) for Advance Gold, is the qualified person as defined by National Instrument 43-101 responsible for the accuracy of technical information contained in this news release.

About Advance Gold Corp.

Advance Gold is a junior exploration company focused on acquiring and exploring mineral properties containing precious metals. The company acquired a 100-per-cent interest in the Tabasquena silver mine in Zacatecas, Mexico, in 2017 and the Venaditas project, also in Zacatecas, in April, 2018. In addition, Advance Gold holds a 12.23-per-cent interest in strategic claims in the Liranda corridor in Kenya, East Africa. The remaining 87.77 per cent of the Kakamega project is held by Shanta Gold Ltd.

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