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Minera Alamos set to kick off phase one drill programme for Verdes/Santana gold project in Mexico next month

The company said planning is nearing completion for the start of the new exploration drill programme which consists of up to 20 holes with a combined meterage of approximately 3,000m

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The current exploration programme will be the first drilling campaign at the project since the Nicho deposit was delineated in 2009-2011

Minera Alamos Inc. (CVE:MAI) said phase one of its drill programme for the now combined Los Verdes/Santana gold project in Sonora in Mexico is expected to start next month.

In a statement, the company said that planning is nearing completion for the start of the new exploration drill programme which consists of up to 20 holes with a combined meterage of approximately 3,000m.

The drill programme will prioritise areas associated with the extension of the Nicho Main deposit, as well as additional holes at Nicho Norte testing continuity into the contiguous Los Verdes claims.

At the moment, Nicho Norte is currently undergoing bulk heap leaching tests to determine optimal crushing sizes for the potential development of a commercial heap-leach mining operation.

Previous drilling programmes at the Santana project outlined significant gold mineralisation associated with hydrothermal breccias hosted by stocks and batholithic intrusions (approximately 500m x 300m) in the Nicho Main Zone target area.

The drill holes were shallow

The company said a number of other mineralised satellite targets were identified via surface sampling and limited drilling.

The most significant of these to date is the Nicho Norte area located approximately 500m northwest of the Nicho Main Zone and which is the subject of ongoing heap leach test mining activities.

Immediate near-term gold exploration upside

Similar gold mineralisation was once again drilled via shallow holes over a strike length of approximately 200m right up to the limits of the then owner’s (Corex Gold Corp) northern claim boundary.

In the statement issued on Thursday, Minera Alamos president Doug Ramshaw, said: “These concessions were known to be the subject of historical gold activity and recent surface work by our exploration group has confirmed the presence of Nicho-style geology across the concession boundaries.

“In addition to targeting lateral extensions, the current program will also allow the Company to confirm the deeper vertical potential of the deposits. We look forward to providing updates on the progress and results from the drill program over the coming months.”

He said combining the two project areas provides immediate near-term gold exploration upside by allowing the previously identified Nicho gold structures to be followed onto the southern end of its  Los Verdes concession.

Business combination with Corex Gold

Last month, Mineral Alamos announced that it had bought all of the outstanding shares of Corex Gold after Corex shareholders overwhelmingly voted in favour of the proposed deal.

Under the court-approved plan of arrangement announced on 13 April 2018, Corex shareholders received 0.95 common shares of Minera Alamos shares for each Corex share held.

In addition, outstanding Corex options were replaced with 6.935 million Minera Alamos options. The outstanding Corex warrants will be exercisable to acquire up to 32,810,910 Minera Alamos Shares.

Corex will be delisted from the TSX Venture Exchange and the OTCQB.

Under the arrangement, the president of Corex, Doug Ramshaw was appointed President of Minera Alamos.

Quick facts: Minera Alamos Inc

Price: 0.425 CAD

TSX-V:MAI
Market: TSX-V
Market Cap: $173.17 m
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