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Minera Alamos shares boosted as it makes new gold discovery at Santana project

From surface sampling, a new 'Nicho-style' structure called the Zata zone has been confirmed

Minera Alamos is eyeing Santana as its first commercial mining operation

Mexico-focused Minera Alamos Inc. (CVE:MAI) shares advanced in Toronto as it revealed it had found a new gold discovery at its Santana gold project in Sonora state.

From surface sampling, a new 'Nicho-style' structure called the Zata zone has been confirmed, said the company.

Minera Alamos said that 66 rock samples have been assayed with more than 50% exhibiting grades suitable for heap leaching (over 0.10 g/t (grams per ton), with assays ranging up to 3.3 g/t gold. Notably, this new Zata system lies around 3km from the currently planned Santana commercial heap leach facilities and near to an existing site road that connects the two areas.

"The acquisition of the Santana project was a major milestone for the company not only for the near-term production potential but also for the significant exploration upside that existed," said Darren Koningen, chief executive at Mineral Alamos.

"As we have aggressively moved forward with the production permitting our exploration group has been working hard to expand our understanding of the geological sources of the gold mineralization that occur throughput the property.

"The recent confirmation of the new Zata Zone and its similarities to the Nicho area is an exciting development and further confirmation of the true potential for the Santana concession to host to a number of gold mineralised breccia systems."

Commercial scale

As reported in July, the company amended the scope of its existing Santana gold project test mining permits such that it can become a commercial scale gold mine.

The project has been the site of heap leach bulk test mining and Minera is eyeing Santana as its first commercial mining operation.

Minera's current exploration program is the first drilling campaign at the project since the deposit was delineated in 2009-2011.

Phase 1 is now nearly complete, and, to date, includes nine diamond drill holes for a total of around 1,300 meters.

Following an evaluation of the results from Phase 1, the second phase of drilling is planned for later in 2018 and will target new areas of potential mineralization.

Minera Alamos shares added 4.55% to $0.115.

Quick facts: Minera Alamos Inc

Price: 0.42 CAD

Market: TSX-V
Market Cap: $170.79 m

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