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Minera Alamos hails latest drill assays from Santana gold project, which extends mineralization south-southwest

A deeper hole was also sunk to test vertical depths below most of the previous drilling completed at Nicho

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The deep hole hit 247.9 metres (m) of 0.60 grams per ton (g/t) gold and ended in mineralization, said Minera Alamos

Minera Alamos Inc (CVE:MAI) (OTCMKTS:MAIFF) has reported encouraging drill assays from its Santana gold project in Mexico, where it expects to resume mine building activity on or around May 18 this year.

In a statement on Thursday, the firm released assays from holes, which were mainly aimed at assessing the southwest and southerly extensions of the Nicho main zone it works to define the limits of the proposed Nicho pit.

READ: Minera Alamos receives C$5 million on closing royalty deal with Osisko Gold Royalties

A deeper hole was also sunk to test vertical depths below most of the previous drilling completed at Nicho, which hit 247.9 metres (m) of 0.60 grams per ton (g/t) gold and ended in mineralization, it added. 

Minera said the work was a success and continues to extend known mineralization to the south-southwest while showing the potential of the Nicho pipe system.

In the statement, Darren Koningen, the group's CEO said the deep hole had in fact delineated the longest and deepest interval of mineralization ever drilled at Nicho extending down to greater than 300 meters.

"The fact the hole remained in mineralization when it was stopped and has yet to encounter the deep gold-bearing intrusive material that we believe is the source of the gold is an extremely exciting development for the project," he suggested.

"We look forward to using the recent information to update our models for the deposit and to prepare new rounds of drilling aimed not only at continuing to expand the growing mineralized area at Nicho but also to define the potential of a number of other Nicho-style breccia systems previously identified within the Santana project boundaries."

Updating on the coronavirus (COVID-19) pandemic, the firm said the Mexican federal government has extended the closure of all non-essential businesses until May 30, with the exception of people working in areas of low or no cases of coronavirus transmission, which may re-open on May 18.

"To date, there are no known cases of COVID-19 infection at any of the company's operations, projects or corporate offices," Minera added.

Shares of Minera Alamos added nearly 4% to C$0.40 in Toronto.

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TSX-V:MAI
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