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Nuinsco Announces Tenth Consecutive Intersection of 100m or More of Continuous Critical Elements & Phosphate Mineralization at Prairie Lake

TORONTO, ON / ACCESSWIRE / October 13, 2021 / Nuinsco Resources Limited ("Nuinsco" or the "Company") (CSE:NWI) today announced that a tenth consecutive…

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TORONTO, ON / ACCESSWIRE / October 13, 2021 / Nuinsco Resources Limited ("Nuinsco" or the "Company") (CSE:NWI) today announced that a tenth consecutive drill hole has produced an intersection of 100m or more of Critical Elements and phosphate mineralization at its 100%-owned Prairie Lake project near Terrace Bay, Ontario with the receipt of analyses producing a 183.1m (starting from 3.4m downhole) intersection in DDH NP0803.

"This is the tenth consecutive drill hole from our Prairie Lake project sampling program that has produced a continuous intersection, of rare earth elements, niobium, tantalum and phosphate mineralization of 100m or more - all of the reported intersections have commenced at or near surface, and none are closed off at depth," said Paul Jones, Nuinsco's CEO. "These first ten drill holes are in the southern half of the Southwest ("SW") Area of the Prairie Lake project - additional sample results are now awaited from drill holes in the northern half of this domain. The SW Area has an Exploration Target of 435-530 Mt (see "Prairie Lake ET" table below) of rock endowed with Critical Elements of economic interest that are central to the electrification of the global vehicle fleet and expansion of the capacity for renewable electric-power generation worldwide - initiatives that are forecast to increase demand and prices for these Critical Elements. For example, according to kitco.com, between August 2020 and the present the price of neodymium (neodymium oxide 99.0% purity) alone increased from circa US$60/kg to circa $140/kg ."

Analytical results from the 183.1 metres of continuous mineralization (from 3.4-186.5) of niobium (Nb), tantalum (Ta), phosphate (P2O5), and rare earth elements (REE) including lanthanum (La), cerium (Ce), samarium (Sm), neodymium (Nd) and yttrium (Y) - analytical results are tabulated below. Eighteen drill-holes have been sampled to date as part of the program, focussing on drill-holes collared to intercept the SW area which measures 1km in length and is between 150m and 750m wide at surface. The SW area alone hosts 435-530 million tonnes of the total 515-630 million tonne ET, with grades as tabulated in the "Prairie Lake ET" table below.

Hole ID

From
(m)

To
(m)

Width
(m)

Rock
Type*

P2O5
(%)

Nb2O5
(%)

Ta2O5
(%)

Y
(g/t)

La
(g/t)

Ce
(g/t)

Nd
(g/t)

Sm
(g/t)

∑REE
(g/t)

New intersections:

NP0803

3.4

17

13.6

CRBT,PYX

2.62

0.133

0.0049

58

265

590

273

46

1231

22.72

43.25

20.53

CRBT,PYX

2.48

0.188

0.0022

58

260

583

277

47

1225

47.75

58.5

10.75

CRBT,PYX

2.33

0.117

0.0016

64

230

467

211

36

1009

64

74

10

CRBT

3.22

0.103

0.0010

67

250

500

226

38

1081

97

161

64

CRBT,SILCARB

3.23

0.128

0.0030

63

278

597

277

47

1261

Combined extended intersection:

NP0803

3.4

186.5

183.1

--

3.08

0.113

0.0022

68

274

596

264

46

1248

Principal rock type: CRBT=carbonatite; IJ-PYX BX = breccia with crbt matrix & ijolite or pyroxenite clasts; MEL-IJ = melano-ijolite.
∑REE = Sum of Y, La, Ce, Nd, Sm; Y - yttrium, La - lanthanum, Ce - cerium, Nd - neodymium, Sm - samarium.
P2O5 - phosphate, Nb2O5 - niobium oxide, Ta2O5 - tantalum oxide, 1g/t = 1 ppm

The mineralization of economic interest contained within the Prairie Lake intrusion occurs at surface and extends to unknown depths below the deepest drilling yet conducted (circa 500m vertically). There is no indication that mineralization diminishes with depth and the ten intersections from the program reported to date occur in a domain that presently extends 530m, oriented southeast-northwest, in the SW Area (see map below). The Prairie Lake complex hosts a suite of elements of economic interest identified as Critical Elements defined under the Canadian Minerals and Metals Plan ("CMMP") contained within the very large domain of mineralized rock that is extremely favourably located from a logistical perspective with rail, road, shipping, and power infrastructure already established. Prairie Lake hosts a number of elements and compounds of economic interest including those for which demand is projected to substantially increase and for which secure supply chains are sought.

The Prairie Lake project consists of 46 mineral claims covering an area of ~630 ha. Prairie Lake is superbly located, easily accessed by an all-weather road from the TransCanada Highway located 28 kilometres to the south. The ET is defined by 59 diamond drill holes.

All samples were analysed by Activation Laboratories (ActLabs) in Ancaster, Ontario. Samples were analysed for a whole rock and trace element ICP analytical package as well as for niobium, tantalum, and zirconium oxides using a fusion XRF method. An internal Quality Control Quality Assurance (QAQC) program was implemented with four QAQC samples (blanks and reference standards) added into the sampling stream.

Prairie Lake Drilling & Trenching by Target Area1:

SW

Jim's Showing

East

NE

Other Areas

Total

Historic Drill Holes (1969-1983)

Drill Holes

16

11

1

0

17

45

Metres

1351.7

938.4

34.1

0

1528.5

3852.7

Drill Holes (2007-2010)

Drill Holes

21

10

0

0

1

32

Metres

6632

1692.4

0

0

101

8425.4

Trenches (2010)

Trenching

1

0

2

2

0

5

Metres

377.7

0

433.0

754.55

0

1562.2

1 Trench lengths are calculated as cumulative length of samples along trench.

Prairie Lake ET2:

SW

Jim's Showing

East

NE

Total

REEs
La (ppm) Lanthanum

275 - 340

295 - 360

305 - 370

200 - 250

280 - 340

Ce (ppm) Cerium

650 - 790

670 - 820

670 - 820

450 - 550

650 - 790

Sm (ppm) Samarium

55 - 70

55 - 70

55 - 70

50 - 60

55 - 70

Nd (ppm) Neodymium

295 - 360

290 - 360

320 - 390

235 - 290

300 - 360

Y (ppm) Yttrium

85 - 100

90 - 110

80 - 100

135 - 170

85 - 100

La+Ce+Sm+Nd+Y (ppm)

1360 - 1660

1400 - 1720

1430 - 1750

1070 - 1320

1370 - 1660

Additional Elements (as oxides)
P2O5 (%) Phosphate

3.0 - 4.0

3.5 - 4.5

2.5 - 3.0

2.5 - 3.5

3.0 - 4.0

Nb2O5 (%) Niobium

0.095 - 0.115

0.100 - 0.120

0.040 - 0.050

0.085 - 0.105

0.090 - 0.110

Ta2O5 (ppm) Tantalum

18 - 25

25 - 30

5 - 7

10 - 12

18 - 21

Volume - m3 (million)

140 - 175

12 - 14

13 - 16

2 - 3

170 - 210

Tonnes (million)

435 - 530

35 - 45

40 - 50

7 - 8

515 - 630

2 A full description of methodology used to estimate the Prairie Lake Project Exploration Target is contained in the Technical Report dated 30 November 2018 prepared by P&E Mining Consultants Inc. that is filed on SEDAR. The potential quantity and grade of the ET is conceptual in nature and there has been insufficient exploration to define a mineral resource. It is uncertain if further exploration will result in the discovery of a mineral resource. There is no National Instrument 43-101 - Standards of Disclosure for Mineral Projects preliminary economic assessment in respect of the Prairie Lake ET.

Laura Giroux, P.Geo, Chief Geologist, acts as Nuinsco's Qualified Person under National Instrument 43-101. Ms. Giroux has reviewed and approved the technical contents of this news release.

About Nuinsco Resources Limited

Nuinsco Resources has over 50 years of exploration suc­cess and is a growth-oriented, multi-commodity mineral explora­tion and development company focused on prospective oppor­tunities in Canada and internationally. Currently the Company has four properties in Ontario - the high-grade Sunbeam gold property near Atikokan, the Dash Lake gold property near Terrace Bay, the large multi-commodity (rare-earths, niobi­um, tantalum, phosphate) Prairie Lake project near Terrace Bay, and the Zig Zag Lake property (lithium, tantalum) near Armstrong. In addition, Nuinsco has an agreement for gold exploitation at the El Sid project in the Eastern Desert of Egypt.

Forward-Looking Statements

This news release contains certain "forward-looking statements." All statements, other than statements of historic fact, that address activities, events or developments that Nuinsco believes, expects or anticipates will or may occur in the future are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "seek," "anticipate," "believe," "plan," "estimate, "expect," and "intend" and statements that an event or result "may," "will," "can," "should," "could," or "might" occur or be achieved and other similar expressions. These forward-looking statements reflect the current expectations or beliefs of Nuinsco based on information currently available to Nuinsco. Forward-looking statements are subject to a number of risks and uncertainties that may cause the actual results of Nuinsco to differ materially from those discussed in the forward-looking statements, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on Nuinsco. Factors that could cause actual results or events to differ materially from current expectations include, among other things, failure to successfully complete financings, capital and other costs varying significantly from estimates, production rates varying from estimates, changes in world copper and/or gold markets, changes in equity markets, uncertainties relating to the availability and costs of financing needed in the future, equipment failure, unexpected geological conditions, imprecision in resource estimates, success of future development initiatives, competition, operating performance of facilities, environmental and safety risks, delays in obtaining or failure to obtain tenure to properties and/or necessary permits and approvals, and other development and operating risks. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, Nuinsco disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Although Nuinsco believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.

To learn more, please visit www.nuinsco.ca or contact:

Paul Jones, CEOSean Stokes, Executive VPCathy Hume, ConsultantInstagram: @nuinscoresources
[email protected][email protected][email protected]Twitter: @NWIResources

SOURCE: Nuinsco Resources Limited



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Today’s News

Registration Opens for AME Roundup 2022

Association for Mineral Exploration to Offer In-Person and Online Roundup 2022 ExperienceVANCOUVER, British Columbia, Oct. 13, 2021 (GLOBE NEWSWIRE)…

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Association for Mineral Exploration to Offer In-Person and Online Roundup 2022 Experience

VANCOUVER, British Columbia, Oct. 13, 2021 (GLOBE NEWSWIRE) -- The Association for Mineral Exploration (“AME”) is excited to announce that registration is now open for AME Roundup 2022! Join in person at the Vancouver Convention Centre West and online for live and on-demand programming from anywhere in the world from January 31 to February 3, 2022.

AME Roundup 2022 registration is available here, with options to attend in person, online or a combination. Early bird ticket pricing for attendees is available until December 10, 2021.

“The theme for AME Roundup 2022 is: Engage. Connect. Evolve. As society recovers and evolves from the disruption caused by the global pandemic, so does our industry. At AME Roundup, you will discover how mineral exploration is evolving into a diverse, dynamic sector, embracing new technologies, forging community partnerships and engaging the next generation,” said Kendra Johnston, AME President and CEO.

“Thank you to our Patron sponsor, Teck Resources Limited, and our Platinum sponsors, Anglo American and Newcrest Mining Limited. The support and leadership of all our sponsors enables us to make AME Roundup 2022 a reality for thousands of attendees around the world.”

Hosted by explorers for explorers, AME Roundup is the premier conference for geoscientists, prospectors, financiers, investors, suppliers, governments and Indigenous partners to engage, share knowledge, and stay at the forefront of the opportunities and challenges shaping our industry.

“Join us to connect with your colleagues from around the world, to exchange ideas and inspire new discoveries, and to identify resources critical to our everyday life, sustaining vibrant regional communities for generations to come while respecting the environment around us,” continued Johnston. “AME Roundup is where deals are made, talent is discovered, and trends are set. We can’t wait to see you there!”

Stay up-to-date on conference details, including program announcements, short courses, speakers and networking opportunities at roundup.amebc.ca or follow our AME Roundup social media channels:

@AMEroundup on Twitter
@ameroundup on Instagram
ame-roundup on LinkedIn
#AMERoundup2022

Passes are available for in-person and online access to the conference or an online--only pass. On-demand programming will be available online for six months following the conference.

For registration assistance or general information about the conference and our programs, please contact Roundup Event Registration:

Phone: 604.630.3921
Email: [email protected]

COVID-19 Vaccination Policy

Attendees at AME Roundup are required to abide by the health and safety rules of the conference. AME Roundup will be guided by industry standards, emergency orders, health orders, and recommendations made by the Canadian, British Columbian, and local governments. 

AME requires all in-person attendees at AME Roundup to be fully vaccinated - including delegates, exhibitors, volunteers, AME staff, and contractors and consultants who interact directly with delegates and/or exhibitors.  This policy applies to conference set-up, registration, programming, and teardown. Attendees may be required to show proof of COVID-19 vaccination and should be prepared to do so. Individuals who are not fully vaccinated are encouraged to participate by attending the online version of the conference. 

Contractors and consultants who do not interact directly with delegates and/or exhibitors will be permitted to enter the venue with a daily, on-site, negative COVID-19 rapid antigen test at their own cost. COVID-19 rapid antigen tests will be also be available for in-person participants on a voluntary basis.

About AME

AME is the lead association for the mineral exploration and development industry based in British Columbia. Established in 1912, AME represents, advocates and promotes the interests of almost 5,000 members who are engaged in mineral exploration and development in BC and globally. AME encourages a safe, economically strong and environmentally responsible industry by providing clear initiatives, policies, events and tools to support its membership in delivering responsible projects that advance reconciliation and provide benefit to all British Columbians.

About AME Roundup

AME Roundup is the premier conference for the global mineral exploration industry. It is held annually in Vancouver, on the traditional unceded territories of the Squamish (Sḵwx̱wú7mesh Úxwumixw), Tsleil-Waututh (Səl̓ílwətaʔ/Selilwitulh), and Musqueam (xʷməθkʷəy̓əm) First Nations. AME Roundup offers relevant and timely content, delivered by high-calibre speakers, engaging exhibitors and inspiring presenters. AME Roundup 2022 will bring together thousands of mineral exploration and development professionals in person and online to discuss the key challenges and opportunties shaping our industry and our shared future.

Media Contact:
Morgan Murphy, Smithcom
Phone: 416-629-2143
Email: [email protected] 

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/14f2b6ed-4605-4125-afd6-be3570db5fca


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Today’s News

Bitterroot Resources Intersects High Nickel Grades in Massive Sulphide Mineralization

VANCOUVER, BC / ACCESSWIRE / October 13, 2021 / Bitterroot Resources Ltd. (TSXV:BTT) has received assays for holes LM 21-13 and LM 21-14 at its LM Project…

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VANCOUVER, BC / ACCESSWIRE / October 13, 2021 / Bitterroot Resources Ltd. (TSXV:BTT) has received assays for holes LM 21-13 and LM 21-14 at its LM Project in the Upper Peninsula of Michigan. The assays continue to confirm that the massive and semi-massive sulphides intersected are enriched in nickel and copper, with overlying disseminated mineralization occurring in hole LM 21-13, but absent in LM 21-14.

Details of Mineralized Intervals*

LM 21-13

From
(m)

To
(m)

Interval
(m)

Rock Type

Ni
(%)

Cu
(%)

Au + PGM (ppm)

247.68

250.36

2.68

Upper Disseminated Mineralization

0.33

0.38

0.10

250.36

250.75

0.39

Semi-Massive Sulphide

1.81

0.51

0.52

3.07

TOTAL

0.52

0.40

0.15

LM 21-14

From
(m)

To
(m)

Interval
(m)

Rock Type

Ni
(%)

Cu
(%)

Au + PGM
(ppm)

235.79

236.06

0.27

Semi-Massive Sulphide

1.96

0.01

0.01

236.06

236.86

0.80

Massive Sulphide

4.81

1.05

0.25

1.07

TOTAL

4.09

0.78

0.19

* Intervals are drill intersections and not necessarily true widths. True widths cannot be calculated at this time due to insufficient information on the orientation of the mineralized zones.

Holes LM 21-13 and LM 21-14 were the second and third holes completed in the summer 2021 drilling campaign, which commenced in early June. Four holes drilled this summer exited the intrusion above the elevation of the sulphide mineralization and three holes did not intersect the intrusion. The drilling completed to date has given our team a better understanding of the orientation of the LM intrusion and the position of the basal mineralized intervals within it. A map showing the location of drill holes completed to date is attached to this news release and posted on www.bitterrootresources.com.

The tenth hole of the summer program is currently underway, targeting mineralization in the southeast quadrant, which appears to host the keel of the steeply plunging LM intrusion. An eleventh hole is planned prior to October 31, after which, drilling will pause for hunting season. Discussions with adjacent mineral tenure holders are continuing. Management plans to resume drilling in the winter of 2022.

Exploration of the LM Project is being funded by Bitterroot Resources Ltd. (51%) and privately-owned joint venture partner Below Exploration Inc. (49%).

Mr. Glenn W. Scott, CPG, is the Qualified Person responsible for the technical content of this release.

Quality assurance/Quality control

Bitterroot Resources Ltd. used ALS Canada Ltd. ("ALS") for geochemical analyses and assaying. ALS is a global leader in analytical services. The samples were analyzed at ALS's secure, ISO 17025-certified laboratory in North Vancouver, BC, Canada, by 33-element four acid leach and Fire Assay, both with ICP-AES finish.

Analytical quality assurance and quality control (QA/QC) confirming the accuracy of the analyses were performed by ALS using twelve (12) standard samples and two (2) blanks.

Core samples were transferred on a daily basis from the drill site to Bitterroot's secure core storage and logging facility. After leaving the drill site, core samples were in the custody of Bitterroot's personnel or in secure storage. The two (2)-inch (5 cm)-diameter NQ-sized drill core was cut with a rock saw. Half of the core was shipped to ALS for sample preparation and analysis and half retained. The samples were tagged, bagged and boxed by Bitterroot personnel and shipped via courier to ALS in North Vancouver, B.C.

ON BEHALF OF THE BOARD OF DIRECTORS

Michael S. Carr
Director

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

FORWARD LOOKING STATEMENTS: Certain statements contained in this press release may constitute forward-looking statements under Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "expects" or "it is expected", or variations of such words and phrases or statements that certain actions, events or results "will" occur. This document contains statements about expected or anticipated future events and/or financial results that are forward-looking in nature and as a result, are subject to certain risks and uncertainties, such as general economic, market and business conditions, regulatory processes and actions, technical issues, new legislation, competitive conditions, the uncertainties resulting from potential delays or changes in plans, the occurrence of unexpected events and the company's ability to execute and implement its future plans. Actual events may differ materially from those projected in the forward-looking statements. When relying on forward-looking statements to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and should not place undue reliance on such forward-looking statements. The Company does not undertake to update any forward-looking statements, except as may be required by applicable securities laws. For such forward-looking statements, we claim the safe harbour for forward-looking statements within the meaning of the Private Securities Legislation Reform Act of 1995.

BITTERROOT RESOURCES LTD.
Suite 206-B, 1571 Bellevue Avenue,
West Vancouver, BC, V7V 1A6
tel 604 922 1351
www.bitterrootresources.com


SOURCE: Bitterroot Resources Ltd.



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Today’s News

Amarillo’s new gold deposit at least 200 metres deep

TORONTO, Oct. 13, 2021 (GLOBE NEWSWIRE) — The latest assay results from a regional exploration program confirm the continuity and down dip extensions…

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TORONTO, Oct. 13, 2021 (GLOBE NEWSWIRE) -- The latest assay results from a regional exploration program confirm the continuity and down dip extensions of the Pastinho Gold Deposit, said Amarillo Gold Corporation (TSXV: AGC, OTCQB: AGCBF) today.

“We expect Pastinho to develop into another source of future ore feed for the Posse mill once the Posse Gold Mine is built,” said Mike Mutchler, Amarillo’s President and Chief Executive Officer. “We believe Pastinho will eventually not only extend Posse’s overall mine life, but significantly increase its average annual gold production as well.”

Pastinho is Amarillo’s second primary gold deposit on Amarillo’s Mara Rosa Property in Goiás State, Brazil. It is located 3.5 kilometres northeast of the Company’s flagship Posse Gold Deposit along the Posse north gold trend.

The assay results are from nine holes representing 1,564 metres of the 4,000 metres originally budgeted for the 2021 exploration program at Mara Rosa. These results are in addition to the positive assay results from the 15 holes released in September, after which Amarillo expanded its diamond drill program by 3,000 metres.

Highlights

  • Drillhole 21PTN021 on section line 14 intersected 11.00 metres grading 1.20 g/t gold from 222.0 metres, including 7.00 metres grading 1.81 g/t gold from 220.0 metres. This extends Pastinho to a vertical depth of approximately 200 metres. The deposit remains open at depth.
  • Drillhole 21PTN025 on section line 14 intersected four intervals of elevated gold interpreted to represent parallel gold structures. Highlights include 9.00 metres grading 1.39 g/t gold from 81.00 metres including 4.00 metres grading 2.42 g/t gold from 81.00 metres. There is another one-metre interval from 113.00 metres of greater than 10.0 g/t gold, and 3.00 metres grading 0.52 g/t gold from 145 metres.
  • Drillhole 21PTN012 on section line 26 returned three intervals of prominent gold values including 8.00 metres of 0.78 g/t gold from 44.00 metres, 2.50 metres grading 0.308 g/t gold from 72.50 metres, and 7.50 metres grading 0.731 g/t gold from 90.00 metres. These results are interpreted to represent parallel gold structures.

Discussion of results

Pastinho is located approximately 3.5 kilometres northeast of the flagship Posse Gold Project along the Posse north gold trend.

Drilling to date has defined a near surface northeast-southwest trending tabular-shape gold deposit over a strike length of 1,700 metres that dips approximately 60 degrees northwest. The apparent thickness ranges from 5 to 20 metres. Several parallel gold structures have been observed in some places.

Pastinho is interpreted to be a mesothermal orogenic gold deposit. The gold is typically associated with highly sheared mylonitic metatonalite and amphibolite rocks. The mylonite has been hydrothermally altered characterized by intense silicification, biotite, carbonate, and 3-5% disseminated pyrite occurring within the foliation of the mylonite. The gold-bearing rocks are like the flagship Posse Gold Deposit (see photos in Appendix 1).

The Pastinho drilling program is designed to expand the strike length and depth potential of the Pastinho discovery and confirm the continuity of gold mineralization. Eight of the nine holes disclosed in this press release returned elevated gold values from section line 10 through section line 26 confirming good gold continuity over 800 metres of strike length (see Table 1, Figure 1, and Figure 2). Overall, gold continuity is observed over 1,700 metres of strike length including results from previous drill programs.

Drill hole 21PTN019 was drilled off the Pastinho gold trend to the east on section line 39 and therefore is excluded from this interpretation – although anomalous gold values were encountered.

Each of the nine drill holes disclosed in this news release intersected multiple gold intervals (between three and five) suggesting several parallel gold structures exist at Pastinho. Importantly, many of these parallel gold structures are wide. For example, 21PTN012 on section line 26 returned 8.00 metres grading 0.77 g/t gold, followed by 2.50 metres grading 0.31 g/t gold, and 7.50 metres grading 0.73 g/t gold. Further work is required to better understand the nature of these parallel gold structures.

In addition to lateral continuity, good vertical continuity is developing. For example, on section line 14 drill hole 21PTN021 returned three intervals of gold mineralization highlighted by 11.00 metres grading 1.201 g/t gold at a vertical depth of approximately 200 metres followed by 4.00 metres grading 1.10 g/t gold. Drill hole 21PTN025 was drilled up dip from hole 21PTNH021 and intersected 9.00 metres grading 1.39 g/t gold at vertical depth of about 70 metres, followed by an interval of 3.00 metres grading 0.52 g/t gold. Hole 21PTN001 intersected 12 metres grading 0.78 g/t gold from 23 metres.

Summary

Recent drilling results are confirming good continuity and depth potential at Pastinho. The deposit has been defined over 1,700 metres of strike length to depths of 200 metres and widths of up to 20 metres. The deposit remains open.

The 2021 drilling program has been increased by an additional 3,000 metres based on positive results generated to date.

Two drills are currently operating, and further updates will be provided when results are received.

Qualified person

Michael Durose, P.Geo., Consulting Geologist for Amarillo Gold Corporation and a qualified person (QP) as defined by Canadian National Instrument 43-101, has reviewed and approved the scientific and technical information contained in this release.

Quality assurance and quality control

Sample handling, preparation and analysis are monitored through the implementation of formal chain-of-custody procedures and quality assurance/quality control programs designed to follow industry best practices.

Trench channel samples were taken at 1 metre intervals and placed in a secure sample bag and submitted to ALS Laboratories Inc. in Goiania, Goiás State, Brazil for preparation by crushing to 70% passing 2.0 mm, riffle splitting to obtain 500 g aliquots, and pulverizing to 85% passing 75 microns.

All drillhole samples in this drilling program consist of split NQ diamond drill core.

Drillcore is logged and sampled in a secure facility located in Mara Rosa, Goiás State, Brazil. Drillcore samples for gold assay are cut in half using a diamond saw and submitted to ALS Laboratories Inc. in Goiania, Goiás State, Brazil for preparation by crushing to 70% passing 2.0 mm, riffle splitting to obtain 500 g aliquots, and pulverizing to 85% passing 75 microns.

Pulps are shipped to ALS Laboratories in Lima, Peru and analyzed by a 30 g fire assay and AAS finish (gold – AA23 method). For assays above 10 ppm gold, a cut of the original pulp was re-assayed with a gravimetric finish (gold – GRA21 method).

Certified standards, non-certified blanks and field duplicates are inserted into the sample stream at regular intervals, so that QA/QC accounted for about 10% of the total samples. Results are routinely evaluated for accuracy, precision, and contamination.

About Amarillo

Amarillo is advancing two gold projects located near excellent infrastructure in mining-friendly states in Brazil.

The development stage Posse Gold Project is on the Company’s Mara Rosa Property in Goiás State. It has a positive definitive feasibility study that shows it can be built into a profitable operation with low costs and a strong financial return. Mara Rosa also shows the potential for discovering additional near-surface deposits that will extend Posse’s mine life beyond its initial 10 years. The exploration stage Lavras do Sul Project in Rio Grande do Sul State has more than 23 prospects centered on historic gold workings.

Amarillo trades on the TSXV under the symbol AGC and the OTCQB under the symbol AGCBF. Visit www.amarillogold.com to learn more about the Company’s focus on becoming a mid-tier Brazilian gold producer. Follow us on LinkedIn, Twitter, and YouTube.

Contact information

Mike Mutchler
President & CEO
416-294-0736
[email protected]        

Annemarie Brissenden
Investor Relations
416-844-6284
[email protected]

NOTES

Neither the TSX Venture Exchange nor its Regulation Services Provider (as defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of the content of this news release.

Forward-looking statements

This news release contains forward-looking statements regarding the Company’s current expectations regarding future events, including its business, operations and condition, and management’s objectives, strategies, beliefs, and intentions.

Various factors may prevent or delay our plans, including but not limited to, the trading price of the common shares of the Company, capital market conditions, impacts from the coronavirus or other epidemics, counterparty risk, TSXV approval(s), contractor availability and performance, weather, access, mineral and gold prices, and success and failure of the exploration and development carried out at various stages of the program. Permission from the government and community is also required to proceed with future mining production. Readers should review the Company’s ongoing quarterly and annual filings, as well as any other additional documentation comprising the Company’s public disclosure record, for additional information on risks and uncertainties relating to these forward-looking statements.

Readers should also review the risk factors applicable to junior mining exploration companies generally to better understand the variety of risks that can affect the Company. The Company undertakes no obligation to update publicly or otherwise revise any Forward-looking statements whether as a result of new information or future events or otherwise, except as may be required by law.

TABLE 1: SUMMARY OF ASSAY RESULTS1,2

HoleAzimuth (degrees)Dip
(degrees)
From
(metres)
To
(metres)
Gold interval
(metres)
Gold grade
(grams/tonne)
Section
(line)
21PTN006110-6094.00101.007.000.56519.00
   106.00109.003.001.20519.00
   112.00113.001.000.15319.00
21PTN012110-6044.0052.008.000.76726.00
  including44.0049.005.001.14026.00
   72.5075.002.500.30826.00
   90.0097.507.500.73126.00
21PTN015110-6051.0059.008.000.68921.00
  including51.0057.006.000.80021.00
   64.0067.003.000.26721.00
   70.0072.502.500.16121.00
21PTN019110-6076.0077.001.000.26539.00
   109.00110.001.000.19739.00
   112.00113.001.000.15539.00
21PTN020110-60157.00164.007.000.64812.00
   168.00169.001.001.29012.00
   176.00177.001.000.16812.00
   178.00179.001.000.19212.00
21PTN021110-60222.00232.0011.001.20114.00
  including222.00229.007.001.81214.00
   237.00241.004.001.06714.00
  including237.00239.002.002.00014.00
   276.00277.811.810.28214.00
21PTN022110-60162.00164.002.000.23510.00
   171.00172.001.001.48510.00
   185.00190.005.000.26910.00
21PTN023110-6077.0085.009.000.57115.00
   240.00241.001.000.17415.00
   136.00137.001.000.62715.00
   159.00160.001.000.28115.00
   186.00187.001.000.23215.00
21PTN025110-6081.0090.009.001.38514.00
  including81.0085.004.002.42314.00
   113.00114.001.00>10.00014.00
   129.00134.005.000.179614.00
   145.00148.003.000.51714.00

Notes
1 Assumes 0.2 g/t gold cut-off
2 True widths have not been determined at this time

FIGURE 1: https://www.globenewswire.com/NewsRoom/AttachmentNg/1e0deac6-e778-4264-9602-4397e6698eb7

FIGURE 2: https://www.globenewswire.com/NewsRoom/AttachmentNg/5f900d16-29ca-4e6c-b405-3aa1b876c0b7

FIGURE 3: https://www.globenewswire.com/NewsRoom/AttachmentNg/428d25b3-910a-430f-9575-4d14100be661

Appendix: Photos comparing gold mineralization at Pastinho and Posse

PASTINHO GOLD DEPOSIT

https://www.globenewswire.com/NewsRoom/AttachmentNg/77c5bc25-129a-46eb-9499-e6cf8f9451f6

IMAGE OF TYPICAL CORE FROM POSSE GOLD DEPOSIT

https://www.globenewswire.com/NewsRoom/AttachmentNg/c972a21d-e31e-401d-8f35-14b62bb05ea5

PDF Available: 

http://ml.globenewswire.com/Resource/Download/dbc590f3-33f5-4c78-882a-79c9e20798b4

 


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