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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Amarillo Gold Corporation | TSXV:AGC | TSX Venture | Common Stock |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.435 | 0.395 | 0.45 | 0 | 01:00:00 |
Hot Features
Premium
Amarillo Gold Corp. (TSX VENTURE:AGC) ("Amarillo" or the "Company") is pleased
to announce that it has awarded to Atticus Consulting SAC (Atticus) of Lima
Peru, the task of conducting the first resource estimate on the Butia prospect,
the most advanced of the numerous prospects that fall within the Lavras do Sul
project.
The resource estimate will be NI 43-101 compliant and Tony Amberg (Sociedad
Cartografica Limitada, Chile) will be the qualified person compiling the
estimate. Mr. Amberg is a geologist of 24 years experience based out of
Santiago, Chile. He is a graduate geologist, BSc (Honors) of London Imperial
College and he also has a MSc. in Geographical and Geodetic information systems
from London University and has extensive international and Latin American
experience, particularly in gold. Mr. Amberg is currently visiting the property
as part of the 43-101 due diligence process. Simon Mortimer, geologist and the
principal of Atticus, will construct the geological model using the Leapfrog 3-D
geological software. Atticus plan to complete the report prior to the end of
June. The following sections provide a brief summary of the prospect.
Location and Access: The Butia prospect is located 4km west of the village of
Lavras do Sol (pop. 8000), in the state of Rio Grande do Sul and is accessible
by regional highway from Porto Alegre, the state capital. The prospect is
located on unimproved land grazed by cattle.
Tenure: In October 2006 Amarillo entered an option agreement with Rio Tinto PLC,
after an open competitive bid. The Butia prospect is included in this option
agreement. Amarillo has met the prerequisites of the agreement to date. Future
obligations to Rio Tinto include:
1. A $US880,000 payment on the formation of a Joint Venture with the
underlying owners. Payment is triggered by the transfer of title to that
JV.
2. A $US 1,000,000 payment to Rio Tinto within 90 days of completion of a
bankable feasibility study.
3. A $6.50/oz cash payment for every one million ounces of recoverable gold
reserves under Amarillo's control.
4. Rio Tinto has a back-in right to acquire 70% of Amarillo's interest in
the property by paying Amarillo three times their expenditure in the
event that Amarillo's equity interest contains in excess of 7 million
ounces of recoverable gold.
To gain tenure Rio Tinto had an option agreement with various mineral right
owners in the area. Amarillo has taken over the Rio Tinto position within this
underlying option agreement. The terms of this option have been met and Amarillo
is in the process of implementing a formal joint venture agreements with the
various mineral right owners. These agreements will also consider that the
Lavras do Sul project lies within the border area.
The Butia prospect lies on exploration permits 810096 and 810095 both owned by
Mineracao Carmec Ltda, (Carmec). Amarillo has secured a binding letter of intent
from the owners that provides for:
a. Agreement on the general terms of the 60% Amarillo, 40% Carmec, Joint
Venture.
b. Carmec will dilute and not contribute.
c. Agreement on the dilution formula
d. Once Carmec dilutes to 10% their interest converts to a 1.5% royalty.
Geology: The Butia prospect is hosted within the neo-Proterozoic Lavras do Sul
granitic complex. This complex is 10km by 10km in area and consists of a
monzonite/granodiorite core surrounded by a rim of perthitic granite. Gold
mineralization is hosted within the granitic complex and within the surrounding
Hilario volcanics to the east. The mineralization varies from east, where it is
hosted in discrete veins systems with a Cu-Ag-Au-W-As association, to west where
the gold mineralization is hosted in broad alteration zones with a Pb-Au-Ag
association. The presence of micro-crystalline silica and the clay mineralogy
(illite, phengite) indicates that the mineralization is epithermal in nature.
The Butia prospect occurs near the western boundary of the intrusive complex
within the perthitic granite. The Butia alteration zone strikes E-W for 1.7km
and is 500m wide as mapped by the presence of green sericite and hematite. The
Butia prospect occurs in the western 500m of this alteration zone. The gold
mineralization zone at Butia as defined by the current drilling is associated
with intense alkali alteration that forms an episyenite microbreccia. The gold
mineralization forms an "L" shape at surface controlled by an E-W structure 250m
long and a N-S structure 250m long. The mineralization, which outcrops at
surface, attains its greatest extent at a depth of 70m-90m below surface and
then decreases in area at depth.
History: The Lavras do Sul area has been the focus of gold rush style
exploitation since it was discovered in the 1780's, with a peak of activity from
1901 to the 1930's. It is not known how much gold was extracted from the Butia
area. Much of the soil over the area of alteration has been overturned and
worked in the past. In the 1930's British and Belgian companies worked the area
with hydraulic mining. The larger workings, of which there are several,
typically exceed 50m by 100m in area. There are also numerous small tunnels and
adits associated with the workings. In the 1980's CBC (a Brazilian state mining
company) drilled 1500m in 11 holes at Butia.
In 2005 Rio Tinto completed 891m of drilling in 5 holes at Butia.
Density: Amarillo has taken 192 densities readings using the displacement
method from 5 separate drill holes at Butia. The mean value of all rock types is
2.65 g/cc. The mineralized episynite (S.G. 2.68 cc/g) is slightly more dense
than the unmineralized perthitic granite (S.G. 2.61 g/cc).
Drill Results: Amarillo has completed 11km of drilling in 45 holes at Butia at
the time of this release. The drill is still operating on the prospect on widely
spaced step-out drill holes. If these holes successfully locate further gold
mineralization, this data will be incorporated into an updated resource estimate
at a later date. Table 1, appended to this news release, records the composite
gold assay results for each hole drilled by Amarillo using a 0.3 g/t cut-off
while Table 2 provides the locations and orientation of the drill holes.
Comment: Amarillo looks forward to generating the first 43-101 resource estimate
from its most advanced prospect within the Lavras do Sul project. However, it is
important to recognize that this is only the initial estimate from this project.
After completing the Butia step-out holes referred to above, the drill will
begin resource definition drilling at the Cerrito prospect. This will allow an
updated Lavras resource estimate that includes Cerrito in four to six months
time. There are 19 separate prospects within the Lavras do Sul project
represented by areas of old gold workings, it is the company's intent to drill
test each one systematically. The company will update the Lavras do Sul resource
estimate each time the work warrants. Amarillo's expectation is that one day
there will be a centralized plant treating gold ores from a number of the more
significant prospects within the Lavras do Sul complex.
This press release was reviewed by Buddy Doyle (B. App. Sc.), a member of
AusIMM, with 28 years experience and a qualified person in compliance with
National Instrument 43-101.
ABOUT AMARILLO:
Amarillo Gold Corp. is a company focused on the acquisition, definition and
discovery of gold resources in Brazil. Its principal projects are the Mara Rosa
project in the state of Goias and the Lavras do Sul project in the state of Rio
Grande do Sul. The Posse Deposit at Mara Rosa was found by an independent 43-101
compliant preliminary economic assessment study carried out by CCIC to contain
643,000 ounces indicated from 13.5MTonnes @ 1.48 g/t Au, 538,000 ounces inferred
from 13.0MTonnes @ 1.26 g/t Au at a 0.5g/t cut-off grade and the project is in
the economic evaluation stage. The Posse deposit is located in an area of
excellent infrastructure located some 35 km NE of Yamana's Chapada open pit
Cu-Au operation, 105 km NE of Serra Grande's underground Au mine, 105 km NNW of
Anglo American's nickel laterite project (in construction), 95 km NW of
Votarintim's Niquelandia nickel laterite mine and approximately 60 kms NE of
Yamana's Pilar Au project (in feasibility). Grid power to the site was
established during the previous open pit mining operation and the Serra da Mesa
hydro-electric dam lies 35 km to the east.
The Lavras do Sul project is in the advanced exploration stage with over 15,000m
of drilling with encouraging gold mineralization being discovered and defined,
also in an area of excellent infrastructure. The Company also has a portfolio of
earlier stage projects. All properties under Amarillo's management are located
in areas of good infrastructure and robust community support.
ON BEHALF OF THE BOARD OF DIRECTORS
AMARILLO GOLD CORP.
Buddy Doyle, President
FORWARD LOOKING STATEMENTS:
This news release contains Forward Looking Statements regarding our intentions
and plans. Various factors may prevent or delay our plans, including but not
limited to, contractor availability and performance, weather, access, mineral
prices and success and failure of the exploration and development carried out at
various stages of the program. Readers should review risk factors applicable to
junior mining exploration companies generally to understand the variety of risks
that can affect the Company.
Table 1:
Composite gold assays. All drill holes completed by Amarillo Butia Prospect.
---------------------------------------------------------------------------
Hole No. Sub-Zone From (m) To (m) Distance (m) Grade (g/t Au)
---------------------------------------------------------------------------
LDH-01 0 169.4 169.4 1.00
---------------------------------------------------------------------------
Including 9.5 10.55 1.0 21.1
---------------------------------------------------------------------------
Including 53 59 6.0 2.14
---------------------------------------------------------------------------
LDH-02 1.1 36.5 35.4 0.43
---------------------------------------------------------------------------
48.7 55.5 6.8 7.44
---------------------------------------------------------------------------
LDH-03 42.5 274 231.5 0.76
---------------------------------------------------------------------------
Including 44.5 54 9.5 2.72
---------------------------------------------------------------------------
LDH-122 5.5 34 28.5 0.40
---------------------------------------------------------------------------
46.0 278.9 232.9 1.95
---------------------------------------------------------------------------
Including 73.0 278.9 205.9 2.16
---------------------------------------------------------------------------
Including 107.0 136.0 29.0 4.92
---------------------------------------------------------------------------
Including 206.0 244.0 38.0 2.91
---------------------------------------------------------------------------
Including 263.0 271.0 8.0 6.17
---------------------------------------------------------------------------
LDH-123 43.0 62.0 19.0 1.03
---------------------------------------------------------------------------
80.0 307.0 227.0 1.84
---------------------------------------------------------------------------
Including 147.0 169.0 22.0 8.26
---------------------------------------------------------------------------
Including 214.0 223.0 9.0 4.72
---------------------------------------------------------------------------
LDH-124 36.5 226.0 189.5 0.88
---------------------------------------------------------------------------
Including 36.5 63.0 26.5 2.50
---------------------------------------------------------------------------
LDH-125 37 91 54.0 1.36
---------------------------------------------------------------------------
Including 80 86.5 6.5 4.69
---------------------------------------------------------------------------
LDH-126 139.5 246 106.5 0.53
---------------------------------------------------------------------------
LDH-127 34.0 50.0 16.0 2.16
---------------------------------------------------------------------------
Including 34.0 35.0 1.0 1.00
---------------------------------------------------------------------------
61.0 88.0 27.0 0.41
---------------------------------------------------------------------------
104.0 162.0 58.0 0.93
---------------------------------------------------------------------------
LDH-128 17.5 30.0 12.5 1.57
---------------------------------------------------------------------------
Including 26.0 27.0 1.0 8.49
---------------------------------------------------------------------------
50.0 71.0 21.0 2.19
---------------------------------------------------------------------------
Including 52.0 55.0 3.0 11.43
---------------------------------------------------------------------------
87.0 207.0 120.0 3.52
---------------------------------------------------------------------------
123.0 180.0 57.0 6.94
---------------------------------------------------------------------------
LDH-130 2.6 13.0 10.4 0.97
---------------------------------------------------------------------------
Including 11.0 12.0 1.0 7.65
---------------------------------------------------------------------------
LDH-131 51.5 62.5 11 1.18
---------------------------------------------------------------------------
LDH-132 85.0 90.0 5 1.04
---------------------------------------------------------------------------
115.0 113.0 18 3.91
---------------------------------------------------------------------------
LDH-36 0.0 42.8 42.8 0.82
---------------------------------------------------------------------------
LDH-37 32.0 120.0 88.0 1.84
---------------------------------------------------------------------------
LDH-133 0.0 108.0 108.0 0.63
---------------------------------------------------------------------------
145.5 173.5 28.0 0.32
---------------------------------------------------------------------------
LDH-134 0.0 50.0 50.0 1.82
---------------------------------------------------------------------------
Including 20 24 4 12.92
---------------------------------------------------------------------------
133.0 198.0 65.0 0.50
---------------------------------------------------------------------------
227.8 235.0 7.2 0.37
---------------------------------------------------------------------------
LDH-135 59.0 82.0 23.0 1.01
---------------------------------------------------------------------------
79.9 82 2.1 6.7
---------------------------------------------------------------------------
LDH-136 0.0 59.0 59.0 1.33
---------------------------------------------------------------------------
Including 0.0 20.4 20.4 2.25
---------------------------------------------------------------------------
71.0 78.5 7.5 0.67
---------------------------------------------------------------------------
LDH-137 0.0 60.5 60.5 0.6
---------------------------------------------------------------------------
LDH-138 123.0 127.0 4.0 0.4
---------------------------------------------------------------------------
160.0 166.0 6.0 0.3
---------------------------------------------------------------------------
230.0 249.0 19.0 0.6
---------------------------------------------------------------------------
LDH-139 194.0 240.0 46.0 0.4
---------------------------------------------------------------------------
LDH-140 85.5 88.0 2.5 12.0
---------------------------------------------------------------------------
LDH-141 47.0 53.0 6.0 0.7
---------------------------------------------------------------------------
LDH-142 0.0 2.5 2.5 0.4
---------------------------------------------------------------------------
111.0 114.0 3.0 3.5
---------------------------------------------------------------------------
Including 113.0 114.0 1.0 9.9
---------------------------------------------------------------------------
307.0 309.0 2.0 0.7
---------------------------------------------------------------------------
LDH-143 1.1 4.1 3.0 0.4
---------------------------------------------------------------------------
26.0 34.0 8.0 1.5
---------------------------------------------------------------------------
272.0 279.0 7.0 0.9
---------------------------------------------------------------------------
LDH-38 56.0 81.5 25.5 0.6
---------------------------------------------------------------------------
101.0 210.0 109.0 0.4
---------------------------------------------------------------------------
Including 195.0 198.0 3.0 2.3
---------------------------------------------------------------------------
LDH-144 174.0 210.0 46.0 0.44
---------------------------------------------------------------------------
221.0 296.0 75.0 0.69
---------------------------------------------------------------------------
Including 237.0 248.0 11.0 2.34
---------------------------------------------------------------------------
305.0 309.4 4.4 2.58
---------------------------------------------------------------------------
LDH-145 133.3 149.0 15.7 0.39
---------------------------------------------------------------------------
LDH-146 50.0 91.0 41.0 0.49
---------------------------------------------------------------------------
128.0 140.0 12.0 0.44
---------------------------------------------------------------------------
Including 167.0 181.0 14.0 9.51
---------------------------------------------------------------------------
LDH-147 183.0 189.0 6.0 1.85
---------------------------------------------------------------------------
362.0 376.0 14.0 0.32
---------------------------------------------------------------------------
LDH-148 187.0 197.0 10.0 0.51
---------------------------------------------------------------------------
345.0 353.0 8.0 0.33
---------------------------------------------------------------------------
LDH-149 12.0 20.0 8.0 0.45
---------------------------------------------------------------------------
51.0 257.0 206.0 0.63
---------------------------------------------------------------------------
LDH-150 0.0 21.25 21.5 0.53
---------------------------------------------------------------------------
LDH-150A 77.0 148.0 71.0 0.54
---------------------------------------------------------------------------
215.0 238.0 23.0 0.3
---------------------------------------------------------------------------
282.0 290.0 8.0 2.64
---------------------------------------------------------------------------
331.0 335.0 4.0 0.82
---------------------------------------------------------------------------
LDH-151 298.5 310.0 11.5 1.27
---------------------------------------------------------------------------
LDH-152 0.0 15.0 15.0 0.99
---------------------------------------------------------------------------
25.0 146.0 121.0 1.08
---------------------------------------------------------------------------
129.0 145.0 16.0 4.12
---------------------------------------------------------------------------
LDH-153 36.5 49 12.5 0.54
---------------------------------------------------------------------------
120 125.5 5.5 0.32
---------------------------------------------------------------------------
147 152 5.0 0.45
---------------------------------------------------------------------------
164.5 169.5 5.0 0.73
---------------------------------------------------------------------------
187.0 192.5 5.5 0.42
---------------------------------------------------------------------------
197.2 202.5 5.3 0.89
---------------------------------------------------------------------------
274.3 306.0 31.7 1.02
---------------------------------------------------------------------------
including 274.3 278.0 3.7 3.21
---------------------------------------------------------------------------
327 332.0 5.0 0.31
---------------------------------------------------------------------------
LDH-154 13.5 19.0 5.5 0.39
---------------------------------------------------------------------------
32.0 222.0 190 0.94
---------------------------------------------------------------------------
including 90.0 94.0 4.0 3.96
---------------------------------------------------------------------------
173.0 176.0 3.0 4.31
---------------------------------------------------------------------------
LDH-155 87.0 110.0 23.0 1.33
---------------------------------------------------------------------------
132.5 170.0 37.5 0.43
---------------------------------------------------------------------------
Table 2:
Drill Holes Completed by Amarillo Butia Prospect.
---------------------------------------------------------------------------
DRILL HOLE AZIMUTH DIP TOTAL ELEVATION EASTING NORTHING
DEPTH (m) (m)
---------------------------------------------------------------------------
LDH-01 20 degrees -60 degrees 187.4 391 218141 6586458
---------------------------------------------------------------------------
LDH-02 20 degrees -60 degrees 104.05 383 218168 6586515
---------------------------------------------------------------------------
LDH-03 16 degrees -60 degrees 281.9 397 218127 6586404
---------------------------------------------------------------------------
LDH-36 16 degrees -60 degrees 125.8 387 218208 6586490
---------------------------------------------------------------------------
LDH-37 16 degrees -60 degrees 150 392 218195 6586436
---------------------------------------------------------------------------
LDH-38 20 degrees -60 degrees 299.8 392 218169 6586397
---------------------------------------------------------------------------
LDH-39 200 degrees -60 degrees 100.2 395 218156 6586346
---------------------------------------------------------------------------
LDH-40 75 degrees -60 degrees 203.15 402 218075 6586300
---------------------------------------------------------------------------
LDH-41 110 degrees -60 degrees 147.7 371 218150 6586627
---------------------------------------------------------------------------
LDH-43 111 degrees -60 degrees 125 379 218142 6586587
---------------------------------------------------------------------------
LDH-122 4 degrees -60 degrees 302.8 381 218105 6586497
---------------------------------------------------------------------------
LDH-123 10 degrees -60 degrees 308.45 387 218094 6586453
---------------------------------------------------------------------------
LDH-124 10 degrees -60 degrees 280.65 393 218090 6586403
---------------------------------------------------------------------------
LDH-125 10 degrees -60 degrees 158.25 375 218131 6586596
---------------------------------------------------------------------------
LDH-126 10 degrees -60 degrees 317.7 398 218072 6586356
---------------------------------------------------------------------------
LDH-127 11 degrees -60 degrees 164.75 373 218095 6586582
---------------------------------------------------------------------------
LDH-128 16 degrees -60 degrees 233.7 375 218075 6586536
---------------------------------------------------------------------------
LDH-129 20 degrees -60 degrees 211.7 379 218051 6586493
---------------------------------------------------------------------------
LDH-130 12 degrees -60 degrees 210.5 384 218037 6586437
---------------------------------------------------------------------------
LDH-131 20 degrees -60 degrees 210.05 392 218019 6586401
---------------------------------------------------------------------------
LDH-132 16 degrees -60 degrees 210.82 400 218002 6586347
---------------------------------------------------------------------------
LDH-133 290 degrees -60 degrees 198.55 382.7 218162 6586519
---------------------------------------------------------------------------
LDH-134 110 degrees -60 degrees 269.1 375 218029 6586520
---------------------------------------------------------------------------
LDH-135 20 degrees -60 degrees 188.7 392 218236 6586404
---------------------------------------------------------------------------
LDH-136 20 degrees -60 degrees 138.7 389 218248 6586442
---------------------------------------------------------------------------
LDH-137 290 degrees -60 degrees 123.25 389 218134 6586476
---------------------------------------------------------------------------
LDH-138 20 degrees -60 degrees 353.3 399 218156 6586346
---------------------------------------------------------------------------
LDH-139 20 degrees -60 degrees 469.85 394 218215 6586356
---------------------------------------------------------------------------
LDH-140 213 degrees -60 degrees 151.4 394 218215 6586356
---------------------------------------------------------------------------
LDH-141 114 degrees -60 degrees 77.15 377 218181 6586571
---------------------------------------------------------------------------
LDH-142 200 degrees -60 degrees 351.9 379 218301 6586606
---------------------------------------------------------------------------
LDH-143 110 degrees -60 degrees 319.3 381 217980 6586526
---------------------------------------------------------------------------
LDH-144 200 degrees -55 degrees 364.28 379 218144 6586763
---------------------------------------------------------------------------
LDH-145 200 degrees -60 degrees 256.98 359 218089 6586719
---------------------------------------------------------------------------
LDH-146 200 degrees -80 degrees 290.21 375 218162 6586638
---------------------------------------------------------------------------
LDH-147 200 degrees -60 degrees 433.33 372 218203 6586698
---------------------------------------------------------------------------
LDH-148 200 degrees -60 degrees 383.15 377 218355 6586702
---------------------------------------------------------------------------
LDH-149 45 degrees -60 degrees 292.35 386 218091 6586444
---------------------------------------------------------------------------
LDH-150 200 degrees -60 degrees 21.25 379 218225 6586619
---------------------------------------------------------------------------
LDH-150A 200 degrees -60 degrees 408.5 377 218241 6586653
---------------------------------------------------------------------------
LDH-151 290 degrees -60 degrees 356.95 378 218326 6586435
---------------------------------------------------------------------------
LDH-152 290 degrees -60 degrees 276.8 378 218156 6586575
---------------------------------------------------------------------------
LDH-153 290 degrees -60 degrees 369.4 379 218277 6586553
---------------------------------------------------------------------------
LDH-154 290 degrees -60 degrees 308.65 382 218232 6586516
---------------------------------------------------------------------------
LDH-155 200 degrees -60 degrees 348.95 380 218280 6586661
---------------------------------------------------------------------------
TOTAL 11086.37
---------------------------------------------------------------------------
Note: Samples include standards, blanks and duplicates, inserted at
approximately every 30th drill core sample. The entire length of core is
sampled. Those areas that appear to be mineralized are sampled at 1m
intervals, all others at 2.5m. The UTM co-ordinates are given using the
SAD-69 system, zone 22.
(i) Reported in an earlier news release
(ii) Reported in this news release.
LDH150 was abandoned @ 21.25m as the hole intersected old mine workings.
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