Minera Alamos {TSX.V: MAI}

Released additional drill results from its phase 2 drill program at the Santana gold project in Sonora, Mexico. Phase 2 was completed over the past year.

The successful results from the program, which are highlighted in the associated table, further expand mineralisation to the southwest and confirm the depth potential previously identified in hole S20-134.

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2020-06-10 04:13 ET – News Release

Mr. Darren Koningen reports

MINERA ALAMOS CONTINUES TO EXPAND MINERALISATION AT SANTANA GOLD PROJECT, SONORA, MEXICO

Minera Alamos Inc. has released additional drill results from its phase 2 drill program at the Santana gold project in Sonora, Mexico. Phase 2 was completed over the past year and was initiated as a follow-up to the company’s first drill program at Santana during the 2018/2019 period. These new holes were designed primarily to test the northern limits of the Nicho main zone and to continue to evaluate the potential for further extensions of the known mineralisation to the south and southwest. The successful results from the program, which are highlighted in the associated table, further expand mineralisation to the southwest and confirm the depth potential previously identified in hole S20-134 (see news release of April 30, 2020).

The company has also finalized initial plans for the phase 3 drill program, which will commence shortly following the resumption of post-COVID-19 mining activities in Mexico. Current plans call for an additional 20 to 25 holes at Nicho totalling approximately 4,000 metres as well as the company’s first drill holes at the Zata and Gold Ridge targets in addition to the recently identified Bufita target. Drill testing on the new targets will include initial scout drill holes designed to understand the 3-D geometry of the outcropping geology and associated geochemical anomalies, followed by more extensive definition drilling as warranted. In addition, the company has further holes planned for the Divisadero target to gain a better understanding of the geometry, limits and the internal characteristics of this gold-bearing intrusive centre. In total, the phase 3 drill plans amount to approximately 6,000 to 7,500 m of drilling to be conducted over the second half of the year. The program could be expanded depending on the success of the initial holes on the new targets.

Drilling highlights:

• Hole S20-141 — 202.7 m of 0.51 g/t Au (drilled vertically from surface and ending in mineralisation);
• Completion of hole S20-141 (depth in excess of 200 m) approximately 100 m southwest of previously drilled S20-134 (247.9 m of 0.60 g/t Au) confirms the presence of open mineralisation at vertical depths previously untested prior to this phase of drilling; deeper drilling now planned;
• Hole S20-139 extends the known area of Nicho mineralisation an additional 100 m to the southwest of any previous drilling and increasing the southwest-northeast strike of known mineralisation to approximately 500 m.

“The phase 2 drill program at Santana has been extremely successful in demonstrating that the initial Nicho Main zone breccia pipe has significant potential for expansion. We have now extended the lateral extents of the mineralised zone by almost 150 m from what was identified previously and to overall vertical depths beyond 200 m. The mineralisation appears to remain open in multiple directions as well as at depth. The drilling planned for phase 3 will focus on continuing to define the system’s margins as the company finalises its pit optimisation studies,” stated Darren Koningen, chief executive officer. “We are also excited to commence the drill testing of numerous new targets that have been identified within the Santana project boundaries over the last 18 months. During that period, our geological team has been able to put together a much more complete understanding and appreciation for the larger mineralising events responsible for the emplacement of this cluster of gold-bearing breccia pipes. Should even a few of these new targets exhibit the potential we have now seen at Nicho it will be a transformative event for the Santana project and its future growth potential.”