Friday 30th September 2016

Resource Clips


They know the drill

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The company has two environmental assessments underway, one on land administered by the Idaho Bureau of Land Management, the other on U.S. Forest Service land.

Premium opened February 19 at $0.065, half a cent above the previous close. The shares then slumped to $0.05 before closing on $0.055.

Premium Exploration and Amarillo Gold report assays from Idaho and Brazil

A pilot prepares for a geophysical survey
of Premium Exploration’s Idaho project.

Other infill drilling results announced February 19 came from Amarillo Gold’s TSXV:AGC flagship Mara Rosa project in central Brazil. Some highlights from the 19 holes include:

  • 8.95 g/t gold over 2.3 metres
  • 2.7 g/t over 16.4 metres
  • 1.63 g/t over 14.5 metres
  • (including 8.83 g/t over 1 metre)
  • 1.39 g/t over 13.5 metres
  • 2.39 g/t over 14.5 metres
  • 1.43 g/t over 14.7 metres
  • 2.47 g/t over 16.5 metres
  • (including 16.2 g/t over 0.9 metres)
  • 0.91 g/t over 26.6 metres
  • (including 5.13 g/t over 1 metre).

Intercepts were given in true widths. The top-most intercepts started at surface, while the deepest stopped at a down-hole depth of 308 metres. The assays come from within and immediately below the project’s proposed Posse pit.

The Posse deposit’s 2011 resource estimate uses a 0.5 g/t cutoff to show:

  • measured and indicated categories totalling 20.86 million tonnes averaging 1.75 g/t for 1.17 million ounces
  • an inferred category of 3.63 million tonnes averaging 1.34 g/t for 156,400 ounces.

Some 70% of the resource occurs within 200 metres of surface. Included in the measured and indicated categories is a reserve estimate, using the same 0.5 g/t cutoff, to show:

  • a proven reserve of 5.36 million tonnes averaging 1.87 g/t for 339,600 ounces
  • a probable reserve of 11.74 million tonnes averaging 1.6 g/t for 606,600 ounces.

Amarillo has a feasibility study underway and hopes to begin production in 2014. Nearby infrastructure includes a highway and electrical grid, the company states.

In Brazil’s deep south, Amarillo holds an option to earn a possible 100% interest in the Lavras do Sul project, subject to a 1.5% NSR. The project’s Butia prospect has a 2010 resource estimate using a 0.3 g/t gold cutoff to show:

  • an indicated category of 6.4 million tonnes averaging 1.05 g/t gold for 215,000 gold ounces
  • an inferred category of 12.9 million tonnes grading 0.74 g/t for 308,000 ounces.

Amarillo opened February 19 on its previous closing price of $0.75, with the chart remaining flat throughout the day.

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