VANCOUVER, BC, March 9, 2021 /CNW/ - Aris Gold Corporation (Aris Gold or the Company) (TSX: ARIS) (OTCQX: ALLXF) announces high-grade gold intercepts over broad widths at the Marmato mine in Colombia.
The 2020-2021 drill program that began in May 2020 at Marmato comprises 60 holes totalling 35,000 metres and is now approximately 50% complete. Drilling to date has demonstrated high-grade mineralization over broad widths, demonstrating potential to extend the 13-year mine life outlined in the Company's Pre-Feasibility Study dated September 18, 2020 with an effective date of March 17, 2020.
Figure 1 – Plan view (CNW Group/Aris Gold Corporation)
Figure 2 – Cross section showing traces of MT MH02-01 and -02 intersecting New and Main Zone (CNW Group/Aris Gold Corporation)
Figure 3 – Cross section of drill traces intersecting mineralization to the East of the Main Zone (CNW Group/Aris Gold Corporation)
Figure 4 – Cross section showing drill traces intersecting the Fortaleza Zone to the North (CNW Group/Aris Gold Corporation)
The principal objective of the drill campaign is to convert Inferred Mineral Resources to Indicated Mineral Resources. In addition to the Deep Zone, the campaign is also testing the newly discovered Fortaleza Zones A and B to the north, which opens up a new area that will require further drilling to evaluate its potential.
Aris Gold CEO Neil Woodyer commented, "Our ongoing drill program at Marmato continues to deliver on our objective of adding to the already large gold inventory and 13-year mine life. Drilling in the Deep Zone is demonstrating potential for a larger, higher-grade system than previously envisioned. In addition, drilling on the newly discovered Fortaleza zones to the north confirms a prospective new area worthy of additional testing."
Highlights
The table below lists new intercepts greater than 1.0 g/t gold received since the Caldas Gold news release of November 24, 2020. Results reported here include six drill holes totalling 4,069 metres.
Hole
From (m)
To (m)
Intersection width (m)
Au (g/t)
True width (m)
MT-IU-075*
338.00
600.00
262.00
1.56
104.0
including
389.55
429.30
39.75
2.35
16.3
including
481.23
503.07
21.84
2.07
8.6
including
514.53
534.43
19.90
1.94
7.7
including
586.83
600.00
13.17
3.35
5.0
MT-IU-077*
215.00
250.65
35.65
2.82
21.0
and
333.20
409.75
76.55
1.93
44.9
including
333.20
364.60
31.40
1.95
18.4
including
377.50
388.40
10.90
3.61
6.4
including
397.90
409.75
11.85
2.93
6.9
and
521.00
532.80
11.80
4.16
6.8
MT-IU-078*
376.65
403.10
26.45
2.83
5.0
and
591.55
627.75
36.20
3.68
7.2
and
747.40
798.80
51.40
2.46
11.3
MT-IU-079*
409.60
462.00
52.40
1.67
22.7
and
572.80
591.70
18.90
2.37
8.1
MT-MH01-01**
327.60
340.82
13.22
2.89
5.2
and
385.40
746.85
361.45
2.21
147.1
including
431.00
509.10
78.10
3.43
30.8
including
667.00
746.85
79.85
3.07
35.4
MT-MH02-01**
173.90
189.20
15.30
2.16
9.8
and
421.00
462.10
41.10
2.57
29.6
and
573.70
746.50
172.80
1.95
130.4
including
573.70
619.20
45.50
2.33
34.0
including
643.50
738.20
94.70
2.13
71.9
Notes:
* Denotes underground drill holes drilled at -50 to -73 degrees from the horizontal. The intersection widths do not represent true widths. The true widths estimated from the geological model are also given. Sample lengths average 1.60 metres but may be varied for geological and recovery factors. Intersections were calculated using a cut-off grade of 0.5 g/t gold, and no more than 5.0 m of continuous internal dilution for intervals up to 50 m, no more than 10 m of continuous internal dilution for intervals of 50-200 m, and no more than 20 m of continuous internal dilution for intervals greater than 201 m. Gold grades were capped at 13.0 g/t gold which affects 14 samples of a total of 2014 samples. Intervals greater than or equal to 1.0 g/t are reported.
** Denotes directional drilling mother and kick-off holes. The directional drilling kick-off holes were drilled at -48 and -45 degrees from the horizontal. The collar coordinates are for the kick-off point in the mother hole.
The holes were drilled from three purpose-built underground drill stations on levels 20 and 21 of the mine.
The datum used for the collar coordinates is the official Colombian Magna Sirgas system. "masl": metres above mean sea level.
Drill collar location, elevation, azimuth and dip are as follows:
Hole
Easting
Northing
Elevation (masl)
Azimuth
Inclination
Length (m)
MT-IU-075
1163641
1097817
997.09
231
-67
650.65
MT-IU-077
1163437
1097899
1052.98
50
-50
700.60
MT-IU-078
1163641
1097817
997.00
160
-73
800.30
MT-IU-079
1163437
1097899
1053.00
50
-60
709.40
MT-MH01-01
1163356
1098028
760.00
160
-48
524.65
MT-MH02-01
1163580
1098019
855.00
220
-45
683.50
Interpretation
The ongoing 2020-2021 drilling campaign has been successful in showing higher-grade mineralization over broad widths in the Main Zone (MZ) below the 500-metre level and in the New Zone (NZ) above the 500-metre level, which strengthens the probability of adding a significant amount of mineral resources to the current inventory. The higher-grade shell is defined as greater than 2.5 g/t Au and lies within the grade shell of 1.7 g/t Au used to build the geological model of the Deep Zone (MDZ).
Infill drilling in the MZ has extended the higher-grade mineralization over broad widths down to the 400-metre level, well below the 500-metre level that is the bottom of the Indicated Mineral Resource, and remains open at depth. Drill holes MT-IU-75 and MT-IU-078 confirm that the MZ is branching into three separate bodies (A, B, C) to the southeast with the three reporting higher-grade mineralization over broad widths. Drill hole MT-IU-075 intersected 39.75 m at 2.35 g/t Au in the Main Zone A, 21.84 m at 2.07 g/t Au and 19.90 m at 1.94 g/t Au in the Main Zone B, and 13.17 m at 3.35 g/t Au in the Main Zone C. Drill hole MT-IU-078 intersected 26.45 m at 2.83 g/t Au in the Main Zone A, 36.20 m at 3.68 g/t Au in the Main Zone B, and 51.40 m at 2.46 g/t Au in the Main Zone C.
Two wildcat drill holes, MT-IU-077 and MT-IU-079, were successful in intersecting higher-grade zones over broader widths compared to previous drilling in the Fortaleza Zones A and B, which opens a new area that requires further drilling to fully evaluate its potential. Drill hole MT-IU-077 intersected 35.65 m at 2.82 g/t Au and 76.65 m at 1.93 g/t Au in Fortaleza Zones A and B, including two vein-related intercepts that returned 10.90 m at 3.61 g/t Au and 11.85 m at 2.93 g/t Au, respectively, in the Fortaleza Zone B. Drill hole MT-IU-079 intersected 52.40 m at 1.67 g/t Au and 18.90 m at 2.37 g/t Au in Fortaleza Zones A and B.
Infill drilling in the NZ confirms higher-grade mineralization over broad widths above the 500-metre level, which is the bottom of the Indicated Mineral Resource. Kick-off drill hole MT-MH01-01 intersected 361.45 m at 2.21 g/t Au, including 78.10 m at 3.43 g/t Au in the NZ, and 79.85 m at 3.07 g/t Au in the MZ. Kick-off drill hole MT-MH02-01 intersected 41.10 m at 2.57 g/t Au in the NZ, and 172.80 m at 1.95 g/t Au in the MZ, including 45.50 m at 2.33 g/t Au and 94.70 m at 2.13 g/t Au.
The style of mineralization for the intersections associated with the NZ and the Fortaleza Zone is the same as the MZ and is characterized by very narrow veinlets of quartz-pyrrhotite-bismuth tellurides-free gold with minor amounts of pyrite and chalcopyrite, rimmed by a narrow halo of sodic-calcic alteration. The two high-grade intersections in MT-IU-077 in the Fortaleza Zone are associated with thick quartz veins, which is a different style of mineralization that requires further investigation.
Most of the drill holes of this phase of drilling end within the low-grade shell with the result that the MZ is open on the southwest side. This is due to the location of underground drill stations above and close to the steeply plunging low grade shell. However, the holes achieved their objective of fully cutting the high grade MZ.
Qualified Person
Dr. Stewart D. Redwood, BSc(Hons), PhD, FIMMM, FGS, Senior Geologist providing consulting services to the Company, is a qualified person as defined by National Instrument 43-101 – Standards of Disclosure or Mineral Projects and prepared and where applicable, supervised the preparation of the scientific and technical information in this press release. Dr. Redwood verified the data disclosed in this news release which verification included a review of the quality assurance and quality control samples, and review of the applicable assay databases and assay certificates.
Sample Preparation, Analysis, Quality Assurance and Quality Control
Core samples were prepared by SGS Laboratories Ltd. in Medellin, Colombia and assayed in their laboratory in El Callao, Lima, Peru (ISO 9001:2008). SGS Laboratories Ltd. is independent of the Company. Gold was assayed by 30 g fire assay with atomic absorption spectrophotometer (AAS) finish and a detection range of 0.005 to 10 g/t. Samples over 10 g/t gold were re-assayed by 30 g fire assay with gravimetric finish. Silver was assayed by aqua regia digestion and AAS finish with a detection range of 0.3 to 100 ppm. Blank, standard and duplicate samples were routinely inserted for quality assurance and quality control. There are no known drilling, sampling, recovery or other factors that could materially affect the accuracy or reliability of the data referred to in this press release.
About Aris Gold
Aris Gold is a Canadian mining company listed on the TSX under the symbol ARIS. The Company is led by an executive team with a demonstrated track record of creating value through building globally relevant gold mining companies. Aris Gold operates the Marmato mine in Colombia, where a modernization and expansion program is underway, and the Juby project, an advanced exploration stage gold project in the Abitibi greenstone belt of Ontario, Canada. Aris Gold plans to pursue acquisition and other growth opportunities to unlock value creation from scale and diversification.
This news release contains "forward-looking information" or forward-looking statements" within the meaning of Canadian securities legislation. All statements included herein, other than statements of historical fact, including without limitation statements relating to extending the mine-life and potential for the Deep Zone are forward-looking. Generally, the forward-looking information and forward looking statements can be identified by the use of forward looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", "will continue" or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Statements concerning mineral resource estimates may also be deemed to constitute forward looking information to the extent that they involve estimates of the mineralization that will be encountered. The material factors or assumptions used to develop forward looking information or statements are disclosed throughout this presentation.
Forward looking information and forward looking statements, while based on management's best estimates and assumptions, are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Aris Gold to be materially different from those expressed or implied by such forward-looking information or forward looking statements, including but not limited to: the ability of the Aris Gold management team to successfully integrate with the current operations, risks related to international operations, risks related to general economic conditions, uncertainties relating to operations during the COVID-19 pandemic, actual results of current exploration activities, availability of quality assets that will add scale, diversification and complement Aris Gold's growth trajectory; changes in project parameters as plans continue to be refined; fluctuations in prices of metals including gold; the ability to convert mineral resources to mineral reserves; fluctuations in foreign currency exchange rates, increases in market prices of mining consumables, risks associated with holding derivative instruments (such as credit risks, market liquidity risk and mark-to-market risk), possible variations in mineral reserves, grade or recovery rates; failure of plant, equipment or processes to operate as anticipated; changes in national and local government legislation, taxation, controls, regulations, regulations and political or economic developments in Canada or Colombia, accidents and operations, labour disputes, title disputes, claims and limitations on insurance coverage and other risks of the mining industry; delays in obtaining governmental approvals including obtaining required environmental and other licenses, or in the completion of development or construction activities, changes in national and local government regulation of mining operations, tax rules and regulations, and political and economic developments in countries in which the Company operates, as well as those factors discussed in the section entitled "Risk Factors" in Aris Gold's most recent AIF available on SEDAR at www.sedar.com.
Although Aris Gold has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information and forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information or statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information or statements. The Company has and continues to disclose in its Management's Discussion and Analysis and other publicly filed documents, changes to material factors or assumptions underlying the forward-looking information and forward-looking statements and to the validity of the information, in the period the changes occur. The forward-looking statements and forward-looking information are made as of the date hereof and Aris Gold disclaims any obligation to update any such factors or to publicly announce the result of any revisions to any of the forward-looking statements or forward-looking information contained herein to reflect future results. Accordingly, readers should not place undue reliance on forward-looking statements and information.
This announcement does not constitute an offer of securities for sale in the United States, nor may any securities referred to herein be offered or sold in the United States absent registration or an exemption from registration as provided in the U.S. Securities Act of 1933 as amended (the "Securities Act") and the rules and regulations thereunder. The securities referred to herein have not been registered pursuant to the Securities Act and there is no intention to register any of the securities in the United States or to conduct a public offering of securities in the United States.
SOURCE Aris Gold Corporation
Meghan Brown, Vice President, Investor Relations, e [email protected], t + 778.899.0518
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