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Advance Gold Intersects 1.25 m of 5.00% Zinc, 2.79 Lead, 12 g/t Silver at Tabasquena Project in Zacatecas, Mexico

Newsfile Corp.

Kamloops, British Columbia--(Newsfile Corp. - April 2, 2020) - Advance Gold Corp. (TSXV: AAX) ("Advance Gold" or "the Company") is pleased to announce assay results from drill hole AGT-13 and an update on holes 12 through 14.

Drill hole 12 was attempted twice and abandoned twice due to challenging drilling conditions, neither of the holes hit the targeted geophysical anomaly. While attempting hole 12, a follow-up geophysical IP survey as well as a new gravity survey was completed. One of the new IP lines was a long north-west to south-east line following the outcropping quartz veins at Tabasquena. This line discovered an approximately 3200 metres continuous chargeability anomaly. At the south end of the anomaly is where it comes closest to the surface and at the north end of the anomaly it dips almost vertically. Between the north and south ends of the anomaly is a sheet-like body that has a slight dip from south to north.

Drill hole AGT-13 was targeted because it was where the IP anomaly comes closest to the surface and had the easiest access. This hole is the most important hole drilled to date at Tabasquena. It intersected high-grade zinc. It should be mentioned that the presence of zinc is an important component of Teck's San Nicolas mine, a VMS deposit located approximately 11km to the east of the Tabasquena project. Mineralization hosted on adjacent or nearby properties is not necessarily indicative of mineralization hosted on the Company's property. Hole AGT-13 also had a series of fine-grained sulphides in a series of small lenses of approximately 0.3 cm to 1 cm. These lenses were found in a new geological unit that has not been intercepted in previous drilling. It is a black slate unit, approximately 149 metres thick, with small lenses of sulphides. It is situated between an andesite unit above and a graphitic phyllite below. Another crucial fact learned from this hole is that it has nearly a perfect correlation with the chargeability anomaly detected in the north-west south-east IP line. The black slate unit was also hit at the predicted depth from the IP data.

Table of Results for AGT-13


LENGTH

G/T G/T % % %
SAMPLE NUMBER FROM METRES TO
METRES
WIDTH METERS
Au

Ag

Cu

Pb

Zn
6802 158.1 159.2 1.1 0.02 4 0.0015 0.0059 0.0222
6803 159.2 160.45 1.25 0.023 7 0.0038 0.0062 0.033
6804 233.25 234.45 1.2 0.008 <2 0.0037 0.0011 0.0104
6805 234.45 235.5 1.05 <0.005 <2 0.0023 0.0007 0.0069
6806 230.95 232.1 1.15 <0.005 <2 0.0021 0.0009 0.0067
6807 232.1 233.25 1.15 0.015 <2 0.0033 0.0013 0.0105
6808 224.2 225.35 1.15 0.006 <2 0.0084 0.0015 0.0142
6809 225.35 226.25 0.9 <0.005 <2 0.004 0.0012 0.0158
6810 221.95 223.1 1.15 0.006 <2 0.0059 0.0011 0.0276
6811 223.1 224.2 1.1 <0.005 <2 0.0065 0.001 0.0188
6812 219.55 221.15 1.2 <0.005 <2 0.0053 0.0016 0.0233
6813 217.35 218.5 1.15 <0.005 <2 0.0012 0.0008 0.0132
6814 218.5 219.55 1.05 0.005 <2 0.0038 0.0021 0.0155
6815 210.55 211.7 1.15 0.006 2 0.0035 0.0024 0.0159
6816 211.7 212.8 1.1 0.015 2 0.0044 0.0018 0.0197
6817 199.15 200.35 1.2 0.008 6 0.0046 0.0117 0.0389
6818 200.35 201.47 1.12 0.006 4 0.0034 0.0082 0.0296
6819 197 198.1 1.1 0.017 6 0.0068 0.0075 0.0433
6820 171.8 172.9 1.1 0.018 6 0.0083 0.0732 0.153
6821 174.05 175.25 1.2 0.007 3 0.0046 0.0024 0.0201
6822 165.1 166.3 1.2 <0.005 <2 0.005 0.0022 0.0151
6823 166.3 167.27 0.97 <0.005 3 0.0045 0.0023 0.0194
8389 90.25 90.65 0.4 <0.005 <2 0.0051 0.008 0.0203
8390 154.65 155.85 1.2 0.062 8 0.0117 0.275 0.751
8391 <157.50 158.1 0.6 0.087 4 0.0028 0.0217 0.0745
8392 295 296.25 1.25 0.023 12 0.0662 2.79 5

 

Drill hole AGT-14 is approximately 100 metres to the north of Drill Hole AGT-13, the hole was drilled directly over the chargeability anomaly, and was drilled vertically. With the confidence gained in drill hole 13, hitting a new geological unit not previously intersected, and hitting right where the chargeability anomaly on the north to south survey line suggested it should be, supports the reasoning behind the Company's targeting method. It is now the second hole focused on drilling a large geophysical anomaly and hitting a new geological unit, right where the anomaly suggested it should be. With more sulphides intersected as drilling moves to the north. There were also stacked sulphide lenses in drill hole 14, it is important to note that there were also sulphide lenses some inches thick. These two holes give a much clearer picture of the new geological unit that will be targeted in future drilling, the black slate unit. It also has the most sulphides and follows a key geophysical anomaly. Drill hole 14 samples are in the lab with assays pending.

Plan Map

Drill Holes AGT-01 through AGT-12
Focused On A Network Of Quartz Veins
Drilled To West And Above Key Geophysical Anomaly

Only Holes AGT-13 and AGT-14 Targeted And Hit
Sulphide System In A New Unit Of Rock

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3D Model Of Quartz Vein Network
Wide Distribution of Gold and Silver
Grades Range from Anomalous to High-Grade Gold
All Holes are West and Above The Key Geophysical Anomaly



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Chargeability True Depth Section
From Geophysical IP Survey
Survey Line is South-East to North-West

Cross Sections Of Drill Holes 13 And 14
Located On Key Continuous Chargeability Anomaly
Contacts Of Andesite And Black Slate, As Well As Black Slate and Phyllite Follow Profile Of The Chargeability Anomaly

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Quartz Vein In Andesite
One of the Holes in the 3D Model of Veins

Photo is of selected core intervals and is not representative of the mineralization hosted on the property.

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Quartz Veins In Andesite
Suggestive Of A Long Lived System



Photo is of selected core intervals and is not representative of the mineralization hosted on the property.

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Quartz Vein In Black Slate In Drill Hole 13 With Sulphides



Photo is of selected core intervals and is not representative of the mineralization hosted on the property.

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Thin Stacked Lenses of Sulphides In Drill Hole 13
Part of Black Slate Unit of Rock



Photo is of selected core intervals and is not representative of the mineralization hosted on the property.

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Next Two Images Are From Drill Hole 14 (Assays Pending)
Increased Sulphides Compared To Drill Hole 13 Above
Only 100 Metres North Along Strike Of The Geophysical Chargeability Anomaly

Photo is of selected core intervals and is not representative of the mineralization hosted on the property.

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Photo is of selected core intervals and is not representative of the mineralization hosted on the property.

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The company's drilling team camps on the property so they have minimal contact with others, but due to the heightened concerns and precautions over the Covid-19 virus, there will be a break from drilling of hole AGT-15 until at least April 30th, 2020. This action is to follow the Mexican federal government's mandate that all non-essential businesses temporarily suspend operations until April 30th, 2020.

Allan Barry Laboucan, President and CEO of Advance Gold Corp. commented: "Drill hole 13 has been a significant breakthrough for the company. In addition to high-grade zinc, we have now identified a new geological unit, a black slate, that we hit for the first time. The black slate unit contains the most sulphides discovered to date in the drilling at Tabasquena. It also has a distinct geophysical signature. The centre of the geophysical anomaly basically follows the strike direction of the outcropping quartz veins at Tabasquena. Now we have a structural target to follow, with a geophysical anomaly that is 3200 metres from north to south, coming closest to the surface at the southern end of the anomaly and deeper to the north. Hole 14 added to our confidence in targeting when it intersected the black slate right below the structural trend as well as the chargeability anomaly. It seems that as we step to the north, we are coming across more sulphides. Hole 14 was the first of our vertical holes. The black slate unit appears to be a sheet-like body with a slight northerly dip. We are now looking at a flat lying body that we can drill with vertical holes. After we take a break for a tentatively planned 2-4 weeks, for the driller's health and well-being, we plan to continue drilling to the north. Drill core from hole 14 has been submitted for assaying and will be reported when received. In addition, a geochemical analysis is being completed to further help the drill targeting of our big anomaly that we interpret to come from a large sulphide system with the potential for high-grade gold, silver and base metals."

(Note: Widths cut by the drill hole are not true widths, they represent the intersection of the incline hole with the dip of the sulphide zone. Advance is in the process of estimating true widths.)

Drill core is logged and sampled in a secure core storage facility located near the Tabasquena claims at Ojocaliente, Mexico. Core samples from the drill holes are cut in half, using a diamond cutting saw, and sent to SGS Minerals in Durango, Mexico, for sample preparation and assaying. The Company relies on SGS Minerals for QA/QC procedures. All samples are analysed for gold using standard fire assay-AA (atomic absorption) techniques and ICP for all other metals.

Dr. Julio Pinto Linares is the qualified person for the Tabasquena project, he has been involved in this project since June 2018 when drilling began. He is responsible for supervising the drilling in the field and for all drill holes completed to date on the project. He has examined and reviewed all drill cores in the field, supervised moving core boxes to the secure core storage facility located near the Tabasquena mine and was present during the logging and sampling of the core and kept control of all sample bags, until delivered to SGS Minerals. He was also responsible for the insertion of blanks and standards into the sample bags. He checked and was present during all the QA/QC procedures and protocols during the preparation of the samples.

Julio Pinto Linares is a QP, Doctor in Geological Sciences with specialty in Economic Geology and Qualified Professional No. 01365 by MMSA., for Advance Gold and is the qualified person as defined by National Instrument 43-101 responsible for the accuracy of technical information contained in this news release.

About Advance Gold Corp. (TSXV: AAX)

Advance Gold is a TSX-V listed junior exploration company focused on acquiring and exploring mineral properties containing precious metals. The Company acquired a 100% interest in the Tabasquena Silver Mine in Zacatecas, Mexico in 2017, and the Venaditas project, also in Zacatecas state, in April 2018.

The Tabasquena project is located near the Milagros silver mine near the city of Ojocaliente, Mexico. Benefits at Tabasquena include road access to the claims, power to the claims, a 100-metre underground shaft and underground workings, plus it is a fully permitted mine.

Venaditas is well located adjacent to Teck's San Nicolas mine, a VMS deposit, and it is approximately 11km to the east of the Tabasquena project, along a paved road.

In addition, Advance Gold holds a 12.84% interest in strategic claims in the Liranda Corridor in Kenya, East Africa. The remaining 87.16% of the Kakamega project is held by Barrick Gold Corporation.

For further information, please contact:
Allan Barry Laboucan,
President and CEO
Phone (604) 505-4753
www.advancegold.ca

This news release contains certain statements that may be deemed "forward-looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. The Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors should change, except as required by law.

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 news release.

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