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Advance Gold Intersects Sulphide Zone with Continuous Zinc Mineralization over 78 Metres with a Highlight Intersection of 1.10 m of 1.88% Zinc, 1.40% Lead, 77 g/t Silver and 0.198 g/t Gold at Tabasquena Project in Zacatecas, Mexico

Newsfile Corp.

Kamloops, British Columbia--(Newsfile Corp. - January 21, 2020) - Advance Gold Corp. (TSXV: AAX) ("Advance Gold" or "the Company") is pleased to announce assay results from a 78 metre sulphide zone previously announced (see Dec. 24/2019 news release) from the Company's Tabasquena project in Zacatecas, Mexico.

Highlights of Recent Geophysics and Drilling

● Near surface drilling hit multiple quartz veins with widespread silver and gold mineralization;
● Geophysics reveal 1000 metres X 500 metres continuous chargeability anomaly below near surface quartz veins;
● First drill hole into large chargeability anomaly returned 78 metres of continuous zinc mineralization including highlight zinc subinterval of 1.10m of 1.88% Zinc, 1.40% Lead, 77 g/t Silver and 0.198 g/t Gold.
● First drill hole into chargeability anomaly also returned highlight silver subinterval of 34m, grading 23.56 g/t Silver, including 1.10m of 101 g/t Silver, 0.59% Lead, 0.74% Zinc.

Allan Barry Laboucan, President and CEO of Advance Gold Corp. commented: "With this first hole drilled into a large continuous chargeability anomaly (IP) we interpret this anomaly is caused by sulphides that carry precious and base metals. Each time we do additional geophysics and drilling we come to a better understanding of this widespread mineralizing structure with all the hallmarks of a long-lived system. Approximately 12 miles to the east of Tabasquena is the San Nicholas VMS deposit, this deposit has a geometry like an inverted cone, with a zinc rich zone nearest to surface followed by a deeper copper rich zone. We are currently drilling our second hole into the large chargeability anomaly. A third phase geophysical (IP) survey will be completed shortly, this will better define the chargeability anomaly and its southerly extension. All of this work will result in a strong flow of news."

Table of Results
Drill Hole #11


LENGTH SAMPLE

G/T G/T % % %
SAMPLE NUMBER FROM METERS TO METERS WIDTH METERS Au Ag Cu Pb Zn
6619 159 160.75 1.75 0.02 1.8 0.0044 0.0498 0.135
6620 173.2 174.2 1 0.013 1.2 0.0039 0.0313 0.187
6621 181.3 181.65 0.3 0.06 7.5 0.0147 0.15 0.322
6622 195.85 196.75 0.9 0.469 5.6 0.0139 0.0836 0.1435
6623 197.05 198.15 1.1 0.324 2.7 0.0139 0.107 0.275
6624 201.1 202.5 0.6 0.079 3.3 0.0127 0.0781 0.204
6625 203 203.35 0.35 0.079 2.8 0.0019 0.0729 0.231
6626 212.1 212.45 0.35 0.005 5.8 0.0697 0.0331 0.0379
6627 226.65 226.8 0.15 0.065 25.7 0.0042 1.07 0.968
6629 227.2 228.15 0.95 0.426 4.4 0.0012 0.139 0.181
6631 234.9 236.1 1.2 0.016 1.6 0.0013 0.1155 0.235
6632 236.1 237.25 1.15 0.041 2.9 0.0037 0.0525 0.0607
6634 241.9 242.5 0.6 0.025 2.2 0.0029 0.09 0.1365
6635 249.35 249.55 0.2 0.076 5.9 0.028 0.186 0.228
6636 249.55 251.8 2.25 0.198 8.9 0.0141 0.1675 0.275
6637 251.8 254.25 2.45 0.15 6.3 0.0151 0.163 0.1765
6639 254.25 256.6 2.35 0.026 5.5 0.0073 0.1515 0.249
6640 256.6 256.9 0.3 0.052 3.1 0.0158 0.358 0.204
6641 256.1 258.45 2.35 0.264 24.6 0.0123 3.01 0.239
6642 258.45 260.3 1.85 0.222 9.3 0.0108 0.327 0.144
6643 260.3 262.45 2.15 0.181 5.6 0.0035 0.0489 0.0278
6644 265.1 265.4 0.3 0.084 52 0.0096 0.313 0.309
6645 265.4 266.5 1.1 0.19 67.2 0.0196 0.52 0.561
6646 266.5 267.6 1.1 0.207 14.9 0.0079 0.225 0.218
6648 267.6 268.65 1.05 0.235 79.5 0.0236 0.626 0.66
6649 268.45 269.75 1.1 0.115 101 0.0134 0.593 0.748
6650 269.45 270.35 1.1 0.198 77.7 0.0155 1.885 1.405
6651 270.35 271.95 1.1 0.151 20.5 0.0068 0.161 0.0964
6653 271.95 273.05 1.1 0.063 8.6 0.0071 0.22 0.1645
6654 273.05 274.3 1.25 0.043 16 0.0073 0.22 0.188
6655 275.45 276.35 0.9 0.015 3.6 0.0069 0.1045 0.255
6656 282.45 283.1 0.65 0.019 5.2 0.005 0.0739 0.192
6657 285.5 285.75 0.25 <0.005 3.8 0.0028 0.073 0.409
6658 286.35 287.9 1.55 0.009 2.2 0.0043 0.0835 0.1945
6659 289.65 290.2 0.55 0.005 1.1 0.0018 0.0193 0.0364
6660 291.8 292.25 0.45 <0.005 0.7 0.0018 0.0364 0.0597
6661 295.75 296.85 1.1 0.008 2.6 0.0227 0.1195 0.1905
6662 296.85 297.95 1.1 <0.005 0.6 0.0078 0.0104 0.0394
6663 297,95 299.05 1.1 0.012 1.9 0.0133 0.063 0.1145
6664 299.05 302.15 1.1 0.007 1.8 0.0162 0.0139 0.0555
6665 302.15 303.25 1.1 0.011 3 0.0159 0.0897 0.231
6666 303.25 304.8 1.55 <0.005 0.3 0.0069 0.0031 0.0092

 

Drill Hole #11 Location

Azimuth: East, Dip: -65°, Diameter: HQ and NQ
Coordinates (WGS84): E: 786050 N: 2497150
Total Depth: 470.00m.
Collar elevation: 2,115asl.

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 ALS Global in Zacatecas, Mexico, for sample preparation then to ALS Global in Vancouver, Canada for assaying. As part of the QA/QC procedure blanks and standards were added to the samples by the Company. 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 core 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 ALS Global. 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. (AAX.V)

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 on 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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/51675