VANCOUVER, BRITISH COLUMBIA--(Marketwired - April 24, 2013) - Aguila American Gold Limited. ("Aguila") or (the "Company") (TSX VENTURE:AGL) is pleased to announce the results from the exploration drill program conducted at the Company's 100% owned Angostura gold project in Southern Peru.
Blair Way, CEO remarks, "The results of this first ever drilling on the project are very promising and continue to support our enthusiasm for the Angostura project. The interpretation of drill results and geophysical data shows that further work is required to unlock the potential value in our project."
The drill program ran for over 150 days spanning over the Christmas break and into March. A total of 8 holes and 1958 meters were drilled. A two-man crew operated 2 x 12 hour shifts per day utilizing a custom built man-portable diamond drill. The first 4 holes assisted in understanding the local geology better and each rock unit's geophysical response which then assisted in targeting the drilling in the zones of interest. Hole 5 and Holes 6 to 8 (drilled from the same pad) demonstrate the mineralization zones on the smaller geophysical target.
The area drilled was previously reported as Zone 2 and was trenched in the 2003 exploration program in Trenches T12E to T16E. Previous samples taken from workings in Zone 2 were reported in news releases dated February 18, 2011 and May 2, 2012.
The oxide gold bearing structures drilled are steeply dipping and are related to the regional Vilcabamba fault in Ferrobamba Limestone. The structures manifest as halos around faults and as breccias with iron oxides in limestones/marbles. These structures contain replacement style mineralization in limestone. The mineralization consists of mainly gold in the area drilled but trenching has shown gold, silver, copper, lead and zinc mineralization in zones to the northeast of the drilling. All areas sampled on surface contained oxide mineralization. Skarn type mineralization has also been seen in trenches and adits on the property.
The induced polarization survey completed in July of 2012 shows the section containing the above results as on the edge of a small chargeability high (5) and in the contact of a resistivity high. The chargeability highs are interpreted as oxide to sulphide mineralization and the resistivity highs are interpreted as limestones. There are 4 other paired chargeability and resistivity anomalies north and east of the zone drilled. These 4 anomalies are all larger and with higher chargeability's then the area drilled. An example of these anomalies is shown on the 3700 level section of the geophysics program below. The brown ring #5 is the area of the drill program as permitted prior to the completion of geophysics. The next round of drilling will be targeting the larger anomalies 1 - 4.
To view the map accompanying this press release, click on the following link: http://media3.marketwire.com/docs/a423m.jpg
- Drill hole intervals reported herein are not true widths, which cannot be determined due to uncertain geometry of mineralization at this time.
- Drill hole intervals are weight-averaged based on the sample width. No internal cut-off grades were used in the reported intervals.
Angostura is highly prospective, rapid growth gold exploration asset containing eight titled concessions consisting of 8,644 ha. The target mineralization has been interpreted as gold bearing oxide replacement bodies in brecciated limestone. This fault has a 4.8 km known strike length trending ENE along the limestone/sediment contact and with various known occurrences of oxide gold mineralization and iron carbonate alteration. Two contiguous zones of mineralization have been mapped in the fault contact between Ferrobamba Limestone and younger sediments over a strike length of 425 meters.
Mr. James A. McCrea., P. Geo., VP Exploration, a Qualified Person as defined by NI 43-101, has reviewed this news release and approves all scientific and technical disclosure.
ON BEHALF OF THE BOARD
Blair Way, Chief Executive Officer
Aguila American Gold Limited
Aguila American Gold Limited is an emerging gold exploration company with an experienced geological and executive management team focused on advancing and developing their flagship prospective gold project, Angostura. Angostura is located 180 kilometers southwest of city of Cuzco, in the Department of Apurimac, southwestern Peru. Angostura is located in a prolific mineral trend, approximately 25km from the Las Bambas Mine, a $4.5 billion mining project being developed by Xstrata Mining Pty.
For more information visit www.aguilaamerican.ca
Statements in this press release regarding the Company which are not historical facts are "forward-looking statements" that involve risks and uncertainties. Such information can generally be identified by the use of forwarding-looking wording such as "may", "expect", "estimate", "anticipate", "intend", "believe" and "continue" or the negative thereof or similar variations. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties may prove to be inaccurate for any reason whatsoever. Actual results in each case could differ materially from those currently anticipated in such statements. Except as required by law the Company does not intend to update any changes to such statements.