Aguila American Gold (AGL-V)
www.aguilaamerican.ca
39.1 million o/s
$5.3 million in the piggy bank
Key people:
John Huguet - President, CEO and Director
+ 35 years of building producing mines in the South American resource sector
Canadian - Peruvian Business Council President (twice decorated by Peruvian Government)
Former chairman, CEO of Andean American Mining Corp.
Company Presentation
aguilaamerican.ca
Fact sheet
aguilaamerican.ca
________________________________________________________
Aguila American starts drilling at Angostura
News Release - Oct 25th, 2012
Aguila American Gold Ltd. has started drilling at the company's 100-per-cent-owned Angostura gold project in southern Peru.
The drill camp has been completed, along with seven drill pads of the permitted 20, in preparation of the much-anticipated 2012 drill program. Crews will be drilling two 12-hour shifts per day until the Christmas break. The company is utilizing a custom-built, mid-sized, man-portable diamond drill capable of delivering a larger-diameter drill core.
Initial drilling will focus on zones 1 and 2 of the more than 5.0 kilometres of mapped and identified strike length. Zones 1 and 2 are the main oxide-gold-bearing areas and are considered to be the highest-priority targets on the property, with an outcrop of oxide mineralization for over 400 metres. The zones have been evaluated for gold mineralization through extensive mapping, sampling, trenching and channel sampling in various campaigns, as well as the evaluation of a multitude of artisanal workings.
As reported in a news release dated May 2, 2012, sampling of workings in the high-priority area returned highs of up to 33.9 grams per tonne gold over one metre, with a weighted average of 11.4 grams per tonne gold over 9.2 metres of selective channel sampling spaced at various intervals along a working 29 metres in length. Previously reported trenching results for the area include 75 metres of sampling at an average grade of 3.64 grams per tonne gold. The target and mineralization begin at surface and are believed to be open along strike and at depth.
The first drill hole was designed to test the true width of oxide zone 2 at depth and to demonstrate to the local community what diamond drilling is. The platform was located at the side of the community-access road for this purpose. The potential depth of the zone of oxide mineralization is believed to be in the range of 600 metres from oxide samples taken one kilometre east of zone 2 at close to 4,000 metres to mine workings in the valley 400 metres east of zone 2 and 200 metres below. The objective of the drill program was to produce a 43-101-compliant resource by second-quarter 2013.
Aguila is pleased to announce that the company has received the final copy of the geophysical report from Fugro Ground Geophysics for the recently completed exploration magnetics and 3-D induced-polarization survey. The results from the geophysical program are very encouraging and will be used to select additional drill targets for the current drill program and help prioritize targets for the next phase of drilling.
Project overview
Angostura is a highly prospective, rapid-growth gold-exploration asset containing eight titled concessions consisting of 8,644 hectares. The target mineralization has been interpreted as gold-bearing oxide-replacement bodies in brecciated limestone. This fault has over 5.0 kilometres of known strike length trending east-northeast along the limestone/sediment contact and with a subparallel zone of alteration and mineralization on the limestone/intrusive contact to the north 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 the Ferrobamba limestone and younger sediments over a strike length of 425 metres. The low-temperature gold mineralization is associated with a halo of iron-carbonate alteration and is up to 80 metres wide with an average width of 45 metres.
James McCrea, PGeo, vice-president, exploration, a qualified person as defined by National Instrument 43-101, has reviewed this news release and approves all scientific and technical disclosure.
We seek Safe Harbor. |
