Antioquia Gold Announces Mineral Resource Estimate Update for Cisneros Project and Filing of
Financial Statements and Annual Information Form
CALGARY, ALBERTA – ( August 15, 2017 ) – Antioquia Gold Inc. (‘Antioquia Gold” or the “Corporation”) (TSX VENTURE:AGD)(OTCQX:AGDXF) is pleased to announce that it has received an updated National Instrument 43-101 (“NI 43-101”) compliant resource report (the “Report”) for its Cisneros gold project in Antioquia Department, Colombia. The report was prepared by Mr. Fernando Linares, MAusIMM of Lima, Peru and Mr. Edgard Vilela, MAusIMM (CP) who by reason of education, affiliation with a professional association and past relevant work experience, fulfill the requirements of a “qualified person” as defined in NI 43-101.
The current mineral resource estimate (Antioquia Gold Ltd. Cisneros Gold Project, Antioquia Department, Colombia NI 43-101 Technical Report Update on Mineral Resource Estimate, July 16, 2017) is an update to the 2013 resource estimate accompanied by the Technical report prepared by LINAMEC SAC and utilized ordinary kriging interpolation as estimation methodology on a more extensive database. The resource of Guayabito Deposit and Papi Deposit, remains unaltered since 2013 and was estimated using inverse distance cubed (ID3) interpolation methodology.
The Report has an effective date of July 16, 2017 and the Corporation has filed the complete report on SEDAR. It should also be noted that Antioquia Gold has identified an additional six targets that merit further exploration via diamond drilling.
The main objective of the Corporation’s drilling campaign during the past year was to increase resource confidence levels at the Cisneros gold project in Antioquia.
The Mineral Resource Estimates (MRE) prepared by LINAMEC utilized a total of 107 drillholes, included 11 new drillholes drilled by AGD in 2016 and 992 underground channel samples, sampled between 2016 and 2017. The mineralized structures, updated with new data are: Nus, Guaico, Footwall-03, Footwall-05 and La Manuela-01. The other areas, Guayabito North and Papi, remain unchanged from 2013.
Cisneros Resources Highlights:
– Updated Mineral Resources for the Cisneros Properties, above cutoff grade for all mineralized structures consist of 509,508 tonnes of Measured + Indicated Mineral Resources with an average grade of 5.95 g/t Au and 495,771 tonnes of Inferred Mineral Resources with an average grade of 6.66 g/t Au (See Table 1).
- Mr. Fernando Linares and Mr. Edgard Vilela, are the Qualified Persons for the Mineral Resource estimate. The effective date of the estimate is 16 July 2017.
- Mineral Resources are reported using a cut-off grade of 2.7 g/t Au for GCO, GCFW3, GCFW5 and LMN1.
- Mineral Resources are reported using a cut-off grade of 1.5 g/t Au for NUS and PAPI.
- Mineral Resources are reported using a cut-off grade of 2.5 g/t Au for GYB.
- Reported Mineral Resources contain no allowances for hanging wall or footwall contact boundary loss and dilution. No mining recovery has been applied.
- Rounding as required by reporting guidelines may result in apparent summation differences between tonnes, grade and metal content.
Mr. Gonzalo de Losada, President and Chief Executive Officer of Antioquia Gold stated:
“We are very pleased with the mineral resource estimate update for the Cisneros project which incorporates additional drill holes and underground sampling. The revised mineral resources are defined at a higher cut-off grade and the measured and indicated resources have improved both in grade and contained ounces of gold. In addition to improving confidence in the deposit, we are encouraged by sample results that have identified six additional potential mineralized gold systems: Bareño, Santa Gertrudis, Cucurucho, Los Planes Monte-Bello, Alto La Cumbre and Guayabito Sur sectors. The geochemical pattern of anomalies encountered for Au, Cu and As are very similar to the La Quiebra- El Limón System where the four gold vein deposits of Guayabito, Guaico, Nus and Papi are located. The potential mineralization of these six sectors is very promising and remains unexplored at depth.”
“Our goal with planned surface and underground drilling (see News Release July 24, 2017) is to continue to build confidence in the resource, de-risk the project and provide value for investors”
Cisneros Resource Estimate Parameters are as follows:
– The current mineral resource estimate (Antioquia Gold Ltd. Cisneros Gold Project, Antioquia Department, Colombia NI 43-101 Technical Report Update on Mineral Resource Estimate, July 2017) is an update to the 2013 resource estimate accompanied by the Technical report prepared by LINAMEC SAC and utilized ordinary kriging interpolation as estimation methodology on a more extensive database. The resources of the Guayabito Deposit and Papi Deposit, remain unaltered since 2013 and were estimated using inverse
distance cubed (ID3) interpolation methodology.
– The Mineral Resource Estimates (MRE) prepared by LINAMEC utilized a total of 107 drillholes, including11 new drillholes drilled by AGD in 2016 and 992 underground channels, sampled between 2016 and 2017. The mineralized structures, updated with new data are: Nus, Guaico, Footwall-03, Footwall-05 and La Manuela-01. The other areas, Guayabito North and Papi remain unaltered.
– For modelling of the main mineralized structures, LINAMEC use Leapfrog and GEMS. The modelling was based upon information obtained from drill hole and channel sampling databases, which compiles the different lithological, mineralogical, structural and alteration characteristics in the Guaico Domain.
– All tables include the resources estimated in 2013 for Guayabito and Papi deposits to obtain the global mineral resources estimate of the Cisneros Property.
– All Mineral Resources were estimated by Fernando Linares, principal geologist with Linares Americas Consulting S.A.C. using the Canadian Institute of Mining (CIM) Standards on Mineral Resources and Reserves, Definitions and Guidelines prepared by the CIM Standing Committee on Reserve Definitions.
– Mineral resources, which are not mineral reserves, do not have demonstrated economic viability.
– The quantity and grade of reported Inferred resources are uncertain in nature and there has been insufficient exploration to classify these Inferred resources as Indicated or Measured; it is uncertain if further exploration will result in upgrading them to a Measured or Indicated category.
Qualified Persons
Mr. Edgard Vilela, MAusIMM (CP), is a Qualified Person under NI 43-101. Mr. Fernando Linares (MAusIMM), reviewed and approved the scientific or technical disclosure in this release and has verified the data disclosed.
This press release has been prepared under the supervision of Dr. Roger Moss, Ph.D., P.Geo a Qualified Person as defined by NI 43-101.