- Los Filos Mine
Leagold Reports Infill Drilling Results From Bermejal Program
Vancouver, October 18, 2017 – Leagold Mining Corporation (TSX:LMC; OTCQX:LMCNF) (“Leagold” or the “Company”) is pleased to report additional infill drilling results from Bermejal Underground including 30.9 grams per tonne (“gpt”) over 3.0 metres, 5.3 gpt over 27.4 metres including 5.8 gpt over 11.8 metres and 4.1 gpt over 14.1 metres (all capped grades and true widths; see Table 1). These results are part of 26 holes being reported from the infill and step-out exploration program at the Bermejal Underground deposit at the Los Filos Mine, following 40 holes reported on July 13, 2017 and August 31, 2017. All of the drilling results up to August 31, 2017 were incorporated in an interim resource estimate that was reported October 16, 2017. The drill holes reported in this news release, and the results from the continuing program, will be incorporated in an updated resource estimate to be reported at the end of 2017. To date 66 holes have been reported, 13 are in progress and 7 are in the process of sampling or assaying. Over 38,581 metres (69%) of the 56,000 metre Bermejal Underground program have been completed.
Neil Woodyer, CEO stated: “The drilling program has been very successful in adding mineral resources, as demonstrated by the significant increase in the interim Measured and Indicated Resources and additional Inferred Resources reported on October 16. Our drilling program is continuing with 13 active drill rigs and 41 additional holes to be completed by year end. The exploration program at Bermejal is exceeding our expectations.”
Bermejal Underground is at the northern end of a large intrusive body which has a total circumference of at least 15 kilometres providing extensive additional areas for further exploration. The area being drilled as the Bermejal Underground mineralization extends approximately 1,600 metres along the strike of the intrusive contact and has a vertical depth extent of over 800 metres (Figure 1). The drilling shows consistent oxide mineralization at carbonate/intrusive contacts either along the intrusive contact or below the intersection between the sill and the Bermejal intrusive contact (a “sub-sill” deposit).
All of the holes reported in this news release intersected iron-oxide skarn mineralization as targeted and five holes were below a 3 gpt over 3 metres diluted minimum true width threshold.
Table 1: Drilling Program Highlights for Bermejal Underground Deposit
|Sector||Hole ID||Zone||Skarn Type||From (m)||To (m)||Length (m)||True Width (m)||Grade (g/t Au)||Capped (g/t Au)|
NOTES: Intervals in bold are mentioned in the text of the news release
All intercepts are over 3 gpt when diluted to a minimum true width of 3 metres. Drill holes BU-32A-17, BU-45-17, BU-47-17, BU-57-17, BU-65-17 all intercepted mineralization but dilute below 3 gpt after diluting to 3 metres
UC = Upper Contact of Sill; LC = Lower Contact of Sill; Sill = Oxide within Sill; UI = Intrusive Contact above Junction with Sill; LI = Intrusive Contact below Junction with Sill
Individual assays within the intercepts were capped using 40 gpt limit
Figure 1: Plan View Map of Bermejal Area Showing Geology, Drill Holes Reported and Outline of Bermejal Underground Resource at 1,175 metres elevation
Doug Reddy, P.Geo, Leagold’s Senior Vice President – Technical Services, is a Qualified Person under NI 43-101, and has reviewed and approved the technical contents of this news release on behalf of Leagold.
Los Filos Mine employs industry standard drilling and sampling procedures. All exploration samples are sent to an ALS Global facility in Guadalajara for preparation and Vancouver for analyses by fire assay and ICP. A full quality control and assurance program and protocols are in place and are aligned with best practices including regular insertion of certified reference standards, blanks, and duplicates.
About Leagold Mining Corporation
Leagold is building a new mid-tier gold producer with a focus on opportunities in Latin America. Leagold is based in Vancouver, Canada and is listed on the TSX under the trading symbol “LMC” and trades on the OTCQX market as “LMCNF”. The recent acquisition of the Los Filos Mine, a low-cost gold producer in Mexico, provides an excellent platform for growth.
For more information on Leagold please visit the Company website at www.leagold.com or contact:
Meghan Brown, VP – Investor Relations
This news release contains "forward-looking statements" and “forward looking information” (as defined under applicable securities laws), including but not limited to plans for future development of the Los Filos Mine. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "expects", "expected", "budgeted", "forecasts" and "anticipates". Forward-looking statements and information, while based on management's best estimates and assumptions, are subject to risks and uncertainties that may cause actual results to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: risks related to the Los Filos Mine, risks related to the successful integration of the acquisition; risks related to international operations; risks related to general economic conditions and credit availability, actual results of current exploration activities, unanticipated reclamation expenses; changes in project parameters as plans continue to be refined; fluctuations in prices of metals including gold; fluctuations in foreign currency exchange rates, increases in market prices of mining consumables, possible variations in ore reserves, grade or recovery rates; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes, title disputes, claims and limitations on insurance coverage and other risks of the mining industry; delays in the completion of development or construction activities, changes in national and local government regulation of mining operations, tax rules and regulations, and political and economic developments in countries in which Leagold operates. Although Leagold has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The forward-looking statements and forward-looking information are made as of the date hereof and Leagold disclaims any obligation to update any such factors or to publicly announce the result of any revisions to any of the forward-looking statements or forward-looking information contained herein to reflect future results. Accordingly, readers should not place undue reliance on forward-looking statements and information. Please refer to Leagold's most recent filings under its profile at www.sedar.com for further information respecting the risks affecting Leagold and its business. Leagold and its business.