Kamloops, B.C.-based Advance Gold Corp. (TSX-Venture:AAX) updated its drilling activities. The company cited the first hole into a large chargeability anomaly identified in recent 3D Induced Polarization (IP) geophysical surveys on its Tabasquena project in Zacatecas, Mexico.
Two phases of IP surveys identified a 1,000-metres-by-500-metres continuous chargeability anomaly. The drill hole encountered a 78-metre sulphide zone with disseminated to massive sulphides associated with quartz from 226.00 to 304.00 metres.
Samples have been submitted for assaying.
According to CEO Allan Barry Laboucan,”The state of Zacatecas is one of the most prolific regions of Mexico for both gold and silver mining and we are delighted to have found a large system with our early phases of drilling and geophysics.
“In near surface drilling, we have identified a series of veins with widespread gold and silver mineralization from anomalous to high-grade gold. Historical mining by Penoles was for high-grade silver in the near surface oxide zone of the Tabasquena vein.”
In moderate trade of only 16,000 shares, AAX maintained a price of eight cents Christmas Eve.