Tarachi Gold Corp. Update On Field Program
VANCOUVER, July 9, 2020 - Tarachi Gold Corp. (CSE: TRG) ("Tarachi" or the "Company") is pleased to announce an update on field work activities on the Company's group of mining concessions known as the Tarachi project ("Tarachi Project") located in the Sierra Madre Gold Belt of Eastern Sonora, Mexico. The Company's projects all lie within an established gold producing region, bordering Alamos' Mulatos mine and Agnico Eagle's La India mine. Tarachi's land package is contained within in the prolific Sierra Madre Gold Belt. Detailed mapping and sampling on the La Dura and Virginia areas of the southern Jabali concession is near completion. At La Dura the detailed underground sampling was completed, 91 samples were submitted to BV Laboratory in Hermosillo on July 3rd gold results are expected to take 7-10 days.
Preliminary field work on the northern concessions of San Javier, Pretoria and Chivitas was also conducted Tarachi geologists have discovered porphyry style mineralization in outcrop on the Pretoria concession and are continuing to conduct detailed geological mapping and sampling of the porphyry mineralization.
Regarding the drill permitting process, access to the main areas of the northern concessions has been secured; the terms for permission to drill are still to be determined. Two environmental applications, one for the northern and another for the southern concession groups are now ready for submission ready. The Company is planning to immediately commence an HQ diamond drilling program this summer once all permits are in place. Details of the proposed diamond drilling program will be released soon after the completion of this program.
In addition, the Company has engaged Commodity-TV and Rohstoff-TV (C&R-TV) for an initial three-month period to assist with the Company's investor relations activities. Pursuant to the agreement, the Company will pay C&R-TV €22,900, plus expenses. C&R-TV is based in Switzerland and will introduce the Company to its European investor network by recording, translating, broadcasting and disseminating on its digital platform's news, articles, interviews and webinars.
Tarachi Project Descriptions
The Tarachi Project consist of the San Javier, Pretoria, Chivitas, Jabali, Juliana, Texana and concessions for a total of 2,560 hectares in the prolific Mulatos gold belt. The Tarachi Project is approximately 220 km by air east of the City of Hermosillo, and 300 km south of the border between the United States of America and Mexico. The Jabali claim covers the La Dura historic mine and several other small-scale mines. The gold mineralization and geology at Jabali is believed to be similar in character to the gold mineralization at the Mulatos mine. Alamos Gold Inc., in a 2003 annual report identifies the Jabali project as being part of the "Los Bajios" mineralized trend which the report suggests has the potential to host another Mulatos size resource. The Tarachi Project is an early stage exploration project and the mineralization hosted on adjacent and/or nearby properties is not necessarily indicative of mineralization hosted on the Company's property.
The Mulatos gold trend is part of the Sierra Madre gold and silver belt that also hosts the operating Mulatos gold mine immediately southeast of the La India property and the Pinos Altos mine and the Creston Mascota deposit 70 kilometres to the southeast. Mineralization occurs within silicified rhyodacite and is associated with vuggy silica alteration, and breccia with iron oxide (hematite and specularite). Native gold occurs along late-stage fracture coatings in the breccias and is locally associated with barite. Past exploration has returned values from trace to 30g/t Au in grab samples. Native gold has also been identified in outcrop on the southern extension of the La Dura mine trend.
Qualified Person
Lorne Warner, P.Geo, President, CEO and Director of the company is a qualified person as defined by National Instrument 43-101 and has reviewed and approved the scientific and technical disclosure in this news release.
Contact Information: For more information and to sign-up to the mailing list, please contact:
Lorne Warner, CEO
Tel: (250) 574-5767
Email: lorne@tarachigold.com
SPECIAL NOTE REGARDING FORWARD LOOKING STATEMENTS
This news release includes certain "Forward–Looking Statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and "forward–looking information" under applicable Canadian securities laws. When used in this news release, the words "anticipate", "believe", "estimate", "expect", "target", "plan", "forecast", "may", "would", "could", "schedule" and similar words or expressions, identify forward–looking statements or information. These forward–looking statements or information relate to, among other things: the exploration and development of the Project; future mineral exploration, development and production including the identification of a work program.
Forward–looking statements and forward–looking information relating to any future mineral production, liquidity, enhanced value and capital markets profile of Tarachi, future growth potential for Tarachi and its business, and future exploration plans are based on management's reasonable assumptions, estimates, expectations, analyses and opinions, which are based on management's experience and perception of trends, current conditions and expected developments, and other factors that management believes are relevant and reasonable in the circumstances, but which may prove to be incorrect. Assumptions have been made regarding, among other things, the price of silver, gold and other metals; costs of exploration and development; the estimated costs of development of exploration projects; Tarachi's ability to operate in a safe and effective manner and its ability to obtain financing on reasonable terms.
These statements reflect Tarachi's respective current views with respect to future events and are necessarily based upon a number of other assumptions and estimates that, while considered reasonable by management, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors, both known and unknown, could cause actual results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward–looking statements or forward-looking information and Tarachi has made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation: satisfaction or waiver of all applicable conditions to closing fluctuations in general macro–economic conditions; fluctuations in securities markets and the market price of Tarachi's common shares; and the factors identified under the caption "Risk Factors" in Tarachi's management discussion and analysis. Readers are cautioned against attributing undue certainty to forward–looking statements or forward-looking information. Although Tarachi has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be anticipated, estimated or intended. Tarachi does not intend, and does not assume any obligation, to update these forward–looking statements or forward-looking information to reflect changes in assumptions or changes in circumstances or any other events affecting such statements or information, other than as required by applicable law.
SOURCE Tarachi Gold Corp.