Amarillo Gold Provides New Resource Model, increases Measured Resource by 53% @ 2.00 g/t Au Mara Rosa Project, Brazil

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[{"type":"text","content":"Amarillo Gold Provides New Resource Model, increases Measured Resource by 53% @ 2.00 g/t Au Mara Rosa Project, Brazil(via Thenewswire.ca)\n\n \nTheNewswire / July 21, 2016 - Amarillo Gold Corp. (TSX-V: AGC) (\"Amarillo\") is pleased to announce that it has received a new resource model for the Posse deposit, Mara Rosa project, Goias, Brazil. Keith Whitehouse, the principal of Australian Exploration Field Services Ltd, (\"AEFS\") calculated the new resource estimate at a 0.5 g/t cutoff as listed below in Table 1. Table 2 lists the previous estimate (2011), also at a 0.5 g/t cutoff. A positive Preliminary Feasibility Study (\"PFS\", Jan 2012), was based on the 2011 resource. This gave reasonable expectations the deposit could be economically mined using an open pit based on a $US1100 per ounce gold price. Since this time, the resource has improved (reported here), as has the gold price. Exchange rates are more favorable, and the company has recently obtained the LP (Preliminary License, conditional acceptance of the project by the state environmental authority, see NR dated May 9th).\n\n\n \nHighlights include:\n\n\n \n-Measured resource has increased by over 50%. \n\n\n \n-The proportion of the (M+I) category which has moved to a Measured resource increases confidence in the model. \n\n\n \n-The Posse deposit remains open to depth and along strike.\n\n\n \n-Inferred resource has increased 84% over the 2011 estimate.\n\n\n \n-The new resource will be used to update the PFS\n\n\n \nTable 1: AEFS July 2016 Resource Estimate*:\n\n \n\nCategory\n\n\n\n\nVolume m3\n\n\n\n\nTonnes\n\n\n\n\nGrade g/t\n\n\n\n\nOunces\n\n\n\n\nMeasured\n\n\n\n\n3,162,000\n\n\n\n\n8,568,000\n\n\n\n\n2.00\n\n\n\n\n551,100\n\n\n\n\nIndicated\n\n\n\n\n4,966,000\n\n\n\n\n13,458,000\n\n\n\n\n1.52\n\n\n\n\n659,000\n\n\n\n\nTotal M & I\n\n\n\n\n 8,128,000\n\n\n\n\n22,026,000\n\n\n\n\n1.71\n\n\n\n\n1,210,100\n\n\n\n\nInferred\n\n\n\n\n2,627,000\n\n\n\n\n7,119,000\n\n\n\n\n1.26\n\n\n\n\n287,700\n\n\n \n \n*Note: Reported mineral resources are not reserves and do not have demonstrated economic viability. \n\n\n \nTable 2: AEFS September 2011 Resource Estimate* \n\n \n\nCategory\n\n\n\n\nVolume\n\n\n\n\nTonnes\n\n\n\n\nGrade g/t\n\n\n\n\nOunces\n\n\n\n\nMeasured\n\n\n\n\n2,001,000\n\n\n\n\n5,463,000\n\n\n\n\n2.04\n\n\n\n\n358,300\n\n\n\n\nIndicated\n\n\n\n\n5,638,...

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