Image: Santana project, courtesy Minera Alamos Inc. ©2020Shares of Minera Alamos Inc. (TSX-V: MAI) rose 3.5 cents on 1.96 million shares on Wednesday following new drill results from the company's Santana project.
In the latest batch of assays from Minera's phase two drill program at Santana, which it completed over the past year, the company intercepted grades including 0.51 grams of gold per tonne (g/t Au) over 202.7 metres and 1.05 g/t Au over 24.3 metres. The company says that the results extend mineralization to the southwest of the deposit, and confirm the depth potential identified in a previous hole that intersected 0.60 g/t Au over 247.9 metres.
The company also says it has finalized plans for a 6,000-7,500-metre phase three drill program partly targeting the new Zata, Gold Ridge, and Bufita targets, which will begin as soon as COVID-19 conditions allow in Mexico.
When last we checked in with Minera Alamos, it was securing a $14 million equity and royalty deal with Osisko Mining Inc. (TSX: OSK). Since then, the company began construction at the project with the goal of developing it into a producing mine in 2020 and has been steadily drilling to expand the resource. The project still lacks a resource estimate, though one is expected by the end of the fiscal year.
As results and further plans for Santana continue to unfold, shares of Minera Alamos have increased 60 percent for 2020 amid high trade volume. The latest assays boosted the stock another 7.9 percent.
