viewAguila American Gold Ltd

Aguila American extends strike length 800 metres at Angostura


Aguila American Gold (CVE:AGL) announced Tuesday the results of its winter sampling and trenching program have extended the strike length at its flagship Angostura gold project by approximately 800 metres.

The Angostura property, located in southwestern Peru, is a highly prospective gold property, containing eight titled concessions that cover 4,869 hectares.  Aguila American said it is in the process of securing additional mineral claims that would cover another 2,965 hectares.

The target mineralization has been interpreted as gold-bearing oxide replacement bodies, with two contiguous zones of mineralization mapped.

The company said that the low temperature gold mineralization is associated with a halo of iron carbonate alteration and is up to 250 metres wide, with an average width of 75 metres. Previous trenching results include 75 metres at an average grade of 3.67 grams per megatonne (g/Mt) gold.

The company said the latest sampling and trenching program successfully extended the known zone of iron carbonate alteration that is associated with the mineralization for more than 800 metres east of the mapped mineralization, which is the object of a budgeted 20 platform, 8,000 metre drill program planned for the fall of 2011.

Four new trenches were excavated across the zone east of the oxide mineralization outcrops where the artisanal miners are currently working, the company said.

The work program to date has identified a third phase drill program, in addition to the two phase, 8,000 metre drill program planned for the zone at Angostura, and would require additional permitting to allow for more than the planned 20 drill platforms.

This drill permitting will begin immediately after the current drill permit application has been submitted, the company said.

It also said the process is underway to convert the informal artisanal miners at the site into formal contract miners.

Quick facts: Aguila American Gold Ltd

Price: 0.165 CAD

Market: TSX-V
Market Cap: $524.53 k

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