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Minera Alamos reveals plans for Phase 3 drilling at Santana gold project as it continues to expand mineralization

The second phase drill program, completed over the last year, was "extremely successful"

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The assays reported on Wednesday come from holes designed to test the northern limits of the Nicho main zone and the potential for further extensions to the south and southwest

Minera Alamos Inc (CVE:MAI) (OTCMKTS:MAIFF) has unveiled more positive drill results from its phase 2 program at the Santana gold project in Mexico along with plans for a third phase totaling up to 7,500 metres (m) over the second half of this year.

The second phase program, completed over the last year, was "extremely successful" in demonstrating that the initial Nicho Main Zone breccia pipe has significant potential for expansion, the firm said.

READ: Minera Alamos brings in over C$1.5 million from sale of Prime Mining shares

The latest assays come from holes designed to test the northern limits of the Nicho main zone and the potential for further extensions to the south and southwest.

Highlights of the results included 0.51 grams per ton (g/t) on an intersection of 202m from surface at Nacho, which ended in mineralization. Another hole at the Divisadero zone hit 0.31 g/t gold in an intersection of 105.6m from 20m depth, Minera revealed.

"We have now extended the lateral extents of the mineralized zone by almost 150m from what was identified previously and to overall vertical depths beyond 200m," Darren Koningen, CEO of Minera Alamos told investors in a statement.

"The mineralization appears to remain open in multiple directions as well as at depth. The drilling planned for Phase 3 will focus on continuing to define the system's margins as the company finalizes its pit optimization studies.

"We are also excited to commence the drill testing of numerous new targets that have been identified within the Santana project boundaries over the last 18 months," he added.

The firm's current phase 3 plans call for a further 20 to 25 holes at Nicho totaling around 4,000m as well as first holes at the Zata and Gold Ridge targets in addition to the recently identified Bufita target.

The work is due to start shortly following the resumption of post-coronavirus pandemic mining activities in Mexico.

In addition, further holes are planned for the Divisadero target to gain a better understanding of the geometry, limits and the internal characteristics of this gold-bearing intrusive centre, Minera Alamos said.

The program could be expanded depending on the success of the initial holes on the new targets, it added.

Shares ticked up 7.8% to C$0,48 in Toronto

---Updates for share price----

Contact the author at giles@proactiveinevestors.com

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Price: 0.67 CAD

TSX-V:MAI
Market: TSX-V
Market Cap: $290.93 m
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