Welcome to our dedicated page for Amarillo Gold news (Ticker: AGCBF), a resource for investors and traders seeking the latest updates and insights on Amarillo Gold stock.
Follow the latest news and developments related to Amarillo Gold Corp. (AGCBF), the Canadian gold exploration company that focused on advancing precious metal projects in Brazil. This page provides historical news coverage of the company's activities leading up to its acquisition by Hochschild Mining PLC.
Amarillo Gold's news history reflects the company's journey as a junior gold explorer, including updates on drilling campaigns at the Mara Rosa project in Goiás State, exploration results from the Lavras do Sul property in southern Brazil, technical report publications, and corporate developments. The news archive captures significant milestones including feasibility studies, resource estimates, and ultimately the acquisition process that concluded the company's independent operations.
The Mara Rosa project, which served as Amarillo Gold's flagship asset, generated considerable news coverage as the company advanced it through various development stages. Exploration updates, metallurgical test results, and environmental permitting progress were regularly reported as the project moved toward potential production status.
While Amarillo Gold is no longer an independent company, this news archive serves as a historical record of the project's development and provides context for investors researching the Mara Rosa asset, which is now part of Hochschild Mining's portfolio. For current news about the Mara Rosa project, investors should monitor Hochschild Mining's corporate announcements.
Amarillo Gold Corporation has announced an agreement with Hochschild Mining PLC to acquire all outstanding shares of Amarillo through a plan of arrangement. Shareholders will receive C$0.40 per share and one share of a new entity, Lavras SpinCo, which holds the Lavras do Sul gold project in Brazil. The cash offer represents a 66% premium over the recent trading price. Total transaction value is approximately C$164.5 million, not including Lavras SpinCo's asset value. Shareholder approval is required, with a meeting expected in early 2022.
Amarillo Gold Corporation (TSXV: AGC, OTCQB: AGCBF) reported promising developments regarding the Pastinho Gold Deposit, highlighting its potential to extend the mine life of the Posse mill and boost annual gold production. The company is focused on securing construction financing while advancing engineering and land acquisition for the Posse Gold Project. Notable progress includes over 95% land acquisition and completion of 50% of detailed engineering. Cash reserves stood at $32.3 million at the end of Q3, and local labor training initiatives are ongoing.
Amarillo Gold Corporation (TSXV: AGC, OTCQB: AGCBF) has announced the start of construction for a power line delivering electricity to its Posse Gold Mine after receiving final regulatory approval from Goiás State. The 67-kilometre, 138-kilovolt power line connects the mine to a substation in Porangatu, with an expected construction duration of 14 months. Approximately BRL50 million (US$9 million) is invested in the power supply project, which includes the line, a substation expansion, and temporary power sources during the build-out.
Amarillo Gold Corporation (AGCBF) announced positive assay results from its Pastinho Gold Deposit, confirming continuity and depth extension of the deposit. The findings indicate an increase in average annual gold production potential for the Posse mill once operational. The results come from nine drill holes covering 1,564 meters, contributing to a total 2021 budget of 4,000 meters. Key highlights include drillhole 21PTN021, which intersected 11.00 meters grading 1.20 g/t gold at a vertical depth of approximately 200 meters. The exploration program has been expanded by 3,000 meters due to positive outcomes.
Amarillo Gold Corporation (AGCBF) announced that the Pastinho project in Goiás, Brazil, is now considered a satellite deposit rather than a drill target. They've completed 3,767 meters of diamond drilling, with all 15 reported holes intersecting elevated gold values. Notably, the drillhole 21PTN016 returned 6 meters grading 1.57 g/t gold. The successful drilling program has extended gold mineralization along a 1.7 km strike and continues to show potential for future ore feed for the Posse mill. A further 3,000 meters of drilling is planned to explore the deposit's extensions.
Amarillo Gold Corporation (AGCBF) announced its financial results for the six months ending June 30, 2021, emphasizing ongoing exploration for financing the Posse Gold Project. CEO Mike Mutchler stated the aim is to minimize shareholder dilution while maximizing returns. Key advancements include acquiring over 90% land for the project, significant engineering progress, and the start of an 8,500-meter drill program to enhance resource estimates. The company holds $40.5 million in cash, prioritizing funding for construction and exploration.
Amarillo Gold Corporation (OTCQB: AGCBF) has appointed Paulo Serpa as the new Country Manager for its Brazilian subsidiaries, succeeding retiring Arão Portugal. Serpa brings 35 years of mining experience, having previously worked as Director of South America Institutional Affairs for Imerys and as Country Manager for Yamana Gold in Honduras and Mexico. The company is preparing for the construction phase of its Posse Gold Project, which has a positive definitive feasibility study indicating profitability and potential for extended mine life. Portugal will continue as a special adviser.
Amarillo Gold Corporation (TSXV: AGC, OTCQB: AGCBF) reported significant gold discovery at its Lavras do Sul project in Brazil. Drilling at the Matilde target revealed wide intervals of gold mineralization, with Hole 20MT_001 intersecting 62.53 metres at 0.62 g/t gold and Hole 20MT_002 intersecting 144.60 metres at 0.69 g/t gold. The results confirm the primary gold source and highlight a promising gold-in-soil anomaly extending over 3.5 kilometers. The ongoing drilling program aims to further assess the structural complexity and mineralization potential of the area.
On June 16, 2021, Amarillo Gold Corporation announced that Research Capital Corporation has exercised all 1,355,940 broker compensation option units at $0.20 each. This resulted in the issuance of common shares and purchase warrants, generating proceeds of $400,788. Additionally, multiple warrants were exercised ahead of their expiration, contributing to the company's overall share capital. Amarillo is advancing its Posse Gold Project in Brazil, which shows strong feasibility and potential for future deposits.
Amarillo Gold Corporation (TSXV: AGC, OTCQB: AGCBF) has amended its property agreement with IAMGold Corporation and acquired an additional exploration concession for its Lavras do Sul Project in Brazil, expanding its total land position to 22,278 hectares.
The new agreement grants 100% ownership of four mineral concessions to Energia Mineral Ltda., eliminating IAMGold's 20% ownership. Amarillo will pay IAMGold US$700,000 in progress payments and has increased IAMGold's net smelter royalty from 2% to 3%. The company has identified at least 23 gold targets for exploration.
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