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Amarillo Gold Corporation (OTCQB: AGCBF) reported its financial results for Q1 2021, focusing on securing construction financing for the Posse Gold Project. CEO Mike Mutchler emphasized that the financing process is taking longer than expected but highlighted a $40.7 million cash position that allows exploration of multiple financing options. The company has made significant progress, including acquiring 85% of the land needed for the project and completing 37% of detailed engineering work. An 8,500-metre drill program has been launched to identify additional gold deposits.
Amarillo Gold Corporation has launched a new website to enhance shareholder communication, aligning with its recent rebranding. The site aims to provide streamlined access to company information and project updates. President Mike Mutchler highlighted the commitment to frequent communication, with plans for quarterly webcasts beginning June 2, 2021, to discuss the Posse Gold Project in Brazil. The company also reactivated its social media presence on platforms like LinkedIn, Twitter, and YouTube. Amarillo is advancing its gold projects, including the promising Posse Gold Project and the exploration-stage Lavras do Sul Project.
Amarillo Gold Corporation (OTCQB: AGCBF) has resumed drilling at its Mara Rosa Property in Goiás, Brazil, planning to drill 8,500 metres, comprising 6,500 metres of diamond drilling and 2,000 metres of reverse circulation. This follows a successful 2020 program that identified gold mineralization extending 1.5 kilometres. Key target areas include Pastinho, Estrela, Speti, and Filo and Sorongo, with significant historical findings at Estrela and other targets. The company emphasizes safety amid the ongoing Covid-19 crisis in Brazil while advancing its exploration efforts.
Amarillo Gold Corporation (OTCQB: AGCBF) reported its financial results for the year ending December 31, 2020, highlighting significant milestones toward becoming a Brazilian gold producer. Key achievements include a positive feasibility study, securing a $57.2 million equity financing in August, and obtaining the License to Install for the Posse Gold Project. The company has commenced detailed engineering and placed orders for essential equipment, with ongoing efforts to locate additional gold deposits. Additionally, the financial impact of Covid-19 has been minimal, and cash on hand totals $52.4 million.
Amarillo Gold Corporation announced that the state regulators have approved the Posse Gold Mine.
This License to Install permits construction on the Mara Rosa Property in Goiás, Brazil. CEO Mike Mutchler expressed gratitude to the environmental department and community. The License was granted shortly after state support for the project was announced. The Posse project is expected to produce gold at a low cost of US$656 per ounce, with a projected annual output of 104,000 ounces over an initial 10-year mine life, yielding a net present value of US$360 million.
Amarillo Gold Corporation (TSXV: AGC, OTCQB: AGCBF) announced the results of its 2020 annual meeting, where all seven nominated directors were elected. The meeting, held virtually, also saw the approval of all major resolutions, including the number of directors set at seven and the re-appointment of MNP LLP as auditor. Additionally, the company granted 7,930,000 stock options to various stakeholders, with an exercise price of $0.33 per share, expiring in October 2025. The Posse Gold Project has received essential permits, and work is ongoing for further approvals.
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