Mara Rosa

The Mara Rosa Project is Amarillo's prime asset. In 2011 Amarillo Gold commissioned Coffey Mining Pty. to conduct a Pre-feasibility Study (PFS) on the Posse deposit contained within the Mara Rosa project area. An integral part of this PFS was an updated, independent, NI 43-101 compliant gold resource calculation which was undertaken by Keith Whitehouse, a principal of Australian Exploration Field Services Pty Ltd. (AEFS), based in Bendigo, Australia. The table below summarizes the results:

MARA ROSA GOLD DEPOSIT (Pre Feasibility Study March 2017) Reserves*

Cut Off = 0.38 g/t Au Tonnes (MT) Grade (Au) Ounces (Au)
Proven 9.27 1.81 540,567
Probable 9.74 1.46 456,968
P&P Total 19.01 1.63 997,536

* QP Rubens Mendonca, MAUSSIM and chartered professional of SRK Consultores do Brasil Ltda (SRK Consulting)

Amarillo is currently moving this project toward a Feasibility study. Given the current price of gold the Company’s management anticipates that this study will show robust economics and provide a compelling argument to commission a mine.  The deposit site boasts excellent infrastructure; accessible by road and near a major highway, nearby labour sources (5 km to town of Mara Rosa), and with grid power to site established during the previous open-pit mining operation. Mara Rosa also holds upside exploration potential to find a Posse deposit look-alike through step-out drilling along strike and down plunge from the deposit along the same structure.

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Lavras do Sul

The Lavras do Sul project is the "second quiver" in our list of projects. There are 19 separate areas of old workings in a 100 square kilometre area, hosted in a granitic intrusive complex and the surrounding volcanics. Amarillo has been systematically drill testing these old workings and met with drilling success. Four of the five zones tested gave over 100g*m results in the drill core. If the other areas of old workings continue to reward us like this the area will be a major new gold resource.

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