Silverado Announces Initial 2009 Exploration Drill Results
Silverado Announces Initial 2009 Exploration Drill Results
Sep. 3, 2009 (GlobeNewswire) --
VANCOUVER, British Columbia, Sept. 3, 2009 (GLOBE NEWSWIRE) -- Silverado Gold Mines Ltd. (OTCBB:SLGLF) (Frankfurt:SLGL) (www.silverado.com) (the "Company" or "Silverado"), is pleased to release the first results of the 2009 drill program from the Company's Nolan Creek property in Alaska. Click http://tinyurl.com/n7ka96 to see the August 26th background information news release.
Pictured in the diagrams below are the Solomon Shear Zone 'A Vein' Structure and the two primary areas of exploration in 2009, Workman's Bench and Pringle Bench. The 6,000 foot A to A' section on the diagram demonstrates the areas partially diamond core drilled from 2007 to 2009. Some 2009 assay results are listed herein and some are pending. Drilling continues.
An accompanying diagram is available at: http://www.silveradoweb.com/i/sep03-01.jpg
Workman's Bench
In 2007 and 2008 mineralized vein-fault structures on Workman's Bench were first drilled and together with underground bulk sampling metallurgical work; the first probable mineral reserves were categorized (see Silverado's NI 43-101 Technical Report, Amended June 1, 2009 at www.silverado.com). The drilling completed during this period showed that nearly 70% of the probable mineral reserve occurs within the 'A Vein' Fault Zone.
From June 2009 to date a total of 2,660 feet of diamond core drilling was completed in nine (9) holes above the mid to southeastern part of the zone of probable reserves. Stibnite-quartz carbonate mineralization was encountered in eight (8) of the nine (9) holes. One hole was abandoned in a fault. The picture below shows a two foot wide zone of massive stibnite(1) (1.6 feet true thickness) from the 'A Vein' Zone in drill hole 09SH05, which is the thickest intersection of massive stibnite (antimony sulfide) encountered thus far.
An accompanying photo is available at: http://www.silveradoweb.com/i/sep03-02.jpg
Summary Table of Workman's Bench Drilling, July-August 2009
--------------------------------------------------
Total
UTM UTM Drill Drill Depth
Hole # Northing(1) Easting(1) Azimuth Angle (feet)
--------------------------------------------------
09SH01 7486411 618594 320 -45 257
--------------------------------------------------
09SH02 7486411 618594 291 -50 302
--------------------------------------------------
09SH03 7486371 618548 326 -45 302
--------------------------------------------------
09SH04 7486387 618564 290 -55 297
--------------------------------------------------
09SH05 7486347 618526 320 -69 342
--------------------------------------------------
09SH06 7486350 618526 335 -65 302
--------------------------------------------------
09SH07 7486337 618516 330 -66 322
--------------------------------------------------
09SH08 7486365 618526 275 -68 332
--------------------------------------------------
09SH09 7486365 618547 297 -45 207
--------------------------------------------------
--------------------------------------------------
'A Vein' 'A Vein'
Zone Brief Description Assay Oz per
Mineralized of 'A Vein' Zone Intercept Ton of %
Hole # Intercept Intercept Width Gold Antimony
Depth (feet) (feet)
--------------------------------------------------
09SH01 181.0 3.0' Stibnite- 3.0 Assay Assay
quartz stockwork Pending Pending
--------------------------------------------------
09SH02 164.0 6.0' Stibnite- 2.6 " "
quartz stockwork
--------------------------------------------------
09SH03 166.0 Fault Zone - 1.3 " "
Poor Recovery
--------------------------------------------------
09SH04 190.0 10.0' Stibnite- 3.0 " "
quartz stockwork
--------------------------------------------------
09SH05 277.0 3.0' (1.6' 2.6 0.271 59.29
wide-true includes
thickness of 1.6 ft
massive stibnite of 69.21
in vein)
--------------------------------------------------
09SH06 207.0 5.5' Contains
massive stibnite 0.8 0.061 36.24
to 3" and
stibnite-quartz
veinlets
--------------------------------------------------
09SH07 218.0 2.0' (1.0' 2.4 0.734 43.31
wide-true includes
thickness of 1.6 ft
massive of 47.97
stibnite)
--------------------------------------------------
09SH08 283.0 2.5' (0.6' 1.1 0.566 55.38
wide-true
thickness of
massive
stibnite; with
quartz-stibnite
veinlets)
--------------------------------------------------
09SH09 165.5 6.8' Multiple 1.0 Assay Assay
quartz-stibnite Pending Pending
veinlets
--------------------------------------------------
(1) Datum is NAD27AK
An accompanying diagram and photo are available at: http://www.silveradoweb.com/i/sep03-03.jpg
Pringle Bench
At Pringle Bench in 2009, the mineralized vein-fault structures of the inferred mineral resource (see Silverado's NI 43-101 Technical Report, Amended June 1, 2009 at www.silverado.com) have been explored to date with a total of 1492 feet of core drilling in seven (7) holes. All drill holes intercepted stibnite quartz-carbonate mineralization as deep as 210 feet below surface. The inferred mineral resource shown in the diagram on page one is also disclosed in the NI 43-101 report referenced above.
Summary Table of Pringle Bench Drilling, August 2009
--------------------------------------------------
Total
UTM UTM Drill Drill Depth
Hole # Northing(1) Easting(1) Azimuth Angle (feet)
--------------------------------------------------
09SH10B 7486843 618918 110 -45 267
--------------------------------------------------
09SH11 7486741 618862 160 -45 142
--------------------------------------------------
09SH12 7486741 618862 160 -60 137
--------------------------------------------------
09SH13 7486743 618860 160 -69 267
--------------------------------------------------
09SH13 7486743 618860 160 -69 267
--------------------------------------------------
09SH14 7786755 618927 320 -45 202
--------------------------------------------------
09SH15 7486755 618927 320 -65 222
--------------------------------------------------
09SH15 7486755 618927 320 -65 222
--------------------------------------------------
09SH16 7486802 618967 320 -60 192
--------------------------------------------------
09SH16 7486802 618967 320 -60 192
--------------------------------------------------
--------------------------------------------------
'A Vein'
Mineralized Brief Description Assay Oz per %
Hole # Intercept of Mineralized Intercept Ton of Antimony
depth (feet) Zone Intercept Width Gold
(feet)
--------------------------------------------------
09SH10B 227 7.0' Stockwork Assay Assay
style plus quartz Pending Pending
carbonate,
stibnite veins
and veinlets
--------------------------------------------------
09SH11 10.7 0.7' includes " "
massive stibnite
vein 5 inches
thick
--------------------------------------------------
09SH12 20.0 1.5' includes " "
massive stibnite
vein 1.0 feet
wide
--------------------------------------------------
09SH13 225.2 3.0' Quartz
stibnite veinlets " "
--------------------------------------------------
09SH13 233.0 4.8' Braided " "
quartz stibnite
sub-parallel to
core axis
--------------------------------------------------
09SH14 112.0 0.9' includes 9 " "
inches of massive
stibnite in
vein-fault
--------------------------------------------------
09SH15 156.0 1.0' Two parallel
stibnite veins
in quartz " "
--------------------------------------------------
09SH15 162.5 0.9' includes 4
inches of massive
stibnite with
quartz in margins " "
--------------------------------------------------
09SH16 152.0 1.0' Stibnite- " "
quartz zone 4
inches thick
--------------------------------------------------
09SH16 160.5 1.0' Stibnite- " "
quartz zone 5
inches thick
--------------------------------------------------
(1) Datum is NAD27Alaska
An accompanying diagram and photo are available at: http://www.silveradoweb.com/i/sep03-04.jpg
Exploration on the Pringle Bench gold/antimony deposit northeast of Workman's Bench consisted of surface cleaning of mineralized zones and core drilling. The former revealed much about the textural elements of the vein (see picture immediately above). The most significant conclusions from the 2009 Nolan Creek exploration program to date are:
1) The main 'A' mineralized vein-fault at the Workman's Bench
gold/antimony deposit has been extended southeast of the probable
reserve previously documented there, thus adding to the potential
to increase resources on Workman's Bench.
2) Multiple stibnite-quartz carbonate mineralized zones have been
documented up to 180 feet below the inferred resources previously
known at the Pringle Bench gold/antimony deposit, thus increasing
resource potential on Pringle Bench as well. Mineralization is
open to depth and length on both zones. Silverado is awaiting
analytical results from mineralized drill intervals encountered
during the 2009 drill program which have been submitted for assay,
and will report them as they are received.
Qualified Person
The technical information that is released in this news release has been reviewed by Thomas K. Bundtzen, P. Geo BS MS CPG-10912, ABSLN #279639, President of Pacific Rim Geological Consulting, Inc., of Fairbanks, Alaska, who is independent of the Company as defined by NI 43-101. Bundtzen is a Certified Professional Geologist with the American Institute of Professional Geologists (AIPG). Bundtzen is the Qualified Person as defined in NI 43-101 and also qualifies under the rules stated by the U.S. Securities and Exchange Commission (SEC), and has verified the data contained in this news release for accuracy. The disclosure requirements of 3.2 and 3.3 of NI 43-101 are addressed in a previously filed report entitled "January 1, 2009 NI 43-101 Pre-Feasibility Study for Nolan Creek (Amended June 1, 2009)."
About the Company
Silverado Gold Mines Ltd, a publicly traded company, is an exploration-stage enterprise focused on the exploration of gold properties with some past production. The Company has gold properties located throughout Alaska, which include a 100 percent (%) interest in numerous mining claims located on the Nolan Creek property.
Forward-Looking Statements
This news release may contain, in addition to historical information, forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements in this news release that are forward-looking statements are based on the current expectations, beliefs, assumptions, estimates and forecasts about the Company's business and the industry and markets in which it operates.
Such forward-looking statements involve risks and uncertainties regarding the market price of gold, availability of funds, government regulations, common share prices, operating costs, capital costs, outcomes of test mining activities and other factors. Forward-looking statements are made, without limitation, in relation to operating plans, property exploration activities, including test mining activities, availability of funds, environmental reclamation, operating costs and permit acquisition. Any statements contained herein that are not statements of historical facts may be deemed to be forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as "may", "will", "should", "expect", "plan", "intend", "anticipate", "believe", "estimate", "predict", "potential", or "continue", and the negative of such terms or other comparable terminology. Actual events or results may differ materially. In evaluating these statements, you should consider various factors, including the risks detailed in the Company's filings with the Canadian Securities Authorities and the U.S. SEC. These factors may cause the Company's actual results to differ materially from any forward-looking statement. Except as required by applicable securities laws, the Company disclaims any obligation to publicly update these statements, or disclose any difference between its actual results and those reflected in these statements. Given these uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements.
CONTACT: Silverado Gold Mines Ltd.
Investor Relations:
(604) 689-1535
ir@silverado.com
www.silverado.com
1820-1111 West Georgia Street
Vancouver, BC V6E 4M3
Source: GlobeNewswire (September 3, 2009 - 9:03 AM EDT)
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