Yukon Gold Corporation, Inc. Acquires Massive Sulphide Resource, in the Mayo Mining District, Yukon
Yukon Gold Corporation, Inc. (“Yukon Gold”), (OTCBB: YGDC) announced today that it has acquired the Marg Deposit, a volcanogenic massive sulphide (“VMS”) property consisting of 402 contiguous mineral claims covering approximately 20,000 acres, located in the central Yukon Territory.
Toronto, Canada (PRWEB) March 3, 2005 -- Yukon Gold Corporation, Inc. (“Yukon
Gold”), (OTCBB: YGDC) announced today that it has acquired the Marg Deposit, a
volcanogenic massive sulphide (“VMS”) property consisting of 402 contiguous
mineral claims covering approximately 20,000 acres, located in the central Yukon
Territory.
Marg Deposit Mineral Resource Estimate:
Based on a 1997 ore
resource study by Franzen Mineral Engineering Ltd. (“Franzen”), the Marg Deposit
has a drill indicated resource of 5,527,002 metric tonnes (6,100,000 tons)
grading 1.76% copper, 4.60% zinc, 2.46% lead, 62.7 g. of silver per ton and 0.98
g. of gold per ton over an average true width of 6.1 metres (20 ft.). Open along
strike in both directions and down dip, the Company believes this classic base
metal deposit has the major potential for substantially increasing tonnage. At
the end of the 1996 drilling program, the thickest and richest intersection,
16.2 metre (53 ft.) true width averaged 2.82% copper, 2.46% lead, 5.50% zinc,
82.5 g of silver and 1.84 g. of gold per ton. This indicates potential increased
massive sulphide thicknesses to the west. Based on current metal prices, the
in-ground value of the Marg resource without any further exploration is
extremely economical.(*) A preliminary evaluation by Yukon Gold’s engineers and
geologists have determined this outcropping deposit with its favorable
topography, resource base and excellent exploration potential, will warrant
proceeding to production.
(*)Total in-ground resources and current values
based on US$ Copper $1.50 lb, Lead $0.45 lb, Zinc $0.62 lb, Silver $7.29 oz.,
Gold $432.00 oz. as of February 23, 2005, Exchange rate $0.80. These amounts are
before metallurgical loss and costs of
recovery.
Resource
Copper - 214,452,973 lbs - $321,679,496
Lead -
299,746,769 lbs - $134,886,046
Zinc - 560,502,088 lbs -
$347,511,295
Silver - 11,066,715 oz - $80,676,352
Gold - 195,871 oz -
$84,616,272
US - $969,369,461
CDN - $1,153,549,658
Deposit
Assessment:
In 135 massive sulphide intercepts in 76 diamond drill holes
totaling 20,494 metres, four gently to moderately inclined, polymetallic massive
sulphide horizons (A,B,C and D) in a 100 metre thick quartz-sericite schist and
graphitic phyllite structural succession were outlined. The massive sulphide
horizons are up to 23 metres thick and have been traced along a strike length of
1,200 metres and up to 700 metres down dip. They remain open to extension at
depth and along strike. An updated drill indicated mineral resource with a
minimum 3 metre width has been assigned to each of the four horizons as
follows:
Horizon Thickness Tonnes Cu Pb Zn
Ag Au
(m)
(%) (%)(%) (g/t) (g/t)
A
4.8 133,018 1.22 2.09 3.93 65.5
1.09
B 3.7 866,081 1.68
2.21 4.10 61.1 0.90
C 8.6 1,748,894 1.65 2.39 4.25 71.2
1.22
D 5.1 2,779,009 1.88 2.61 5.03 57.8
0.85
Total 6.0 5,527,002 1.76 2.46 4.60 62.7
0.98
Acquisition Overview and Work Program Activity
With the Marg
Deposit acquisition, Yukon Gold has significantly increased its resource base
and has assembled one of the largest land positions in the Yukon Territory’s
Mayo Mining District. Mr. Warren Holmes, Chairman and CEO of Yukon Gold expanded
this fact by stating, “The acquisition of the Marg asset constitutes a logical
step in the mandate of the company to acquire advanced projects and provides an
opportunity for early production. This is a significant mineral resource with
excellent exploration potential to increase tonnage moving forward. Our plan to
acquire mineral deposits and drill indicated resources that can be taken to
production in the highly prolific Tombstone Gold Belt with a centralized milling
facility for these late stage properties is well underway.”
About Yukon
Gold
Yukon Gold Corporation, Inc. is an extremely active and progressive
public junior exploration and development company trading on the NASDAQ OTCBB
under the symbol "YGDC". The Company’s main focus is its newly acquired VMS
deposit (Marg Property) and its Mount Hinton gold and silver exploration project
in the Central Yukon Territory of Canada. These properties lie within the
Tombstone Gold Belt, world renowned for the discovery of major gold and base
metal deposits. Within immediate proximity to the Company’s Projects are a
number of idle, former producing mines and drill indicated resources which Yukon
Gold plans to target for acquisition. Please visit our Web site at: www.yukongoldcorp.com
For More Information, Please
Contact:
Investor Relations Contact:
First Canadian Capital
Dan
Boase
Vice President
(416) 742-5600
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bots
Corporate Contact:
Yukon
Gold
Paul
Gorman
(416) 865-9869
Toll Free
(800)295-0671
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Source : http://www.prweb.com/releases/2005/3/prweb213782.htm