Nolan Gold Project Lode Exploration Progress Report #2
The exploration program to locate lode sources for the Nolan Placer Gold nuggets has been, and will be, carried out as weather permits.
Fairbanks, AK and Vancouver, BC (PRWEB via PR Web Direct) February 1, 2005 --
SILVERADO GOLD MINES LTD. OTCBB: SLGLF /
Frankfurt: SLGL / Berlin: SLGL
The exploration program to locate lode sources
for the Nolan Placer Gold nuggets has been, and will be, carried out as weather
permits. The Nolan Project is located north of the Arctic Circle, 280 road miles
from Fairbanks, Alaska.
The first two trenches cut to investigate
anomalies from a 2004 ground VLF-EM (very low frequency-electromagnetic) survey
have intersected gold mineralization. The survey was conducted on the slopes
above the placer mined areas to assist in locating lode sources for the placer
nuggets. Project geologists had previously identified the “Solomon Shear Trend”,
an airborne resistivity low trending northeasterly and coincident with gold –
arsenic – antimony soil geochemical anomalies as a probable source area. (See
Sept 27, 2004 Press Release). The accompanying map shows VLF-EM conductors
within the Solomon Shear Trend. To view this map go to http://www.silverado.com/maps/feb0105.htm
Trench A
showed four zones of quartz – carbonate ? stibnite veinlets (stibnite is an ore
of antimony) over a 90 foot section of trench. Values from grab and select chip
sampling in the mineralized section were: gold 0.1 to 1.7 ppm (parts per
million), (0.003 – 0.05oz/ton), arsenic 100 to >3000 ppm, and antimony 100 to
>10,000ppm.
Trench B was cut about 800 feet along the strike of the
mineralization northeast of Trench A. Two vein bearing anomalous zones, 70 and
100 feet wide, separated by 30 feet of unmineralized rock, were encountered.
Values were: gold 0.1 to 1.0 ppm (0.003 – 0.03oz/ton), arsenic 200 to
>4000ppm, and antimony 100 to >10,000ppm. A one to two foot wide sheared
vein with massive stibnite was found, coincident with the axis of an
electromagnetic conductor. Work on further exposing this zone stopped due to
adverse conditions and will resume when weather permits.
Test pitting on
a vein on Workman’s Bench in 2003, a mile southwest of the above trenching,
recovered gold nuggets with stibnite attached, showing that there is a strong
spatial relationship between gold and antimony.
Trench C was cut west of
Trench A, but did not reach bedrock for most of its length. Samples of gravel
were anomalous in antimony (103 - 236ppm average 161 ppm) along a 100ft section
of the trench pointing to a source uphill.
Some additional power operated
sampling tools will be taken to the project to enhance sampling of the frozen
ground.
The Company is very encouraged by the success of the VLF-EM
survey, given that gold mineralization was encountered in the initial tests,
there are many more conductors to investigate, and the stibnite bearing vein in
Trench B shows multiple episodes of mineralization which is an important feature
in the search for economic lode gold deposits. Arsenic and antimony are commonly
associated with gold deposits therefore the strongly anomalous results for those
elements from the trenching and drilling are also very positive.
Samples
were submitted to ALS Chemex and subjected to standard analytical procedures.
Sample blank and follow-up metallics assays provided quality control. All work
was carried out under the management of Mr. E. Armstrong, CPG, President of
Silverado’s Alaskan Subsidiary and a qualified person under NI
43-101.
FOR MORE INFORMATION:
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This Press 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. These statements are based on management's
expectations and beliefs, and involve risks and uncertainties. These statements
may involve known and unknown risks and uncertainties and other factors that may
cause the actual results to be materially different from the results implied
herein. Readers are cautioned not to place undue reliance on the forward-looking
statements made in this Press Release.
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Source : http://www.prweb.com/releases/2005/2/prweb203958.htm