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More Gold Findings On Silverado's 100% Owned, Nolan Creek Property
VANCOUVER, Nov. 26 /PRNewswire-FirstCall/ - Silverado Gold Mines Ltd
(Trading Symbols, OTC BB - SLGLF, FRANKFURT - SLGL, BERLIN - SLGL) : -
Silverado Gold Mines Ltd. announced today that exploration work on its Nolan
Creek property has identified a new zone with anomalous Gold mineralization.
This zone, called the Fortress, exposes several outcropping northwest-striking
quartz veins, some of which contain significant gold mineralization. A gold
bearing quartz vein in the northern part of the Fortress Formation that
contained 0.24 troy ounces gold per ton was discovered during work conducted
by Dr. Karsten Eden in 2000.
Map 1 (http://www.silverado.com/pressroom/pdf/FortressFigure1.pdf)
Map 2 (http://www.silverado.com/pressroom/pdf/FortressFigure2.pdf).
Silverado geologists conducted further investigations of the Fortress area
in late summer 2007, and collected several quartz vein samples, and
subsequently confirmed the presence of anomalous gold concentrations.
Based on these very encouraging results, the company conducted a VLF-EM
ground geophysical survey along with a ground geochemical soil survey over the
central part of the Fortress area. The VLF-EM survey revealed two east-west
trending fault zones that are overlain by strong arsenic and gold in soil
anomalies, which are over 1,500 ft in length. Arsenic is a strong indicator
for the presence of gold mineralization.
The company believes that the formation of the northwest striking
gold-bearing quartz veins was controlled by east-west trending deformation
zones, as evidenced in other areas of the southern Brooks Range. Placer
(nugget) Gold from the Thompson Pup Mine in 1994, located just below the
east-west trending faults, is reported to be very crystalline and angular in
shape which suggests a nearby source. Further technical surveys and drilling
in the 2008 summer season could well identify the source as the area mentioned
above.
Silverado Gold Mines also announced today the VLF-EM ground geophysical
survey, coincident with the ground geochemical soil survey conducted in the
Fortress area, confirmed the presence of the gold-bearing antimony quartz vein
system on the Saddle, as part of the Solomon Shear trend, in the southern part
of the Fortress area. The VLF-EM survey revealed two northeast trending
deformation zones of which the southern deformation zone is overlain by strong
antimony and arsenic in soil anomalies. This 2007 work expanded the work of
Dr. Eden which was performed in the year 2000, and which disclosed a northeast
striking gold-bearing antimony quartz vein in the antimony anomalous zone that
contained 28.09% antimony.
Silverado Gold Mines is most encouraged with its discoveries made this
summer in the Fortress area. The two different striking gold-bearing vein
systems that occur in the Fortress area, along with defined structural trends
overlain by gold, antimony and arsenic anomalies, make the Fortress area an
exciting lode gold exploration target. This is in addition to the Nolan Creek
lode gold targets.
This is the second of two strategic Silverado Gold Mines Ltd.
announcements.
Fortress Exploration Follows Nov 19/07 Announcement Regarding
Nolan Creek's Workman's Bench Discovery
On November 19, 2007 Silverado Gold Mines announced that it had received
its Permit from the Bureau of Land Management, including all prerequisite
permitting, to carry out underground exploration. The company intends to
commence exploration immediately on Workman's Bench, the second of two large
areas of significant lode discovery on its Nolan Creek Property.
(http://www.silverado.com/pressroom/pressreleases/191107.htm).
In order to carry out a year round exploration program, Silverado is
purchasing a customized, state of the art front end loader, valued at
approximately $1 million. The loader meets all U.S. government specifications
for underground mining, and is considered key for worker safety and effective
exploration. This highly specialized equipment will allow Silverado to
continue its program to be an independent and self-sufficient mining
exploration company, and will add to Silverado's diamond drilling and rolling
stock inventory of equipment, maintenance and repairs facilities, and on-site
gold processing and operations buildings.
Silverado Gold Mines Ltd. 2007 Exploration Program at Nolan Creek was, and
will continue to be supervised by Dr. Karsten Eden, the company's Vice
President Exploration, and a qualified person under NI 43-101 regulations and
requirements.
Silverado Gold Mines Ltd.
Silverado is an international company focused on Gold and a new
environmentally friendly Fuel Technology. Silverado has Gold properties
located throughout Alaska which include the 100% owned Nolan Placer Gold Mine.
Silverado is also entering the construction phase of an environmentally
friendly low cost strategic fuel demonstration facility. Silverado's Green
Fuel will be produced from low-rank coal and turned into a environmentally
friendly oil substitute. Silverado Green Fuel Inc. is a wholly owned
subsidiary of its publicly traded parent, Silverado Gold Mines Ltd. Trading
Symbols, OTC BB - SLGLF, FRANKFURT - SLGL, BERLIN - SLGL
Silverado Gold Mines Ltd. www.silverado.com
Silverado Green Fuel Inc. www.silveradogreenfuel.com
Silverado Green Fuel video
http://www.youtube.com/watch?v=x55tGfJHKzo;
More Information? http://www.silverado.com/investors/request/
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.
CONTACT: Suite 1820 - 1111 West Georgia Street, Vancouver, British
Columbia, Canada V6E 4M3, Telephone: (604) 689-1535, Facsimile: (604)
682-3519; Investor Relations: E-mail: ir@silverado.com; Public Relations:
E-mail: pr@silverado.com; Media Relations, jay@silverado.com, Toll Free:
1-800-665-4646 (Canada and USA only)
SOURCE Silverado Gold Mines Ltd. |
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