News Release
Silverado Announces New Drill Results at Nolan Creek Which Continue to Disclose Gold and Antimony Mineralization
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VANCOUVER, BC, Canada, September 22, 2008. Silverado Gold Mines Ltd. (the "Company" or "Silverado") SLGLF OTCBB, SLGL Frankfurt, www.silverado.com, announces that it has now completed 34 drill holes totaling 11,597 ft as part of its 2008 exploration drilling at Workman's Bench, the Company's prime exploration target on its Nolan Creek property in Alaska.
The Company has now received all assays of mineralized veins for drill holes 08SH11 through 08SH19 (see results below). An updated drill hole location map for these zones can be found on the Company's website at http://www.silverado.com/i/pdf/2008-09-19_NRM.pdf
Workman's Bench is the Company's prime exploration target for a lode gold and antimony deposit in the southwestern part of the Solomon Shear Zone. The Solomon Shear Zone contains NE striking gold-antimony- quartz vein systems which also occur in other areas on the Nolan Creek property, including across Smith Creek on Pringle Bench and north of Smith Creek Dome.
This year's drilling on Workman's Bench has focused on defining the lateral and vertical extent of the known gold and antimony mineralized zones, in particular on the main exposed vein in underground exploration Tunnels C and D. Information thus far indicates the gold and antimony mineralized zones at Workman's Bench are open laterally and at depth. This year's drilling has extended the known lateral extent of the stibnite (antimony)-gold vein systems on Workman's Bench from 600 ft to 1,000 ft.
Selected drill hole assays are presented in the tables below. Most samples of vein material contain gold. The reader should note that assay results listed in the table present results of individual veins sampled and cut from the drill core.
Although there are many mineralized veins within the Workman's Bench zone, one particular vein, the main vein, continues to be the focus of interest to the company (for more information see press release dated August 14, 2008). Assays for the remaining drill holes 08SH20 to 08SH33 are pending.
Drill Hole Number Sample Interval (From) Sample Interval (To) Sample Length (ft) Au (toz/ton) Sb (%)
08SH11 184.7 185.4 0.7 0.07 3.55
08SH11 193 193.6 0.6 0.09 3.39
08SH11 193.6 194.5 0.9 0.12 10.02
08SH11 196.2 197 0.8 0.33 10.36
08SH11 225.3 226.1 0.8 0.70 11.20
08SH11 275.8 276.8 1 0.04 11.36
Drill Hole Number Sample Interval (From) Sample Interval (To) Sample Length (ft) Au (toz/ton) Sb (%)
08SH12 91 91.7 0.7 0.10 0.02
08SH12 180.4 180.9 0.5 0.05 6.94
08SH12 186.1 187 0.9 0.04 0.77
08SH12 204.1 205 0.9 0.05 7.05
08SH12 206.5 207.2 0.7 0.13 0.01
08SH12 208.1 209 0.9 0.22 20.97
Drill Hole Number Sample Interval (From) Sample Interval (To) Sample Length (ft) Au (toz/ton) Sb (%)
08SH13 17.8 18.3 0.5 0.03 13.16
08SH13 121.3 126.7 5.4 0.14 1.99
08SH13 180.2 182 1.8 0.04 0.75
08SH13 187.5 188.8 1.3 0.06 22.15
08SH13 208.4 208.9 0.5 0.03 6.97
08SH13 210.1 212.2 2.1 0.06 5.45
Drill Hole Number Sample Interval (From) Sample Interval (To) Sample Length (ft) Au (toz/ton) Sb (%)
08SH14 56.5 57 0.5 0.01 4.02
08SH14 88.3 92 3.7 0.18 0.27
08SH14 121 122 1 0.26 0.25
08SH14 179.2 179.9 0.7 0.04 1.75
08SH14 183.8 184.3 0.5 0.19 0.02
Drill Hole Number Sample Interval (From) Sample Interval (To) Sample Length (ft) Au (toz/ton) Sb (%)
08SH15 75 75.5 0.5 0.01 9.27
08SH15 77 78 1 0.00 2.65
08SH15 84 85.7 1.7 0.13 10.55
08SH15 108.6 109.9 1.3 0.02 22.28
08SH15 113 115.1 2.1 0.04 42.07
08SH15 115.1 117 1.9 0.01 4.11
08SH15 182.5 186.4 3.9 0.12 4.77
08SH15 188 188.6 0.6 0.07 7.14
08SH15 190.2 190.7 0.5 0.07 6.85
08SH15 194.6 196.2 1.6 0.04 0.89
Drill Hole Number Sample Interval (From) Sample Interval (To) Sample Length (ft) Au (toz/ton) Sb (%)
08SH16 156 157 1 0.09 0.93
08SH16 197 198 1 0.02 1.11
08SH16 233.7 234.7 1 0.05 1.64
08SH16 309.5 310.5 1 0.39 0.00
Drill Hole Number Sample Interval (From) Sample Interval (To) Sample Length (ft) Au (toz/ton) Sb (%)
08SH17 287.6 288.1 0.5 0.23 4.63
08SH17 299.3 299.9 0.6 0.20 13.63
08SH17 311.8 312.8 1 0.12 0.01
08SH17 348.5 349.7 1.2 0.10 0.02
Drill Hole Number Sample Interval (From) Sample Interval (To) Sample Length (ft) Au (toz/ton) Sb (%)
08SH18 313 315 2 0.10 0.15
08SH18 315 316.8 1.8 2.88 27.65
Drill Hole Number Sample Interval (From) Sample Interval (To) Sample Length (ft) Au (toz/ton) Sb (%)
08SH19 148.5 149 0.5 0.00 1.76
08SH19 189.7 190.2 0.5 0.02 0.79
08SH19 213.5 214.5 1 0.07 0.80
08SH19 217 217.5 0.5 0.03 22.75
08SH19 218.5 219.5 1 0.35 34.61
Drilling continued to intersect the gold and antimony mineralization in the Workman's Bench zone from hole to hole as it proceeded in a southwestern direction.
All drill core was logged and photographed by geologists. Once all technical data was derived from the core, the core was cut lengthwise. The half-core was sampled by pre-determined intervals based on geology, and placed in sealed sample bags and labeled with the assigned sample number. All samples were delivered to ALS Chemex in Fairbanks for analysis. With the shipment to the laboratory of every 20th sample, the Company submitted two (2) standard samples, and one (1) blank sample for analysis. From time to time the Company instructed the laboratory to assay duplicate samples of the pulp from the drill core.
Dr. Karsten Eden, Certified Professional Geologist and European Geologist, and Vice President Exploration of Silverado, is the qualified person as defined by Canadian National Instrument 43-101 for the Company and has verified the data contained in this news release.
About the Company
The Company is an exploration stage company focused on the exploration of gold properties, with some past production, and the development of new environmentally friendly low-rank coal water fuel technology. The Company has gold properties located throughout Alaska, which include a 100% interest in numerous mining claims located on the Nolan Creek property. Please visit www.silverado.com
The Company is developing low-rank coal water fuel that is designed to be produced from low-rank coal and processed into an environmentally riendly oil substitute. Silverado Green Fuel Inc. is a wholly owned subsidiary of its publicly traded parent, Silverado Gold Mines Ltd. For more information about Silverado Green Fuel Inc., please visit www.silveradogreenfuel.com
Contact Information - Silverado Gold Mines Ltd.
Mailing Address
Suite 1820 - 1111 West Georgia St
Vancouver, British Columbia
Canada V6E 4M3
Telephone: (604) 689-1535
Facsimile: (604) 682-3519
Toll Free: 1-800-665-4646
(Canada and USA only)
Investor Relations: E-mail: ir@silverado.com
Public Relations: E-mail: pr@silverado.com
Media Relations: E-mail: jay@silverado.com
Trading Symbols
OTC BB - SLGLF
FRANKFURT - SLGL
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 US 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.
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You can also view this News Release on our website at:
http://www.silverado.com/s/NewsReleases.asp?ReportID=319707
SILVERADO GOLD MINES LTD.
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; Toll Free: 1-800-665-4646 (Canada and USA only)
Silverado Gold Mines Ltd. www.silverado.com |
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