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19.08.2011
DRILLING UNDERWAY AT MIRANDA GOLD’S COAL CANYON PROJECT
DRILLING UNDERWAY AT MIRANDA GOLD’S COAL CANYON PROJECT
Vancouver, BC, Canada – August 18, 2011 – Miranda Gold Corp. (“Miranda”) (TSX-V: MAD) is pleased to announce that NuLegacy Gold Corporation ("NuLegacy") (TSX-V: NUG), Miranda's funding partner at Coal Canyon, is drilling a reverse circulation hole at Coal Canyon. The hole is expected to end at about 1,500 ft (460 m) depth, drilling conditions permitting. The drill is then scheduled to move to the Long Fault zone of Miranda’s Red Hill project where NuLegacy will drill two additional holes.
The drill hole at Coal Canyon will attempt to further expand and define the sediment-hosted Carlin-style gold mineralization intersected in 2008 by reverse circulation hole MCC-4. This hole intersected 10 ft of 0.011 oz Au/t gold from 980 to 990 ft (3.0 m of 0.392 g Au/t from 298.8 to 301.8 m) within a sooty pyrite / silica-cemented breccia zone. This mineralization occurred within a larger, lower-grade gold zone that returned 230 ft of 0.004 oz Au/t from 970 to 1,200 ft (70.1 m of 0.140 g Au/t from 295.7 to 365.8 m).
Coal Canyon was added to NuLegacy's Red Hill exploration funding agreement with Miranda in 2010 (see Miranda news release of January 5, 2011). Through the amended agreement, NuLegacy's earn-in requirement was increased by US$1.5 million. Part of the amended agreement requires NuLegacy to drill three holes, each approximately 1,500 ft (460 m) deep, at Coal Canyon by the end of 2013. With the addition of Red Hill and Coal Canyon to the Barrick and Wilson options, NuLegacy now controls a district-sized consolidated land package of 45 sq mi (116 sq km) in the Cortez Trend and Miranda supports NuLegacy's commitment to fully explore the area over a period of years.
Project Details
The Coal Canyon sediment-hosted gold project consists of 64 unpatented lode claims in the heart of the Cortez Trend. The property is 10 mi (16 km) south of Barrick Gold Corporation’s Cortez Hills gold deposit (+13 M oz) and it adjoins the northeast side of US Gold's Tonkin Springs property. Coal Canyon occupies 2 sq mi (5.2 sq km) of the Windmill lower-plate window, a feature that exposes favorable carbonate rocks that are analogous to carbonate rocks that host the Cortez Hills and Pipeline gold deposits.
Mapping and sampling has shown a high-priority target in the northwestern portion of the property where a discrete west-northwest-trending corridor of faulting, lamprophyre dikes, folding, alteration and elevated surface gold, arsenic and antimony. The fault-fold corridor is 2,600 ft by 6,500 ft (800 m by 2,000 m) in dimension and approximately half of that area has never been drilled. West-northwest-trending zones of faults, folds and dikes are known to be important controls to mineralization elsewhere in the Cortez Trend.
Five drill holes within the corridor show hydrothermal alteration and dikes in the Roberts Mountains and Hanson Creek Formations. Of particular interest was drill hole MCC-4 which intersected the 10 ft of 0.011 oz Au/t (3.0 m of 0.392 g Au/t).
All technical data disclosed in this press release have been reviewed by Vice President of Exploration, Joe Hebert, a Qualified Person as defined by National Instrument 43-101.
Corporate Profile
Miranda Gold Corp. is a gold exploration company active in Nevada, Alaska and Colombia and whose emphasis is on generating gold exploration projects with world-class discovery potential. Miranda performs its own grass-roots exploration and then employs a joint venture business model on its projects in order to maximize exposure to discovery while minimizing exploration risk. Miranda has ongoing partnerships with Agnico-Eagle (USA) Inc., Montezuma Mines Inc., Navaho Gold Ltd., NuLegacy Gold Corporation, Ramelius Resources Ltd., and Red Eagle Mining Corporation.
ON BEHALF OF THE BOARD
“Kenneth Cunningham”
Kenneth Cunningham
President and CEO
For more information visit the Company’s web site at www.mirandagold.com or contact Joe Hebert, Vice President, Exploration at 775-738-1877.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
U.S. investors are cautioned that mineral deposits on adjacent properties are not indicative of mineral deposits on our properties. We advise U.S. investors that the SEC's mining guidelines strictly prohibit information of this type in documents filed with the SEC.
This news release contains forward-looking statements that are based on the Company’s current expectations and estimates. Forward-looking statements are frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate”, “suggest”, “indicate” and other similar words or statements that certain events or conditions “may” or “will” occur. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause actual events or results to differ materially from estimated or anticipated events or results implied or expressed in such forward-looking statements. Such factors include, among others: the actual results of current exploration activities; conclusions of economic evaluations; changes in project parameters as plans to continue to be refined; possible variations in ore grade or recovery rates; accidents, labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing; and fluctuations in metal prices. There may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.
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Vancouver, BC, Canada – August 18, 2011 – Miranda Gold Corp. (“Miranda”) (TSX-V: MAD) is pleased to announce that NuLegacy Gold Corporation ("NuLegacy") (TSX-V: NUG), Miranda's funding partner at Coal Canyon, is drilling a reverse circulation hole at Coal Canyon. The hole is expected to end at about 1,500 ft (460 m) depth, drilling conditions permitting. The drill is then scheduled to move to the Long Fault zone of Miranda’s Red Hill project where NuLegacy will drill two additional holes.
The drill hole at Coal Canyon will attempt to further expand and define the sediment-hosted Carlin-style gold mineralization intersected in 2008 by reverse circulation hole MCC-4. This hole intersected 10 ft of 0.011 oz Au/t gold from 980 to 990 ft (3.0 m of 0.392 g Au/t from 298.8 to 301.8 m) within a sooty pyrite / silica-cemented breccia zone. This mineralization occurred within a larger, lower-grade gold zone that returned 230 ft of 0.004 oz Au/t from 970 to 1,200 ft (70.1 m of 0.140 g Au/t from 295.7 to 365.8 m).
Coal Canyon was added to NuLegacy's Red Hill exploration funding agreement with Miranda in 2010 (see Miranda news release of January 5, 2011). Through the amended agreement, NuLegacy's earn-in requirement was increased by US$1.5 million. Part of the amended agreement requires NuLegacy to drill three holes, each approximately 1,500 ft (460 m) deep, at Coal Canyon by the end of 2013. With the addition of Red Hill and Coal Canyon to the Barrick and Wilson options, NuLegacy now controls a district-sized consolidated land package of 45 sq mi (116 sq km) in the Cortez Trend and Miranda supports NuLegacy's commitment to fully explore the area over a period of years.
Project Details
The Coal Canyon sediment-hosted gold project consists of 64 unpatented lode claims in the heart of the Cortez Trend. The property is 10 mi (16 km) south of Barrick Gold Corporation’s Cortez Hills gold deposit (+13 M oz) and it adjoins the northeast side of US Gold's Tonkin Springs property. Coal Canyon occupies 2 sq mi (5.2 sq km) of the Windmill lower-plate window, a feature that exposes favorable carbonate rocks that are analogous to carbonate rocks that host the Cortez Hills and Pipeline gold deposits.
Mapping and sampling has shown a high-priority target in the northwestern portion of the property where a discrete west-northwest-trending corridor of faulting, lamprophyre dikes, folding, alteration and elevated surface gold, arsenic and antimony. The fault-fold corridor is 2,600 ft by 6,500 ft (800 m by 2,000 m) in dimension and approximately half of that area has never been drilled. West-northwest-trending zones of faults, folds and dikes are known to be important controls to mineralization elsewhere in the Cortez Trend.
Five drill holes within the corridor show hydrothermal alteration and dikes in the Roberts Mountains and Hanson Creek Formations. Of particular interest was drill hole MCC-4 which intersected the 10 ft of 0.011 oz Au/t (3.0 m of 0.392 g Au/t).
All technical data disclosed in this press release have been reviewed by Vice President of Exploration, Joe Hebert, a Qualified Person as defined by National Instrument 43-101.
Corporate Profile
Miranda Gold Corp. is a gold exploration company active in Nevada, Alaska and Colombia and whose emphasis is on generating gold exploration projects with world-class discovery potential. Miranda performs its own grass-roots exploration and then employs a joint venture business model on its projects in order to maximize exposure to discovery while minimizing exploration risk. Miranda has ongoing partnerships with Agnico-Eagle (USA) Inc., Montezuma Mines Inc., Navaho Gold Ltd., NuLegacy Gold Corporation, Ramelius Resources Ltd., and Red Eagle Mining Corporation.
ON BEHALF OF THE BOARD
“Kenneth Cunningham”
Kenneth Cunningham
President and CEO
For more information visit the Company’s web site at www.mirandagold.com or contact Joe Hebert, Vice President, Exploration at 775-738-1877.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
U.S. investors are cautioned that mineral deposits on adjacent properties are not indicative of mineral deposits on our properties. We advise U.S. investors that the SEC's mining guidelines strictly prohibit information of this type in documents filed with the SEC.
This news release contains forward-looking statements that are based on the Company’s current expectations and estimates. Forward-looking statements are frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate”, “suggest”, “indicate” and other similar words or statements that certain events or conditions “may” or “will” occur. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause actual events or results to differ materially from estimated or anticipated events or results implied or expressed in such forward-looking statements. Such factors include, among others: the actual results of current exploration activities; conclusions of economic evaluations; changes in project parameters as plans to continue to be refined; possible variations in ore grade or recovery rates; accidents, labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing; and fluctuations in metal prices. There may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.
NEWSLETTER REGISTRIERUNG:
Aktuelle Pressemeldungen dieses Unternehmens direkt in Ihr Postfach:
<a href="http://www.irw-press.com/alert_subscription.php?lang=en&isin=CA6046731031">http://www.irw-press.com/alert_subscription.php?lang=en&isin=CA6046731031</a>
Mitteilung übermittelt durch IRW-Press.com. Für den Inhalt ist der Aussender
verantwortlich.
Kostenloser Abdruck mit Quellenangabe erlaubt.