Miranda Reports Termination of Red Hill Agreement
17 Octobre 2008 - 9:00PM
Marketwired
Miranda Gold Corp. ("Miranda") (TSX VENTURE: MAD)(OTCBB:
MRDDF)(FRANKFURT: MRG) has been informed by Barrick Gold
Exploration Inc. ("Barrick") that they have elected to terminate
the Exploration Funding Agreement with Option to Joint Venture on
Miranda's Red Hill property.
Barrick recently completed drilling of two deep holes at Red
Hill. Both holes were drilled in the vicinity of hole BRH-013,
which in 2006 intercepted 45 ft 0.237 oz Au/t from 1,920 to 1,965
ft (13.7 m of 8.105 g Au/t from 585 to 599 m). Both holes were
planned as follow up holes to BRH-013 but were collared at
significant distances from the previous mineralized hole; 1,000 ft
(305 m) to the southeast and 2,450 ft (750 m) to the west. A
summary map showing the approximate location of the 2008 drill
holes can be viewed on the Miranda website at
www.mirandagold.com/s/Image.asp?i=photos/Red_Hill_Fig6_2008.jpg&id=309218.
According to Barrick, preliminary assay results were not
encouraging and as a result a decision to terminate was made.
Miranda has not yet seen the assay results. Once Barrick receives
the final assays and conducts internal quality control testing the
results will be released to Miranda. In addition to the assay
results, Barrick was facing an October 27, 2008 deadline to pay
Miranda $150,000. This may have influenced their decision to
terminate.
Barrick has made expenditures of over $1.3 million on the Red
Hill project, not including costs associated with the 2008
drilling. Work completed by Barrick prior to the 2008 drilling
included drilling 11 holes totaling 22,510 ft (6,861 m) as well as
a property-wide gravity survey, an airborne magnetic survey, a
controlled source audio-frequency magnetotellurics (CSAMT) survey
and a property boundary survey.
Miranda geologists strongly believe that additional targets
exist in the area of BRH-013 and that the property has not yet been
fully tested. Priority targets include the SE-strike extension of
the CSAMT anomaly associated with the mineralization in BRH-013. A
1,300 ft by 1,700 ft greater than 20 ppb gold in soil anomaly is
developed in a NW-striking syncline, with laterally-extensive
hydrothermal alteration. Previous drill holes did not test this
shallow target area.
Another target is identified proximal to the historic antimony
pits on the east side of the project. Twenty holes were drilled in
this area; however only three holes exceeded 700 ft depths. These
three holes ended in 35-150 ppb gold. A review of historic drilling
should be conducted to determine if the deeper holes intersected
the favorable Red Hill member of the Denay, the unit hosting
mineralization in BRH-013.
The Red Hill property is comprised of a mining lease covering 79
lode mining claims that occupy a large percentage of the "JD
Window". The JD Window exposes lower-plate carbonate rocks that
elsewhere in the Cortez Trend are the host rocks for disseminated
gold deposits. Extensive hydrothermal activity has caused argillic
alteration, decalcification, widespread iron oxide staining and
silicification of the carbonate rocks. Anomalous gold
mineralization is located in several prominent faults and is
associated with barite and antimony mineralization.
Miranda will be actively seeking a new partner to continue
exploration on this property.
The data disclosed in this press release have been reviewed and
verified by Company Senior Geologist Steven Koehler, P. Geo., BSc.
Geology and Qualified Person as defined by National Instrument
43-101.
Corporate Profile
Miranda Gold Corp. is a gold exploration company active in
Nevada and whose emphasis is on generating gold exploration
projects within the Battle Mountain-Eureka and Cortez Trends.
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 Newcrest Resources Inc., the Cortez
Joint Venture (Barrick Gold Exploration Inc.), the Buckhorn Joint
Venture (Barrick and Teck) Piedmont Mining Company Inc., White Bear
Resources Inc., Queensgate Resources Corporation and Montezuma
Mines Inc.
ON BEHALF OF THE BOARD
Kenneth Cunningham, President and CEO
This news release may contain information about adjacent
properties on which we have no right to explore or mine. We advise
U.S. investors that the SEC's mining guidelines strictly prohibit
information of this type in documents filed with the SEC. U.S.
investors are cautioned that mineral deposits on adjacent
properties are not indicative of mineral deposits on our
properties. This news release may contain forward-looking
statements including but not limited to comments regarding the
timing and content of upcoming work programs, geological
interpretations, receipt of property titles, potential mineral
recovery processes, etc. Forward-looking statements address future
events and conditions and therefore involve inherent risks and
uncertainties. Actual results may differ materially from those
currently anticipated in such statements.
The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of this release.
Contacts: Miranda Gold Corp. Fiona Grant Manager, Investor
Relations (604) 689-4580 or Toll Free: 1-877-689-4580 Website:
www.mirandagold.com
Miranda Gold Corp. (TSXV:MAD)
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