Sutter Gold Discovers Two New Gold-Bearing Veins at Lincoln Mine Project; Plans Up to Six New Drill Holes on Newly Optioned P...
16 Août 2012 - 2:58PM
Marketwired Canada
Sutter Gold Mining Inc. (TSX VENTURE:SGM)(OTCQX:SGMNF) ("Sutter" or "the
Company") is pleased to present results for Phase II drilling, the second half
of its surface diamond drilling campaign at its Lincoln Mine project near Sutter
Creek, California.
"Drilling within the Lincoln Mine area of the Mother Lode achieved its three
goals of infill drilling to increase near-term gold resources, exploring the
zone between the Lincoln and Comet segments of mineralization, and probing for
extensions of gold mineralization north of the Comet resource area towards the
Keystone zone," said Leanne Baker, President & CEO. "We have intersected two
previously undiscovered gold-bearing veins, one at shallow depth and a deeper
more significant vein system that will be followed up once we are able to access
it through underground drilling."
The drilling program was comprised of 22 drill holes for a total of 8,791 feet.
While awaiting the final assays, the core rig has been relocated approximately
2.5 miles to the north-northwest of the Lincoln Mine onto the newly optioned
property (see news release dated June 21, 2012), a one-mile-long extension of
patented claims along the central Mother Lode Gold Belt. Six drill holes have
been planned and permitted in this zone, the first of which is already
completed. The drill rig may return to the Lincoln Mine area, depending on the
last batch of pending assay results of Phase II.
Previous press releases have reported assay results on significant intersections
of Phase I drilling from the first drill holes of the program, DDH-196, through
DDH-204. That phase was limited to probing the Lincoln or southern segment of
gold resources. One westerly directed drill hole of Phase II probed for shallow
gold mineralization solely within the Mariposa Slate west of the gold trend on
which the mine is being developed. Table 1 and Table 2 below report the results
of Phase II, the remaining drill holes of the drilling program through DDH-217.
Table 1 - Phase II Drilling - Significant Intersections
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True
Interval Width Au
Hole # From To ft. ft. oz/ton
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DDH-207 421.2 423.0 1.8 0.9 1.189
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432.4 433.8 1.4 0.7 0.654
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----------------------------------------------------------------------------
DDH-210 274.8 276.5 1.7 1.7 0.055
----------------------------------------------------------------------------
276.5 280.6 4.1 4 0.067
----------------------------------------------------------------------------
280.6 282.7 2.1 2.1 0.204
----------------------------------------------------------------------------
----------------------------------------------------------------------------
DDH-212 242.2 244.6 2.4 2.4 0.137
----------------------------------------------------------------------------
281.8 282.6 0.8 0.8 0.111
----------------------------------------------------------------------------
----------------------------------------------------------------------------
DDH-214 680.5 683.1 2.6 2.3 0.192
----------------------------------------------------------------------------
683.1 685.7 2.6 2.3 0.029
----------------------------------------------------------------------------
685.7 689.0 3.6 3.1 0.245
----------------------------------------------------------------------------
689.0 691.0 2.0 1.7 0.083
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691.0 694.2 3.2 2.8 0.097
----------------------------------------------------------------------------
----------------------------------------------------------------------------
----------------------------------------------------------------------------
DDH-215 215.7 217.1 1.4 1.3 0.395
----------------------------------------------------------------------------
----------------------------------------------------------------------------
DDH-216 274.0 276.0 2.0 0.4 0.075
----------------------------------------------------------------------------
276.0 278.8 2.8 0.6 0.081
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278.8 282.0 3.2 0.7 0.107
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Table 2 - Lincoln Comet Drill Holes - May to July 2012
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CA Coordinates
--------------------
Azimuth Inclination
Drill Elevation 0-360 Deg. Depth
Hole # Section Easting Northing Feet deg fr. Hor. Feet
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DDH-205 2050N 41,336.1 71,083.2 1,472.0 60 60 474.8
----------------------------------------------------------------------------
DDH-206 1950N 41,344.5 70,961.9 1,486.0 60 60 500.8
----------------------------------------------------------------------------
DDH-207 1700N 41,557.9 70,775.5 1,472.0 60 65 500.0
----------------------------------------------------------------------------
DDH-208 1700N 41,560.3 70,777.2 1,472.0 60 45 263.0
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DDH-209 3350N 40,661.6 72,193.6 1,323.8 60 70 448.0
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DDH-210 3350N 40,661.8 72,193.9 1,326.0 58.5 45 352.0
----------------------------------------------------------------------------
DDH-211 3350N 40,662.7 72,193.7 1,324.2 240 50 512.0
----------------------------------------------------------------------------
DDH-212 3200N 40,724.1 72,041.2 1,351.6 46 50 502.0
----------------------------------------------------------------------------
DDH-213 3200N 40,728.4 72,046.6 1,352.3 42 50 202.0
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DDH-214 1700N 41,439.2 70,721.9 1,437.6 60 63 706.6
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DDH-215 1700N 41,439.9 70,722.4 1,437.6 60 58 630.4
----------------------------------------------------------------------------
DDH-216 1150N 41,848.4 70,354.9 1,379.1 60 68 352.4
----------------------------------------------------------------------------
DDH-217 1150N 41,851.0 70,356.2 1,378.9 60 45 312.0
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Drill
Hole # Justification//Gold-bearing Intersection
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DDH-205 Unexplored between Comet & Lincoln//None Intersected
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DDH-206 Unexplored between Comet & Lincoln//None Intersected
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DDH-207 East Vein w/ 1.8ft @ 1.19 opt Au & 1.4ft @ 0.653 opt Au
----------------------------------------------------------------------------
DDH-208 Upper East Vein w/ 2.7ft @ 0.025 opt Au
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DDH-209 Lincoln Segment N. Extension//None Intersected
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DDH-210 Lincoln Segment N. Extension//2.1ft @ 0.204 opt Au
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DDH-211 Drilled West to Cross 250ft of Slate Section//None Intersected
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DDH-212 Drilled to find location of underground workings
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DDH-213 Drilled to find location of underground workings
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DDH-214 East Vein below DDH-207//13.7ft @ 0.137 opt Au
----------------------------------------------------------------------------
DDH-215 Intersected West Vein//1.4ft @ 0.395 opt Au
----------------------------------------------------------------------------
DDH-216 Extend DDH-197 mineralization N.// 8.0ft @ 0.09 opt Au
----------------------------------------------------------------------------
DDH-217 Extend DDH-196 mineralization N./Assays Pending
----------------------------------------------------------------------------
Drilling has shown that a portion of the barren intervening area between the
Lincoln and Comet segments of the mineable gold resources along the main
structural trend, the 42 Vein System, remains barren, at least in the upper
probed portions of that area. However, drilling at the southern portion of this
area intersected a previously undiscovered west-dipping gold-bearing vein system
at shallow depth west of the main vein trend and another significant one east of
the main vein zone at greater depth. This latter fissure vein system, dipping
vertically to slightly easterly, occurs along the contact zone between the
augite-bearing Greenstone to the west and the carbonaceous fine grained
argillites and meta-volcanic rocks, the Interbedded Sequence, to the east. The
highest assay value returned was 1.19 oz. Au/ton over a down-hole drill interval
of 1.8 feet. This vein zone most likely correlates with a gold-bearing east
dipping intensely quartz-veined region along the Greenstone-Interbedded Sequence
contact exposed in one of the east-extending crosscuts of the underground
workings which reached that contact.
The diagram below along Cross Section 1700N shows four recently drilled holes
and their intersections of both the West Vein and the gold mineralization
discovered along the steeply plunging eastern contact of the Greenstone. This
eastern fissure vein system could represent the upper extension of a
gold-bearing vein system at greater depth. Further exploration of this vein
system will be conducted via underground development headings when the mine
reaches those levels. Veins of the central Mother Lode tend to be gold
productive when they are steeply dipping, before they begin to flatten and curl
easterly to shallower dips and split or horsetail into multiple veins.
To view Figure 1, please visit the following link:
http://media3.marketwire.com/docs/sgmnf0816fig1.pdf.
The material in this news release has been reviewed Stephen Zahony, Vice
President of Exploration, a Qualified Person as defined in NI 43-101.
About Sutter
Sutter is a growth-oriented exploration and development company preparing to
become a North American gold producer. The Company has two projects: the Lincoln
Project located in Amador County, California and the Santa Theresa Project
located in the Northern Baja region of Mexico. Currently, the Company's primary
focus is the evaluation and development of the Lincoln Project, beginning with
the shallow portion of the Lincoln-Comet ore zone of the Lincoln Project,
located on the California Mother Lode Gold Belt. The Lincoln-Comet and Keystone
zones have a NI 43-101 compliant Indicated Resource estimate (completed in
February 2008) of 612,400 tonnes (673,600 tons) grading 11.3 g/t Au (0.33
oz/ton) containing 223,000 ounces of gold and Inferred Resources of 2,161,700
tonnes (2,377,900 tons) grading 6.6 g/t Au (0.19 oz/ton) containing 458,900
ounces of gold.
Sutter currently controls approximately 3.6 miles of the Mother Lode of Amador
County, with 90% of the property still unexplored. Potential exists both at
depth and along strike of the known mineralized zones on both the footwall and
hanging wall. The 120-mile long Mother Lode Gold Belt produced over 13 million
ounces of gold historically with 7.9 million ounces originating from the 10-mile
long segment between Jackson and Plymouth where the Lincoln Project is
strategically located. Properties under the Company's control include seven
historic mines with significant historic gold production totaling over 3.5
million ounces or 27% of the historic gold production from the Mother Lode.
Historic mines located north and south of the Lincoln Project in the Jackson to
Plymouth segment of the Mother Lode success fully mined gold to depths of 4,500
and 6,300 feet, respectively.
In Mexico, Sutter holds the rights to the geologically similar, high-grade El
Alamo district of northern Baja, where historic mining to the water table
produced mined grades of 30 to 60 g/t gold. Initial exploration with its
joint-venture partner, Premier Gold, has demonstrated the extension of
high-grade veins.
ON BEHALF OF THE BOARD OF DIRECTORS:
Dr. Leanne M. Baker, President, CEO & Director
Sutter Gold Mining Inc.
Forward-Looking Statements
This news release contains "forward-looking information" under Canadian
securities law. Any information that express or involve discussions with respect
to predictions, expectations, beliefs, plans, projections, objectives,
assumptions or future events or performance (often, but not always, using words
such as "expect", "anticipate", "believe", "plans", "estimate", "scheduling",
"projected" or variations thereof or stating that certain actions, events or
results "may", "could", "would", "might" or "will" be taken, occur or be
achieved, or the negative of any of these terms and similar expressions) are not
statements of historical fact and may be forward-looking information.
Forward-looking information relates to, among other things: the price of silver
and gold; the accuracy of mineral resource and mineral reserve estimates; the
ability of the Company to finance its operations and capital expenditures;
future financial and operating performance including estimates of the Company's
revenues and capital expenditures and estimated production.
Forward-looking information is subject to a variety of known and unknown risks,
uncertainties and other factors that could cause actual events or results to
differ from those reflected in the forward-looking information, including,
without limitation, risks relating to: fluctuating commodity prices; calculation
of resources, reserves and mineralization and precious and base metal recovery;
interpretations and assumptions of mineral resource and mineral reserve
estimates; exploration and development programs; feasibility and engineering
reports; permits and licenses; title to properties; recent market events and
conditions; economic factors affecting the Company; timing, estimated amount,
capital and operating expenditures and economic returns of future production;
operations and political conditions; environmental risks; and risks and hazards
of mining operations. This list is not exhaustive of the factors that may affect
any of the Company's forward-looking information. Forward-looking information
about the future is inherently uncertain, and actual achievements of the Company
or other future events or conditions may differ materially from those reflected
in the forward-looking information due to a variety of risks, uncertainties and
other factors. Although the Company has attempted to identify important factors
that could cause actual results to differ materially, there may be other factors
that cause results not to be as anticipated, estimated, described or intended.
Accordingly, readers should not place undue reliance on forward-looking
statements or information. The Company's forward-looking information is based on
the assumptions, beliefs, expectations and opinions of management as of the date
of this press release, and other than as required by applicable securities laws,
the Company does not assume any obligation to update forward-looking statements
and information if circumstances or management's assumptions, beliefs,
expectations or opinions should change, or changes in any other events affecting
such statements or information. For the reasons set forth above, investors
should not place undue reliance on forward-looking information.
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