Underworld Resources Inc. (TSX VENTURE: UW) is pleased to announce
final drill results from the 2009 drilling program at the White
Gold Property, Yukon, including five drill holes from the Golden
Saddle Zone. Mineralization has also been discovered at the
McKinnon Zone, located five kilometers to the east of the Golden
Saddle.
Highlights of the most recent assays from the Golden Saddle Zone
include:
-------------------------------------------------
Weighted avg.
Hole ID (g/t Au) grade Length (m)
-------------------------------------------------
WD09-102 1.46 g/t Au 158.5 meters
-------------------------------------------------
WD09-103 1.98 g/t Au 67.7 meters
-------------------------------------------------
WD09-106 2.97 g/t Au 25.5 meters
-------------------------------------------------
These results include step-out holes on the north and
northeastern margin of the current drill pattern which confirm
continuity of mineralization down-dip to the north and along strike
to the northeast. Thick intercepts of gold mineralization continue
to be hosted by the felsic metaintrusive which contains much of the
Golden Saddle deposit. Mineralization remains open to expansion to
the north and northeast.
Hole WD09-102, which intersected 158.5 meters averaging 1.46 g/t
Au from 368.5 meters also included 41.72 meters averaging 4.36 g/t
Au from 385 meters. Hole WD09-102 was drilled from the same set up
as Hole WD09-80, which previously returned 16.94 meters averaging
5.94 g/t Au from 358 meters and demonstrates continuity of a higher
grade core zone within a thick envelope of gold mineralization.
Hole WD09-103 is the most northerly hole drilled at Golden
Saddle. It returned 67.7 meters averaging 1.98 g/t Au from 357.5
meters and also included 25.38 meters averaging 4.48 g/t Au from
363.62 meters. Hole WD09-103 was a sixty meter down-dip step out
from Hole UW09-101. Hole WD09-101 returning 142 meters averaging
1.43 g/t Au from 267 meters, including 48.75 meters averaging 3.67
g/t Au as previously reported.
Holes WD09-104, 105 & 106, are infill holes in the center
and eastern part of Golden Saddle deposit and have returned
near-surface gold intercepts. Hole WD09-104 was lost at 356.6
meters in a fault. At the end of this hole, the drill core was
still mineralized. The 2009 drill program included 25,670 meters of
core drilled, with 19,023 meters in 60 holes completed at the
Golden Saddle Deposit. The 2009 drill program was completed ahead
of schedule and under budget.
Underworld anticipates completing an initial NI 43-101 Resource
Estimate for the Golden Saddle Deposit in January 2010, using the
75 holes drilled at approximate 50 meter spacing during 2008 and
2009.
An updated drill plan and cross-sections can be accessed at
www.underworldresources.com.
Most recent drill results include:
Hole-ID From (m) To (m) Length (m) Au (g/t)
Golden Saddle
WD09-102 368.50 527.00 158.5 1.46
including 385.00 426.72 41.72 4.36
WD09-103 357.50 425.20 67.70 1.98
including 363.62 389.00 25.38 4.48
WD09-104 323.59 355.5 31.91 1.48
WD09-105 74.00 79.46 5.46 3.58
WD09-106 151.50 177.00 25.50 2.97
McKinnon
MK09-01 165.50 167.00 1.50 1.40
MK09-02 60.00 61.51 1.51 1.63
MK09-03 No significant intercepts
(i) True Widths are estimated to be between 70% and 100%
of drilled interval
Visible gold mineralization was discovered at the McKinnon
prospect in July 2009 within altered and quartz veined
meta-intrusive exposed on the access road from the barge landing to
the Golden Saddle Deposit. The host lithologies alteration and
mineralization observed at McKinnon are analogous to Golden Saddle.
Follow up trenching uncovered a quartz breccia which averaged 60.2
g/t Au and 354 g/t Ag in three samples. Additional drilling will be
carried out at this prospect as well as at other targets at the
White Gold Property during the 2010 program.
Environmental base line data collection is ongoing,
metallurgical testwork in underway and community relations dialogue
continues at the White Gold Project. JDS Energy and Mining have
been retained to complete a non-NI 43-101 compliant Preliminary
Economic Assessment to quantify the viability of a mine development
at Golden Saddle. Based on the results of this study, to be
completed in March 2010, Underworld will plan a comprehensive
program of additional engineering and processing studies to advance
the White Gold Project towards feasibility.
Intrusion-related gold mineralization at the Golden Saddle Zone
is preferentially hosted within metamorphosed felsic intrusive
units, as well as felsic and mafic metavolcanic rocks. Gold
mineralization is associated with quartz veins, stockwork and
breccia zones, as well as pyrite veinlets and disseminations. The
alteration assemblage includes pervasive albite, carbonate,
sericite and silicification. The main mineralized zone at Golden
Saddle strikes to the northeast, with a gentle to moderate dip to
the northwest.
JP and Ross Property
The Company is pleased to announce that it has recently
completed an agreement covering the JP and Ross claims whereby
Underworld Resources may earn a 100% interest. The 703 claim
package covering 142 square kilometers is located in the White Gold
District north of the Stewart River and accessible from Dawson City
by road.
The area has an extensive history of placer gold mining but
limited hard rock exploration and no drilling has been carried out
there. A total of 81 rock samples were collected during the 2009
summer season. Assays returned include 1.25 g/t Au with 17.4 g/t Ag
in a quartz vein with boxworks after pyrite, and 0.47 g/t Au with
4.8 g/t Ag in a quartz vein displaying several deposition events.
Approximately 5,500 auger soil samples were also collected during
this program, assays are still pending. The acquisition of the JP
Ross property extends Underworld Resources' land holdings in the
White Gold District to 731 square kilometers.
The Company can earn a 100% interest in the JP Ross property
from a Third-Party Yukon Resident by completing annual exploration
programs totaling $1.6 million ($43,000 first year), paying
$450,000 in cash ($75,000 first year) and issuing 750,000 (145,000
first year) Underworld shares. Underworld will reimburse the
Third-party $117,000 ($250 per claim comprising the Property) to
cover staking costs.
Commencing on July 15, 2015 (and in the event Underworld is
continuing with the option), Underworld agrees to pay a $30,000
annual advance until the commencement of Commercial Production with
respect to the Property. The annual advance royalty payments will
be deducted from any Royalty payments.
Following both the exercise of the option and the commencement
of Commercial Production with respect to the Property, Underworld
will pay a royalty, being equal to 2.0% of Net Smelter Returns.
Underworld will be entitled at any time and from time to time to
purchase 1/2 of the Royalty for $2,000,000.
Quality Assurance
Underworld has implemented a rigorous QA/QC program at the White
Gold Property using best industry practice. Elements of the program
include: chain of custody of samples, insertion of standard and
blank samples, and check assays. Drill core is sawn in half and
shipped in sealed bags to ALS Chemex Laboratories in Vancouver,
B.C. Check assays are completed by Acme Laboratories,
Vancouver.
The ongoing 2009 Exploration Program is directed by Adrian
Fleming, M.A.I.G, RPGeo, M.Aus.I.M.M., President of Underworld
Resources and a Qualified Person as defined by NI 43-101. Mr.
Fleming prepared, and approves of the content of this release.
Underworld Resources is a well-structured junior exploration
company focused on expanding its new gold discovery in the Yukon.
For further information contact Jeff Sundar, Investor Relations at
604-684-4001.
ON BEHALF OF THE BOARD OF DIRECTORS
Adrian Fleming, President
Forward Looking Statement
Some of the statements contained in this press release are
forward-looking statements. Forward-looking statements are not
historical facts and are subject to a number of risks and
uncertainties beyond the Company's control, including, but not
exclusively, statements regarding potential mineralization,
exploration results, completion of work program and studies, and
future plans and objectives of the Company. Resource exploration,
development and operations are highly speculative, characterized by
a number of significant risks, which even a combination of careful
evaluation, experience and knowledge may not eliminate, including,
among other things, unprofitable efforts resulting not only from
the failure to discover mineral resources but from finding mineral
deposits which, though present, are insufficient in quantity and
quality to return a profit from production.
The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of this release.
Contacts: Underworld Resources Inc. Jeff Sundar 604-684-4001
604-484-7155 (FAX) info@underworldresources.com
www.underworldresources.com
Underworld Resources Inc. (TSXV:UW)
Graphique Historique de l'Action
De Sept 2024 à Oct 2024
Underworld Resources Inc. (TSXV:UW)
Graphique Historique de l'Action
De Oct 2023 à Oct 2024