Underworld Adds Fourth Drill Rig for 30,000 Meter Drill Program to Expand White Gold Discovery
09 Mars 2010 - 1:00PM
Marketwired
Underworld Resources Inc. (TSX VENTURE: UW) is pleased to announce
the mobilization for the 2010 exploration program to the White Gold
property. The company expects an early start to drilling this
season.
Underworld is planning a minimum of 30,000 meters of diamond
drilling during 2010 utilizing four drill rigs. The primary
objective of the program is to expand the Golden Saddle Deposit,
1,004,570 oz. Au averaging 3.2 g/t Au in an indicated category,
with an additional 407,413 oz Au averaging 2.5 g/t Au of additional
inferred resources (see NR UW 2010 #1). Initial drill holes will
step out to the north and east from holes WD09-101, which
intersected 4.86 g/t Au over 23.38 meters and WD09-103 which
intersected 5.07 g/t Au over 25.38 meters, the most northeasterly
and deepest holes completed to-date.
Underworld's primary objective is to expand high-grade, bulk
tonnage mineralization at Golden Saddle utilizing all four drills,
with the objective of releasing an expanded resource estimate
completed by July 2010. Drilling will continue to target a 50 by 50
meter spaced drilling pattern. The Golden Saddle Deposit remains
open to expansion along strike to the northeast, and down dip to
the northwest. Strength of alteration and mineralization increases
in intensity to the northeast. For a complete list of drill hole
intercepts and location maps, please visit
www.underworldresources.com.
Another primary objective of the 2010 drilling program will be
to target additional gold showings and geochemical anomalies at
multiple targets on Underworld's extensive land package. Targets
include: McKinnon, Frenzy, Lynx, Ulli's Ridge and Teachers
showings. Many of these targets host gold and pathfinder element
soil anomalies similar to or greater than the original Arc and
Golden Saddle deposits anomalies. In particular, Underworld will
establish a second camp targeting widespread anomalies at the JP
Ross and Maisy Mae Property, with the Frenzy target identified as a
robust anomaly with stronger gold in soil values than the Golden
Saddle Deposit.
The third objective during 2010, is to infill and expand the Arc
deposit, which hosts an inferred resource of 170,470 oz. Au
averaging 1.2 g/t Au. Drilling during 2009 was completed on 100m
centers, and covers only a portion of the 2,200 meter soil anomaly.
Near surface, sediment-hosted mineralization at the Arc deposit is
located 1,000 meters south of the Golden Saddle Deposit.
During the 2010 program, geotechnical drilling and mapping, as
well as additional metallurgical testwork, engineering studies,
environmental baseline sampling and community consultation will be
ongoing. Underworld intends to rapidly advance the White Gold
Property towards feasibility.
Mobilization of supplies and equipment using an ice road from
Pelley Farm to the White Gold Camp is scheduled to commence
imminently. Included in the shipment will be a fourth drill rig.
The fourth machine is sled mounted and able to drill deeper holes,
faster.
Underworld has filed the NI 43-101 Technical Report titled
"Mineral Resource Estimation, Dawson Range, Yukon, Canada",
authored by Marek Nowak, P.Eng. et al of SRK Consulting. This
report can be viewed at www.sedar.com.
The Company announces the granting of 100,000 stock options to
employees and consultants to Underworld priced at $1.80. The
options are exercisable for a period of 10 years. Additionally, the
Company wishes to announce the donation of 50,000 shares to the
Britannia Mining Museum in British Columbia.
Underworld Resources is a well-structured junior exploration
company focused on expanding its new gold discovery in the
Yukon.
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 Investor
Relations 604-684-4001 604-484-7155 (FAX)
info@underworldresources.com www.underworldresources.com
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