Star Gold Files Further Technical Report on Longstreet Gold-Silver
Property
COEUR D'ALENE, ID--(Marketwired - Feb 10, 2014) - Star Gold
Corp. ("Star Gold" or the "Company") (OTCQB: SRGZ) announced today
that the Company released a new Technical Report covering its
flagship property, the Longstreet Property, located near Tonopah,
Nevada (referred to herein as the "Longstreet Property" or the
"Longstreet Project"). The Technical Report was produced under the
National Instrument (NI) 43-101 standards; please refer to the
Cautionary Statement Regarding Mineral Resources set forth at the
end of this Press Release.
The independent Technical Report entitled "Technical Report on
the Longstreet Gold-Silver Property " (the "Technical Report" or
"The Report"), dated December 15, 2013, was prepared for Star Gold
by Agnerian Consulting Ltd. ("Agnerian") Agnerian Consulting has no
direct or indirect interest in Star Gold Corp.
The Technical Report is available on the Company's website at:
http://www.stargoldcorp.com/
Several targets within the Longstreet Property have been tested
via a total of 462 drill holes completed to date. This latest
Technical Report examines the drilling conducted at the Main Zone.
Most of the historical drilling has been comprised of relatively
shallow (approximately 100 ft. deep) air track or reverse
circulation ("RC") holes, with only fifteen diamond drill holes
completed by former operators and four diamond drill holes
completed by Star Gold during its 2012 and 2013 exploration
programs. This Technical Report is based upon a review of:
previously produced technical reports covering earlier exploration;
publications on regional geology and types of gold mineralization;
and recent drill results.
"This updated Technical Report, including the shallow pit
design, low strip-ratio and the anticipated low operating costs
demonstrates the likely potential for a starter pit at the top of
the Main Zone. Agnerian's Report places some economic parameters
around such a plan by designing a pit and using explicit operating
cost assumptions, further discussed below, which result in this
Report demonstrating the potential to generate positive operating
cash-flows for the project. The next step is to produce a
scoping-study type review which will formalize cashflows, financing
requirements, operating costs and the capital requirements
necessary to construct a starter pit," said David Segelov,
President and CEO of Star Gold Corp.
The Technical Report concludes that:
- At a pit discard cut-off grade of 0.137 g/t Au (0.005 oz/ton
Au), the Mineral Resources of the Main Zone of the Longstreet
property total approximately 4.4 million tonnes of Indicated
Mineral Resources at an average grade of 0.64 g/t Au (0.022 oz/ton
Au) and 15.6 g/t Ag (0.55oz/ton Ag), containing approximately
91,000 ounces of gold and 2.2 million ounces of silver, and 305,000
tonnes of Inferred Mineral Resources at an average grade of 0.48
g/t Au (0.017 oz/ton Au)and 14.6 g/t Ag (0.51oz/ton
Ag), containing approximately 4,750 ounces of gold and 143,000
ounces of silver.
- The Longstreet Mineral Resources are contained in a conceptual
open pit, and comprise approximately 84% of the global Mineral
Resources, with an ore-to-waste strip ratio of 1:0.56.
- Of the 462 drill holes completed, between the 1980s through
2012, by Star Gold and earlier operators on the Main Zone, 420
holes encountered gold and silver mineralization of more than 0.2
g/t Au and 10 g/t Ag over intervals ranging from 1m to
approximately 85m;
- The Longstreet Project area is underlain by Oligocene age
poorly to moderately welded and brecciated and altered rhyolitic
lapilli tuffs. Regarding the Longstreet Property, the Report
states: "Hydrothermal alteration comprises argillization,
silicification, and K-feldspar alteration, similar to the
alteration assemblage associated with the gold mineralization at
the Round Mountain Mine in Nevada."
- Exploration data also suggest that the likely environment of
gold and silver mineralization (at the Main Zone) is the set of
veins and fractures peripheral to a collapsed caldera, which has
undergone pervasive hydrothermal alteration
At the core of the Technical Report are operating cost
assumptions, recovery of gold and silver assumptions and assumption
on long-term prices of gold and silver. All these variables are
taken into account to make an operating model based on the proposed
design of the starter pit. The key assumptions are outlined
below:
- Total operating cost of US$7.25 per tonne, with approximate
amounts of:
- $2.95/t mining cost.
- $4.00/t processing cost.
- $0.30/t general and administration.
- Process plant recovery of 80% of the gold and 13% of the silver
by cyanidation of the mineralized rock in a Carbon-in-Pulp (CIP)
plant.
- Assumed production rate in the order of 8,000 tonnes per
day.
- Prices of US$1,350/oz Au (US$43.40/g Au) and US$23/oz Ag
(US$0.74/g Ag). Agnerian notes that these are considered as
the long-term price for gold and silver in terms of Mineral
Resources.
- Gold-to-silver ratio of 1:60.
- Average dilution of 5% of waste material in the conceptual open
pit.
- Ore-to-waste strip ratio of 1:0.56.
- Net smelter returns ("NSR") royalty of 3%.
The resultant operating cash-flows are outlined in Figure 14-9
of the Report on Page 83.
The Technical Report makes recommendations for further
exploration work to assess the potential existence of bulk mineable
gold-silver deposits on the Longstreet property including:
- Advance the Longstreet Project by carrying out a Preliminary
Economic Assessment ("PEA") based on the updated resource
estimate. The preliminary budget for the PEA would be
approximately one hundred fifteen thousand dollars ($115,000).
- Star Gold continuing to explore for gold and silver on the
Longstreet Property which includes a program of diamond drilling to
extend the zones of known Au-Ag mineralization at the Opal Ridge
and Cyprus Ridge target areas, and consists of 6,000 m of diamond
drilling in 30 drill holes, or a combination of RC and diamond
drill holes. The preliminary budget for this program would be
approximately two million dollars ($2,000,000) million.
QUALIFIED PERSONS
Hrayr Agnerian, M.Sc. (Applied), P.Geo Principal of Agnerian
Consultants, Richard E. Routledge, M.Sc (Applied), P.Geo, and René
Gharapetian, P.Eng. and Qualified Persons under NI 43-101 who are
independent of the Company, have prepared and authorized the
release of the mineral resource estimates presented herein.
About Star Gold Corp. Star Gold is a gold
exploration/development company with 115 unpatented claims located
within the Walker Lane belt. The Company is currently focused on
developing its flagship property, the Longstreet Property. The
Longstreet Property is located in Nye County, Nevada.
Disclaimers Certain statements in this press release that
are not historical facts are "forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act of
1995. Such statements may be identified by the use of words such as
"anticipate," "believe," "expect," "future," "may," "will,"
"would," "should," "plan," "projected," "intend," and similar
expressions. Such forward-looking statements, involve known and
unknown risks, uncertainties and other factors that may cause the
actual results, performance or achievements of Star Gold Corp (the
Company) to be materially different from those expressed or implied
by such forward-looking statements. The Company's future operating
results are dependent upon many factors, including but not limited
to the Company's ability to: (i) obtain sufficient capital or a
strategic business arrangement to fund its expansion plans; (ii)
build the management and human resources and infrastructure
necessary to support the growth of its business; (iii) competitive
factors and developments beyond the Company's control; and (iv)
other risk factors discussed in the Company's periodic filings with
the Securities and Exchange Commission, which are available for
review at www.sec.gov under "Search for Company Filings.
CAUTIONARY STATEMENT REGARDING MINERAL RESOURCES
This Press Release and/or other information that may be released
by the Company in the future uses the terms "resources", "measured
resources", "indicated resources" and "inferred
resources". United States investors are advised that,
while such terms are recognized and required by Canadian securities
laws, the SEC does not recognize them. Under United States
standards, mineralization may not be classified as a "reserve"
unless the determination has been made that the mineralization
could be economically and legally produced or extracted at the time
the reserve determination is made. Mineral resources that are not
mineral reserves do not have demonstrated economic
viability. United States investors are cautioned not to
assume that all or any part of measured or indicated resources will
ever be converted into reserves. Inferred resources are in addition
to measured and indicated resources. Further, inferred resources
have a great amount of uncertainty as to their existence and as to
whether they can be mined legally or economically. It cannot be
assumed that all or any part of the inferred resources will ever be
upgraded to a higher category. Therefore, United
States investors are also cautioned not to assume that all or
any part of the inferred resources exist, or that they can be mined
legally or economically. National Instrument 43-101 Standards of
Disclosure for Mineral Projects ("NI 43-101") is a rule developed
by the Canadian Securities Administrators, which established
standards for all public disclosure an issuer makes of scientific
and technical information concerning mineral projects. Unless
otherwise indicated, all resource estimates contained in this Press
Release and in press releases by the Company in the future, have
been or will be prepared in accordance with NI 43-101 and the
Canadian Institute of Mining, Metallurgy and Petroleum
Classification System. The requirements of NI 43- 101 are not the
same as those of the SEC.
The terms "mineral reserve", "proven mineral reserve" and
"probable mineral reserve" are Canadian mining terms as defined in
accordance with Canadian National Instrument 43-101 - Standards of
Disclosure for Mineral Projects ("NI 43-101") and the Canadian
Institute of Mining, Metallurgy and Petroleum (the "CIM") - CIM
Definition Standards on Mineral Resources and Mineral Reserves,
adopted by the CIM Council, as amended. These definitions differ
from the definitions in the United States Securities and
Exchange Commission ("SEC") Industry Guide 7 under the United
States Securities Act of 1933, as amended (the "Securities Act").
Under SEC Industry Guide 7 standards, a "final" or "bankable"
feasibility study is required to report reserves, the three-year
historical average price is used in any reserve or cash flow
analysis to designate reserves and the primary environmental
analysis or report must be filed with the appropriate governmental
authority.
In addition, the terms "mineral resource", "measured mineral
resource", "indicated mineral resource" and "inferred mineral
resource" are defined in and required to be disclosed by NI 43-101;
however, these terms are not defined terms under SEC Industry Guide
7 and are normally not permitted to be used in reports and
registration statements filed with the SEC. Investors are cautioned
not to assume that all or any part of a mineral deposit in these
categories will ever be converted into reserves. "Inferred mineral
resources" have a great amount of uncertainty as to their
existence, and great uncertainty as to their economic and legal
feasibility. It cannot be assumed that all or any part of an
inferred mineral resource will ever be upgraded to a higher
category. Under Canadian rules, estimates of inferred mineral
resources may not form the basis of feasibility or pre-feasibility
studies, except in rare cases. Investors are cautioned not to
assume that all or any part of an inferred mineral resource exists
or is economically or legally mineable.
Disclosure of "contained ounces" in a resource is permitted
disclosure under Canadian regulations; however, the SEC normally
only permits issuers to report mineralization that does not
constitute "reserves" by SEC Industry Guide 7 standards as in place
tonnage and grade without reference to unit measures.
Subject to the forgoing Cautionary Statement, the following are
the definitions of the terms used in the Longstreet NI 43-101
Report:
NI 43-101 Definitions:
Indicated mineral resource: The term "indicated mineral
resource" refers to that part of a mineral resource for which
quantity, grade or quality, densities, shape and physical
characteristics can be established with a level of confidence
sufficient to allow the appropriate application of technical and
economic parameters, to support mine planning and evaluation of the
economic viability of the deposit. The estimate is based on
detailed and reliable exploration and testing information gathered
through appropriate techniques from locations such as outcrops,
trenches, pits, workings and drill holes that are spaced closely
enough for geological and grade continuity to be reasonably
assumed.
Inferred mineral resource: The term "inferred mineral resource"
refers to that part of a mineral resource for which quantity and
grade or quality can be estimated on the basis of geological
evidence and limited sampling and reasonably assumed, but not
verified, geological and grade continuity. The estimate is based on
limited information and sampling gathered through appropriate
techniques from locations such as outcrops, trenches, pits,
workings and drill holes.
Measured mineral resource: The term "measured mineral resource"
refers to that part of a mineral resource for which quantity, grade
or quality, densities, shape and physical characteristics are so
well established that they can be estimated with confidence
sufficient to allow the appropriate application of technical and
economic parameters to support production planning and evaluation
of the economic viability of the deposit. The estimate is based on
detailed and reliable exploration, sampling and testing information
gathered through appropriate techniques from locations such as
outcrops, trenches, pits, workings and drill holes that are spaced
closely enough to confirm both geological and grade continuity.
Investor Contact: David Segelov Office: 208-664-5066 Cell:
646-626-3356 dsegelov@stargoldcorp.com info@stargoldcorp.com
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