Yukon-Nevada Gold Corp. Drills 28.97 m grading 18.86 g/t from Starvation, Jerritt Canyon, Nevada
31 January 2012 - 11:30AM
PR Newswire (Canada)
VANCOUVER, Jan. 31, 2012 /CNW/ - Yukon-Nevada Gold Corp. is pleased
to announce results from its 2011 surface drilling program at the
Starvation Canyon Project ("Starvation") which is located at its
wholly-owned Jerritt Canyon gold operation in Nevada, USA.
Jerritt Canyon is operated by Queenstake Resources USA Ltd.,
("Queenstake") a wholly owned subsidiary of Yukon-Nevada Gold Corp.
("YNG" or the "Company"). HIGHLIGHTS -- TJ-366 intersected 28.97
meters at 18.86 g/t gold; -- TJ-364A intersected 9.15 meters at
7.68 g/t gold;and -- TJ-367 intersected 7.63 meters at 6.31 g/t
gold. The Company initiated a 130,000 foot surface drilling program
at Jerritt Canyon in 2011 that tested multiple projects throughout
the Company's 119 square mile land position. The program was
designed to either explore for and/or to convert resources to
reserves that are amenable to either open pit or underground mining
methods. This press release updates the 2011 surface program at the
Starvation project. The program consisted of a ground
geophysical survey, surface diamond drilling geotechnical drilling,
and surface reverse circulation drilling that targeted conversion
and expansion of resources within and proximal to the current
underground resource. In addition two water monitor wells
were established to enable regulatory permit compliance in advance
of initiating the planned underground mine development in April,
2012 (see YNG news release dated September 14, 2011). The results
of the 2011 Starvation program are discussed below. Resource
conversion assay results received as of December 31, 2011 are shown
in Table 1. Surface plan maps illustrating the geophysical
grid, drill hole locations, as well as a drill hole assay summary
table can be found on the Company website here
http://www.yukon-nevadagold.com/i/pdf/StarvationDrillingMaps_2011.pdf
and here
http://www.yukon-nevadagold.com/i/pdf/StarvationDrillAssayResults_2011.pdf.
Resource Conversion Drilling As part of the pre-development due
diligence process, a total of twelve reverse circulation (RC) drill
holes, totaling 6,790 ft. (2,071m) were completed in 2011.
These resource conversion drill holes were designed to target
inferred resources as reported in the most recently published
(January 6, 2012) NI 43-101. Ten drill holes comprised the
original drill plan. Two additional monitor wells (STV-U
& STV-D) were drilled for the purpose of water sampling
(regulatory required) up and down gradient of the water table
proximal to the deposit. Drill footage for these two holes
totaled 1,220 ft. (372m). Each of these monitor well drill
holes were sampled during their initial drilling prior to
subsequent reaming and pipe installation. As of December 31, 2011
assay results have been received for eleven of the resource
conversion holes as well as both of the monitor wells. The
significant assay results received to date are listed in Table 1
and are highlighted by drill hole TJ-366 which intersected 95 feet
(29m) grading 0.550 opt (18.86 g/t) from a hole depth of
415.0-510.0 ft. (126.57-155.55m), and drill hole TJ-370 which
returned assays covering 55 feet (16.77m) grading 0.370 opt (12.69
g/t) at a hole depth of 600.0-655.0 ft. (183.00-199.77m). Table
1. Significant 2011 RC Drill Hole Assay Results from
Starvation Canyon.
_________________________________________________________________ |
Hole ID | From | To | Length | | |(Mining Zone)|Feet (ft) |Feet
(ft) |Feet (ft) | Gold Grade | | |Meters (m)|Meters (m)|Meters (m)|
|
|_____________|__________|__________|__________|__________________|
|TJ-364 | 225.0 ft | 245.0 ft | 20.0 ft | 0.200 opt | | | 68.62 m |
74.72 m | 6.86 m | 6.86 g/t |
|_____________|__________|__________|__________|__________________|
|TJ-364A | 225.0 ft | 255.0 ft | 30.0 ft | 0.224 opt | | | 68.62 m
| 77.77 m | 9.15 m | 7.68 g/t |
|_____________|__________|__________|__________|__________________|
|TJ-366 | 415.0 ft | 510.0 ft | 95.0 ft | 0.550 opt | | | 126.57 m
| 155.55 m | 28.97 m | 18.86 g/t |
|_____________|__________|__________|__________|__________________|
|TJ-367 | 405.0 ft | 430.0 ft | 25.0 ft | 0.184 opt | | | 123.5 m |
131.15 m | 7.63 m | 6.31 g/t |
|_____________|__________|__________|__________|__________________|
|TJ-368 | 405.0 ft | 435.0 ft | 30.0 ft | 0.277 opt | | | 123.52 m
| 132.67 m | 9.15 m | 9.50 g/t |
|_____________|__________|__________|__________|__________________|
|TJ-368 | 460.0 ft | 475.0 ft | 15.0 ft | 0.280 opt | | | 140.3 m |
144.87 m | 4.57 m | 9.60 g/t |
|_____________|__________|__________|__________|__________________|
|TJ-369 | 425.0 ft | 435.0 ft | 10.0 ft | 0.125 opt | | | 129.62 m
| 132.67 m | 3.05 m | 4.29 g/t |
|_____________|__________|__________|__________|__________________|
|TJ-370 | 600.0 ft | 655.0 ft | 55.0 ft | 0.370 opt | | | 183.0 m |
199.77 m | 16.77 m | 12.69 g/t |
|_____________|__________|__________|__________|__________________|
|STV-U | 685.0 ft | 695.0 ft | 10.0 ft | 0.129 opt | | | 208.92 m |
211.97 m | 3.05 m | 4.42 g/t |
|_____________|__________|__________|__________|__________________|
|Notes: | |(1) Gold grade reported in Troy ounces per ton (opt) and
grams | |per tonne (g/t); | |(2) Drill holes with no significant
assays include: TJ-365, | |TJ-371, TJ-372, and TJ-373; | |(3)
Resource conversion drill holes with assays pending include: |
|TJ-368A | |(4) Geotechnical drill holes with assays pending
include: TJ-352| |through TJ-363; | |(5) Two drill holes (TJ-364
& 368) were re-drilled (TJ-364A & | |368A) as they were
originally unable to be completed to the | |design depth due to
poor ground conditions. |
|_________________________________________________________________|
Geotechnical Drilling Geotechnical diamond core drilling has been
conducted in advance of the planned development of the Starvation
deposit. The lithology and structure at Starvation are interpreted
to be consistent with that of the SSX-Steer and Smith Mines. Twelve
drill holes totaling 5,251 ft. (1,602m) were completed for this
program (TJ-352 thru TJ-363) and was supervised by Golder &
Associates, Inc. (Reno, Nevada, USA). The drilling accomplished the
dual purpose of providing drill core for engineering analysis and
laboratory testing, as well as drill penetrations for subsequent
assay analysis for the purpose of resource conversion. This
drill program was designed to provide drill core throughout the
limits of the resource as well as along the proposed decline that
will access the resource. As of December 31, 2011 laboratory
test-work was still in progress. Subsequent sampling and
assaying of drill core is pending completion of this work. A
final report, from Golder & Associates is anticipated prior to
the end of the March, 2012. Geophysical Survey During June, 2011 a
Titan 24 Magnetotellurics (MT) and Induced Polarization/Resistivity
(DCIP) geophysical survey was conducted at the Starvation deposit
and adjacent areas by Quantec Geoscience ("Quantec"). The
Titan 24 instrumentation has the capability for ground penetration
in excess of 2,300 ft. (700m) beneath the surface. The survey
was designed to: (1) determine if the Starvation Canyon
deposit is associated with a distinct IP and/or MT geophysical
signature since it is a known undisturbed deposit, and (2) to test
prospective undrilled adjacent ground. The Starvation
mineralization occurs along a major northwest-trending structure
(oriented at 290/110˚) which projects to the northwest onto
prospective undrilled ground of the West Starvation target that is
located at the intersection with a major northeast/southwest
trending fault zone. The northeast/southwest trending fault
zone crosses the length of the Jerritt Canyon property and is
spatially related with several historically mined Au deposits and
current resources. The results of the survey have successfully
identified a discrete signature (anomaly) associated with the
Starvation deposit. In addition the geophysical
interpretations identify several other anomalies within the West
Starvation target area that are both similar, as well as different,
to the determined Starvation signature. In addition to
defining several anomalies, the geophysical results possess a
resolution that is potentially showing an excellent correlation
with projected stratigraphy. The Company is extremely excited with
the results of the recent geophysical survey and the potential
significant implications for future district-wide
exploration. Drill holes planned for 2012 in the West
Starvation target area will test these geophysical anomalies and
structural intersections. This future drilling will prove the
viability of the Titan 24 geophysics to help explore for deep
buried gold deposits beneath exposed upper plate rocks at Jerritt
Canyon. Assaying of all samples from the 2011 surface drill program
reported in this news release were conducted by ALS Laboratory
Group in Reno, Nevada using standard fire assay techniques.
Assay intercepts are reported as drilled. True widths have
not yet been calculated; given the geometry of the mineralization
at Jerritt Canyon, the concept of true width is not always
meaningful before delineation drilling has been completed.
The company's 2010 and 2011 Quality Assurance and Quality Control
protocols are available at the Company's website:
http://www.yukon-nevadagold.com/i/pdf/JC_Assay_Protocols.pdf The
information in this news release was compiled and written by
William Hofer B.Sc., Chief Geologist, Jerritt Canyon Mine.
The information contained in this news release has been reviewed
and approved by the Company's Vice President of Exploration, Todd
Johnson, M.Sc. (Qualified Person per the requirements of NI
43-101). Yukon-Nevada Gold Corp. is a North American gold producer
in the business of discovering, developing and operating gold
deposits. The Company holds a diverse portfolio of gold, silver,
zinc and copper properties in the Yukon Territory and British
Columbia in Canada and in Nevada in the United States. The
Company's focus has been on the acquisition and development of late
stage development and operating properties with gold as the primary
target. Continued growth will occur by increasing or initiating
production from the Company's existing properties. If you would
like to receive press releases via email please contact
nicole@yngc.ca and specify "Yukon-Nevada Gold Corp. releases" in
the subject line. The TSX has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
WARNING: The Company relies upon litigation protection for
"forward-looking" statements. This news release does not constitute
an offer to sell or a solicitation of an offer to buy any of the
securities in the United States. The securities have not been
and will not be registered under the United States Securities Act
of 1933, as amended (the "U.S. Securities Act") or any state
securities laws and may not be offered or sold within the United
States or to U.S. Persons unless registered under the U.S.
Securities Act and applicable state securities laws or an exemption
from such registration is available.
Yukon-Nevada Gold Corp. CONTACT: Yukon-Nevada Gold Corp.Richard
Moritz Senior Director, Institutional Investor RelationsTel: (604)
688-9427Email: rmoritz@yngc.caNicole SanchesInvestor Relations
ManagerTel: (604) 688-9427 ext 224Email:
nicole@yngc.cawww.yukon-nevadagold.comCHF Investor RelationsJeanny
SoDirector of OperationsTel: (416) 868-1079 ext. 225Email:
jeanny@chfir.comwww.chfir.comAXINO AGWolfgang SeyboldChairman Tel:
+49 711 25 35 92 40Email: wolfgang.seybold@axino.dewww.axino.de/
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