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Share Name | Share Symbol | Market | Type |
---|---|---|---|
American Sierra Gold Corporation (PK) | USOTC:AMNP | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.001675 | 47.86% | 0.005175 | 0.0001 | 0.2588 | 0.005175 | 0.004 | 0.004 | 2,207 | 21:15:24 |
During the period of March 23 to April 16 geological crews conducted systematic sampling at three underground locations in the Discovery Day mine. A total of 29 samples were taken at the "490" raise, "400" raise and at the end of the 72 crosscut. These three potential mining targets show strong structural anomalies with significant quartz veining. The sampling program was designed to determine ore grades and mining widths of these zones in order to evaluate production mining economics.
Economically feasible assay results were obtained from both the "490" and "400" raises and are shown in the table below. Thirteen of the fifteen samples taken in the "72 crosscut" carried gold values but all assays were below the mining cut-off grade of 0.5 ounces per ton.
SAMPLE # SAMPLE DESCRIPTION Au OPT ---------------------------------------------------------------------------- 400 R Chip sample across 40 in. of entire structure 1.02 400 R-1 Chip sample across 26 in. vein width at top of raise 4.52 400 R-2 Chip sample across left 4 in. quartz section of 400 R-1 0.78 400 R-3 Chip sample across 18 in. vein width at bottom of raise 13.78 400R - 1A1 Grab sample from muck pile 1.20 400R - 1A4 Repeat check assay of sample 400R-1A4 1.18 400R - 1B1 Chip sample of spider quartz Trace 490R - 4A1 Channel cut across 11 ft. of face 1.52 490R - 4B1 Grab sample from muck pile at face 0.23 490R - 4C1 Mix of quartz matrix over 4-5 ft. width 0.33 490R - 4D1 Left 2 ft. section of 490-4A1 2.04 490R - 4E1 Greenstone wall rock left of vein Trace 490R - 4F1 Greenstone wall rock Trace 490R - 4G1 Silicified shale wall rock to right of vein 0.05
These samples came from the two raises that are located up dip on the same structure that 1996 mill reports document having produced 195 tons of ore that averaged 12.06 oz/ton. This included 43 tons of bonanza grade ore averaging 37.4 oz/ton. This single 10-day production run reportedly resulted in the production of over 2,300 ounces of gold worth over $2.6M at today's gold prices.
According to mine manager Patrick Fagen, "These assay results support good continuity of values between the two zones indicative of an extension of the previously mined ore shoot. The grades are exceptional and the structure appears to be widening both up dip and along its southern strike. Further drifting at both locations is needed to determine the full extent of the ore bodies."
American Sierra Gold's President Wayne Gruden added, "These encouraging assay results have prompted a company decision to focus immediate efforts on a production test run to accurately determine the feasibility of mining this past producing zone and test our mill. We plan to conduct this production test concurrently with an underground core drilling program." Both work programs are scheduled to commence during the month of May.
Forward-Looking Statements
The statements by our officers, and other statements regarding optimism related to the business, expanding exploration and development activities and other statements in this press release are forward-looking statements within the meaning of the Securities Litigation Reform Act of 1995. Such statements are based on current expectations, estimates and projections about the Company's business. Words such as expects, anticipates, intends, plans, believes, sees, estimates and variations of such words and similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and involve certain risks and uncertainties that are difficult to predict. Actual results could vary materially from the description contained herein due to many risk factors that affect the industry the Company operates in and other risk factors listed from time to time in the Company's Securities and Exchange Commission (SEC) filings under "risk factors" and elsewhere. The forward-looking statements contained in this press release speak only as of the date on which they are made, and the Company does not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of this press release.
For further information please contact: American Sierra Gold Corp. Wayne Gruden President and CEO Investor Relations 1-888-279-3921 Email Contact www.americansierragold.com
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