High Desert Gold Corporation Announces 2011 Exploration Program, Including Plans for the Start of Drilling at Gold Springs
April 12 2011 - 7:30AM
Marketwired
High Desert Gold Corporation ("HDG" or the "Company") (TSX VENTURE:
HDG)(OTCQX: HDGCF) is advancing all of its exploration projects as
planned. Drilling at the Company's flagship Gold Springs Project on
the Nevada-Utah border is expected to start on April 18. Phase I
drilling at the San Antonio gold project in Sonora, Mexico is
complete and an initial trenching program at Artillery Peak in
Arizona is complete. Results from the latter two projects should be
available to release later in April.
At Gold Springs, the Company is pleased to report that planning
for the upcoming program is advancing and includes an initial
airborne geophysical ZTEM survey expected to start on April 14.
This survey will include magneto-telluric and magnetic measurements
to outline the potential extensions to the known outcropping,
gold-bearing siliceous structures under the thin gravel cover that
blankets over two thirds of the 29 sq. km property. Management
strongly believes that these covered targets include the same high
grade material that the Company has been finding in the exposed
areas (See HDG PR11-01, January 10, 2011), and with the added
attraction that they were never explored nor developed by the early
miners in the late 1800's. Early mines produced average grades of
0.411 oz per tonne gold and 4.34 oz per tonne silver as reported by
the U.S. Bureau of Mines (see Perry, Lee I., 1976, Gold Springs
Mining District, Iron County, Utah, and Lincoln County, Nevada,
Utah Geology, Vol. 3, No. 1, p. 23-49) though early records were
incomplete. Several of the vein systems have been traced to the
edge of gravel cover where they become obscured.
Following the ZTEM survey, the Company plans an early diamond
drill program to collect orientated cores to better understand vein
orientation, location and controls of the gold-silver
mineralization. The core drill rig is scheduled to arrive on the
property on April 18 to complete a 4-6 diamond-drill hole program.
This will then be followed by a reverse circulation ("RC") program
scheduled to start in early May.
Ralph Fitch, President, stated that, "These are exciting plans
which will lead up to a well conceived drill program at Gold
Springs to test the subsurface below outcrops often assaying from
0.1 to several ounces per tonne (see HDG PR11-01, January 10, 2011)
gold from exposures of quartz adularia veins. Our intention is to
start putting together an initial resource by the end of the
year."
At San Antonio, the Company has completed a scouting drill
program consisting of 11 RC drill holes and expects to have results
in hand to release before the end of the month. The purpose of the
program was to drill under a "cut" made previously by local miners
which is approximately 10 metres deep that contained many chip
samples with values greater than one gram per tonne gold within a
range of 5 ppb to 100 grams per tonne. The samples were collected
by HDG staff under the supervision or by a Qualified Person (see
HDG PR10-10, May 19, 2010). In addition to the holes located near
the "cut", holes were located to also test other areas of the
property where anomalous geochemistry had been found in the rocks
and to better understand the stratigraphic sequence.
At Artillery Peak, three short trenches using a trackhoe have
been completed to depths of one to two metres to test the gold
content of the rocks in the subsurface within the large 700 metre
long surface gold anomaly (see HDG PR09-10, August 20, 2009).
Again, these results should be available to release during
April.
The Company's Canasta Dorada gold property in Sonora, Mexico has
now been transferred into the newly formed Highvista Gold Corp. As
previously announced, Norvista Resources Corporation (see HDG
PR10-16, October 7, 2010) exercised its right to earn a 51%
interest in this entity by funding it with $1.75 million. HDG's 49%
share consists of approximately 11.2 million shares, 3.5 million of
which the Company plans to sell in the near term to provide
additional funding for the aggressive exploration program at Gold
Springs, without any further share dilution to existing HDG
shareholders.
Ralph Fitch, President, stated, "We are excited to be part of
this new company, Highvista Gold, which will be run by members of
the ex-Castle Gold management team, including Rick Adams as
CEO."
The Qualified Person on the Gold Springs project is Randall
Moore, EVP Exploration and a certified professional geologist. He
has reviewed the content of this press release.
Please see High Desert Gold Corporation's website,
www.hdggold.com, for further information and the latest corporate
presentation.
ABOUT HIGH DESERT GOLD
The Company is a mineral exploration company that acquires and
explores mineral properties, primarily gold, copper and silver, in
North America. The major properties held by HDG are the Gold
Springs gold project situated along the border between Utah and
Nevada and the San Antonio project in Sonora, Mexico.
There has been insufficient exploration to define a mineral
resource at Gold Springs and at San Antonio and it is uncertain if
further exploration will result in the targets at these two
projects being delineated as a mineral resource.
Certain statements contained herein constitute "forward-looking
statements". Forward-looking statements look into the future and
provide an opinion as to the effect of certain events and trends on
the business. Forward-looking statements may include words such as
"plans", "expects", "should", "will", "believe", "likely",
"intention" and similar expressions. These statements include, but
are not limited to, statements regarding the mineralization at and
continued advancement of the Gold Springs, San Antonio and
Artillery Peak properties. These forward-looking statements are
based on current expectations and entail various risks and
uncertainties. Actual results may materially differ from
expectations, if known and unknown risks or uncertainties affect
our business, or if our estimates or assumptions prove inaccurate.
Factors that could cause results or events to differ materially
from current expectations expressed or implied by the
forward-looking statements, include, but are not limited to, the
effect of capital market conditions and other factors on capital
availability; availability of sufficient financing to fund planned
or further required work in a timely manner and on acceptable
terms; changes in project parameters as plans continue to be
refined and other risks more fully described in the Company's
Management Discussion & Analysis of Financial Position and
Results of Operations, which is available on SEDAR at
www.sedar.com. Readers are cautioned not to place undue reliance on
the forward-looking statements contained in this press release.
Except as required by law, HDG assumes no obligation to update or
revise any forward-looking statement, whether as a result of new
information, future events or any other reason.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: High Desert Gold Corporation Richard Doran Executive
Vice President, Investor Relations (303) 584-0608 (303) 758-2063
(FAX) rdoran@hdggold.com www.hdggold.com
High Desert Gold Corporation (TSXV:HDG)
Historical Stock Chart
From Jun 2024 to Jul 2024
High Desert Gold Corporation (TSXV:HDG)
Historical Stock Chart
From Jul 2023 to Jul 2024