LAKE CITY, Colo., March 9, 2015 /PRNewswire/ -- LKA Gold
Incorporated (OTCQB: LKAI) Golden Wonder project geologist,
Rauno Perttu recently completed a
progress report detailing the results of the ongoing underground
drilling program at the Company's Golden Wonder mine located near
Lake City, CO.
In selected excerpts from his report, dated March 3, 2015, Mr. Perttu states: "The first
stage is primarily focused on providing "close-in" targets for
immediate exploratory mining adjacent to the northeast end of the
active workings on the 600 level. Initial drilling has identified
minable, high-grade vein(s) in close proximity to the existing
mining area. Drill holes CH-1, CH-3 and CH-5 spanned an area
adjacent to the workings that is 20 feet wide and extends to 55
feet above the 600 level. The vein intercepts in these holes
averaged a gold grade of 10.86 ounces per ton over an average true
vein width of 16.8 inches." (Emphasis added.)
Mr. Perttu further reported: "My observations of holes CH-12
and CH-13 indicate an even more favorable environment for gold
mineralization near their terminations than their beginning
points... Additional outward exploration will, I believe, be
successful in finding additional new gold veins. There is a
good possibility that some of the 'stringers' intercepted in each
of these three holes will develop into gold veins in nearby parts
of the mineral system...Most of the Golden Wonder gold system
remains unexplored.
To understand the full context of Mr. Perttu's
report, investors are encouraged to read the report in its
entirety which can be found on the "Presentations &
Reports" page of the LKA's website at:
http://lkagold.com/Presentations___Reports.html
Additional comments, by management, about this project can be found
in the "President's Email Updates" at:
http://lkagold.com/Management_Team_-_LKA_Inter.html
About LKA exploration program at its Golden Wonder Mine
Vein material is
extracted as crews follow the volcanic vent system along the wall
of the Uncompahgre Caldera. This method of exploratory mining
and underground drilling proved successful in locating the first
commercial ore body which yielded more than 133,000 ounces of gold
from a single ore shoot measuring less than 10,000 square feet.
From 1998, through the second quarter of 2006, the average grade of
Golden Wonder ore was 16.01 ozs. (454 grams) gold per ton. LKA
believes that additional such ore shoots may exist on its mining
claims. Upon resuming exploratory operations in the first quarter
of 2009, LKA has shipped thirty-five bulk ore samples containing
more than 4,600 ounces with a net value, after processing, of over
$5 million. Ore sales to date have
funded the majority of LKA exploration program. Investors are
cautioned that additional exploration is required and a
commercially viable ore reserve has yet to be established and,
there can be no assurance that this will occur.
Safe Harbor Statement
LKA's plans to resume/expand
Golden Wonder production are subject to a number of conditions
including, but not limited to, favorable geology, successful
exploration efforts, favorable financing terms/availability,
permits, gold prices, market conditions, etc. Mining and related
activities are inherently high-risk endeavors and there can be no
assurance that LKA will be successful. This press release contains
certain forward-looking statements. Statements contained in this
press release that are not purely historical are considered
forward-looking. When used in this press release, the words "plan",
"target", "anticipate," "believe," "estimate," "intend" and
"expect" and similar expressions are intended to identify such
forward-looking statements. Such forward-looking statements
include, without limitation, the statements regarding LKA Gold's
future plans for exploration and/or production, future expenses and
costs, future liquidity and capital resources, and estimates of
ore, ore grades and mineralized material. All forward-looking
statements in this press release are based upon information
available to LKA Gold on the date of this press release and the
Company assumes no obligation to update any such statements.
Forward-looking statements involve a number of risks and
uncertainties, and there can be no assurance that such statements
will prove to be accurate. The Company's actual results could
differ materially from those discussed in this press release.
Factors that could cause or contribute to such differences include,
but are not limited to, those discussed in the Company's reports
filed with the Securities and Exchange Commission.
Company Contact
LKA Gold Incorporated
Kye Abraham
(253) 514-6661
info@lkagold.com
http://lkagold.com
Investor Contact
Zachary
Abraham
Abraham & Co., Inc.
abeco.z@abrahamco.com
http://abrahamco.com
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SOURCE LKA Gold Incorporated
