Monday, 20 February 2012

Navaho Gold intersects unexpected 298m interval of silver, nears gold target at Utah Clipper

Navaho Gold (ASX: NVG) has increased the prospectivity of the company’s Utah Clipper Project in Nevada, intersecting shallow silver mineralisation above the potentially large gold target.

The first diamond drill hole at Utah Clipper is nearing its target zone, a large Carlin-style gold deposit in the Lower Plate rocks. Assays from depths below 302.9 metres are pending.

Significantly, the silver mineralisation intersected runs for almost the entire 298.2 metre long interval, with an average grade of 4.6 grams per tonne (g/t) silver, based on a 0.5g/t silver cut-off grade.

Key intercepts using a 10g/t silver cut-off grade include:

- 8.2 metres at 27.2g/t silver from 37.8 metres;
- 8.1 metres at 24.8g/t silver from 101.7 metres; and
- 13.7 metres at 19.9g/t silver from surface.

While the intersection of silver was unexpected, the geochemistry of this mineralisation is similar to that recorded by a previous explorer in holes drilled along structure to the south.

These latest results indicate potential for a 2.8 kilometre zone of shallow silver mineralisation.

Utah Clipper gold

The Utah Clipper project is located directly adjacent to Barrick Gold Corporation’s (TSX/NYSE: ABX) Pipeline‐Gold Acres gold mine complex in the Cortez‐Pipeline sector of the Battle Mountain Trend, a trend that has produced in excess of 25 million ounces of gold.

Nevada is one of the most strongly endowed gold provinces in the world, with more than 156 million ounces of gold produced in the region between 1981 and 2009.

The Carlin Trend alone has produced more gold than any other mining district in the U.S.

Significantly, the United States Geological Survey recently decided to target the area for a study that will use remote-sensing, geochemistry and other methods to detect concealed Carlin gold deposits through typically non-prospective upper plate rocks.

Navaho Gold intends to work closely with the Geological Survey on the program.

The Utah Clipper Project is subject to a farm-in agreement with Columbus Gold Corp (TSX‐V: CGT) under which Navaho can earn a 70% interest in the project.

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