Miranda and Montezuma Finalize Red Canyon Agreement
28 Agosto 2008 - 6:01PM
Marketwired
Miranda Gold Corp. ("Miranda") (TSX VENTURE: MAD)(OTCBB:
MRDDF)(FRANKFURT: MRG) announces that the Exploration Agreement
with Option to Form a Joint Venture ("the Agreement") has been
finalized with Montezuma Mines Inc. ("Montezuma"), a subsidiary of
CMQ Resources Inc., on Miranda's Red Canyon project. This
exploration agreement replaces the letter of intent dated June 2,
2008.
Under the terms of the Agreement, Montezuma must spend $500,000
exclusive of underlying lease payments on or before August 1, 2009.
Montezuma may earn a 60% interest in the Red Canyon project by
funding US$4,000,000 in qualified expenditures over a five year
period. Montezuma may then elect to earn an additional 10% interest
by completing a bankable feasibility study or funding US$10,000,000
in additional exploration.
Montezuma and Miranda geologists are designing an aggressive
exploration program that will begin in September 2008. Details of
the program are currently being finalized. The initial plan
includes drill testing near-surface targets at the Ice prospect and
deeper targets at the Gexa prospect, along with target development
in the northern and central portions of the property.
Red Canyon is a sediment-hosted gold project located 12 miles
(19 km) southeast of the 8.5 million ounce Cortez Hills gold
deposit. The 7.7 sq. mi. (20 sq. km.) property consists of 237
unpatented lode mining claims that cover a two square mile (5.2 sq.
km.) alteration cell developed in carbonate rocks that are
age-equivalent to host rocks at the Cortez Hills and Gold Bar
deposits. Previous drilling at the Ice prospect identified a
near-surface zone of oxidized gold mineralization hosted in the
McColley Canyon Formation, immediately above the Lone Mountain
dolomite. Select drill hole intercepts include:
- 95 ft of 0.117 oz Au/t from 20 to 115 ft (29.0m of 4.007 g
Au/t from 6.1 to 35.1m) in KR-001;
- 85 ft of 0.046 oz Au/t from 15 to 100 ft (25.9m of 1.568 g
Au/t from 4.5 to 30.5m) in ROM07-01; and
- 60 ft of 0.033 oz Au/t from 200-260 ft (18.3 m of 1.132 g Au/t
from 61-79.3 m) in M-9.
At Ice, fences of inclined reverse-circulation drill holes are
proposed to systematically test for gold mineralization beneath
post-mineral volcanic rocks, northeast of holes KR-001 , ROM07-01
and M-9. One core hole is anticipated to help resolve the geometry
and ore controls of gold mineralization at Ice. At the Gexa target,
deep drilling will test a structural / stratigraphic target in the
McColley Canyon Formation, beneath a 2,600 ft by 980 ft (800m by
300m) anomaly of gold in soils. Drilling is anticipated to begin in
the fall of 2008, but is dependent on BLM permit and bonding
approval in addition to drill rig availability.
Target development activities will include additional soil
sampling, geologic mapping and drill hole re-logging in the central
portion of the property, and an oxygen/carbon dioxide soil gas
survey in pediment covered areas to the north. Much of this work
will follow-up on unique geologic and geochemical patterns
identified by previous operators as well as field examinations
conducted by Harry Cook, an authority on sequence stratigraphy and
predictive gold host models in northern Nevada.
For details on the Red Canyon exploration agreement and other
exploration partnerships please visit our website at
www.mirandagold.com/s/JVPartners.asp.
The data disclosed in this press release have been reviewed and
verified by Company Senior Geologist Steven Koehler, P. Geo., BSc.
Geology and Qualified Person as defined by National Instrument
43-101.
Corporate Profile
Miranda Gold Corp. is a gold exploration company active in
Nevada and whose emphasis is on generating gold exploration
projects within the Battle Mountain-Eureka and Cortez Trends.
Miranda performs its own grass roots exploration and then employs a
joint venture business model on its projects in order to maximize
exposure to discovery while minimizing exploration risk. Miranda
has ongoing partnerships with Barrick Gold Exploration Inc.,
Newcrest Resources Inc., the Cortez Joint Venture, the Buckhorn
Joint Venture, Piedmont Mining Company Inc., White Bear Resources
Inc., Queensgate Resources Corporation, and CMQ Resources Inc.
ON BEHALF OF THE BOARD
Kenneth Cunningham, President and CEO
This news release may contain information about adjacent
properties on which we have no right to explore or mine. We advise
U.S. investors that the SEC's mining guidelines strictly prohibit
information of this type in documents filed with the SEC. U.S.
investors are cautioned that mineral deposits on adjacent
properties are not indicative of mineral deposits on our
properties. This news release may contain forward-looking
statements including but not limited to comments regarding the
timing and content of upcoming work programs, geological
interpretations, receipt of property titles, potential mineral
recovery processes, etc. Forward-looking statements address future
events and conditions and therefore involve inherent risks and
uncertainties. Actual results may differ materially from those
currently anticipated in such statements.
The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of this release.
Contacts: Miranda Gold Corp. Fiona Grant Manager, Investor
Relations 1-877-689-4580 Website: www.mirandagold.com
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