Midway Surface Sampling Discovers Oxide Gold at Golden Eagle Project, Washington
09 Settembre 2009 - 2:00PM
Marketwired
Midway Gold Corp. ("Midway") (TSX VENTURE: MDW)(NYSE Amex: MDW)
announces that surface sampling has identified an area 750 feet by
700 feet (see Figure 1) of oxidized gold mineralization. This is
located along the western flank of the 100% owned Golden Eagle
sulfide-rich refractory gold resource, near Republic, Washington.
Ninety-seven percent of the samples containing gold mineralization
were oxidized.
"Midway plans to complete additional delineation drilling,
permitting, metallurgical tests and toll mill arrangements to
assess this new opportunity. Evaluating the oxide potential is one
step in our plan to look at more economically favorable techniques
to develop this large resource," said Alan Branham, President and
CEO of Midway Gold Corp. "We are pleased to identify such a strong
gold zone with simple metallurgy at the surface."
A total of 206 samples were collected from road cuts and
historic open pits exposing strongly altered San Poil volcanic
rocks. These rocks are cut by hydrothermal breccia with irregular
quartz veins and stockwork veining. All accessible outcrops were
sampled by 10 foot-long continuous-chip samples. Assay results
ranged from 0.006 to 0.221 ounce per ton ("opt") gold. At a 0.006
opt gold cutoff, 187 samples averaged 0.053 opt gold. Composited
intervals included 170 feet of 0.075 opt gold, 260 feet of 0.053
opt gold, and 30 feet of 0.159 opt gold, which are shown in Figure
1. Gold is disseminated in the rock with minor discontinuous quartz
veins so true thickness is difficult to determine.
Samples were collected by Blue Eagle Sampling Team, an
independent contractor, and submitted to ALS-Chemex Labs in Sparks,
Nevada for gold analysis by fire assay. Blanks and standards were
submitted with the samples. Samples grading over 0.006 opt gold
were further analyzed by a gold cyanide assay. This analysis
involves fine crushing and hot cyanide extraction of gold to
approximate an oxide mill recovery. Gold recovery ratios, using
this standard test, ranged from 36% to 100%, with an average of 81%
gold recovery. Depth of oxidation, estimated from historic
drilling, ranges from 10-130 feet.
Golden Eagle is a volcanic hosted gold deposit in the Republic
Graben near Republic, Washington. A NI43-101 Technical Report has
been filed on SEDAR to support a resource announced June 25, 2009.
The Indicated Resource is 31.4 million tons grading 0.055 opt gold,
containing 1.744 million ounces of gold using a 0.020 opt gold
cut-off. There is an additional Inferred Resource of 5.1 million
tons grading 0.038 opt gold, containing 192,000 ounces of gold.
To view Figure 1, please click on the following link:
http://media3.marketwire.com/docs/MDW909.pdf.
This release has been reviewed and approved by Don Harris,
(M.Sc., CPG), a "qualified person" as that term is defined in
National Instrument 43-101.
ON BEHALF OF THE BOARD
Alan Branham, President and CEO
This press release contains forward-looking statements about the
Company and its business. Forward looking statements are statements
that are not historical facts and include resource estimates. The
forward-looking statements in this press release are subject to
various risks, uncertainties and other factors that could cause the
Company's actual results or achievements to differ materially from
those expressed in or implied by forward looking statements. These
risks, uncertainties and other factors include, without limitation
risks related to fluctuations in gold prices; uncertainties related
to raising sufficient financing to fund the planned work in a
timely manner and on acceptable terms; changes in planned work
resulting from weather, logistical, technical or other factors; the
possibility that results of work will not fulfill expectations and
realize the perceived potential of the Company's properties;
uncertainties involved in the interpretation of drilling results
and other tests and the estimation of gold resources; the
possibility that required permits may not be obtained on a timely
manner or at all; the possibility that capital and operating costs
may be higher than currently estimated and may preclude commercial
development or render operations uneconomic; the possibility that
the estimated recovery rates may not be achieved; risk of
accidents, equipment breakdowns and labor disputes or other
unanticipated difficulties or interruptions; the possibility of
cost overruns or unanticipated expenses in the work program; and
other factors identified in the Company's SEC filings and its
filings with Canadian securities regulatory authorities.
Forward-looking statements are based on the beliefs, opinions and
expectations of the Company's management at the time they are made,
and other than as required by applicable securities laws, the
Company does not assume any obligation to update its
forward-looking statements if those beliefs, opinions or
expectations, or other circumstances, should change.
This press release uses the terms "Measured resources",
"Indicated resources" and "Inferred resources", which are
calculated in accordance with the Canadian National Instrument
43-101 and the Canadian Institute of Mining and Metallurgy
Classification system. Mineral Resources are not Mineral Reserves
and do not have demonstrated economic viability. We advise
investors that while those terms are recognized and required by
Canadian regulations, the U.S. Securities and Exchange Commission
does not recognize them. U.S. investors are cautioned not to assume
that any part or all of mineral deposits in these categories will
ever be converted into reserves. In addition, "Inferred resources"
have a great amount of uncertainty as to their existence, and great
uncertainty as to their economic and legal feasibility. It cannot
be assumed that all or any part of an Inferred Mineral Resource
will ever be upgraded to a higher category. Under Canadian rules,
estimates of Inferred Mineral Resources may not form the basis of
feasibility or pre-feasibility studies, except in rare cases. U.S.
investors are cautioned not to assume that part or all of an
inferred resource exists, or is economically or legally
minable.
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: Midway Gold Corp. R.J. Smith (877) 475-3642
(toll-free) www.midwaygold.com
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