Stay Gold Inc. Announces Diamond Drilling at its Widow Point Gold Project
(firmenpresse) - HALIFAX, NOVA SCOTIA -- (Marketwire) -- 09/20/12 -- Stay Gold Inc. ("Stay Gold" or the "Corporation") is pleased to announce the start of a 400 metre diamond drilling program at its Widow Point gold project. The goal of the program is drill test the potential expansion of 11 gold bearing quartz schistose zones discovered in 1980's drilling campaigns. The first diamond drill hole will test the down dip extension of historic diamond drill hole WP-10-05 (2010), where an intersection up to 118g/t over 0.25 m was intersected, together with various other, lower grade anomalous gold intersections encountered within the drill hole. The second drill hole will step out 50 metres north along strike to test the extension potential of the gold bearing zones.
Brendan Matheson, President and CEO, stated "this modest drill program will enable us to evaluate the continuity of the established gold zones, which will give us a good indication of whether significant tonnage potential exists to bring this property to the next level of development".
This program is being partially funded by Stay Gold under a recently signed Option Amendment Agreement. Under the terms of the Agreement, Stay Gold can earn 100% interest in the property by making cash payments of $25,000 (on or before November 30, 2012), $75,000 (on or before January 15, 2014), issuing 750,000 common shares (on or before February 28, 2013) and spending $25,000 on exploration (on or before February 1, 2013). Partial funding of this program has also come from a $25,000 Advanced Project Grant (the "Grant") awarded to Rainbow Resources Inc. (the "Optionor") from the Nova Scotia Department of Natural Resources, under its recently announced Mineral Incentive Program.
The Widow Point Property
The geology of the Widow Point Prospect is unlike that of typical Meguma-type gold deposits. Slates and greywackes, which are typical of the Meguma, have been altered to chlorite-biotite schist, chloritic greywackes commonly exhibiting "breccia-like" quartz flooding and mixed varieties of both with staurolite-garnet-andalusite-biotite alteration. The most advanced showing on the property is called the Highland Showing. This showing occurs in the northeastern portion of the property and has two exploratory shafts sunk in its vicinity. The other focal points on the property are the 'Lynch' showing and the 'Adit' showing. The Lynch showing is located approximately 250 meters south of the Highland Showing. Both of these showings are within 50 meters of the granite contact. The Adit Zone is located to the north of the Highland Zone and was the first worked zone on the property. Historic diamond drilling has identified 11 auriferous quartz /schistose zones where significant high grade gold intersections have been reported.
Lyndon Jensen, P.Geo, a qualified person as defined by National Instrument 43-101, has reviewed and approved the technical information contained in this news release.
STAY GOLD INC.
About Stay Gold:
Stay Gold Inc. is a gold focused exploration company with a portfolio of high potential gold prospects.
The Corporation's strategic land position, located in the historic gold producing region of Nova Scotia, provides a platform for expedient resource development and new discoveries.
The Corporation's securities are not listed on any stock exchange and no stock exchange has reviewed or accepts responsibility for the adequacy or accuracy of this release.
Forward Looking Information:
"This press release includes "forward-looking information" including statements that are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Corporation. All statements in this release, other than statements of historical facts, that address future exploration programs, exploitation activities and events or developments that the Corporation expects, are forward looking statements. Although the Corporation believes that the expectations expressed in such forward looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in the forward-looking statements include exploitation and exploration successes, continued availability of financing, and general economic, market or business conditions.
Contacts:
Stay Gold Inc.
Brendan Matheson
President and CEO
(902) 832-1137
(902) 444-3324 (FAX)
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Unternehmensinformation / Kurzprofil:
Datum: 20.09.2012 - 16:01 Uhr
Sprache: Deutsch
News-ID 185443
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HALIFAX, NOVA SCOTIA
Kategorie:
Mining & Metals
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