Desert Gold Ventures Inc.: Initial Main Zone Drilling Program Completed, Goldbanks Project; Pershing County, Nevada
February 02 2009 - 7:00AM
Marketwired
Desert Gold Ventures Inc. ("Desert Gold" or the "Company") (TSX
VENTURE: DAU) is pleased to announce the results for the 2008
drilling activities in the Main Zone resource area located at the
south end of the Goldbanks Property. The Main Zone is the principal
resource area defined at Goldbanks and the program was designed to
define the geometry of the numerous high-grade veins that form the
feeder system to the Company's NI 43-101 surface deposit resource
of 556,700 ounces of gold. (See News Release dated March 28, 2006)
(see NI 43-101 Technical Report dated February 27, 2006, filed on
SEDAR March 28, 2006:
www.sedar.com/DisplayCompanyDocuments.do?lang=EN&issuerNo=00020859)
The high-grade zones were intersected by previous drilling
campaigns and are located primarily within the Cube, the northerly
area of the Main Zone resource area. Once the vein systems are
defined, then the lateral and down-dip extensions can be followed.
Previous exploration was successful in defining this resource but
was not determining the principal controls of the high-grade vein
mineralization. A portion of the program was also designed to test
several areas of near surface mineralization. Significant
intercepts from the 2008 drill holes are tabulated below:
Table of 2008 Main Zone Drill Holes
-------------------------------------------------------------------
Gold
Hole Number From To Feet (oz/t)
-------------------------------------------------------------------
GB08-8 422 446 25.0 0.011
--------------------------------------------------
493 520 27 0.176
--------------------------------------------------
Inc. 493 510 17.0 0.011
--------------------------------------------------
Inc. 510 515 5.0 0.040
--------------------------------------------------
Inc. 515 520 5.0 0.875
--------------------------------------------------
550 677 127 0.036
--------------------------------------------------
Inc. 550 600 50.0 0.012
--------------------------------------------------
Inc. 600 622.5 22.5 0.085
--------------------------------------------------
Inc. 614 618 4.0 0.370
--------------------------------------------------
Inc. 622.5 638.0 15.5 0.016
--------------------------------------------------
Inc. 638 662 24.0 0.067
--------------------------------------------------
Inc. 650.5 653.5 3.5 0.188
--------------------------------------------------
Inc. 662 677 15.0 0.015
--------------------------------------------------
689 723 34.0 0.025
--------------------------------------------------
765 777 13.0 0.041
-------------------------------------------------------------------
GB08-9 652 766 114 0.064
--------------------------------------------------
Inc. 652 667 15.0 0.024
--------------------------------------------------
Inc. 667 702 35.0 0.094
--------------------------------------------------
Inc. 702 727 25.0 0.028
--------------------------------------------------
Inc. 727 752 25.0 0.116
--------------------------------------------------
Inc. 752 766 14.0 0.022
-------------------------------------------------------------------
GB08-11(i) 640 705 65.0 0.007
--------------------------------------------------
750 885 135 0.023
--------------------------------------------------
Inc. 750 775 25.0 0.013
--------------------------------------------------
Inc. 775 785 10.0 0.115
--------------------------------------------------
Inc. 785 885 100.0 0.016
-------------------------------------------------------------------
GB08-12(ii) 285 305 20.0 0.038
-------------------------------------------------------------------
(i) reverse circulation hole; terminated due to bad ground and
high water flow before final target depth.
(ii) hole is cased and capped and ready to be completed in 2009.
Desert Gold was able to complete only a limited amount (2885
feet) of drilling before the end of the field season due to
permitting delays. A total of 1084.5 feet of core and 1800.5 feet
of reverse circulation drilling were completed in the Main Zone.
Four holes (3 core and 1 RC) were drilled to test the continuity of
known high-grade (greater than 1 oz/t Au) mineralization. Each of
the four holes intersected significant amounts of quartz veining
exhibiting textural and mineralogical features consistent with the
known high-grade vein mineralization; epithermal quartz exhibiting
banding, crystallized textures, and abundant open spaces containing
sulfides and associated with abundant manganese-oxides.
The purpose of all the Main Zone drill sites is two-fold; to
determine the orientation of the high-grade quartz veins, and begin
to follow these veins and vein-zones along strike and down-dip. Two
of the holes encountered well-developed quartz veining where
predicted and suggest a principal control of this mineralization as
a northerly-trending and apparently southwest-dipping fault
structural set. An ongoing detailed review of the Main Zone geology
is in progress and has resulted in a partial revision in the
stratigraphy, delineation of numerous previously unrecognized
steeply-dipping faults, and a better understanding of the
high-grade vein mineralization.
A total of 36 sites (RC and core) were permitted in the
operating plan to test the continuity of the high grade (greater
than 1 oz/t Au) mineralization occurring in structurally-controlled
veins. Several holes are pre-collared, cased and capped and the
core tails will be completed in 2009. In addition, 12 other sites
are currently constructed and ready to drill, and another 20 sites
are permitted for drilling in the Main Zone. Because only three
holes of the major Main Zone program were completed, the remaining
holes are scheduled to be completed in 2009. The completed holes
confirm the presence of previously encountered high-grade gold
mineralization in the Main Zone.
Desert Gold is exploring the Goldbanks Property under an option
and joint venture agreement with Kinross Gold Corporation (NYSE:
KGC). Exploration work is being conducted under the supervision of
the Company's Qualified Person, Timothy J. Percival, CPG. All core
and rotary cuttings samples were analyzed by ALS Chemex Ltd. of
Vancouver for gold, silver, and a suite of trace metals, using the
30 gram fire assay with an AA finish.
On Behalf of the Board of Directors:
Eugene Beukman, President
This release includes certain statements that may be deemed to
be "forward-looking statements" within the meaning of the U.S.
Private Securities Litigation Reform Act of 1995. All statements in
this release, other than statements of historical facts, that
address future production, reserve potential, exploration and
development activities and events or developments that the Company
expects, are forward-looking statements. Although management
believes 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 forward-looking statements
include market prices, exploration and development successes,
continued availability of capital and financing, and general
economic, market or business conditions. Please see our public
filings at www.SEDAR.com for further information.
The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of this release.
Contacts: Desert Gold Ventures Inc. Eugene Beukman President
(604) 687-2038 (604) 687-3141 (FAX) Website: www.desertgold.ca
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