Meadow Bay Gold Completes NI 43-101 Technical Report for the Colorback Gold Project, Lander County, Nevada
May 24 2011 - 9:00AM
Marketwired
Meadow Bay Gold Corporation ("Meadow Bay") (TSX VENTURE: MAY)(PINK
SHEETS: MBYCF)(FRANKFURT WKN: A1C3DN) announces that it has
completed an NI 43-101 Technical Report on its Colorback Gold
Project. Colorback, along with the Atlanta Gold and Silver Mine,
were acquired when Meadow Bay in March of this year.
The Colorback Gold Project Technical Report co-authored by Dana
Durgin and Tim Master and will be filed on SEDAR within 45 days.
Colorback is a disseminated gold exploration project located
approximately 6 miles (10 kms) southwest of the town of Crescent
Valley on the east slope of the Shoshone Range. It is situated in
the prolific Cortez - Battle Mountain Trend of northern Nevada
approximately 10 miles (16 kms) north of the Cortez and Pipeline
mines and four miles (6.4 kms) southeast of the Hilltop deposit.
The project consists of 120 unpatented mining claims covering
approximately 2000 acres (809 hectares).
Chert, quartzite, siltstone and argillite of the Devonian Slaven
Formation and cherts of the Ordovician Valmy Formation are exposed
in the project area. These rocks are part of the allocthonous
western facies assemblage that were thrust over the shallow-water
carbonate rocks that make up the autochthonous eastern facies of
Nevada. Eocene felsic intrusive rocks are found to the west of the
project area. Barite deposits hosted in the Slaven Formation occur
near the western claim boundary and gold has been mined from placer
deposits that occupy the valleys.
Past exploration conducted by Geoinformatics Exploration Alaska,
Inc., included geologic mapping, rock-chip sampling, soil sampling
and trenching. Geoinformatics also contracted an eleven-mile (17.6
km) seismic survey. Two zones of surface mineralization were
discovered. At Discovery Zone steeply dipping gold-bearing breccias
hosted in the Slaven Formation were mapped over nearly 1,000 feet
(300m). At Myers Hill gold was discovered in fractured outcrop and
float samples from the Valmy Quartzite.
Four core holes totaling 2745 feet (845 meters) were drilled in
the two target areas in 2006. The significant drill and trench
intercepts are summarized in the following table. It is emphasized
that no resource has been defined as a result of the drilling.
---------------------------------------------------------------------
Grade
Hole # Interval Width (gr/tonne)
---------------------------------------------------------------------
CB06-01 222.03 to 235.02 ft 12.99 ft 4.08
(67.67 to 71.63m) (3.96m)
---------------------------------------------------------------------
CB06-01 358.51 to 372.03 ft 13.52 ft 2.74
(109.27 to 113.39m) (4.12m)
---------------------------------------------------------------------
CB06-02 379.03 to 384.01 ft 4.98 ft 0.86
(115.52 to 117.04m) (1.52m)
---------------------------------------------------------------------
CB06-03 249.03 to 258.02 8.99 ft 0.90
(75.9 to 78.64m) (2.74m)
---------------------------------------------------------------------
CB06-04 179.01 to 189.02 ft 10.01 ft 3.66
(54.56 to 57.61m) (3.05m)
---------------------------------------------------------------------
Trench CBT-1 270.03 to 300.01 ft 29.98 ft 0.82
(82.3 to 91.44m) (9.14m)
---------------------------------------------------------------------
Trench CBT-1 365.01 to 375.02 ft 10.01 ft 2.48
(111.25 to 114.3m) (3.05m)
---------------------------------------------------------------------
The results of previous exploration at the Colorback project
indicates potential for thrust-related gold mineralization in the
upper plate rocks similar to the nearby Hilltop deposit.
Alternatively, the gold in the upper plate rocks may represent
leakage from gold-bearing fluids passing through the carbonate
formations of the lower plate. Disseminated gold mineralization in
lower plate carbonate rocks hosts most of the large gold deposits
in the Cortez - Battle Mountain trend as well as elsewhere in the
prolific northern Nevada goldfields.
Dana Durgin and Tim Master are Qualified Persons under National
Instrument 43-101 and have reviewed the contents of this news
release.
Neither 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 press release.
Contacts: Meadow Bay Gold Corporation Robert Dinning Chairman
and CEO www.meadowbaygold.com Launch IR Matthew Harrington
613-882-7467
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