Star Gold Corp. ("Star Gold" or the "Company") (OTCBB: SRGZ) is
pleased to provide investors with an updated outline of the drill
program at Star Gold's key property Longstreet in Nye County,
Nevada.
On June 18 a drill rig arrived at Longstreet and began the next
phase of the project's drilling program. It is anticipated that the
rig will be employed for approximately 6 weeks. The current phase
of the Company's drill program is scheduled to complete 25 reverse
circulation holes and 4 core holes of varying depths up to 500
feet.
David Segelov, President of Star Gold, commented, "What we hope
to achieve from this program is an understanding of the depth of
the oxidized zone at Main. Further, the drilling at North will
enable Star Gold to confirm whether the structure at North
parallels the structure at Main. We expect the results to be
announced in August 2012."
About Longstreet Project
The Longstreet Project is located in northern Nye County
approximately 170 miles north-northwest of Las Vegas, Nevada and 25
miles southeast of the Round Mountain mine. The property consists
of 75 contiguous lode mining claims covering 1,500 acres. The
project is within the Monitor Range portion of the Humbolt-Toiyabe
National Forest.
The project encompasses a large area of fractured Tertiary
volcanic tuff hosting high grade gold and silver values within
fractures and quartz veins. There have been nine target zones
delineated on the property.
Longstreet was discovered in the early 1900s, but had limited
development work until 1929. In the 1980s at least 492 RC holes had
been drilled most within the Main resource area. These RC holes
were to a maximum depth of 150 feet.
In late 2011, Star Gold Corp. drilled 16 holes to an average
depth of 300 feet. These results were incorporated into a
comprehensive Technical Report released 23 April 2012. The author
of the Report concludes "There is a strong possibility of
discovering multiple economic, open pitable, heap leachable,
deposits grading +0.04 oz/ton (+1.4 g/t) gold with significant
silver credits at Longstreet." (Page 19)
The Technical Report is available at:
http://www.stargoldcorp.com/investor-relations/
CAUTIONARY STATEMENT REGARDING MINERAL
RESOURCES
This Press Release and other information that may be released by
the Company in the future uses the terms "resources," "measured
resources," "indicated resources" and "inferred resources". United
States investors are advised that, while such terms are recognized
and required by Canadian securities laws, the SEC does not
recognize them. Under United States standards, mineralization may
not be classified as a "reserve" unless the determination has been
made that the mineralization could be economically and legally
produced or extracted at the time the reserve determination is
made. Mineral resources that are not mineral reserves do not have
demonstrated economic viability. United States investors are
cautioned not to assume that all or any part of measured or
indicated resources will ever be converted into reserves. Inferred
resources are in addition to measured and indicated resources.
Further, inferred resources have a great amount of uncertainty as
to their existence and as to whether they can be mined legally or
economically. It cannot be assumed that all or any part of the
inferred resources will ever be upgraded to a higher category.
Therefore, United States investors are also cautioned not to assume
that all or any part of the inferred resources exist, or that they
can be mined legally or economically. National Instrument 43-101
Standards of Disclosure for Mineral Projects ("NI 43-101") is a
rule developed by the Canadian Securities Administrators, which
established standards for all public disclosure an issuer makes of
scientific and technical information concerning mineral projects.
Unless otherwise indicated, all resource estimates contained in
this Press Release and in press releases by the Company in the
future, have been or will be prepared in accordance with NI 43-101
and the Canadian Institute of Mining, Metallurgy and Petroleum
Classification System. The requirements of NI 43-101 are not the
same as those of the SEC. The terms "mineral reserve," "proven
mineral reserve" and "probable mineral reserve" are Canadian mining
terms as defined in accordance with Canadian National Instrument
43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101")
and the Canadian Institute of Mining, Metallurgy and Petroleum (the
"CIM") - CIM Definition Standards on Mineral Resources and Mineral
Reserves, adopted by the CIM Council, as amended. These definitions
differ from the definitions in the United States Securities and
Exchange Commission ("SEC") Industry Guide 7 under the United
States Securities Act of 1933, as amended (the "Securities Act").
Under SEC Industry Guide 7 standards, a "final" or "bankable"
feasibility study is required to report reserves, the three-year
historical average price is used in any reserve or cash flow
analysis to designate reserves and the primary environmental
analysis or report must be filed with the appropriate governmental
authority.
In addition, the terms "mineral resource," "measured mineral
resource," "indicated mineral resource" and "inferred mineral
resource" are defined in and required to be disclosed by NI 43-101;
however, these terms are not defined terms under SEC Industry Guide
7 and are normally not permitted to be used in reports and
registration statements filed with the SEC. Investors are cautioned
not to assume that all or any part of a mineral deposit in these
categories will ever be converted into reserves. "Inferred mineral
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. Investors are cautioned not to
assume that all or any part of an inferred mineral resource exists
or is economically or legally mineable. Disclosure of "contained
ounces" in a resource is permitted disclosure under Canadian
regulations; however, the SEC normally only permits issuers to
report mineralization that does not constitute "reserves" by SEC
Industry Guide 7 standards as in place tonnage and grade without
reference to unit measures.
Subject to the forgoing Cautionary Statement, the following are
the definitions of the terms used in the Longstreet NI 43-101
Report:
NI 43-101 Definitions:
Indicated mineral The term "indicated mineral resource" refers to
resource that part of a mineral resource for which
quantity, grade or quality, densities, shape and
physical characteristics can be established with
a level of confidence sufficient to allow the
appropriate application of technical and economic
parameters, to support mine planning and
evaluation of the economic viability of the
deposit. The estimate is based on detailed and
reliable exploration and testing information
gathered through appropriate techniques from
locations such as outcrops, trenches, pits,
workings and drill holes that are spaced closely
enough for geological and grade continuity to be
reasonably assumed.
Inferred mineral resource The term "inferred mineral resource" refers to
that part of a mineral resource for which
quantity and grade or quality can be estimated on
the basis of geological evidence and limited
sampling and reasonably assumed, but not
verified, geological and grade continuity. The
estimate is based on limited information and
sampling gathered through appropriate techniques
from locations such as outcrops, trenches, pits,
workings and drill holes.
Measured mineral resource The term "measured mineral resource" refers to
that part of a mineral resource for which
quantity, grade orquality, densities, shape and
physical characteristics are so well established
that they can be estimated withconfidence
sufficient to allow the appropriateapplication of
technical and economic parameters tosupport
production planning and evaluation of the
economic viability of the deposit. The estimate
is based on detailed and reliable exploration,
sampling and testing information gathered through
appropriate techniques from locations such as
outcrops, trenches pits, workings and drill holes
that are spaced closely enough to confirm both
geological and grade continuity.
About Star Gold Corp.
Star Gold is a gold exploration/development company formed in
2006 for the purpose of evaluating, acquiring and developing Gold
projects in United States with a focus on Nevada. Star Gold
develops properties that are 100% owned. For more information
please visit www.stargoldcorp.com.
Disclaimers
Certain statements in this press release that are not historical
facts are "forward-looking statements" within the meaning of the
Private Securities Litigation Reform Act of 1995. Such statements
may be identified by the use of words such as "anticipate,"
"believe," "expect," "future," "may," "will," "would," "should,"
"plan," "projected," "intend," and similar expressions. Such
forward-looking statements, involve known and unknown risks,
uncertainties and other factors that may cause the actual results,
performance or achievements of Star Gold Corp (the Company) to be
materially different from those expressed or implied by such
forward-looking statements. The Company's future operating results
are dependent upon many factors, including but not limited to the
Company's ability to: (i) obtain sufficient capital or a strategic
business arrangement to fund its expansion plans; (ii) build the
management and human resources and infrastructure necessary to
support the growth of its business; (iii) competitive factors and
developments beyond the Company's control; and (iv) other risk
factors discussed in the Company's periodic filings with the
Securities and Exchange Commission, which are available for review
at www.sec.gov under "Search for Company Filings."
Investor Contact David Segelov President Office:
208-664-5066 Cell: 646-626-3356 dsegelov@stargoldcorp.com Send your
requests to info@stargoldcorp.com
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