Drill Results,
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Golden Phoenix Minerals Completes 16-Hole Drill
Program At Contact Copper Project
- Assays For First Seven Holes Return Excellent Results Adding Significant Potential Tonnage To
Previously Known Mineralization -
RENO, Nev., Feb. 8 /PRNewswire/ -- Golden Phoenix Minerals, Inc. (OTC Bulletin Board: GPXM - news) announced today that
it has completed its drilling program at the Contact copper-silver project in northeastern Nevada. Sixteen holes were drilled for a
total of 5,035 feet into the Banner zone and three previously untested targets.
Assays have been completed for the first seven reverse circulation drill holes. These holes returned both excellent results from the
western extension of the Banner zone and the previously undrilled Brooklyn zone. Overall, mineralization was extended another
400 feet to the west along the Banner mineralized zone, which is now over 4000 feet in strike length. In the Banner zone, hole #3
returned 140 feet of 0.37% copper beginning at 90 feet. The best hole reported is #6, which returned 85 feet of 1.02% copper
beginning at 15 feet. This hole is located in the Brooklyn zone, located just north of the Banner zone. Nearby hole #7 in the same
zone returned 215 feet of 0.504% copper beginning at 10 feet. Both holes #3 and #7 contained additional mineralized intervals
deeper in the holes. These results use a 0.2% cut off grade for the calculation. Results for the remaining nine holes will be
available in late February.
Golden Phoenix previously announced that the Contact property hosts a minimum geologic resource of about 39.5 million tons
averaging 0.952 percent copper at a 0.2% cutoff grade for 752 million pounds of copper. The drilling results to date suggest that
the Banner deposit continues to remain open in all directions and additional new discoveries will add to the overall copper
resource. The mineralized zones also contain silver, gold, and molybdenum.
Golden Phoenix also controls the Borealis gold-silver property, located two hours southeast of Reno. The Company is currently
conducting a resource evaluation and has identified a minimum of 20,766,500 tons, which average 0.057 ounces gold per ton
containing 1,183,300 ounces of gold, and 0.263 ounces of silver per ton containing 5,477,000 ounces of silver. Furthermore, in the
four target areas studied, numerous areas of open mineralization were evident and the overall resource will increase once step-out
drilling is performed.
Golden Phoenix Minerals Inc. is a development-stage mineral exploration company headquartered in Reno, Nevada. It specializes
in acquiring and consolidating properties with identified strategic and multi-mineral resources that can be put into production or joint
ventured with another operating mining company. Acquisition and development emphasis is on copper-silver, gold-silver, and
silver-lead-zinc deposits located in Nevada.
Visit the Golden Phoenix Web site at golden-phoenix.com
Contact Mike Fitzsimonds, President, at 775-853-4919 |
