Red Canyon Drill Results
VANCOUVER, BRITISH COLUMBIA, Jan 19, 2006 (CCNMatthews via COMTEX) --
Miranda Gold Corp. ("Miranda") (TSX VENTURE:MAD)(OTCBB:MRDDF)(FWB:MRG)(BERLIN:MRG) is pleased to announce 2005 exploration results from its Red Canyon property in Eureka County, Nevada. Newmont Mining Corporation ("Newmont"), the operator of the joint venture, provided the data in a Newmont-Miranda joint venture meeting on January 16, 2006.
In 2005, Newmont completed geologic mapping, re-interpretation of geophysical data, three dimensional modeling, and a gas geochemical survey followed by 13,115 feet of reverse circulation drilling in 11 holes. Drilling tested structural and stratigraphic targets in three areas. These areas include the pediment on the north end of the project, the "Wall" fault which is a major fault trending northwest through the center of the property, and the Gexa-Red Zone anomaly on the east side of the project.
Anomalous drill intercepts are presented in the following table:
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2005 Red Canyon Drill Intercepts Summary
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Drill TD From To Thickness
Hole (ft) (ft) (ft) (ft) Gold Grade (ppb)
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NRC-1 1200 No Significant Intercepts
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NRC-2 560 No Significant Intercepts
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NRC-3 1600 No Significant Intercepts
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NRC-4 1170 730 815 85 36
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865 915 50 79
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1155 1170 15 99
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NRC-5 1200 260 295 35 77
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550 575 25 200
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695 750 55 97
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NRC-6 1225 35 60 25 66
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195 355 160 94 (includes 45ft @ 193 ppb)
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435 615 180 58
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660 815 155 117
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NRC-7 1290 No Significant Intercepts
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NRC-8 1535 No Significant Intercepts
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NRC-9 1455 1165 1290 130 38
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NRC-10 460 Did not encounter bedrock
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NRC-10A 1420 550 620 70 71
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Holes NRC-4, NRC-5 and NRC-6 tested for deeper gold mineralization beneath surface gold occurrences and hydrothermal alteration at Gexa Knob. Here, previous drilling identified near-surface gold mineralization (up to 0.020 oz Au/t) associated with dikes reported by previous operators. The recent Newmont drilling identified several zones of 36 to 200 ppb Au over 25- to 180-foot thick intervals. Gold mineralization is associated with zones of decalcification, oxidation, and silicification. Locally, fluidized (rotated and rounded clasts) breccia textures are noted.
NRC-4 was drilled north of the Gexa Knob to test the down-plunge intersection of a northeast and north-northwest fault. Notably, this hole intersected over 100 feet of silicification immediately before the hole was lost in a large void at 1170 ft. In comparison to values for the entire hole, trace element geochemistry showed an increase in the last drill composite from 1150 to 1170 feet. This interval returned 123 ppm arsenic, 7.5 ppm mercury, 75 ppm antimony, and 374 ppm zinc.
Newmont's drilling has identified previously unrecognized, deeper gold mineralization and alteration in Devonian carbonates. NRC-5 and NRC-6 are approximately 1800 feet south of NRC-4, and at this depth the mineralization remains open in all directions. Historic drilling in the area is not deep enough to test this new zone of alteration. Although gold assays are low, Miranda is encouraged by the deeper untested potential within a large lower-plate carbonate window on the Cortez Trend.
Drill holes NRC-2 and NRC-10 were designed to test lower plate carbonates beneath pediment gravels. Both of these holes were lost due to poor drilling conditions and high groundwater inflow. NRC-2 ends in non-mineralized gravels. NRC-10 was re-drilled by NRC-10A which terminated in lower plate without significant gold assays. Holes NRC-3, NRC-7, NRC-8 and NRC-9 tested targets along the northwest-striking Wall fault. Of these four holes, detectable gold was limited to a 130 foot zone of 38 ppb gold in NRC-9.
Newmont is currently evaluating a follow up exploration program for 2006.
For a background discussion of the geology and targets at Red Canyon, readers should review web postings for Red Canyon under the projects tab at www.mirandagold.com.
The Red Canyon drilling program was supervised by geologists from Newmont. Sample intervals were five feet and strict sampling and QA/QC protocols were followed, including the insertion of standards and blanks on a regular basis. All drill samples were analyzed by American Assay Laboratories, Inc. of Sparks, Nevada. The analytical method is fire assay of a 30-gram sample with atomic adsorption finish.
Miranda is a gold exploration company active in Nevada and whose emphasis is on generating gold exploration projects within the Battle Mountain-Eureka and Cortez Trends. Miranda performs its own grass roots exploration and then employs a joint venture business model on its projects in order to maximize exposure to discovery while minimizing exploration risk. Miranda has ongoing partnerships with Newcrest Resources Inc., Newmont Mining Corporation, Placer Dome U.S. Inc., Agnico-Eagle (USA) Ltd., Barrick Gold Exploration Inc., the Cortez Joint Venture, and Golden Aria Corp.
This release has been reviewed and approved by Company President and CEO Ken Cunningham (M.Sc. and Registered Professional Geologist), a "qualified person" as that term is defined in National Instrument 43-101.
ON BEHALF OF THE BOARD
Kenneth Cunningham, President and CEO |
