Golden Phoenix Explores for More Molybdenum at Ashdown; Gradient Geophysics to Perform Induced Polarization Survey
Tuesday May 1, 8:52 am ET
SPARKS, Nev., May 1 /PRNewswire-FirstCall/ -- Golden Phoenix Minerals, Inc. (OTC Bulletin Board: GPXM - News), manager and majority owner of the Ashdown Project LLC, a Nevada-based molybdenum mine, announces the start of an Induced Polarization (IP) survey by Gradient Geophysics, a geotechnical exploration firm. The IP survey, which is expected to take approximately four weeks, is designed to identify potential molybdenum targets within sections of Ashdown's 2,000-acre claim group.
David A. Caldwell, CEO and Chief Geoscientist for Golden Phoenix, commented on the survey, "The physical properties of Ashdown's molybdenite deposits appear well suited to this type of exploration. IP is capable of creating images of the subsurface over large areas quickly, accurately and inexpensively, helping us to direct follow-up surface drilling and underground exploration."
Induced polarization employs transmitters and electrodes to send and receive an electric current through the ground, measuring its conductivity and capacitance. The work is performed at precise intervals along a predetermined grid, and the resulting imagery is then assembled into a three-dimensional model pinpointing possible mineral bodies to a potential depth of hundreds of feet.
The survey will center on current underground mine operations and cover a grid extending 1600 feet along the Sylvia molybdenite vein. It will model the existing Sylvia shoot to gain a "fingerprint" that can be used to identify potential analog targets. A three-dimensional image will be generated to show the location and size of potential moly mineralization and help guide present mining operations and future drill and drift exploration.
Gradient Geophysics is a consulting firm based in Missoula, Montana, that has performed over 450 projects throughout North and South America since its founding in 1985. Geophysicist Garry J. Carlson, President of Gradient, has directed operations and interpretation of field data for major, mid-tier, and junior mining companies, and will be leading the induced IP fieldwork at Ashdown.
David Caldwell concluded, "The NI 43-101 technical report and reserve study that is nearing completion will establish an initial value for the Ashdown mine based on existing data. However, our present mining footprint occupies less than one-third of the known fault zone and represents a small fraction of the total claim area awaiting systematic exploration. With this IP work, we hope to identify additional exploration potential, define the length and breadth of opportunity, and reveal potential targets below and beside our current mining levels."
Please visit the Golden Phoenix website at golden-phoenix.com
Golden Phoenix Minerals, Inc. is a Nevada-based mining company committed to deliver value to its shareholders by acquiring, developing and mining superior precious and strategic metal deposits in North America using competitive business practices balanced by principles of ethical stewardship. Golden Phoenix owns the Mineral Ridge gold and silver property near Silver Peak, Nevada, the Northern Champion molybdenum mine in Ontario, Canada, and is manager/operator and majority owner of the Ashdown Project LLC gold and molybdenum property held jointly by Golden Phoenix Minerals, Inc. and Win-Eldrich Mines, Ltd. of Toronto, Canada through its US subsidiary, Win-Eldrich Gold, Inc.
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