Golden Phoenix Launches Geological Assessment of Drill Targets at Its Mineral Ridge Gold Mine
Thursday November 8, 5:00 am ET
SPARKS, Nev., Nov. 8 /PRNewswire-FirstCall/ -- Golden Phoenix Minerals, Inc. (OTC Bulletin Board: GPXM - News) reports that its Technical Services Group (TSG) is designing a comprehensive drill program at the Mineral Ridge gold mine, located in Esmeralda County, Nevada. The planning involves review of prior geological assessments of target areas within the perimeter of the Mineral Ridge claim group as part of TSG's feasibility study update and exploration program development.
Mineral Ridge has produced over 600,000 ounces of gold from two distinctly different types of ore-forming hydrothermal systems. The most important system is the mesothermal gold quartz veins and adjacent silicified zones that historically were recognized as the only gold producing system on the property. The mesothermal veins generally lie conformably at or above the granite contact with the lower Wyman formation. The early miners exploited these high-grade veins by underground mining methods, and within the last seventeen years by open pit mining.
The second system is characterized by epithermal quartz-sulfide veins, breccias and related overprint mineralization. The epithermal quartz-sulfide veins and breccias occupy late cross-structures, which formed while the Mineral Ridge core complex was being uplifted from the ductile to the brittle environment within the earth's crust. These veins have not been recognized previous to Golden Phoenix' work on the project, but are distinct and may make a significant contribution to the total gold inventory of the district.
A preliminary analysis of the various favorable geological features associated with the two types of ore-forming systems is now being refined. This includes defining the different types of gold veins, performing a general structural reconstruction of the host rocks through time, and identifying the extent of the favorable geological environment that gold deposits could be found.
The Company's initial work has identified targets that, in aggregate, have potential for hosting gold in mineralized inventory. These targets are 1) the down dip extension of the Mary Drinkwater zone, 2) the up dip extension of the Mary Drinkwater zone under Deep Springs Hill, 3) The NNE structural zone trending through the Drinkwater deposit, 4) the Brodie NNE structural zone to Oro Monte, and 5) the Brodie-Missouri WNW structural zone.
David A. Caldwell, CEO and Chief Geoscientist for Golden Phoenix commented, "Mineral Ridge is an historically successful gold mine that in recent years suffered three unsuccessful attempts to convert it from milling to heap leaching. Our goal is to reverse that trend. At approximately four square miles in size, it is a large and robust mineral system with a wealth of opportunity, and the TSG's assessment work is designed to refine drilling targets across the property."
The following represents an initial compilation of prospective targets:
Partial List of Exploration Targets at Mineral Ridge
Upper Area Targets
Leach Pad Target
During condemnation drilling for the leach pad, a flat lying gold mineralized quartz vein was intercepted in about ten holes. The best interval was 5 feet of 0.9 ounce per ton (opt) Au and the second best interval was 10 feet averaging 0.5 opt Au. Several other nearby holes contained intervals of 0.1 to 0.25 opt Au.
The flat lying quartz vein is traceable in cross section from the Brodie Pit, located to the south of the leach pad, to the north under the leach pad and exiting in the Oro Monte deposit for a total of over 3000 feet of strike length. Not all of the quartz vein is mineralized, but under the leach pad the mineralized area it is about 700 by 900 feet in size and is about 350 feet below the surface.
Drilling from the edge of the leach pad could delineate the gold resource to a proven category. Because drill testing will require holes angled at a 45-degree angle under the pad, their depths will be up 600 feet. Mining could be done by underground methods.
The Blue Light to Brodie Target
A gold deposit at Blue Light has been delineated and is on a WNW structural trend. This trend strikes into the Brodie pit. The trend continues to the ESE under thrusted upper plate rocks and has not been tested.
Further drilling will be targeted at the Blue Light to determine the full extent of that mineralization which appears to be shallow and accessible from an open pit approach if it is found to be economic. Drilling between the Blue Light and Brodie will test for a gold mineralized body in shallow quartz veins at depths between 50 and 200 feet. Mining could be by open pit methods.
The Chieftain Target
The Chieftain target lies north of the Oro Monte zone and is possibly an extension of the flat lying leach pad vein. The main difference is that the target lies within the alaskite intrusive and under the anticlinal axis of the Mineral Ridge antiform. About 10 holes have intercepted gold mineralization ranging from 0.1 to 0.25 to 0.5 opt Au.
This target can be divided into 2 parts: the south occupies an area of about 600 by 600 feet and has been drilled; the north occupies an area of 600 by 1000 and has not been drilled. Drilling will target gold mineralized body about 100 to 250 feet below the surface. Mining methods could be by open pit and/or underground methods.
Solsberry Target
This target has approximately 15 holes into it. Results have been mixed due to a poor understanding of the ore controls and stacked nature of the ore zones at the top of the MR antiform. The target area is about 1000 feet wide (N-S) and 1500 feet wide (E-W).
Drilling may delineate shallow (50 to 150 feet) gold mineralization, which could be accessed by open pit. One target that needs to be tested is the possibility of quartz veins in the alaskite, such as what is found at the Oro Monte and Chieftain zones. If these exist at depth, then they would be a continuation of the Oro Monte and Chieftain zones, which lie to the east.
Deep Springs Hill Target
The high hill lying to the east of the Leach Pad is Deep Springs Hill, named for the limestone formation that was thrust in over the Wyman shales. This target has never been drilled; the host rocks lie on the axis of the MR antiform and are covered by the limestone.
Gold has been found in the targeted host rocks to the west (Brodie, Leach Pad, Oro Monte) and to the north (Drinkwater, Mary). Minimum size of the permissive area is at least 2000 feet wide (E-W) and 3000 feet long (N-S). Drilling could test targets with holes ranging from 200 to 600 feet in depth. If gold mineralization occurs in the host rocks here, a considerable resource could be discovered based on the quality of mineralization in this horizon that has been mined elsewhere on the property.
Lower Area Targets
Lower Drinkwater
Drilling at the Drinkwater pit has found high-grade gold values continuing to the north. Exploration tunnels driven in the 1930's found additional zones of high-grade at deeper levels. The Drinkwater mineralization could be expanded by drilling on the northern edge of the pit. Down dip, mineralization has been identified from 300 to 600 feet from the current pit design.
Drilling would require holes from 300 to 700 feet deep. Both open pit and underground mineralization could be developed in this area.
Lower Mary
As with the lower Drinkwater, the Mary deposit continues to the north under a rock package that ranges from 150 to 225 feet thick. Further to the north the mineralized zone has up to 400 feet of overburden on top of it. Numerous intercepts of 0.3 opt Au over 5 to 10 feet exist in the current drill hole database. The database also shows numerous low grade intercepts ranging from 0.02 to 0.1 opt Au over intervals of 5 to 20 feet.
Due to significant underground mining under Mary Hill, past operators did not adequately drill out the full extent of the possible open pit deposit. A drilling program would require holes that are about 250 feet deep in the upper areas and from 300 to 700 feet deep in the lower areas. Significant open pittable mineralization could be delineated in this area along with substantial underground accessible deposits.
East Mary
To the east toward Custer Canyon the Mary deposit has had limited drilling, but the host rocks continue and drill intercepts confirm that the mineralized zone continues. Some of the intercepts include 10 feet of 0.3 opt Au with some low grade of 0.04 opt Au above the high grade and another hole with 60 feet of 0.075 opt Au. Drilling depths would be on the order of 100 to 250 feet, and the mineralization could be access via open pit methods.
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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