Red Canyon results!
MAD Miranda drills 25.9 m of 1.568 g/t Au at Red Canyon
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Last Updated: 01/15 08:30AM
Miranda Gold Corp (TSX-V:MAD)
Shares Issued 44,825,760
Last Close 1/14/2008 $1.03
Tuesday January 15 2008 - News Release
Mr. Kenneth Cunningham reports
MIRANDA GOLD CORP. INTERSECTS 85 FT OF 0.046 OZ AU/T AT RED CANYON PROJECT
Miranda Gold Corp. has released its drilling results from the Red Canyon project in Eureka county, Nevada. In late 2007 Romarco Minerals Inc., Miranda's exploration funding partner, completed 6,070 feet (1,850 metres) of reverse-circulation drilling in eight holes. The holes were selected to drill test several Carlin-style gold targets, hosted in porous lower-plate limestone, based on surface mapping, soil geochemistry and interpretation of pre-existing drilling. Results include 85 feet of 0.046 ounce per ton Au (25.9 m of 1.568 g/t Au) in drill hole ROM07-01 at the Ice prospect. All drill results are summarized and are based on a 0.010 ounce per ton Au (0.343 g/t Au) cut-off with no significant assays reported as anything less than 0.010 ounce per ton Au.
Azimuth/
Hole Depth inclin- Interval Length Grade oz Length Grade
No. (ft) ation (ft) (ft) oz (Au/t) (m) (g/t Au)
ROM07-01 400 315/-60 15-100 85 0.046 25.9 1.568
includes 15-30 15 0.133 4.6 4.573
ROM07-02 600 307/-60 No significant assays
ROM07-03 700 315/-60 No significant assays
ROM07-04 700 315/-60 No significant assays
ROM07-05 455 150/-60 No significant assays
ROM07-06 1,500 0/-90 20-30 10 0.012 3.1 0.421
ROM07-07 1,420 0/-90 No significant assays
ROM07-08 295 201/-60 No significant assays
The gold intercept in ROM07-01 is approximately 145 feet (44 m) southwest of KR-001, a Kennecott drill hole completed in 2000 on the property with 95 feet of 0.117 ounce per ton Au from 20 to 115 feet (29.0 m of 4.01 g/t Au from 6.1 to 35.1 m). Mineralization occurs in oxidized and silicified lower-plate limestone, with barite and elevated levels of arsenic, antimony and mercury. The true thickness of this gold intercept is not known. Drill holes ROM07-02, ROM07-03 and ROM07-04 also penetrated silicified limestone, but failed to expand gold mineralization in a southeast direction. Drill data compilation indicates the exploration potential remains open to the northeast and south in areas covered by postmineral volcanic rocks and alluvium. The northeast exploration potential is supported by other existing drill holes, structural contouring, a geochemical evaluation completed by specialist Robert Jackson and gravity data.
Drill holes ROM07-05 and ROM07-06 were sited at the Gexa Knob prospect to evaluate the disseminated gold potential along a silicified and barite-rich fault zone. ROM07-05 was drilled across the fault to test for near-surface mineralization and ROM07-06 was drilled deeper to test for down dip mineralization. The target zone in ROM07-06 was not intersected and it remains untested beneath the bottom of the hole. Significant assays were limited to 10 feet of 0.012 ounce per ton Au (3.1 m of 0.421 g/t Au) in ROM07-06.
ROM07-07 offset a 2005 Newmont drill hole that intersected deep oxidation, silicification and elevated pathfinder elements at 1,150 feet (350 m). The hole intersected thin zones of alteration and anomalous gold mineralization, but failed to reach the target horizon. The drill rig used for this hole, although ideal for holes less than 1,000 feet (305 m), was not capable of thoroughly testing this target but was the only rig available at the time.
The final hole, ROM07-08 at the Fire prospect, was a short angle hole to test mineralization in and proximal to an exposed lamprophyre dike. These altered dikes are similar to those documented in and around the Pipeline and Cortez Hills deposits, and at Miranda-Barrick's Red Hills project. The hole ended prematurely due to poor drilling conditions. Significant gold was not intersected.
Miranda and Romarco geologists will continue evaluating these new drill results in conjunction with existing geologic data. The identification of additional drill targets is anticipated.
The Red Canyon project consists of 237 unpatented lode mining claims (7.7 square miles (19.8 square kilometres)) and adjoins U.S. Gold's Tonkin Springs property to the west. The project covers an erosional "window" along the Battle Mountain-Eureka trend that exposes hydrothermally altered and brecciated lower-plate carbonate rocks that are age equivalent to rocks hosting the Cortez Hills discovery.
All drill samples were collected with a reverse circulation drill using five-foot (1.5-metre) sample intervals. Samples were assayed by ALS Chemex Laboratories, Inc. of Sparks, Nev. Gold results were determined using standard fire assay techniques on a 30-gram sample with an atomic absorption finish. Romarco QC/QA included the insertion of standards and blanks on a regular basis, and the collection of duplicate samples.
The data disclosed in this press release have been reviewed and verified by company senior geologist Steven Koehler, PGeo, BSc geology, a qualified person as defined by National Instrument 43-101.
Copyright © 2008 Canjex Publishing Ltd.
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