Midway Updates on Drilling in Spring Valley Gold Project, Nevada
Thursday April 10, 8:00 am ET
ca.us.biz.yahoo.com
VANCOUVER, BRITISH COLUMBIA--(MARKET WIRE)--Apr 10, 2008 -- Midway Gold Corp. (the "Company") (CDNX:MDW.V - News)(AMEX:MDW - News) is pleased to announce initial assay results from 2008 drilling at the Spring Valley project in Nevada. Fire assay results for six holes have been received to date, and include 110 feet of 0.024 ounces per ton (opt) gold in SV08-379 in table 1 below. Additional metallic screen assays for select 2007 holes are shown in table 2 below. These results include core holes with 215 feet of 0.045 opt gold in SV07-294c and 135 feet of 0.035 opt gold in SV07-350c.
The intercept in SV08-379 ties together mineralization that was not included in the 2008 resource estimate due to wide spaced drilling. In addition to the assay results, visible gold has been observed in numerous recent drill intervals in the West Diatreme drilling. Gold nuggets weighing 2.1 grams cumulatively were recovered from 435 to 440 feet in hole SV08-401. Assays for these drill holes are currently pending.
"Midway continues to aggressively drill our Spring Valley project, both to expand the deposit and to improve the grade and continuity of our known resource," said Alan Branham, President and CEO of Midway Gold Corp. "Eric LeLacheur has joined Midway Gold as Project Manager at Spring Valley. Eric has 22 years of experience in mining geology and mineral exploration. His strong experience in bringing exploration projects to the development stage will be an asset in moving Spring Valley forward. Eric is excited by the potential to add ounces and build the resource at Spring Valley."
The Company has three reverse circulation (RC) drill rigs and one core rig currently operating at Spring Valley. A total of 15,180 feet have been drilled in 22 RC holes through the end of March. The Company plans a combined 100 hole program of in-fill, step-out, and exploration drilling for an estimated 90,000 feet at this project. The exploration drilling will test eight outlying targets where gold and favorable geology have been identified at the surface.
The Company filed a Canadian NI 43-101 compliant technical report on its profile at www.sedar.com on March 7, 2008. The report updated the mineral resource estimate for Spring Valley announced on January 23, 2008.
The Spring Valley project is a diatreme/porphyry hosted gold system beneath pediment gravels. The gold deposit is 3,500 feet long and 3,500 feet wide and has been tested to a depth of 1,400 feet. The mineralization remains open to the northeast, southwest and at depth.
Midway Gold Corp. is a precious metals exploration company, listed on the American Stock Exchange and on the TSX Venture Exchange under the symbol "MDW". Midway's focus is creating value for shareholders through the discovery and development of quality new precious metal resources in politically stable mining areas. The Company has three advance stage gold exploration projects and four early stage exploration project that control over 60 square miles of mineral rights along four major gold trends in Nevada. Additional information on Midway Gold Corp. and these projects can be found at: www.midwaygold.com.
This release has been reviewed and approved by Bill Neal (M.Sc. and CPG), a "qualified person" as that term is defined in National Instrument 43-101.
ON BEHALF OF THE BOARD
Alan Branham, President and CEO
This press release contains "forward-looking information" which may include, but is not limited to, statements with respect to the timing of our exploration and drilling programs; timing of the preparation of our preliminary economic assessment, geological models, mine plan and definitive feasibility study; expectations related to enhancing resource grades; financing plans and the availability of future financing for our projects; anticipated results of our exploration, and other plans, projections, estimates and expectations. Such forward-looking statements reflect our current views with respect to future events and are subject to certain risks, uncertainties and assumptions, including, the risks and uncertainties. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, believed, estimated or expected. We do not undertake to update forward-looking statements.
MIDWAY GOLD CORP.
April 10, 2008
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Table 1 - Selected Spring Valley Drill Hole Intercepts
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Inter- Inter-
Gold val From To Assay Gold val
Hole ID opt feet feet Type gm/t meters Area
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SV08-379 0.038 35 340 375 FA 1.30 10.7 North
0.031 5 405 410 FA 1.06 1.5
0.026 50 435 485 FA 0.89 15.2
Includes 0.111 5 465 470 FA 3.81 1.5
0.024 110 550 660 FA 0.82 33.5
Includes 0.252 5 615 620 FA 8.64 1.5
0.021 10 785 795 FA 0.72 3.0
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SV08-380 0.027 25 885 910 FA 0.93 7.6 North
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SV08-385 0.175 5 255 260 FA 6.00 1.5 West Pond
0.030 20 485 505 FA 1.03 6.1
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SV08-391 0.012 10 670 680 FA 0.41 3.0 W. Diatreme
0.012 40 785 825 FA 0.41 12.2
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SV08-392 0.027 5 805 810 FA 0.93 1.5 W. Diatreme
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SV08-393 0.230 5 185 190 FA 7.89 1.5 W. Diatreme
0.034 5 530 535 FA 1.17 1.5
0.048 5 570 575 FA 1.65 1.5
0.028 5 615 620 FA 0.96 1.5
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Reverse circulation drilling was conducted by O'Keefe Drilling of Butte,
Montana and Eklund Drilling of Elko, Nevada. Assays are conducted by
ALS-Chemex labs, in Sparks, Nevada. Intervals with quartz veining, strong
alteration, visible gold, or anomalous 30 gram fire assays are re-assayed
using 1000 gram metallic screen assays. All sampling was conducted by
independent contractors hired by Midway Gold Corp. Results reported
represent thickness along the trace of the drill hole. True thickness of
these intercepts has not yet been determined.
MIDWAY GOLD CORP.
April 10, 2008
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Table 2 - Metallic Screen Updates of 2007 Drill Holes
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Inter- Inter-
Gold val From To Assay Gold val
Hole ID opt feet feet Type gm/t meters Area
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SV07-325 0.068 15.0 245 260 MS 2.33 4.6 Sill Zone
0.105 25.0 295 320 MS 3.60 7.6
Including 0.223 10.0 300 310 MS 7.65 3.0
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SV07-344 0.055 40.0 305 345 MS 1.89 12.2 W. Diatreme
0.025 10.0 420 430 MS 0.86 3.0
0.019 65.0 535 600 MS 0.65 19.8
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SV07-294C 0.045 215.5 340 456 MS 1.54 65.7 Pond Zone
Includes 0.410 5.0 506 511 MS 14.06 1.5
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SV07-348 0.024 10.0 125 135 MS 0.82 3.0 Pond Zone
0.038 15.0 205 220 MS 1.30 4.6
0.021 30.0 285 315 MS 0.72 9.1
0.022 30.0 340 370 MS 0.75 9.1
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SV07-349 0.042 15.0 210 225 MS 1.44 4.6 Sill Zone
0.025 115.0 245 360 MS 0.86 35.1
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SV07-350C 0.030 14.5 340 355 MS 1.03 4.4 W. Diatreme
0.035 135.0 461 596 MS 1.20 41.1
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SV07-359 0.031 35.0 195 230 MS 1.06 10.7 W. Diatreme
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SV07-360 0.042 60.0 445 505 MS 1.44 18.3 W. Diatreme
0.032 10.0 555 565 MS 1.10 3.0
0.011 25.0 635 660 MS 0.38 7.6
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SV07-362 0.030 10.0 320 330 MS 1.03 3.0 W. Diatreme
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SV07-372 0.062 10.0 490 500 MS 2.13 3.0 W. Diatreme
0.100 30.0 575 605 MS 3.43 9.1
0.030 10.0 635 645 MS 1.03 3.0
0.088 80.0 730 810 MS 3.02 24.4
Includes 0.325 15.0 740 755 MS 11.14 4.6
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SV07-373 0.053 5.0 435 440 MS 1.82 1.5 W. Diatreme
0.040 5.0 675 680 MS 1.37 1.5
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SV07-374 0.024 5.0 490 495 MS 0.82 1.5 W. Diatreme
0.043 5.0 635 640 MS 1.47 1.5
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SV07-378 0.025 10.0 125 135 MS 0.86 3.0 W. Diatreme
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Reverse circulation drilling was conducted by O'Keefe Drilling of Butte,
Montana and Eklund Drilling of Elko, Nevada. Assays are conducted by
ALS-Chemex labs, in Sparks, Nevada. Intervals with quartz veining, strong
alteration, visible gold, or anomalous 30 gram fire assays are re-assayed
using 1000 gram metallic screen assays. All sampling was conducted by
independent contractors hired by Midway Gold Corp. Results reported
represent thickness along the trace of the drill hole. True thickness of
these intercepts has not yet been determined.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Contact:
Contacts:
Midway Gold Corp.
Morgan Moffatt
Toll Free: 1-877-475-3642
Website: midwaygold.com
Source: Midway Gold Corp. |
