Little Squaw Reports Mexican Gold Drilling Progress
Thursday April 10, 12:33 pm ET
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Drilling Advances on Marisol Property
SPOKANE, WA--(MARKET WIRE)--Apr 10, 2008 -- Little Squaw Gold Mining Company (OTC BB:LITS.OB - News) ($0.55) ("Little Squaw" or "the Company") reports that its diamond drilling of the Marisol gold property in Sonora, Mexico, is progressing well and shows promising cores (see the Company's press release of February 4, 2008).
The Marisol property is situated on the southeastern extension of the Mojave-Sonora Megashear, a sinistral strike-slip fault system that is believed to influence development of many gold deposits in northern Sonora. The property exhibits discovery potential for "Carlin-type," bulk-tonnage gold mineralization that may be suitable for open-pit and heap-leaching mining operations.
Drilling has encountered broad zones of hydrothermal alteration (argillic sericite-calcite) and calcite-quartz veinlets of variable density within a formation of Jurassic sedimentary rocks. Multiple intercepts of narrow quartz veins, which commonly carry high-grade precious metal values on the surface, are also observed in the core.
Company geologists have identified two subparallel zones of gold mineralization in the area of old mine workings. These can be traced for greater that 1.2 kilometers (4,000 feet) along a NE-SW strike distance. Multiple holes are being drilled from each site in a vertical fan array to define the orientation of the two mineralized structures. Step-out drill holes along the strike length will follow.
Drilling commenced in February to explore the central portion of the trend. Although weather and mechanical problems caused initial drilling delays, a second drill rig was mobilized to the property and drilling is now progressing as intended. Four drill holes for 546 meters (1,791 feet) have been completed, and two more are in progress. This drilling campaign is scheduled for 1,500 to 2,000 meters (4,921 to 6,562 feet).
The drill core is logged and sampled in the field. A core cutting saw is used to split the core into equal parts; half of the core is then bagged for assay and shipped to the ALS-Chemex sample preparation facility in Hermosillo, Mexico (ALS-Chemex maintains ISO 9001:2000 certification at all its facilities). To date, two drill holes have been submitted for analyses, with results expected in four to six weeks.
A soil geochemical sampling survey has also been completed on the property. The survey has identified two new areas of gold mineralization that are being targeted for more advanced exploration.
Rodney Blakestad, Vice President of Exploration for Little Squaw, wrote this news release for the Company, which is responsible for its contents. For additional information regarding Little Squaw Gold Mining, contact Susan Schenk, Manager of Investor Relations, by telephone at (509) 535-6156, or by e-mail at ir@littlesquawgold.com. Little Squaw maintains a comprehensive Web site at www.littlesquawgold.com.
Little Squaw Gold Mining is engaged in the business of precious-metals discovery. This endeavor carries certain risks that are commensurate with the potential rewards of such efforts. These risks cannot be quantified and should not be taken lightly. All statements made here regarding the firm's investment potential should be considered "forward-looking statements" as defined by prevailing regulatory guidelines. As forward-looking statements, these items represent the measured professional judgment of management. They do not, however, represent guarantees, and unforeseen and/or unforeseeable future developments that may render them either incomplete or incorrect. Actual results, plans, programs, and financial performance may differ materially from express or implied forward-looking statements.
Contact:
Contact:
Little Squaw Gold Mining
Susan Schenk
Manager of Investor Relations
(509) 535-6156
ir@littlesquawgold.com
Source: Little Squaw Gold Mining Company |
