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Gold/Mining/Energy : GOLDEN PHOENIX MINERALS, GPXM -- Ignore unavailable to you. Want to Upgrade?

To: Vince Moretto who wrote (561)	12/21/2007 12:21:46 AM
From: Vince Moretto	Respond to of 811

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.