new Electra discovers news gold zones at Golden Ridge
2012-06-25 10:19 ET - News Release
Mr. Jo Shearer reports
HISTORIC RESULTS INDICATE LARGE TONNAGE POTENTIAL
Electra Gold Ltd. has released further historic work on its newly acquired Golden Ridge project (see news releases June 14, 2012, and June 18, 2012).
Work to date has resulted in several areas being discovered with gold values greater than 2 g/t (0.06 oz./ton) over widths between 60 to 110 metres. Grades and continuity of mineralization increase toward the eastern grid area on the Southridge part of the property. Diamond drilling indicates that the true thickness of the gold enriched altered volcanics is over 150 metres in thickness as indicated by drillhole HS97-10.
Base metal mineralization with significant gold grades occurs throughout the stratabound Lower Zone from 30+600E to 31+500E (900m) and from 50 to 100 metres across strike. The continuity of mineralization is yet to be outlined but there are strong indications of a persistent mineralized area carrying potentially economic gold grades. The extension of the zone south of 29+700N has not been investigated to date but there are deeply oxidized outcrops of silicified tuffs at least as far as 29+650N. The 30(S dip of the stratabound zone projects southward down the south slope of the ridge to Sloquet Creek close to the topographic surface.
Given the extent of the mineralized zone on surface (up to 70,000 square metres from 30+600E to 31+500E) there is potential for establishment of a high tonnage, low grade gold deposit. The steepness of the terrain and the deep oxidation and leaching widespread in surface outcrops mean that surface trenching is difficult over much of the area and the extent and grade of the zone will only be established by drilling. The limited diamond drilling conducted in 1990 intersected low-grade mineralization over true thicknesses of up to 100 metres.
An airborne magnetometer and HLEM survey flown over the entire property showed the Southridge Zone to be a highly resistive rock package containing two highly magnetic areas representing the eastern edge of the Pemberton Diorite and a nearby related stock. The airborne magnetometer survey further showed the magnetic intrusives to be more extensive than ground mapping indicated, perhaps due to a thin veneer of volcanic rock with intrusive rock below. The airborne survey further indicated that zones of low resistivity, roughly correlatable with creek beds are present over much of the property. There are some locations though where low resistive zones are not directly related to known creeks and these areas should be followed up further with prospecting, geological mapping and sampling and I.P. geophysics.
Geological mapping on one small portion of the property, the Southridge Zone, indicated the area to be a moderately south dipping package of silicified, felsic, fine to lapilli tuffs, overlying intermediate lapilli tuffs. Au, Ag, Zn and Pb mineralization is seen to be confined to the blue-grey, silicified felsic tuffs. Soil geochemical surveying further indicated this unit to be the most anomalous unit geochemically while I.P. geophysics demonstrated that the unit has a high sulfide background but does not generate the highest I.P. responses.
A three dimensional model using all historic data is presently being constructed and should be available in the next 7 days.
Mr. W. B. Lennan, P.Geo., a qualified person for the purposes of NI 43-101, supervised the preparation of the technical information in the News Release. Mr. Lennan has worked on the property in the past supervising the drilling, sample collection and data interpretation and has been commissioned to prepare a NI 43-101 compliant report.
We seek Safe Harbor.Electra discovers news gold zones at Golden Ridge
2012-06-25 10:19 ET - News Release
Mr. Jo Shearer reports
HISTORIC RESULTS INDICATE LARGE TONNAGE POTENTIAL
Electra Gold Ltd. has released further historic work on its newly acquired Golden Ridge project (see news releases June 14, 2012, and June 18, 2012).
Work to date has resulted in several areas being discovered with gold values greater than 2 g/t (0.06 oz./ton) over widths between 60 to 110 metres. Grades and continuity of mineralization increase toward the eastern grid area on the Southridge part of the property. Diamond drilling indicates that the true thickness of the gold enriched altered volcanics is over 150 metres in thickness as indicated by drillhole HS97-10.
Base metal mineralization with significant gold grades occurs throughout the stratabound Lower Zone from 30+600E to 31+500E (900m) and from 50 to 100 metres across strike. The continuity of mineralization is yet to be outlined but there are strong indications of a persistent mineralized area carrying potentially economic gold grades. The extension of the zone south of 29+700N has not been investigated to date but there are deeply oxidized outcrops of silicified tuffs at least as far as 29+650N. The 30(S dip of the stratabound zone projects southward down the south slope of the ridge to Sloquet Creek close to the topographic surface.
Given the extent of the mineralized zone on surface (up to 70,000 square metres from 30+600E to 31+500E) there is potential for establishment of a high tonnage, low grade gold deposit. The steepness of the terrain and the deep oxidation and leaching widespread in surface outcrops mean that surface trenching is difficult over much of the area and the extent and grade of the zone will only be established by drilling. The limited diamond drilling conducted in 1990 intersected low-grade mineralization over true thicknesses of up to 100 metres.
An airborne magnetometer and HLEM survey flown over the entire property showed the Southridge Zone to be a highly resistive rock package containing two highly magnetic areas representing the eastern edge of the Pemberton Diorite and a nearby related stock. The airborne magnetometer survey further showed the magnetic intrusives to be more extensive than ground mapping indicated, perhaps due to a thin veneer of volcanic rock with intrusive rock below. The airborne survey further indicated that zones of low resistivity, roughly correlatable with creek beds are present over much of the property. There are some locations though where low resistive zones are not directly related to known creeks and these areas should be followed up further with prospecting, geological mapping and sampling and I.P. geophysics.
Geological mapping on one small portion of the property, the Southridge Zone, indicated the area to be a moderately south dipping package of silicified, felsic, fine to lapilli tuffs, overlying intermediate lapilli tuffs. Au, Ag, Zn and Pb mineralization is seen to be confined to the blue-grey, silicified felsic tuffs. Soil geochemical surveying further indicated this unit to be the most anomalous unit geochemically while I.P. geophysics demonstrated that the unit has a high sulfide background but does not generate the highest I.P. responses.
A three dimensional model using all historic data is presently being constructed and should be available in the next 7 days.
Mr. W. B. Lennan, P.Geo., a qualified person for the purposes of NI 43-101, supervised the preparation of the technical information in the News Release. Mr. Lennan has worked on the property in the past supervising the drilling, sample collection and data interpretation and has been commissioned to prepare a NI 43-101 compliant report.
We seek Safe Harbor.Electra discovers news gold zones at Golden Ridge
2012-06-25 10:19 ET - News Release
Mr. Jo Shearer reports
HISTORIC RESULTS INDICATE LARGE TONNAGE POTENTIAL
Electra Gold Ltd. has released further historic work on its newly acquired Golden Ridge project (see news releases June 14, 2012, and June 18, 2012).
Work to date has resulted in several areas being discovered with gold values greater than 2 g/t (0.06 oz./ton) over widths between 60 to 110 metres. Grades and continuity of mineralization increase toward the eastern grid area on the Southridge part of the property. Diamond drilling indicates that the true thickness of the gold enriched altered volcanics is over 150 metres in thickness as indicated by drillhole HS97-10.
Base metal mineralization with significant gold grades occurs throughout the stratabound Lower Zone from 30+600E to 31+500E (900m) and from 50 to 100 metres across strike. The continuity of mineralization is yet to be outlined but there are strong indications of a persistent mineralized area carrying potentially economic gold grades. The extension of the zone south of 29+700N has not been investigated to date but there are deeply oxidized outcrops of silicified tuffs at least as far as 29+650N. The 30(S dip of the stratabound zone projects southward down the south slope of the ridge to Sloquet Creek close to the topographic surface.
Given the extent of the mineralized zone on surface (up to 70,000 square metres from 30+600E to 31+500E) there is potential for establishment of a high tonnage, low grade gold deposit. The steepness of the terrain and the deep oxidation and leaching widespread in surface outcrops mean that surface trenching is difficult over much of the area and the extent and grade of the zone will only be established by drilling. The limited diamond drilling conducted in 1990 intersected low-grade mineralization over true thicknesses of up to 100 metres.
An airborne magnetometer and HLEM survey flown over the entire property showed the Southridge Zone to be a highly resistive rock package containing two highly magnetic areas representing the eastern edge of the Pemberton Diorite and a nearby related stock. The airborne magnetometer survey further showed the magnetic intrusives to be more extensive than ground mapping indicated, perhaps due to a thin veneer of volcanic rock with intrusive rock below. The airborne survey further indicated that zones of low resistivity, roughly correlatable with creek beds are present over much of the property. There are some locations though where low resistive zones are not directly related to known creeks and these areas should be followed up further with prospecting, geological mapping and sampling and I.P. geophysics.
Geological mapping on one small portion of the property, the Southridge Zone, indicated the area to be a moderately south dipping package of silicified, felsic, fine to lapilli tuffs, overlying intermediate lapilli tuffs. Au, Ag, Zn and Pb mineralization is seen to be confined to the blue-grey, silicified felsic tuffs. Soil geochemical surveying further indicated this unit to be the most anomalous unit geochemically while I.P. geophysics demonstrated that the unit has a high sulfide background but does not generate the highest I.P. responses.
A three dimensional model using all historic data is presently being constructed and should be available in the next 7 days.
Mr. W. B. Lennan, P.Geo., a qualified person for the purposes of NI 43-101, supervised the preparation of the technical information in the News Release. Mr. Lennan has worked on the property in the past supervising the drilling, sample collection and data interpretation and has been commissioned to prepare a NI 43-101 compliant report.
We seek Safe Harbor.Electra discovers news gold zones at Golden Ridge
2012-06-25 10:19 ET - News Release
Mr. Jo Shearer reports
HISTORIC RESULTS INDICATE LARGE TONNAGE POTENTIAL
Electra Gold Ltd. has released further historic work on its newly acquired Golden Ridge project (see news releases June 14, 2012, and June 18, 2012).
Work to date has resulted in several areas being discovered with gold values greater than 2 g/t (0.06 oz./ton) over widths between 60 to 110 metres. Grades and continuity of mineralization increase toward the eastern grid area on the Southridge part of the property. Diamond drilling indicates that the true thickness of the gold enriched altered volcanics is over 150 metres in thickness as indicated by drillhole HS97-10.
Base metal mineralization with significant gold grades occurs throughout the stratabound Lower Zone from 30+600E to 31+500E (900m) and from 50 to 100 metres across strike. The continuity of mineralization is yet to be outlined but there are strong indications of a persistent mineralized area carrying potentially economic gold grades. The extension of the zone south of 29+700N has not been investigated to date but there are deeply oxidized outcrops of silicified tuffs at least as far as 29+650N. The 30(S dip of the stratabound zone projects southward down the south slope of the ridge to Sloquet Creek close to the topographic surface.
Given the extent of the mineralized zone on surface (up to 70,000 square metres from 30+600E to 31+500E) there is potential for establishment of a high tonnage, low grade gold deposit. The steepness of the terrain and the deep oxidation and leaching widespread in surface outcrops mean that surface trenching is difficult over much of the area and the extent and grade of the zone will only be established by drilling. The limited diamond drilling conducted in 1990 intersected low-grade mineralization over true thicknesses of up to 100 metres.
An airborne magnetometer and HLEM survey flown over the entire property showed the Southridge Zone to be a highly resistive rock package containing two highly magnetic areas representing the eastern edge of the Pemberton Diorite and a nearby related stock. The airborne magnetometer survey further showed the magnetic intrusives to be more extensive than ground mapping indicated, perhaps due to a thin veneer of volcanic rock with intrusive rock below. The airborne survey further indicated that zones of low resistivity, roughly correlatable with creek beds are present over much of the property. There are some locations though where low resistive zones are not directly related to known creeks and these areas should be followed up further with prospecting, geological mapping and sampling and I.P. geophysics.
Geological mapping on one small portion of the property, the Southridge Zone, indicated the area to be a moderately south dipping package of silicified, felsic, fine to lapilli tuffs, overlying intermediate lapilli tuffs. Au, Ag, Zn and Pb mineralization is seen to be confined to the blue-grey, silicified felsic tuffs. Soil geochemical surveying further indicated this unit to be the most anomalous unit geochemically while I.P. geophysics demonstrated that the unit has a high sulfide background but does not generate the highest I.P. responses.
A three dimensional model using all historic data is presently being constructed and should be available in the next 7 days.
Mr. W. B. Lennan, P.Geo., a qualified person for the purposes of NI 43-101, supervised the preparation of the technical information in the News Release. Mr. Lennan has worked on the property in the past supervising the drilling, sample collection and data interpretation and has been commissioned to prepare a NI 43-101 compliant report.
We seek Safe Harbor.Electra discovers news gold zones at Golden Ridge
2012-06-25 10:19 ET - News Release
Mr. Jo Shearer reports
HISTORIC RESULTS INDICATE LARGE TONNAGE POTENTIAL
Electra Gold Ltd. has released further historic work on its newly acquired Golden Ridge project (see news releases June 14, 2012, and June 18, 2012).
Work to date has resulted in several areas being discovered with gold values greater than 2 g/t (0.06 oz./ton) over widths between 60 to 110 metres. Grades and continuity of mineralization increase toward the eastern grid area on the Southridge part of the property. Diamond drilling indicates that the true thickness of the gold enriched altered volcanics is over 150 metres in thickness as indicated by drillhole HS97-10.
Base metal mineralization with significant gold grades occurs throughout the stratabound Lower Zone from 30+600E to 31+500E (900m) and from 50 to 100 metres across strike. The continuity of mineralization is yet to be outlined but there are strong indications of a persistent mineralized area carrying potentially economic gold grades. The extension of the zone south of 29+700N has not been investigated to date but there are deeply oxidized outcrops of silicified tuffs at least as far as 29+650N. The 30(S dip of the stratabound zone projects southward down the south slope of the ridge to Sloquet Creek close to the topographic surface.
Given the extent of the mineralized zone on surface (up to 70,000 square metres from 30+600E to 31+500E) there is potential for establishment of a high tonnage, low grade gold deposit. The steepness of the terrain and the deep oxidation and leaching widespread in surface outcrops mean that surface trenching is difficult over much of the area and the extent and grade of the zone will only be established by drilling. The limited diamond drilling conducted in 1990 intersected low-grade mineralization over true thicknesses of up to 100 metres.
An airborne magnetometer and HLEM survey flown over the entire property showed the Southridge Zone to be a highly resistive rock package containing two highly magnetic areas representing the eastern edge of the Pemberton Diorite and a nearby related stock. The airborne magnetometer survey further showed the magnetic intrusives to be more extensive than ground mapping indicated, perhaps due to a thin veneer of volcanic rock with intrusive rock below. The airborne survey further indicated that zones of low resistivity, roughly correlatable with creek beds are present over much of the property. There are some locations though where low resistive zones are not directly related to known creeks and these areas should be followed up further with prospecting, geological mapping and sampling and I.P. geophysics.
Geological mapping on one small portion of the property, the Southridge Zone, indicated the area to be a moderately south dipping package of silicified, felsic, fine to lapilli tuffs, overlying intermediate lapilli tuffs. Au, Ag, Zn and Pb mineralization is seen to be confined to the blue-grey, silicified felsic tuffs. Soil geochemical surveying further indicated this unit to be the most anomalous unit geochemically while I.P. geophysics demonstrated that the unit has a high sulfide background but does not generate the highest I.P. responses.
A three dimensional model using all historic data is presently being constructed and should be available in the next 7 days.
Mr. W. B. Lennan, P.Geo., a qualified person for the purposes of NI 43-101, supervised the preparation of the technical information in the News Release. Mr. Lennan has worked on the property in the past supervising the drilling, sample collection and data interpretation and has been commissioned to prepare a NI 43-101 compliant report.
We seek Safe Harbor.Electra discovers news gold zones at Golden Ridge
2012-06-25 10:19 ET - News Release
Mr. Jo Shearer reports
HISTORIC RESULTS INDICATE LARGE TONNAGE POTENTIAL
Electra Gold Ltd. has released further historic work on its newly acquired Golden Ridge project (see news releases June 14, 2012, and June 18, 2012).
Work to date has resulted in several areas being discovered with gold values greater than 2 g/t (0.06 oz./ton) over widths between 60 to 110 metres. Grades and continuity of mineralization increase toward the eastern grid area on the Southridge part of the property. Diamond drilling indicates that the true thickness of the gold enriched altered volcanics is over 150 metres in thickness as indicated by drillhole HS97-10.
Base metal mineralization with significant gold grades occurs throughout the stratabound Lower Zone from 30+600E to 31+500E (900m) and from 50 to 100 metres across strike. The continuity of mineralization is yet to be outlined but there are strong indications of a persistent mineralized area carrying potentially economic gold grades. The extension of the zone south of 29+700N has not been investigated to date but there are deeply oxidized outcrops of silicified tuffs at least as far as 29+650N. The 30(S dip of the stratabound zone projects southward down the south slope of the ridge to Sloquet Creek close to the topographic surface.
Given the extent of the mineralized zone on surface (up to 70,000 square metres from 30+600E to 31+500E) there is potential for establishment of a high tonnage, low grade gold deposit. The steepness of the terrain and the deep oxidation and leaching widespread in surface outcrops mean that surface trenching is difficult over much of the area and the extent and grade of the zone will only be established by drilling. The limited diamond drilling conducted in 1990 intersected low-grade mineralization over true thicknesses of up to 100 metres.
An airborne magnetometer and HLEM survey flown over the entire property showed the Southridge Zone to be a highly resistive rock package containing two highly magnetic areas representing the eastern edge of the Pemberton Diorite and a nearby related stock. The airborne magnetometer survey further showed the magnetic intrusives to be more extensive than ground mapping indicated, perhaps due to a thin veneer of volcanic rock with intrusive rock below. The airborne survey further indicated that zones of low resistivity, roughly correlatable with creek beds are present over much of the property. There are some locations though where low resistive zones are not directly related to known creeks and these areas should be followed up further with prospecting, geological mapping and sampling and I.P. geophysics.
Geological mapping on one small portion of the property, the Southridge Zone, indicated the area to be a moderately south dipping package of silicified, felsic, fine to lapilli tuffs, overlying intermediate lapilli tuffs. Au, Ag, Zn and Pb mineralization is seen to be confined to the blue-grey, silicified felsic tuffs. Soil geochemical surveying further indicated this unit to be the most anomalous unit geochemically while I.P. geophysics demonstrated that the unit has a high sulfide background but does not generate the highest I.P. responses.
A three dimensional model using all historic data is presently being constructed and should be available in the next 7 days.
Mr. W. B. Lennan, P.Geo., a qualified person for the purposes of NI 43-101, supervised the preparation of the technical information in the News Release. Mr. Lennan has worked on the property in the past supervising the drilling, sample collection and data interpretation and has been commissioned to prepare a NI 43-101 compliant report.
We seek Safe Harbor.Electra discovers news gold zones at Golden Ridge
2012-06-25 10:19 ET - News Release
Mr. Jo Shearer reports
HISTORIC RESULTS INDICATE LARGE TONNAGE POTENTIAL
Electra Gold Ltd. has released further historic work on its newly acquired Golden Ridge project (see news releases June 14, 2012, and June 18, 2012).
Work to date has resulted in several areas being discovered with gold values greater than 2 g/t (0.06 oz./ton) over widths between 60 to 110 metres. Grades and continuity of mineralization increase toward the eastern grid area on the Southridge part of the property. Diamond drilling indicates that the true thickness of the gold enriched altered volcanics is over 150 metres in thickness as indicated by drillhole HS97-10.
Base metal mineralization with significant gold grades occurs throughout the stratabound Lower Zone from 30+600E to 31+500E (900m) and from 50 to 100 metres across strike. The continuity of mineralization is yet to be outlined but there are strong indications of a persistent mineralized area carrying potentially economic gold grades. The extension of the zone south of 29+700N has not been investigated to date but there are deeply oxidized outcrops of silicified tuffs at least as far as 29+650N. The 30(S dip of the stratabound zone projects southward down the south slope of the ridge to Sloquet Creek close to the topographic surface.
Given the extent of the mineralized zone on surface (up to 70,000 square metres from 30+600E to 31+500E) there is potential for establishment of a high tonnage, low grade gold deposit. The steepness of the terrain and the deep oxidation and leaching widespread in surface outcrops mean that surface trenching is difficult over much of the area and the extent and grade of the zone will only be established by drilling. The limited diamond drilling conducted in 1990 intersected low-grade mineralization over true thicknesses of up to 100 metres.
An airborne magnetometer and HLEM survey flown over the entire property showed the Southridge Zone to be a highly resistive rock package containing two highly magnetic areas representing the eastern edge of the Pemberton Diorite and a nearby related stock. The airborne magnetometer survey further showed the magnetic intrusives to be more extensive than ground mapping indicated, perhaps due to a thin veneer of volcanic rock with intrusive rock below. The airborne survey further indicated that zones of low resistivity, roughly correlatable with creek beds are present over much of the property. There are some locations though where low resistive zones are not directly related to known creeks and these areas should be followed up further with prospecting, geological mapping and sampling and I.P. geophysics.
Geological mapping on one small portion of the property, the Southridge Zone, indicated the area to be a moderately south dipping package of silicified, felsic, fine to lapilli tuffs, overlying intermediate lapilli tuffs. Au, Ag, Zn and Pb mineralization is seen to be confined to the blue-grey, silicified felsic tuffs. Soil geochemical surveying further indicated this unit to be the most anomalous unit geochemically while I.P. geophysics demonstrated that the unit has a high sulfide background but does not generate the highest I.P. responses.
A three dimensional model using all historic data is presently being constructed and should be available in the next 7 days.
Mr. W. B. Lennan, P.Geo., a qualified person for the purposes of NI 43-101, supervised the preparation of the technical information in the News Release. Mr. Lennan has worked on the property in the past supervising the drilling, sample collection and data interpretation and has been commissioned to prepare a NI 43-101 compliant report.
We seek Safe Harbor.Electra discovers news gold zones at Golden Ridge
2012-06-25 10:19 ET - News Release
Mr. Jo Shearer reports
HISTORIC RESULTS INDICATE LARGE TONNAGE POTENTIAL
Electra Gold Ltd. has released further historic work on its newly acquired Golden Ridge project (see news releases June 14, 2012, and June 18, 2012).
Work to date has resulted in several areas being discovered with gold values greater than 2 g/t (0.06 oz./ton) over widths between 60 to 110 metres. Grades and continuity of mineralization increase toward the eastern grid area on the Southridge part of the property. Diamond drilling indicates that the true thickness of the gold enriched altered volcanics is over 150 metres in thickness as indicated by drillhole HS97-10.
Base metal mineralization with significant gold grades occurs throughout the stratabound Lower Zone from 30+600E to 31+500E (900m) and from 50 to 100 metres across strike. The continuity of mineralization is yet to be outlined but there are strong indications of a persistent mineralized area carrying potentially economic gold grades. The extension of the zone south of 29+700N has not been investigated to date but there are deeply oxidized outcrops of silicified tuffs at least as far as 29+650N. The 30(S dip of the stratabound zone projects southward down the south slope of the ridge to Sloquet Creek close to the topographic surface.
Given the extent of the mineralized zone on surface (up to 70,000 square metres from 30+600E to 31+500E) there is potential for establishment of a high tonnage, low grade gold deposit. The steepness of the terrain and the deep oxidation and leaching widespread in surface outcrops mean that surface trenching is difficult over much of the area and the extent and grade of the zone will only be established by drilling. The limited diamond drilling conducted in 1990 intersected low-grade mineralization over true thicknesses of up to 100 metres.
An airborne magnetometer and HLEM survey flown over the entire property showed the Southridge Zone to be a highly resistive rock package containing two highly magnetic areas representing the eastern edge of the Pemberton Diorite and a nearby related stock. The airborne magnetometer survey further showed the magnetic intrusives to be more extensive than ground mapping indicated, perhaps due to a thin veneer of volcanic rock with intrusive rock below. The airborne survey further indicated that zones of low resistivity, roughly correlatable with creek beds are present over much of the property. There are some locations though where low resistive zones are not directly related to known creeks and these areas should be followed up further with prospecting, geological mapping and sampling and I.P. geophysics.
Geological mapping on one small portion of the property, the Southridge Zone, indicated the area to be a moderately south dipping package of silicified, felsic, fine to lapilli tuffs, overlying intermediate lapilli tuffs. Au, Ag, Zn and Pb mineralization is seen to be confined to the blue-grey, silicified felsic tuffs. Soil geochemical surveying further indicated this unit to be the most anomalous unit geochemically while I.P. geophysics demonstrated that the unit has a high sulfide background but does not generate the highest I.P. responses.
A three dimensional model using all historic data is presently being constructed and should be available in the next 7 days.
Mr. W. B. Lennan, P.Geo., a qualified person for the purposes of NI 43-101, supervised the preparation of the technical information in the News Release. Mr. Lennan has worked on the property in the past supervising the drilling, sample collection and data interpretation and has been commissioned to prepare a NI 43-101 compliant report.
We seek Safe Harbor.Electra discovers news gold zones at Golden Ridge
2012-06-25 10:19 ET - News Release
Mr. Jo Shearer reports
HISTORIC RESULTS INDICATE LARGE TONNAGE POTENTIAL
Electra Gold Ltd. has released further historic work on its newly acquired Golden Ridge project (see news releases June 14, 2012, and June 18, 2012).
Work to date has resulted in several areas being discovered with gold values greater than 2 g/t (0.06 oz./ton) over widths between 60 to 110 metres. Grades and continuity of mineralization increase toward the eastern grid area on the Southridge part of the property. Diamond drilling indicates that the true thickness of the gold enriched altered volcanics is over 150 metres in thickness as indicated by drillhole HS97-10.
Base metal mineralization with significant gold grades occurs throughout the stratabound Lower Zone from 30+600E to 31+500E (900m) and from 50 to 100 metres across strike. The continuity of mineralization is yet to be outlined but there are strong indications of a persistent mineralized area carrying potentially economic gold grades. The extension of the zone south of 29+700N has not been investigated to date but there are deeply oxidized outcrops of silicified tuffs at least as far as 29+650N. The 30(S dip of the stratabound zone projects southward down the south slope of the ridge to Sloquet Creek close to the topographic surface.
Given the extent of the mineralized zone on surface (up to 70,000 square metres from 30+600E to 31+500E) there is potential for establishment of a high tonnage, low grade gold deposit. The steepness of the terrain and the deep oxidation and leaching widespread in surface outcrops mean that surface trenching is difficult over much of the area and the extent and grade of the zone will only be established by drilling. The limited diamond drilling conducted in 1990 intersected low-grade mineralization over true thicknesses of up to 100 metres.
An airborne magnetometer and HLEM survey flown over the entire property showed the Southridge Zone to be a highly resistive rock package containing two highly magnetic areas representing the eastern edge of the Pemberton Diorite and a nearby related stock. The airborne magnetometer survey further showed the magnetic intrusives to be more extensive than ground mapping indicated, perhaps due to a thin veneer of volcanic rock with intrusive rock below. The airborne survey further indicated that zones of low resistivity, roughly correlatable with creek beds are present over much of the property. There are some locations though where low resistive zones are not directly related to known creeks and these areas should be followed up further with prospecting, geological mapping and sampling and I.P. geophysics.
Geological mapping on one small portion of the property, the Southridge Zone, indicated the area to be a moderately south dipping package of silicified, felsic, fine to lapilli tuffs, overlying intermediate lapilli tuffs. Au, Ag, Zn and Pb mineralization is seen to be confined to the blue-grey, silicified felsic tuffs. Soil geochemical surveying further indicated this unit to be the most anomalous unit geochemically while I.P. geophysics demonstrated that the unit has a high sulfide background but does not generate the highest I.P. responses.
A three dimensional model using all historic data is presently being constructed and should be available in the next 7 days.
Mr. W. B. Lennan, P.Geo., a qualified person for the purposes of NI 43-101, supervised the preparation of the technical information in the News Release. Mr. Lennan has worked on the property in the past supervising the drilling, sample collection and data interpretation and has been commissioned to prepare a NI 43-101 compliant report.
We seek Safe Harbor.