Drill results in three to four weeks???Assays are pending for 5 holes, and 6 additional holes may be drilled before completion of this phase of drilling.
Miranda and Newcrest remain encouraged from an exploration standpoint by the large (several square miles) gold system that is demonstrated by the drilling at Redlich. Geologic evidence including preserved steam heated alteration, mineralized basal gravels, and an inferred very young age suggest that the level of exposure at Redlich is probably very near the paleosurface. Thus any fluid boiling zone (conventionally associated with continuous bonanza gold grades) if present, may exist below the current level of drilling. The interconnected fault-fracture-vein mineralized zones currently recognized fall within the limits of a large and still open low-grade gold envelope. Fluid flow within this low-grade envelope appears nearly pervasive; and could be peripheral to a more confined and robust vein system at depth or in areas under adjacent pediment cover.
A source has not yet been determined for high-grade (up to 4 oz Au/ton (144 g Au/t)), well-banded vein cobbles that occur in gravels over an area of approximately 100 acres (40 hectares), mainly to the north of the current area of focus. Veins of this character have not been detected within Newcrest or earlier drill programs.
Last week Miranda Gold Corp. was informed that joint venture partner, Placer Dome U.S. Inc., had completed one drill hole on the Red Hill property. This drilling completes Placer Dome's work commitment ($100,000) for 2005. Assays from this drill hole are pending and not expected for three to four weeks. The 940-ft drill hole tested a gravel covered area on the northwest side of the property. Gravel thickness was only 270ft. Bedrock beneath the gravel consists of lower-plate Devonian carbonates belonging to the Horse Canyon Member of the Wenban Formation. This is the same formation that hosts portions of Placer Dome's Cortez Hill deposit. Moderate to strong pervasive hematite staining is common in the drill cuttings and is believed to be due to oxidation of 1%-5% fine-grained disseminated pyrite. Oxidation extends down to 715 ft within the hole.
Placer Dome has permitted and prepared sites for three additional drill holes although no additional drilling is planned for 2005.
Newmont Mining Corporation initiated the Red Canyon drill program on August 24, 2005. As reported in Miranda's press release of July 5, 2005 a total of 13 drill sites have been permitted.