Drilling underwayGold America drills Guadalupe:
Gold American Mining Corp. Appoints Drilling Contractor for Guadalupe Property
RENO, NV--(Marketwire - 09/20/10) - Gold American Mining Corp.(OTC.BB:SILA - News) ("Gold American" and/or "the Company") is pleasedto announce that Tecmin Servicios S.A. de C.V. has been appointed tocarry out the 2010 drilling program at the Guadalupe Property,Zacatecas, Mexico.
Drilling at Guadalupe is scheduled to begin in the second week ofOctober with a program that is anticipated to total approximately 2,500meters. The drilling will target the down dip extensions of the morethan 6 veins that have been identified on the property to date as wellas test two geophysical anomalies identified in the recently completedgeophysical survey (see news dated August 30, 2010).
Workings at the Santa Rosa and San Antonio veins, located in the southof the property, are known to extend at least 270 vertical meters. Thedrill holes planned will target these vein systems approximately 400meters below the surface. This will also test a coincident strongInduced Polarization chargeability anomaly that was unknown to theCompany prior to optioning the project.
"The results of our initial work on the Guadalupe property haveincreased our optimism regarding its potential. We believe thatGuadalupe has excellent potential to develop into a top-tier mineraldeposit and look forward to initiating drilling operations," commentedMr. Johannes Petersen, Gold American's CEO. "We selected TecminServicios to drill Guadalupe for their experience in the area and theiroutstanding credentials, which include working for a number of importantmining companies such as Fresnillo plc," added Mr. Petersen.
THE GUADALUPE PROPERTY
The Guadalupe property contains two historically significant mines andis located in one of Mexico's oldest mining districts, roughly 5 milesnorth of the Fresnillo (Proaño) Mine, the world's richest undergroundsilver mine, operated by Fresnillo plc. Roughly 6.8 miles to thesouthwest of Silver America's Guadalupe Property is the Juanicipio JointVenture (JV) between MAG Silver Corp. (MAG) and Fresnillo plc, which isknown as one of the world's highest grade undeveloped silver resources.
The Property contains greater than 20 known workings as well as twohistoric mines -- Santa Rita and San Antonio. Historic recordscontaining references to the Santa Rita and San Antonio mines suggestthat both mines were important and reached their height of productionbetween 1910 and 1920 but were last in production in the 1980s. Theproperty is completely surrounded by land controlled by Peñoles (eitherthrough Fresnillo or other subsidiaries and partners).
Highlight results from previous results include:
- 1.00 g/t Au and 946.9 g/t Ag over 1.1m (including 1.83 g/t Au and 1,800.0 g/t Ag over 0.5 m)
- 0.30 g/t Au and 622.0 g/t Ag from a mineralized dump
- 0.59 g/t Au and 330.0 g/t Ag over 0.7 m
- 5.35 g/t Au and 1,189.0 g/t Ag from a mineralized dump
ABOUT GOLD AMERICAN MINING CORP.
Gold American Mining Corp. is a publicly traded (OTC.BB:SILA - News)precious metals exploration company focused on the aggressive, ongoingacquisition and exploration of holdings with rich gold and silverproduction potential. Based in Reno, Nevada, Gold American has developeda promising portfolio of international properties in regions marked bystable politics, sound economies and friendly business relations. Formore information the Company and its projects, visit Gold American'swebsite at
www.gold-american.com.
...