NEWSMidway Gold adds 12 claims to Spring Valley project
2006-05-23 15:40 ET - News Release
Mr. Alan Branham reports
MIDWAY ANNOUNCES LAND ACQUISITION ON GOLD MOUNTAIN AT SPRING VALLEY PROJECT, NEVADA
Midway Gold Corp. has acquired 12 additional claims at its Spring Valley project. The new claims are part of the company's emerging Gold Mountain target located four kilometres (km) from a gold-bearing diatreme currently being drilled at Spring Valley. The claims are adjacent to land recently acquired from Coeur d'Alene Mines and claims staked by Midway Gold earlier this year.
The Gold Mountain target is focused on the 1.5-kilometre-by-1.5-kilometre intermontane Limerick basin located in the same stratigraphic position as Spring Valley. It has similar host rocks and alteration with significant gold occurrences on the flanks of the basin. The new claims are on the north side of the basin at the source of one-kilometre-long gold placers in Panama Flats. At the head of the placers, gold-bearing veins on the property are hosted by 15-metre-to-30-metre-thick porphyry sills. Gold nuggets, up to five millimetres (mm) across, occur in quartz-tourmaline-pyrite veins. Nearby greenstone has been intensely altered to a tourmaline-ankerite assemblage along quartz veins. Strong gold anomalies in soil and rock chip sampling have been identified for 500 metres (m) across the suspected strike of the gold zone. The centre of the basin lies 3.4 km from the Rochester open pit silver mine.