"substantial potential to expand"American Bonanza Discovers New Gold Zone at Copperstone
Nov 23, 2006 12:20:00 PM
VANCOUVER, BRITISH COLUMBIA -- (MARKET WIRE) -- 11/23/06 -- American Bonanza Gold Corp. ("Bonanza") (TSX: BZA)(FWB: AB2) is pleased to update the progress and results of the exploration drilling program that began during August. Phase I of that program is 66% complete with 21 reverse circulation holes totaling 19,012 feet (5,795 meters) testing 8 of the proposed 10 targets. Bonanza has received assays for the first 12 holes, which are initial exploration tests of five targets.
Positive results from the first five targets tested include gold mineralization in 3 targets with alteration and structural settings similar to the high grade gold zones at Copperstone. Favorable alteration and structure encountered in 7 holes are encouraging results that indicate close proximity to a Copperstone-type system and will require follow-up drilling.
The current drilling program is testing several geophysical and structural targets within one kilometer of the Copperstone high grade gold resources. Completion of the Phase I drilling program is estimated by the end of December. A map of the drilling is available on Bonanza's website at https://www.americanbonanza.com/i/maps/copperstone/2006-11-23_NRM.gif.
The best gold assay received is from drill hole 06CS-12 which was designed to explore for the buried southern extension of the main mineralized structure, the Copperstone Fault. The hole encountered favorable alteration and structure in an area that may represent a portion of the Copperstone Fault that has been displaced by a later fault. Drill hole 06CS-12 encountered 3.05 meters grading 6.7 grams per tonne gold (10 feet grading 0.194 ounces of gold per ton) located 385 meters (1,265 feet) from the southern edge of the open pit, where very limited drilling has been done previously. This is within a 7.6 meter interval grading 3.1 grams per tonne gold (25 feet grading 0.09 ounces of gold per ton).
Brian Kirwin, President and CEO commented: "This exciting result indicates substantial potential to expand the Copperstone resources.