"two large areas of signigicant discovery"Silverado Invests Over $1 Million To Carry Out Year Round, Underground High Grade Antimony and Gold Exploration
Nov 19, 2007 6:00:00 AM
VANCOUVER, Nov. 19 /PRNewswire-FirstCall/ - Silverado Gold Mines Ltd. (Trading Symbols, OTC BB - SLGLF, FRANKFURT - SLGL, BERLIN - SLGL): - Silverado Gold Mines has received its Permit from the Bureau of Land Management, including all prerequisite permitting, to carry out underground exploration. The company intends to commence exploration immediately at the first of two large areas of significant discovery on its Nolan Creek Property.
Silverado's Nolan Creek property includes the Pingle Bench Area and Workman's Bench Area (see https://www.silverado.com/pressroom/pdf/NolanCreekFigure1.pdf).
Pingle Bench consists of a series of sub parallel veins containing gold grades up to 5.22 tr. oz/ton, or 179 g/t and antimony grades ranging up to 64.76% with quartz. Pingle Bench represents an area 500 ft wide by 700 ft long, and is part of the five mile long Solomon Shear Zone. Veins are up to one foot in width, predominantly massive stibnite (antimony sulphide, a high grade antimony mineral). Antimony is used as a fire and flame retardant, among other applications, and has a market value of $3/lb (see https://www.silverado.com/pressroom/pdf/NolanCreekFigure2.pdf).
Preceding the decision for underground exploration at Pingle Bench, while awaiting laboratory assays, Silverado's diamond core drilling operations were shifted to an adjacent promising area, Workman's Bench (see https://www.silverado.com/pressroom/pdf/NolanCreekFigure3.pdf). Workman's Bench was found to contain an 80 ft wide zone of mineralization. Seven drill holes confirmed that Workman's Bench contained an extension of the notable Solomon Shear, south of Pingle Bench. Although no assays from the drilling core have yet been received, visual observation of the core has identified the presence of many sub-parallel zones of gold, antimony, and quartz. Veins up to one foot in width exist throughout the 80 foot wide zone. The area was determined to be more amenable to underground work than was Pingle Bench.
Silverado's Strategic Exploration Program's first priority is to drive a tunnel sub-parallel and below the identified 80 foot wide newly discovered (7 drill holes) mineralized zone. The tunnel is planned first to intersect a known placer channel where Silverado has previously extracted gold nuggets up to 5 oz apiece. The tunnel would then carry on to intersect the 80 foot wide newly discovered Workman's Bench mineralized zone which will be further explored. Though assays are still pending from the drilling of this new zone, geologists have visually identified numerous veins of solid stibnite.
In order to carry out a year round exploration program, Silverado is purchasing a customized, state of the art front end loader, valued at approximately $1 million. The loader meets all U.S. government specifications for underground mining, and is considered key for worker safety and effective exploration. This highly specialized equipment will allow Silverado to continue its program to be an independent and self-sufficient mining exploration company, and will add to Silverado's diamond drilling and rolling stock inventory of equipment, maintenance and repairs facilities, and on-site gold processing and operations buildings.
Silverado Gold Mines Ltd. 2007 Exploration Program at Nolan Creek was and will continue to be supervised by Dr. Karsten Eden, the company's Vice President Exploration, and a qualified person under NI 43-101 regulations and requirements. Tom K. Bundtzen, a qualified person as set out in NI 43-101, is currently preparing his annual independent work evaluation report.
Executive Appointment: Irma Bernadette Mungal, Vice President,
Administration, Silverado Gold Mines Ltd.
In other news, Silverado announces the appointment of Irma Bernadette Mungal to the post of Vice President, Administration. Ms. Mungal brings extensive international banking, risk management, human resources and 'hands-on' operations experience, and represents a dynamic addition to Silverado's Management Team. Her experience and expertise will provide Silverado with a strong operational infrastructure base.
Silverado Gold Mines Ltd.
Silverado is an international company focused on Gold and a new environmentally friendly Fuel Technology. Silverado has gold properties located throughout Alaska which include the 100% owned Nolan Placer Gold Mine. Silverado is also entering the construction phase of an environmentally friendly low cost strategic fuel demonstration facility. Silverado's Green Fuel will be produced from low-rank coal and turned into a environmentally friendly oil substitute. Silverado Green Fuel Inc. is a wholly owned subsidiary of its publicly traded parent, Silverado Gold Mines Ltd. Trading Symbols, OTC BB - SLGLF, FRANKFURT - SLGL, BERLIN - SLGL
Silverado Gold Mines Ltd. www.silverado.com
Silverado Green Fuel Inc. www.silveradogreenfuel.com
Silverado Green Fuel video https://www.youtube.com/watch?v=x55tGfJHKzo
More Information? https://www.silverado.com/investors/request/