good newsNEW EXPLORATION TEAM AT JERRITT CANYON STARTS WITH A BANG
VANCOUVER, Sept. 7 /CNW/ - Yukon-Nevada Gold Corp. (Toronto Stock Exchange: YNG; FrankfurtXetra Exchange: NG6) is pleased to announce the first assay resultsfrom its 2010 Smith Mine underground exploration drilling at itswholly-owned gold production Jerritt Canyon property in Nevada, USA.Jerritt Canyon is operated by Queenstake Resources USA Ltd.,("Queenstake") a wholly owned subsidiary of Yukon-Nevada Gold Corp.("YNG" or the "Company").
Drilling from underground at the Smith Mine, by the new exploration team of William Hofer, Chief Geologist, and Laura Symmes,Geologist, at the Jerritt Canyon Mine has identified new goldmineralization beyond the previously modeled resource boundaries. Drillhole number SMI-LX-750 referenced in this release was drilled from July 12 to July 30, 2010 and is shown on the accompanying map which can be found on our website here: https://www.yukon-nevadagold.com/i/pdf/NR_27_2010_SMI-LX-750.pdf. The finalized assay report for this drill hole was received on August 30, 2010.
The ongoing 2010 underground exploration program is focusing on theSmith and SSX-Steer underground mine areas and consists of twelve NQ2diameter drill holes totaling 15,500 feet. This drill program is testingfavorable ore controlling structures proximal to the existingunderground workings and is intended to expand and up-grade existingresources outlined in the most recent NI 43-101 report published in2008. In addition, the goal of the 2010 underground drilling program isto add resources that are not included in the current Smith Mine 4-yearLife of Mine plan.
The first three drill holes of the exploration drilling plan test thesoutheasterly extension of the previously productive Zone 3 structure atthe Smith Mine along an approximate 600 feet of linear strike distance.Table 1 lists assays received for the first drill hole numberSMI-LX-750 and the status of the other adjacent two drill holes(SMI-LX-751 and SMI-LX-752). The three recently completed drill holesare part of a horizontal drill fan with an approximate drill holespacing of 150 feet from each other. These three recently completeddiamond drill holes have tested ground containing older surface reversecirculation (RC) drill holes that contained intercepts with lower gradeAu mineralization. Of particular interest are ore grade intercepts indrill hole number SMI-LX-750 from 537.0 to 552.0 feet totaling 15.0 feetaveraging 0.214 opt Au, and from 576.0 to 599.0 feet totaling 23.0 feetaveraging 0.324 opt Au.
Table 1. Underground exploration drill hole assays from Zone 3 of
the Smith Mine received on August 30, 2010
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Total Depth From To Interval Au
Hole ID (ft) (ft) (ft) (ft) (opt)
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SMI-LX-750 978.0 537.0 552.0 15.0 0.214
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SMI-LX-750 978.0 576.0 599.0 23.0 0.324
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SMI-LX-750 978.0 627.0 635.0 8.0 0.764
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SMI-LX-751 1,159.0 - - - Assays in Progress
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SMI-LX-752 1,309.0 - - - Logging and Sampling
in Progress
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Note that the drill intercepts reported above are not included in the data used in the April 16, 2008NI 43-101 resource. The diamond drill is currently moving to a newdrill station in the Smith Mine in order to conduct resource conversiondrilling.
Assays from underground exploration holes reported in this news releasewere performed by ALS Laboratory Group in Reno, Nevada, using standardfire assay techniques. Intercepts are reported as drilled. True widthshave not yet been calculated; given the geometry of mineralization atJerritt Canyon, the concept of true width is not always meaningfulbefore delineation drilling has been completed. The company's QualityAssurance and Quality Control protocols are available in the Company'sNI 43-101 Technical Report dated April 16, 2008 and is available on www.sedar.com and on our website: https://www.yukon-nevadagold.com/s/JerrittCanyon.asp?ReportID=195388.
The information in this news release was compiled by Mr. William Hofer, Chief Geologist, and Laura Symmes,Geologist, at the Jerritt Canyon Mine. This news release was reviewedand approved by the Company's Vice President of Exploration, Todd Johnson, M.Sc., the Qualified Person for purposes of this release.
Yukon-Nevada Gold Corp. is a North American gold producer in thebusiness of discovering, developing and operating gold deposits. TheCompany holds a diverse portfolio of gold, silver, zinc and copperproperties in the Yukon Territory and British Columbia in Canada and in Arizona and Nevada in the United States.The Company's focus has been on the acquisition and development of latestage development and operating properties with gold as the primarytarget. Continued growth will occur by increasing or initiatingproduction from the Company's existing properties.
If you would like to receive press releases via email please contact nicole@yngc.ca and specify "Yukon-Nevada Gold Corp. releases" in the subject line.
The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
WARNING: The Company relies upon litigation protection for "forward-looking" statements.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United StatesSecurities Act of 1933, as amended (the "U.S. Securities Act") or anystate securities laws and may not be offered or sold within the United Statesor to U.S. Persons unless registered under the U.S. Securities Act andapplicable state securities laws or an exemption from such registrationis available.
%SEDAR: 00004098E
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