Electra Gold Ltd. (TSX.V-ELT) (“Electra” or the “Company”) is pleased to announce that the Lucky East Graphite Claims have been acquired by staking. The property consists of 4 claims totalling 726.67ha situated near North Barriere Lake in the Kamloops Mining Division of South-Central British Columbia.
On the adjacent Lucky-J graphite occurrence determined by X-ray diffraction (XRD) is the crystalline, flake variety which returned values of from 2.50 to 4.62 percent graphite. This material represents an indicated grade of two steeply-dipping sections (45° to 65°) occurring between 42m -49m (138’-162’) and 63m-77m (207’-253’) with the mineralized structure appearing to have a true width of 14 metres (46 feet).
This mineralized section occurs from a zone exhibiting a very strong electromagnetic conductor with an indicated strike length in excess of 1,000 metres (3,280 feet) and still open on both the east and west ends onto the Lucky East claims owned by Electra.
The development of this thick graphite section is thought to occur because of the high carbon content of the original sedimentary rock and its proximity to an underlying metamorphic heat source of quartz monzonite composition.
Sub-crop was chip sampled on the Electra Claims in May 2012 consisting of seams of coarse crystalline graphite in meta-sedimentary rocks. The Graphite Zone defined by previous work on the adjacent Lucky-J property could be what is exposed to the south at higher elevations on surface as observed last year on the Electra ground.
Previous on the adjacent Lucky-J graphite property, one rock sample and 10 core samples from varying core sections were analyzed by Vangeochem Lab Limited of Vancouver, BC using aqua regia digestion and fire assay and atomic absorption finish and/or multi-element ICP analyses. Two representative composite core intersection samples were taken which underwent total carbon – organic carbon (graphite), inorganic and sulphur analyses at the Chemex Lab in North Vancouver BC and graphitic carbon and whole rock analyses at the Min-En Lab in North Vancouver, BC. Both graphite analyses were carried out using a Leco furnace and samples underwent X-ray diffraction (XRD) analyses at the University of British Columbia under the direction of Dr. Kenneth Wilks, Department of Geological Sciences. The grade of the graphite sections vary between 2.50 to 4.62%.
J. T. Shearer, M.Sc., P.Geo, (BC & Ontario) President, is the Qualified Person as defined by NI 43-101 who supervised the preparation of the technical material of this release.
About Electra Gold Ltd.
Electra Gold Ltd. was incorporated in 1976 and has since September 2003 been in continuous production with a cement raw material operation on North Vancouver Island and operated the Aurora Gold Mine in Nevada in the 1990’s. Electra also has a portfolio of promising gold properties in BC and Ontario.
For further information on Electra Gold Ltd. Please visit www.electragoldltd.com or contact:
Jo Shearer, President
Tel: 604-696-1022 Fax: 604-944-6102
On behalf of the Board of Directors,
J. T. Shearer
President, Director
Forward-Looking Statement
This document may contain or refer to forward-looking information based on current expectations, including, but not limited to timing of mineral resource estimates, future exploration or project development programs and the impact on the Company of these events. Forward-looking information is subject to significant risks and uncertainties, as actual results may differ materially from forecasted results. Forward-looking information is provided as of the date hereof and we assume no responsibility to update or revise them to reflect new events or circumstances. For a detailed list of risks and uncertainties, as it relates to Electra Gold Ltd., please refer to the Company''s 2011 Annual Financials filed with SEDAR on April 24, 2012.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents herein.
For further information, please contact Jo Shearer, President at 604-970-6402, please see website at www.electragoldltd.com