Electra Gold Ltd. (TSX.V-ELT) (“Electra” or the “Company”) is pleased to report that it has acquired an additional 580 Hectares of ground located 7km East of TomaGold Corp., (TSX.V-LOT), and Quinto Real Capital Corp., (TSX.V-QIT) Monster Lake project. Gestim clearly shows the same package of mafic volcanics, volcanoclastites, tonalities, diorite and quartzite occurring on the acquired ground as is identified on both the Tomagold and Quinto Real Monster Lake projects.
The new “Monster 3” property is adjacent to the previously announced 638 Hectares (www.sedar.com February 25, 2013) bringing Electra’s total Monster Lake land position to over 1,200 Hectares. The Monster 3 property was purchased for $5,000 and 2,000,000 common shares, issuable subject to TSX Venture Exchange approval.
Jo Shearer stated, “In order to complete a comprehensive exploration program on the project, management decided a larger parcel of land was necessary. Historical reports filed on the GESTIM website are currently being reviewed and further information will be released as it becomes available.”
On February 20, 2013, TomaGold Corp., (TSX.V-LOT) and Quinto Real Capital Corp., (TSX.V-QIT) released the results of the three first holes of the 2,500-metre drilling program on the Monster Lake property, located 44 kilometres southwest of Chibougamau, Quebec.
These first holes were drilled on sections 1230E to 1265E of the 325 zone, on the same 290 degrees azimuth. The holes were drilled at dips of minus 50 degrees, minus 60 degrees and minus 70 degrees to intersect the mineralized zone at vertical depths of 175 to 275 metres. AGATLabs of Mississauga, Ont., reported the following results:
Hole M-13-93: 33.6 grams per tonne gold over 5.85 metres at a vertical depth of 217 metres;
Hole M-13-94: 11.5 grams per tonne gold over 5.30 metres at a vertical depth of 187 metres;
Hole M-13-95: 42.0 grams per tonne gold over 7.20 metres at a vertical depth of 278 metres.
It should be noted that the sheared tuff unit hosting the gold-bearing quartz vein was intersected at a 40-to-50-degree angle to the core axis, meaning that the width of the intersection is not necessarily the true width. Based on observations on surface in recent trenching and old holes drilled by SOQUEM and Stellar Pacific, the company estimates the true width of the mineralized zone at 70 to 85 per cent of the width intersected in the drill holes.
David Grondin, president and chief executive officer of TomaGold, stated: "This major discovery will take our assessment to a whole new level at Monster Lake, which has never been drilled to a depth of more than 125 metres. These holes show that the 325 zone has promising gold potential at depth. The results for the first three holes would seem to indicate that the 325 zone becomes wider and richer at depth. The presence of trace chalcopyrite and sphalerite and semi-massive pyrrhotite accompanied by intense black chlorite alteration suggests the proximity of a VMS-type setting, an indicator of potential for massive sulphide gold deposits."
Historic work reported on the TomaGold website on the Monster Lake project include 5.7 metres grading 237.6 g/t gold, 223.2 g/t gold over 2.0 metres from 49.5 to 51.5 metres, and 27.55 g/t gold over 4.2 metres.
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