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A "mummified" dinosaur unearthed in North Dakota, a baby mammoth found frozen in Russia, or remains of penguins the size of people excavated in Peru: which discovery was the biggest hit with National Geographic News readers in 2007? Find out for yourself with this rundown of our most popular paleontology stories over the past year.
Full Story
Wednesday, December 26, 2007
Monday, December 24, 2007
Full Metal signs pact on 6 sites
सुब्मित्तेद बी अनों:
"
"
Full Metal Minerals recently announced that it signed an option agreement with the world's largest mining company, BHP Billiton, allowing the larger firm to obtain up to an 80 percent interest in Full Metal's six copper-gold-molybdenum exploration sites in Alaska. Billiton can earn an initial 60 percent interest in the properties by spending $2.5 million over three years, and can earn an additional 20 percent by spending $3.5 million in the next three years. In 2008, Full Metal and Billiton will complete mapping and sampling programs as well as airborne and ground geophysics to identify potential drill targets.
Canada-based Full Metal is an exploration company with 12 projects in Alaska and one in the Yukon Territory. In November, it signed an agreement with Freeport-McMoRan Exploration Corp. in which FME can earn up to 80 percent in Full Metal's mining claims that border three sides of the Pebble Partnership's mining claims in Southwest Alaska."
Little Squaw Trenching Confirms Extensive Gold System at Chandalar
SPOKANE, WA, Dec 20, 2007 (MARKET WIRE via COMTEX) -- Little Squaw Gold Mining Company (OTCBB: LITS) ($0.73) ("Little Squaw" or "the Company") reports that assay results from additional hard rock trenching continue to show significant widespread gold mineralization within multiple geologic structures on the Company's wholly owned Chandalar, Alaska, mining property. The findings of the 2007 excavator trenching program have solidified several diamond drilling targets for 2008 and confirm that the Company is dealing with a strong and substantially underexplored system of gold mineralization.
Previously announced excavator trench intercepts for the Pallasgreen, Pioneer, and Summit prospects reported widths of 20 to 30 feet of 0.309 to 0.333 ounces gold per short ton (6 to 9 meters at 10.58 to 11.40 grams gold per tonne). Additional assay results for rock-chip channel samples taken in trenches dug on the Chandalar, Bonanza, Kiska, and Mikado prospects are shown in the table below. This trenching cut several structures that assay 0.015 to 0.039 ounces gold per short ton (3 to 12 meters at 0.50 to 1.35 grams gold per tonne) over widths of 10 to 40 feet. These values are based on assay results with a cutoff of 10 feet at 0.015 ounces gold per short ton. The rock surrounding the structures is hydrothermally altered and contains trace amounts of gold.
Trenching at the Mikado prospect yielded the most interesting results. A small mine on this prospect is known to have produced about 6,800 tons of ore averaging about 1.5 ounces gold per short ton (46.65 grams gold per tonne) from an open-ended ore shoot. The controlling structure is a major, 8-mile-long fault that contains quartz veins. A series of trenches across a portion of this structure traced the mineralization continuously over 2,500 feet of strike length. The average mineralized trench intercept is 24 feet at 0.023 ounces gold per short ton (7.3 meters at 0.79 grams gold per tonne). The persistent gold mineralization with association of hydrothermal alteration and the magnitude of its controlling structure make the Mikado prospect a prime target for drill testing.
The Company's 24-square-mile property covers most of the Chandalar mining district. The district's prospects are mostly aligned along a series of 10 subparallel northwest-southeast structural belts, each several miles long and spaced thousands of feet apart. Sections of these structural belts contain gold mineralization within quartz veins. These are mesothermal veins and fall into a category of gold deposits often called "lode gold" or 'greenstone gold," which are responsible for about a quarter of the world's total gold production.
The Company believes it has identified promising gold showings within a favorable geologic setting at Chandalar. Continued systematic exploration of this system of gold mineralization could result in the discovery of a commercial gold deposit.
Richard Walters, President of Little Squaw Gold Mining Company, is responsible for this news release. For additional information regarding Little Squaw Gold Mining, contact Susan Schenk, Manager of Investor Relations, by telephone at (509) 535-6156, or by e-mail at ir@littlesquawgold.com. Little Squaw maintains a comprehensive Web site at www.littlesquawgold.com.
Little Squaw Gold Mining is engaged in the business of precious-metals discovery. This endeavor carries certain risks that are commensurate with the potential rewards of such efforts. These risks cannot be quantified and should not be taken lightly. All statements made here regarding the firm's investment potential shouldbe considered "forward-looking statements" as defined by prevailing regulatory guidelines. As forward-looking statements, these items represent the measured professional judgment of management. They do not, however, represent guarantees, and unforeseen and/or unforeseeable future developments may render them either incomplete or incorrect. Actual results, plans, programs, and financial performance may differ materially from express or implied forward-looking statements.
CHANDALAR TRENCH ASSAYS
For the Chandalar, Bonanza, Kiska and Mikado prospects
Minimum reported interval is 10 feet at 0.015 ounces gold per short ton
(3 meters at 0.50 grams gold per tonne)
TRENCH Interval Gold Gold
# Prospect Feet Footage oz/st Meters g/t
------ --------- ----------- ------- ----- ------ ----
1 Chandalar 0 - 10 10 0.028 3.0 0.95
------ --------- ----------- ------- ----- ------ ----
------ --------- ----------- ------- ----- ------ ----
6 Bonanza 0 - 17 17 0.056 5.2 1.93
------ --------- ----------- ------- ----- ------ ----
------ --------- ----------- ------- ----- ------ ----
17 Kiska 50 - 60 10 0.022 3.0 0.77
------ --------- ----------- ------- ----- ------ ----
18 Kiska 5.5 - 42 36.5 0.015 11.1 0.51
------ --------- ----------- ------- ----- ------ ----
------ --------- ----------- ------- ----- ------ ----
19 Mikado 108 - 118 10 0.057 3.0 1.95
------ --------- ----------- ------- ----- ------ ----
168 - 205 37 0.017 11.3 0.58
------ --------- ----------- ------- ----- ------ ----
20 Mikado 53 - 88 35 0.015 10.7 0.52
------ --------- ----------- ------- ----- ------ ----
161 - 214 53 0.015 16.2 0.52
------ --------- ----------- ------- ----- ------ ----
300 - 310 10 0.034 3.0 1.18
------ --------- ----------- ------- ----- ------ ----
435 - 470 35 0.036 10.7 1.22
------ --------- ----------- ------- ----- ------ ----
21 Mikado 81.5 - 112 30.5 0.016 9.3 0.55
------ --------- ----------- ------- ----- ------ ----
22 Mikado 2 - 32 30 0.015 9.1 0.53
------ --------- ----------- ------- ----- ------ ----
23 Mikado 0 - 25 25 0.019 7.6 0.64
------ --------- ----------- ------- ----- ------ ----
143 - 155 12 0.023 3.7 0.78
------ --------- ----------- ------- ----- ------ ----
40 Mikado 165 - 180 15 0.023 4.6 0.79
------ --------- ----------- ------- ----- ------ ----
225 - 235 10 0.018 3.0 0.63
------ --------- ----------- ------- ----- ------ ----
41 Mikado 86 - 112 26 0.016 7.9 0.55
------ --------- ----------- ------- ----- ------ ----
477 - 487 10 0.015 3.0 0.50
------ --------- ----------- ------- ----- ------ ----
557 - 567 10 0.043 3.0 1.46
------ --------- ----------- ------- ----- ------ ----
2E Mikado 70 - 110 40 0.039 12.2 1.35
------ --------- ----------- ------- ----- ------ ----
130 - 150 30 0.018 9.1 0.63
------ --------- ----------- ------- ----- ------ ----
4E Mikado 0 - 10 10 0.040 3.0 1.36
------ --------- ----------- ------- ----- ------ ----
Contact:
Susan Schenk
Manager of Investor Relations
(509) 535-6156
ir@littlesquawgold.com
SOURCE: Little Squaw Gold Mining Company
mailto:ir@littlesquawgold.com
Metals prices further brighten mining outlook
Roughly 1,800 people attended the Northwest Mining Association's annual convention here this month and "there wasn't an unhappy face in the joint," says Laura Skaer, the group's executive director.
"It was very, very upbeat," Skaer says. "Prices are up and are expected to stay up next year."
Gold has been selling for about $790 a troy ounce recently, compared with $630 an ounce at this time last year and $525 in late 2005. Silver is selling for about $14 an ounce, up modestly from a year ago, but markedly higher than in late 2005. Other metals prices also remain strong.
Demand for metals continues to grow, due in part to the fast-developing economies of China and India, says Vicki Veltkamp, the mining association's current president and vice president for investor relations at Coeur d'Alene-based Hecla Mining Co. The supply side, meanwhile, "hasn't changed that much," Veltkamp says, adding that it takes years to bring new production on line.
"The mining industry has been rejuvenated by the increase in metals prices overall," she says. "There's increased activity. A lot of excitement."
Lessons from our mistakes can guide us in new year
From ADN: "
On the brighter side, the diversification of our state's economy is something to be happy about. We're developing a strong mining industry with five large mines, another soon to start, and one almost built and with a path through some legal obstacles. Another large mine is at an advanced stage of development, and another really big one -- yes, it's Pebble -- in an advanced stage of exploration.
Mines employ a lot of people from local communities and that's a big deal in rural Alaska. The big Red Dog lead-zinc mine in Northwest Alaska has lifted that region out of its previous economically-distressed condition. The big Donlin Creek gold mine near the Kuskokwim River, which could be in construction soon, would do the same for cash-strapped Yukon-Kuskokwim communities.
Although the Pebble project has prompted objections, let's remember that the mine would create an economic base for small nearby communities that now face a bleak future.
An important consideration is that many of these mines are on private land owned by Alaskans -- Native corporations in fact -- which means these mines not only create good jobs but that part of the profits stay home."
Roundhouse to be unveiled as a museum
"The upper level is being turned into a museum to celebrate the local gold-mining heritage, the Girdwood area's unique location in the transition zone where the world's farthest north rainforests give way to boreal stands of timber, and -- of course --Alyeska's outdoor recreation legacy."
Full Story
Full Story
Friday, December 21, 2007
SUPPLEMENTAL NOTICE REGARDING PROPOSED CHANGES IN THE REGULATIONS OF THE DEPARTMENT OF NATURAL RESOURCES
SUPPLEMENTAL NOTICE REGARDING PROPOSED CHANGES IN THE REGULATIONS OF THE DEPARTMENT OF NATURAL RESOURCES
This is a supplement to the public notice issued on November 30, 2007 by the Department of Natural Resources (DNR) regarding its proposal to add new regulations and revise others concerning the use of state lands for the commercial harvest of non-timber forest products (NTFPs). DNR proposes to adopt regulation changes in Title 11 of the Alaska Administrative Code, specifically 11 AAC 96.030 dealing with Applications for a land use permit. The Department of Natural Resources also proposes to adopt new regulations in Title 11 of the Alaska Administrative Code, specifically 11 AAC 05.010(a) and (e) dealing with the Fees, 11 AAC 96.035 dealing with the Commercial Harvest of non-timber forest products and 11 AAC 96.250 dealing with definitions. EXTENSION OF COMMENT PERIOD The original comment deadline for these proposed regulations was 5:00 p.m., Friday January 4, 2008. To facilitate a request of the Lake and Peninsula Borough for additional time to comment, DNR is extending the deadline for public comments to 5:00 p.m., February 8, 2008. No changes have been made to the proposed regulations. You may comment on the proposed regulations, including the potential costs to private persons of complying with the proposed action, by submitting written comments by mail to the Division of Mining, Land and Water, 550 W. 7th Avenue, Suite 1070, Anchorage, AK 99501-3579 or by e-mail to to dnrmlw@dnr.state.ak.us or by fax to 907-269-8904. The comments must be received no later than 5:00p.m., Friday, February 8, 2008 . If you are a person with a disability who needs a special accommodation in order to participate in this process, please contact Joseph Joyner at 269-8511 no later than January 25, 2008, to ensure that any necessary accommodations can be provided. For more information or a copy of the proposed regulation changes, go to http://www.dnr.state.ak.us/mlw/hottopics/ , or write to the Director's Office, Division of Mining, Land and Water, Department of Natural Resources, Attention Joseph Joyner, 550 W. 7th Avenue, Suite 1070, Anchorage, Alaska 99501-3579; or call 907-269-8511. After the public comment period ends, the Department of Natural Resources will either adopt these or other proposals dealing with the same subject, without further notice, or decide to take no action on them. The language of the final regulations may be different from that of the proposed regulations. YOU MUST COMMENT DURING THE TIME ALLOWED IF YOUR INTERESTS COULD BE AFFECTED. Date: December 21, 2007 Dick Mylius, Director Division of Mining Land and Water Department of Natural Resources 550 W. 7th Ave., Suite 1070 Anchorage, Alaska 99501 AO DMLW 08-089 Published: December 21, 2007
This is a supplement to the public notice issued on November 30, 2007 by the Department of Natural Resources (DNR) regarding its proposal to add new regulations and revise others concerning the use of state lands for the commercial harvest of non-timber forest products (NTFPs). DNR proposes to adopt regulation changes in Title 11 of the Alaska Administrative Code, specifically 11 AAC 96.030 dealing with Applications for a land use permit. The Department of Natural Resources also proposes to adopt new regulations in Title 11 of the Alaska Administrative Code, specifically 11 AAC 05.010(a) and (e) dealing with the Fees, 11 AAC 96.035 dealing with the Commercial Harvest of non-timber forest products and 11 AAC 96.250 dealing with definitions. EXTENSION OF COMMENT PERIOD The original comment deadline for these proposed regulations was 5:00 p.m., Friday January 4, 2008. To facilitate a request of the Lake and Peninsula Borough for additional time to comment, DNR is extending the deadline for public comments to 5:00 p.m., February 8, 2008. No changes have been made to the proposed regulations. You may comment on the proposed regulations, including the potential costs to private persons of complying with the proposed action, by submitting written comments by mail to the Division of Mining, Land and Water, 550 W. 7th Avenue, Suite 1070, Anchorage, AK 99501-3579 or by e-mail to to dnrmlw@dnr.state.ak.us or by fax to 907-269-8904. The comments must be received no later than 5:00p.m., Friday, February 8, 2008 . If you are a person with a disability who needs a special accommodation in order to participate in this process, please contact Joseph Joyner at 269-8511 no later than January 25, 2008, to ensure that any necessary accommodations can be provided. For more information or a copy of the proposed regulation changes, go to http://www.dnr.state.ak.us/mlw/hottopics/ , or write to the Director's Office, Division of Mining, Land and Water, Department of Natural Resources, Attention Joseph Joyner, 550 W. 7th Avenue, Suite 1070, Anchorage, Alaska 99501-3579; or call 907-269-8511. After the public comment period ends, the Department of Natural Resources will either adopt these or other proposals dealing with the same subject, without further notice, or decide to take no action on them. The language of the final regulations may be different from that of the proposed regulations. YOU MUST COMMENT DURING THE TIME ALLOWED IF YOUR INTERESTS COULD BE AFFECTED. Date: December 21, 2007 Dick Mylius, Director Division of Mining Land and Water Department of Natural Resources 550 W. 7th Ave., Suite 1070 Anchorage, Alaska 99501 AO DMLW 08-089 Published: December 21, 2007
Wednesday, December 19, 2007
High-Grade Gold Veins on Coffee Dome Project, Alaska
International Tower Hill Mines Ltd. ("ITH" or the "Company") (TSX VENTURE: ITH)(AMEX: THM)(FRANKFURT: IW9) is pleased to announce that trenching carried out as part of its 2007 exploration program at the Coffee Dome Project, Alaska, has intersected high-grade gold veins.
2007 Exploration Program Results
The target at Coffee Dome is gold-arsenic-bismuth-tellurium vein-style mineralization (see NR07-04). During the 2007 exploration program, trenching over the Main Target area exposed veins with grades of up to 168 g/t gold in outcrop (72 samples ranging from 0 to 168 g/t gold) (Tables 1 and 2) and soil surveys defined two large gold anomalies interpreted to reflect part of a significant gold system over 3 kilometres long and 1 kilometre wide (including all three target areas) (Figure 1).
The trench results provided insights into the structural controls on the high-grade gold mineralization at Coffee Dome, which appear to be best developed in low-angle vein zones, macroscopically similar in character to the veins at the +5M ounce Pogo Deposit. In addition, the large gold in soil anomaly may reflect the presence of a large bulk tonnage deposit similar to Alaska's largest gold mine, the multi-million ounce Fort Knox deposit located only 15 kilometres to the west. Future work at Coffee Dome (which is road accessible) would involve drill testing both the high-grade low angle gold veins and the large bulk tonnage targets. The Company believes that the Coffee Dome project represents an excellent opportunity for a major world class gold discovery in the shadow of Alaska's largest gold mine.
Implications
Following up on the discovery of high-grade vein float, 530 metres of trenching was carried out in the Main Target area. This trenching resulted in the discovery of a number of highly mineralized fault zones containing narrow high-grade gold veins (Tables 1 and 2). These narrow veins contain pathfinder trace element geochemical signatures (strong gold-arsenic-bismuth-tellurium association) similar to vein hosted mineralization at the world class Pogo gold deposit located in a similar geologic environment 120 kilometres to the southeast. Two main mineralized fault trends exist on the Coffee Dome property, being a steeply dipping north-northeast trend and a low angle (20-30 degrees) east-northeast trend, which together form the general north-northeast overall trend of the larger target area.
The large gold in soil anomaly, anomalous pathfinder trace element signature and complex array of mineralized structures suggest that the Coffee Dome gold system is large and may represent the surface expression of an intrusive related system at depth similar to that at the Fort Knox deposit located 15 kilometres to the west. Poor exposure of the main target area has limited the geologic understanding from surface mapping but airborne geophysics supports the strong northeast trend to the overall mineralized zone.
The key targets for drill testing in 2008 are:
- Testing the potential for a stacked low angle high-grade gold vein system at depth similar to the Pogo deposit.
- Testing the overall large NE trending target for both high-grade and large bulk tonnage deposits.
To view, Figure 1. Gold in soil and trench locations at Coffee Dome project (Trenches are numbered by elevation, and the red dashed line is outline of overall gold system target area), please click on the following link: http://www.ccnmatthews.com/docs/1129ith.jpg
Table 1: Mineralized fault zones from Coffee Dome Trenches
----------------------------------------------------------
Trench From (m) To (m) Width (m) Gold (g/t)
----------------------------------------------------------
620 65.6 67.2 1.6 1.11
----------------------------------------------------------
550 25.0 37.5 12.5 0.87
----------------------------------------------------------
520 22.8 23.1 0.3 9.82
----------------------------------------------------------
Table 2: Fault-hosted veins from Coffee Dome Trenches
--------------------------------------------------------------------------
Distance Width Gold Silver Arsenic Antimony Bismuth Tellurium
Trench (m) (m) (g/t) (g/t) (ppm) (ppm) (ppm) (ppm)
--------------------------------------------------------------------------
520 22.5 0.02 167.5 27.0 2970 9.1 443 33
----------------------------------------------------------------
23.3 0.02 137.5 32.2 2790 8.9 365 32
----------------------------------------------------------------
29.0 0.02 0.3 0.4 1400 3.5 23 12
--------------------------------------------------------------------------
550 34.5 0.06 11.4 5.7 5120 11.0 37 12
----------------------------------------------------------------
35.0 0.06 5.6 2.8 822 4.1 40 8
----------------------------------------------------------------
37.0 0.50 0.8 0.6 2380 5.6 7 3
----------------------------------------------------------------
37.3 0.04 7.0 4.6 4810 11.1 29 5
----------------------------------------------------------------
38.3 0.40 3.0 5.1 4690 13.6 33 8
----------------------------------------------------------------
134.0 0.05 2.6 2.5 5430 13.2 11 2
--------------------------------------------------------------------------
590 37.2 0.10 0.0 0.1 1730 1.8 0.3 0.03
--------------------------------------------------------------------------
620 66.5 0.08 6.2 4.3 6730 24.0 38 10
--------------------------------------------------------------------------
ITH Retains Kodiak International, LLC for European Investor Relations
The Company is pleased to announce that it has retained Kodiak International LLC ("Kodiak") to provide investor relations services throughout Europe on a non-exclusive basis for an initial term of twelve months, commencing November 1, 2007, subject to extension for a further twelve months 12 months by agreement.
Kodiak will represent the Company in Germany and other European countries, disseminating investor relations' information and creating awareness of the Company. This service package includes media coverage in financial magazines, road shows, interviews and meetings in Europe, establishing and maintaining a German language website, and the translation into German of the Company's news releases. Kodiak will be paid a fee of CAD 190,000, to be paid immediately upon the acceptance for filing of agreement with Kodiak by the TSX Venture.
Kodiak is a privately owned investor relations firm based in Toronto, Canada. It specializes in representing resource sector companies that wish to obtain investor exposure and develop a shareholder following in the European financial markets with a special focus on the German, Austrian and Swiss financial communities. Kodiak does not presently hold any securities of the Company, nor does it have any rights or options to acquire any such securities.
Qualified Person and Quality Control/Quality Assurance
Jeffrey A. Pontius (CPG 11044), a qualified person as defined by National Instrument 43-101, has supervised the preparation of the scientific and technical information that forms the basis for this news release. Mr. Pontius is the President and CEO of International Tower Hill Mines Ltd.
The work program at the Coffee Dome project was designed and is supervised by Dr. Russell Myers, Vice President of Exploration of Talon Gold (US) LLC (a wholly owned subsidiary of ITH responsible for carrying out the exploration programs on ITH's Alaskan properties), who is responsible for all aspects of the work, including the quality control/quality assurance program. On-site personnel at the project rigorously collect and track samples which are then sealed and shipped to ALS Chemex for assay. ALS Chemex's quality system complies with the requirements for the International Standards ISO 9001:2000 and ISO 17025: 1999. Analytical accuracy and precision are monitored by the analysis of reagent blanks, reference material and replicate samples. Quality control is further assured by the use of international standards. Finally, representative blind duplicate samples are forwarded to ALS Chemex and an ISO compliant third party laboratory for additional quality control.
About International Tower Hill Mines Ltd.
International Tower Hill Mines Ltd. is a resource exploration company focused in Alaska that controls a number of exploration projects representing a spectrum of early stage to advanced gold discoveries. ITH is committed to building share holder value through new discoveries while maintaining a majority interest in its holdings, thereby giving its shareholders the maximum value for their investment.
On behalf of INTERNATIONAL TOWER HILL MINES LTD.
Jeffrey A. Pontius, President and Chief Executive Officer
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 27E of the Exchange Act. Such statements include, without limitation, statements regarding the anticipated commencement, cost and content of future exploration programs, anticipated exploration program results, the discovery and delineation of mineral deposits/resources/reserves, the potential for the discovery of a large bulk tonnage gold deposit at Coffee Dome, the potential for a major world class gold discovery at Coffee Dome, business and financing plans and business trends. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate, suggest and similar expressions, or are those, which, by their nature, refer to future events. The Company cautions investors that any forward-looking statements by the Company are not guarantees of future results or performance, and that actual results may differ materially from those in forward looking statements as a result of various factors, including, but not limited to, variations in the nature, quality and quantity of any mineral deposits that may be located, the Company's ability to obtain any necessary permits, consents or authorizations required for its activities, the Company's ability to produce minerals from its properties successfully or profitably, to continue its projected growth, to raise the necessary capital or to be fully able to implement its business strategies. All of the Company's Canadian public disclosure filings may be accessed via www.sedar.com and its U.S. public disclosure filings at www.sec.gov and readers are urged to review these materials, including the technical reports filed with respect to the Company's mineral properties.
This press release contains information with respect to adjacent or similar mineral properties in respect of which the Company has no interest or rights to explore or mine. The Company advises US investors that the US Securities and Exchange Commission's mining guidelines strictly prohibit information of this type in documents filed with the SEC. Readers are cautioned that the Company has no interest in or right to acquire any interest in any such properties, and that mineral deposits on adjacent or similar properties are not indicative of mineral deposits on the Company's properties.
This press release is not, and is not to be construed in any way as, an offer to buy or sell securities in the United States.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents of this press release, which has been prepared by management.
Contacts:
International Tower Hill Mines Ltd.
Quentin Mai
Vice-President - Corporate Communications
(604) 683-6332 or Toll Free: 1-888-770-7488
(604) 408-7499 (FAX)
Email: qmai@internationaltowerhill.com
Website: www.ITHmines.com
2007 Exploration Program Results
The target at Coffee Dome is gold-arsenic-bismuth-tellurium vein-style mineralization (see NR07-04). During the 2007 exploration program, trenching over the Main Target area exposed veins with grades of up to 168 g/t gold in outcrop (72 samples ranging from 0 to 168 g/t gold) (Tables 1 and 2) and soil surveys defined two large gold anomalies interpreted to reflect part of a significant gold system over 3 kilometres long and 1 kilometre wide (including all three target areas) (Figure 1).
The trench results provided insights into the structural controls on the high-grade gold mineralization at Coffee Dome, which appear to be best developed in low-angle vein zones, macroscopically similar in character to the veins at the +5M ounce Pogo Deposit. In addition, the large gold in soil anomaly may reflect the presence of a large bulk tonnage deposit similar to Alaska's largest gold mine, the multi-million ounce Fort Knox deposit located only 15 kilometres to the west. Future work at Coffee Dome (which is road accessible) would involve drill testing both the high-grade low angle gold veins and the large bulk tonnage targets. The Company believes that the Coffee Dome project represents an excellent opportunity for a major world class gold discovery in the shadow of Alaska's largest gold mine.
Implications
Following up on the discovery of high-grade vein float, 530 metres of trenching was carried out in the Main Target area. This trenching resulted in the discovery of a number of highly mineralized fault zones containing narrow high-grade gold veins (Tables 1 and 2). These narrow veins contain pathfinder trace element geochemical signatures (strong gold-arsenic-bismuth-tellurium association) similar to vein hosted mineralization at the world class Pogo gold deposit located in a similar geologic environment 120 kilometres to the southeast. Two main mineralized fault trends exist on the Coffee Dome property, being a steeply dipping north-northeast trend and a low angle (20-30 degrees) east-northeast trend, which together form the general north-northeast overall trend of the larger target area.
The large gold in soil anomaly, anomalous pathfinder trace element signature and complex array of mineralized structures suggest that the Coffee Dome gold system is large and may represent the surface expression of an intrusive related system at depth similar to that at the Fort Knox deposit located 15 kilometres to the west. Poor exposure of the main target area has limited the geologic understanding from surface mapping but airborne geophysics supports the strong northeast trend to the overall mineralized zone.
The key targets for drill testing in 2008 are:
- Testing the potential for a stacked low angle high-grade gold vein system at depth similar to the Pogo deposit.
- Testing the overall large NE trending target for both high-grade and large bulk tonnage deposits.
To view, Figure 1. Gold in soil and trench locations at Coffee Dome project (Trenches are numbered by elevation, and the red dashed line is outline of overall gold system target area), please click on the following link: http://www.ccnmatthews.com/docs/1129ith.jpg
Table 1: Mineralized fault zones from Coffee Dome Trenches
----------------------------------------------------------
Trench From (m) To (m) Width (m) Gold (g/t)
----------------------------------------------------------
620 65.6 67.2 1.6 1.11
----------------------------------------------------------
550 25.0 37.5 12.5 0.87
----------------------------------------------------------
520 22.8 23.1 0.3 9.82
----------------------------------------------------------
Table 2: Fault-hosted veins from Coffee Dome Trenches
--------------------------------------------------------------------------
Distance Width Gold Silver Arsenic Antimony Bismuth Tellurium
Trench (m) (m) (g/t) (g/t) (ppm) (ppm) (ppm) (ppm)
--------------------------------------------------------------------------
520 22.5 0.02 167.5 27.0 2970 9.1 443 33
----------------------------------------------------------------
23.3 0.02 137.5 32.2 2790 8.9 365 32
----------------------------------------------------------------
29.0 0.02 0.3 0.4 1400 3.5 23 12
--------------------------------------------------------------------------
550 34.5 0.06 11.4 5.7 5120 11.0 37 12
----------------------------------------------------------------
35.0 0.06 5.6 2.8 822 4.1 40 8
----------------------------------------------------------------
37.0 0.50 0.8 0.6 2380 5.6 7 3
----------------------------------------------------------------
37.3 0.04 7.0 4.6 4810 11.1 29 5
----------------------------------------------------------------
38.3 0.40 3.0 5.1 4690 13.6 33 8
----------------------------------------------------------------
134.0 0.05 2.6 2.5 5430 13.2 11 2
--------------------------------------------------------------------------
590 37.2 0.10 0.0 0.1 1730 1.8 0.3 0.03
--------------------------------------------------------------------------
620 66.5 0.08 6.2 4.3 6730 24.0 38 10
--------------------------------------------------------------------------
ITH Retains Kodiak International, LLC for European Investor Relations
The Company is pleased to announce that it has retained Kodiak International LLC ("Kodiak") to provide investor relations services throughout Europe on a non-exclusive basis for an initial term of twelve months, commencing November 1, 2007, subject to extension for a further twelve months 12 months by agreement.
Kodiak will represent the Company in Germany and other European countries, disseminating investor relations' information and creating awareness of the Company. This service package includes media coverage in financial magazines, road shows, interviews and meetings in Europe, establishing and maintaining a German language website, and the translation into German of the Company's news releases. Kodiak will be paid a fee of CAD 190,000, to be paid immediately upon the acceptance for filing of agreement with Kodiak by the TSX Venture.
Kodiak is a privately owned investor relations firm based in Toronto, Canada. It specializes in representing resource sector companies that wish to obtain investor exposure and develop a shareholder following in the European financial markets with a special focus on the German, Austrian and Swiss financial communities. Kodiak does not presently hold any securities of the Company, nor does it have any rights or options to acquire any such securities.
Qualified Person and Quality Control/Quality Assurance
Jeffrey A. Pontius (CPG 11044), a qualified person as defined by National Instrument 43-101, has supervised the preparation of the scientific and technical information that forms the basis for this news release. Mr. Pontius is the President and CEO of International Tower Hill Mines Ltd.
The work program at the Coffee Dome project was designed and is supervised by Dr. Russell Myers, Vice President of Exploration of Talon Gold (US) LLC (a wholly owned subsidiary of ITH responsible for carrying out the exploration programs on ITH's Alaskan properties), who is responsible for all aspects of the work, including the quality control/quality assurance program. On-site personnel at the project rigorously collect and track samples which are then sealed and shipped to ALS Chemex for assay. ALS Chemex's quality system complies with the requirements for the International Standards ISO 9001:2000 and ISO 17025: 1999. Analytical accuracy and precision are monitored by the analysis of reagent blanks, reference material and replicate samples. Quality control is further assured by the use of international standards. Finally, representative blind duplicate samples are forwarded to ALS Chemex and an ISO compliant third party laboratory for additional quality control.
About International Tower Hill Mines Ltd.
International Tower Hill Mines Ltd. is a resource exploration company focused in Alaska that controls a number of exploration projects representing a spectrum of early stage to advanced gold discoveries. ITH is committed to building share holder value through new discoveries while maintaining a majority interest in its holdings, thereby giving its shareholders the maximum value for their investment.
On behalf of INTERNATIONAL TOWER HILL MINES LTD.
Jeffrey A. Pontius, President and Chief Executive Officer
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 27E of the Exchange Act. Such statements include, without limitation, statements regarding the anticipated commencement, cost and content of future exploration programs, anticipated exploration program results, the discovery and delineation of mineral deposits/resources/reserves, the potential for the discovery of a large bulk tonnage gold deposit at Coffee Dome, the potential for a major world class gold discovery at Coffee Dome, business and financing plans and business trends. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate, suggest and similar expressions, or are those, which, by their nature, refer to future events. The Company cautions investors that any forward-looking statements by the Company are not guarantees of future results or performance, and that actual results may differ materially from those in forward looking statements as a result of various factors, including, but not limited to, variations in the nature, quality and quantity of any mineral deposits that may be located, the Company's ability to obtain any necessary permits, consents or authorizations required for its activities, the Company's ability to produce minerals from its properties successfully or profitably, to continue its projected growth, to raise the necessary capital or to be fully able to implement its business strategies. All of the Company's Canadian public disclosure filings may be accessed via www.sedar.com and its U.S. public disclosure filings at www.sec.gov and readers are urged to review these materials, including the technical reports filed with respect to the Company's mineral properties.
This press release contains information with respect to adjacent or similar mineral properties in respect of which the Company has no interest or rights to explore or mine. The Company advises US investors that the US Securities and Exchange Commission's mining guidelines strictly prohibit information of this type in documents filed with the SEC. Readers are cautioned that the Company has no interest in or right to acquire any interest in any such properties, and that mineral deposits on adjacent or similar properties are not indicative of mineral deposits on the Company's properties.
This press release is not, and is not to be construed in any way as, an offer to buy or sell securities in the United States.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents of this press release, which has been prepared by management.
Contacts:
International Tower Hill Mines Ltd.
Quentin Mai
Vice-President - Corporate Communications
(604) 683-6332 or Toll Free: 1-888-770-7488
(604) 408-7499 (FAX)
Email: qmai@internationaltowerhill.com
Website: www.ITHmines.com
State offers 'Mining 101'
The Alaska Department of Natural Resources made an effort to make large mine permitting more transparent to the general public Nov. 13, with the first of three statewide November workshops.
The reason for the workshops, ordered by DNR Commissioner Tom Irwin, was to provide information on how state and federal agencies evaluate mine projects in Alaska before permitting them to proceed.
"We are holding these workshops due to the heightened interest in large mining activity in Alaska," said Tom Crafford, large mine project manager for the state Department of Natural Resources.
"OK, let's not beat around the bush; this is really all about Pebble mine," he added.
Full Story
The reason for the workshops, ordered by DNR Commissioner Tom Irwin, was to provide information on how state and federal agencies evaluate mine projects in Alaska before permitting them to proceed.
"We are holding these workshops due to the heightened interest in large mining activity in Alaska," said Tom Crafford, large mine project manager for the state Department of Natural Resources.
"OK, let's not beat around the bush; this is really all about Pebble mine," he added.
Full Story
Linux Bats in the Major Leagues in Alaska’s Historic Gold Camps
Linux Gold Corp. (OTCBB:LNXGF) has stepped up to the plate as it further expands its presence in Alaska’s historic gold camps. The company has recently acquired an option to purchase a 100% interest in 26 mining claims close to the historic Ester Dome mining camp near Fairbanks, Alaska for US$10.3 million in cash and shares over a two-year period. As per its October 18th press release, “on September 9, 2007, a major gold/silver discovery was located on the claims, with a potential strike length of 6,500’, width of 100’ and minimum depth of 100’ of high grade gold and silver values based on the sampling and trenching program completed this year. The area has been re-sampled and results are pending.” Placer gold has been mined around Ester Creek and its drainage for decades.
This latest acquisition adds considerable lustre to Linux’s position in Alaska, as it also owns the Granite Mountain gold-polymetallic-platinum Project– located approximately 80 miles east of Nome, on the eastern part of Alaska's Seward Peninsula. The company staked a 37 square mile area at the ‘epicentre’ of some of the world’s greatest deposits– surrounded by Teck Cominco’s Red Dog, (the world's largest zinc deposit) located 180 miles north, Nova Gold’s Rock Creek and Big Hurrah gold mines 75 miles west, their Khotol Silver project 60 miles east, and finally, Northern Dynasty’s massive gold-copper-molybdenum porphyry deposit (the Pebble Project) to the southeast. Red Dog is has over US$20 billion worth of zinc reserves and is producing 500,000 tons of ore annually. Indicated deposits for Rock Creek and Big Hurrah total 670,000 ounces of gold with an estimated Inferred Resource of 100,000 ounces of gold. Northern Dynasty has an inferred mineral resource of approximately 28 million ounces gold and 16.4 billion pounds of copper – certainly one of the world’s finest mineral deposits.
In early 2005, Linux acquired a 100% interest in the property by staking 148 State of Alaska 160-acre mining claims at several locations near Granite Mountain. Work done in the 1960s suggests that the property deserves additional exploration. To date, mapping and geochemical sampling has enabled the company to outline a two-mile mineralized zone with favorable discovery potential. The company’s consulting geologist for the project, Robert B. Murray, is currently completing a NI 43-101 report on the property. In September 2006, a drilling program on the property was completed, testing four separate mineralized zones. Further exploration work to confirm gold and silver values on the property is planned pending additional financing.
The USGS’ fact sheet entitled Regional Geologic, Geochemical, Geophysical, and Mineral Deposit Data for Economic Development in Alaska in the 21st Century confirms the immense base-metal resources of the Seward Peninsula: “Since the gold rush of the late 19th century, it has been recognized that the mineral endowment of the Seward Peninsula, Alaska, is considerable. The well-known placer gold operations have had significant historic production and continue operating to this day. Lode gold production has also occurred. The potential for base-metal deposits (Pb, Zn, Cu) has attracted exploration to the peninsula for decades, but the extent of that resource is unknown. Scattered across the Seward Peninsula, in an area 150 x 200 km, are numerous prospects and occurrences of stratiform massive sulfides.”
Linux also owns a 50% interest in 30 mineral claims known as the Fish Creek Prospect, located in the Fairbanks Mining Division in Alaska. The claims are located only six miles from Kinross’ Fort Knox mill. Linux has a 50/50 joint-venture with Teryl Resources Corp. (TSX.V:TRC) in the Fish Creek claims, in which Linux will spend US$500,000 on the project over three years. Linux Gold Corp. retains a 5% net smelter return or may convert into a 25% working interest. The Fish Creek claims are part of Teryl’s Alaskan holdings, which also include the Gil Project, the Stepovich claims, and the West Ridge property – all in the Fairbanks Mining District. Teryl is one of the main landowners in the district, with holdings contiguous to Kinross’ Fort Knox Project. According to Kinross’ Fort Knox Mine technical report, “the Fairbanks mining district is a celebrated placer gold camp with production in excess of 8.0 million ounces of gold since 1902. Although a significant mining district in terms of total production, it had only limited lode production until the discovery and development of the Fort Knox deposit in the late 1990s.” Fort Knox is the largest producing gold mine in Alaska, with a 4,000,000 oz Au ore reserve.
Linux and Teryl share something else – their president, CEO and chairman of the board, John Robertson, who brings an extensive business, mining and marketing background to both companies.
Management has diligently set about acquiring strategic properties near some of the world’s major producers in an area known for its world-class reserves and its mining-friendly political environment. This approach has yielded some great results so far, given the fact that it has been able to forge close ties with Kinross at Fish Creek.
The company is remarkably well-diversified in terms of its property portfolio, with projects near major former and current producers in Alaska, Arizona, China and Canada. Its accessible price point and Bulletin Board status make it especially attractive to American investors who wish to position themselves early on in the drilling stage in order to maximize their chances of seeing major-league near- and mid-term appreciation. With some good drill results we could well see Linux hit a grand slam.
This article is intended for information purposes only, and is not a recommendation to buy or sell the equities of any company mentioned herein. It is based on sources believed to be reliable, but no warranty as to accuracy is expressed or implied. The opinions expressed in the article are those of the author except where statements are attributed to individuals other than the author, in which case the opinions are those of the individual to whom they are attributed.
This latest acquisition adds considerable lustre to Linux’s position in Alaska, as it also owns the Granite Mountain gold-polymetallic-platinum Project– located approximately 80 miles east of Nome, on the eastern part of Alaska's Seward Peninsula. The company staked a 37 square mile area at the ‘epicentre’ of some of the world’s greatest deposits– surrounded by Teck Cominco’s Red Dog, (the world's largest zinc deposit) located 180 miles north, Nova Gold’s Rock Creek and Big Hurrah gold mines 75 miles west, their Khotol Silver project 60 miles east, and finally, Northern Dynasty’s massive gold-copper-molybdenum porphyry deposit (the Pebble Project) to the southeast. Red Dog is has over US$20 billion worth of zinc reserves and is producing 500,000 tons of ore annually. Indicated deposits for Rock Creek and Big Hurrah total 670,000 ounces of gold with an estimated Inferred Resource of 100,000 ounces of gold. Northern Dynasty has an inferred mineral resource of approximately 28 million ounces gold and 16.4 billion pounds of copper – certainly one of the world’s finest mineral deposits.
In early 2005, Linux acquired a 100% interest in the property by staking 148 State of Alaska 160-acre mining claims at several locations near Granite Mountain. Work done in the 1960s suggests that the property deserves additional exploration. To date, mapping and geochemical sampling has enabled the company to outline a two-mile mineralized zone with favorable discovery potential. The company’s consulting geologist for the project, Robert B. Murray, is currently completing a NI 43-101 report on the property. In September 2006, a drilling program on the property was completed, testing four separate mineralized zones. Further exploration work to confirm gold and silver values on the property is planned pending additional financing.
The USGS’ fact sheet entitled Regional Geologic, Geochemical, Geophysical, and Mineral Deposit Data for Economic Development in Alaska in the 21st Century confirms the immense base-metal resources of the Seward Peninsula: “Since the gold rush of the late 19th century, it has been recognized that the mineral endowment of the Seward Peninsula, Alaska, is considerable. The well-known placer gold operations have had significant historic production and continue operating to this day. Lode gold production has also occurred. The potential for base-metal deposits (Pb, Zn, Cu) has attracted exploration to the peninsula for decades, but the extent of that resource is unknown. Scattered across the Seward Peninsula, in an area 150 x 200 km, are numerous prospects and occurrences of stratiform massive sulfides.”
Linux also owns a 50% interest in 30 mineral claims known as the Fish Creek Prospect, located in the Fairbanks Mining Division in Alaska. The claims are located only six miles from Kinross’ Fort Knox mill. Linux has a 50/50 joint-venture with Teryl Resources Corp. (TSX.V:TRC) in the Fish Creek claims, in which Linux will spend US$500,000 on the project over three years. Linux Gold Corp. retains a 5% net smelter return or may convert into a 25% working interest. The Fish Creek claims are part of Teryl’s Alaskan holdings, which also include the Gil Project, the Stepovich claims, and the West Ridge property – all in the Fairbanks Mining District. Teryl is one of the main landowners in the district, with holdings contiguous to Kinross’ Fort Knox Project. According to Kinross’ Fort Knox Mine technical report, “the Fairbanks mining district is a celebrated placer gold camp with production in excess of 8.0 million ounces of gold since 1902. Although a significant mining district in terms of total production, it had only limited lode production until the discovery and development of the Fort Knox deposit in the late 1990s.” Fort Knox is the largest producing gold mine in Alaska, with a 4,000,000 oz Au ore reserve.
Linux and Teryl share something else – their president, CEO and chairman of the board, John Robertson, who brings an extensive business, mining and marketing background to both companies.
Management has diligently set about acquiring strategic properties near some of the world’s major producers in an area known for its world-class reserves and its mining-friendly political environment. This approach has yielded some great results so far, given the fact that it has been able to forge close ties with Kinross at Fish Creek.
The company is remarkably well-diversified in terms of its property portfolio, with projects near major former and current producers in Alaska, Arizona, China and Canada. Its accessible price point and Bulletin Board status make it especially attractive to American investors who wish to position themselves early on in the drilling stage in order to maximize their chances of seeing major-league near- and mid-term appreciation. With some good drill results we could well see Linux hit a grand slam.
This article is intended for information purposes only, and is not a recommendation to buy or sell the equities of any company mentioned herein. It is based on sources believed to be reliable, but no warranty as to accuracy is expressed or implied. The opinions expressed in the article are those of the author except where statements are attributed to individuals other than the author, in which case the opinions are those of the individual to whom they are attributed.
MAX Resource reports at Alaska Molybdenum Project
VANCOUVER, Nov. 19 /PRNewswire-FirstCall/ - MAX Resource Corp has received assays from the final two diamond drill holes on the Gold Hill Molybdenum Property in Alaska. Drill hole DH-07-05 returned 0.0466% MoS(2) over a core length of 822 feet, which included a higher grade intercept of 352 feet of .0706% MoS(2).
Drill hole DH-07-05 was an angled drill hole designed to test across the mineralization that was intersected in drill holes 02 and 03 and reported in press releases dated October 17, 2007. The drill hole did not cut the entire interval and mineralization was visibly increasing at the bottom of the drill hole as it neared the projection of the main zone. This hole will be continued next drill season. Anomalous and dispersed values in copper were also reported. Copper mineralization occurs in core as chalcopyrite. These intervals are located at various depths throughout the drill hole (see table below).
Drill Hole DH-07-04 was a vertical hole. This hole reports good molybdenum values over the entire core length of 1000 feet, which included a 250 foot interval of 0.0603% MoS(2). This hole also reported better copper values. This is a typical zoning pattern usually found in many porphyry style systems.
Depth Interval
Drill Hole (feet) (feet) Mineralization
-------------------------------------------------------------------------
Molybdenum Results
------------------
DH-07-05 15-837 822 feet 0.0466% MoS(2) (0.0279% Mo)
-------- 15-465 450 feet 0.0284% MoS(2) (0.0170% Mo)
485-837 352 feet 0.0706% MoS(2) (0.0423% Mo)
Includes 560-630 70 feet 0.0855% MoS(2) (0.0512% Mo)
780-837 57 feet 0.0912% MoS(2) (0.0546% Mo)
Copper Results Pending
----------------------
Molybdenum Results
------------------
DH 07-04 0-1000 1000 feet 0.0408% MoS(2) (0.0244% Mo)
Including 450-700 250 feet 0.0603% MoS(2) (0.0362% Mo)
Including 900-1000 100 feet 0.0533% MoS(2) (0.0334% Mo)
Copper Results
----------------
0-1000 1000 feet 0.0416% Cu
including 0-200 200 feet 0.0809% Cu
Mr. Clancy Wendt, P.Geo., VP Exploration for MAX states, "We now have all the results from the drill program at Gold Hill. We have begun to assess the data and to plan our drill program for next year at Gold Hill. We have four holes carrying strong molybdenum mineralization over long widths and often ending in mineralization. The results from Hole DH0-07-05, combined with those from Hole DH-07-03 (0.058% MoS(2) over 1,000 feet) and DH-07-01, which intersected 0.048% MoS(2) over the entire core length of 965 feet and ended in molybdenum mineralization, continue to indicate that a molybdenum porphyry system is present at Gold Hill." A drill hole map will be available on our web site shortly.
These results are the final assays to be reported from a recently completed five hole drill program. The drill campaign was designed to test a broad Molybdenum/Copper/Gold geochemistry and geophysical magnetic anomaly covering a 700m by 800m area. Mineralization has also been found to the east of this anomaly in sediments. It opens up the potential for a skarn type system that is to be tested next spring. This anomalous area was identified from historic work and assay results carried out by the New Alaskan Syndicate (Cities Services Minerals and Dome Mines) in the 1970s.
(x) QA / QC (Quality Control and Quality Assurance) QP (Qualified Person)
About Molybdenum
----------------
From: International Molybdenum Association, www.moly.imoa.info
Mining:
Molybdenum has been found in various minerals. Only molybdenite (MoS(2))
is suitable for the industrial production of marketable molybdenum
products.
Viable Grades and Mining Techniques:
- The Mo content of viable ore bodies ranges between 0.01 and
0.25%.
- Open pit, bulk mine-able.
- Underground block caving.
Molybdenum (or moly) is utilized by the steel industry primarily as an alloying agent. Molybdenum enhances steel strength, corrosion resistance and high-temperature characteristics and is a necessary component in the production of most high-quality stainless and strength-enhanced steels.
About Gold Hill
---------------
The Gold Hill property comprises 8,520 acres located approximately 212 miles north, northeast of Anchorage, Alaska and is accessible to within five miles of the property by the all-weather unpaved Denali Highway (State Highway 8).
The Claims were explored for base metals during the early 1970's by the New Alaska Syndicate (Cities Services Minerals and Dome Mines Ltd). Numerous holes were drilled over the then 4,960 acre property. The drill holes tested various soil anomalies on the southwest side of Gold Hill where significant molybdenum mineralization was first intersected. Hole DDH 77-2, intersected a quartz-molybdenum (with minor copper) zone grading 0.048% MoS(2) from surface to 536 feet with a higher grade interval from 350-500 (150 feet) of 0.094% MoS(2). This area has never seen modern exploration techniques applied. The immediate area contains a significant magnetic anomaly that coincides with the known mineralization. Previous drilling never tested this magnetic feature nor the surrounding sedimentary rocks. This area is best described as having strong skarn and silicification development and coincident mineralization. This area was the primary target of the recent exploration program. For more information on the Gold Hill project, please visit our web site at www.maxresource.com.
A National Instrument 43-101 Geological Report was completed on the Gold Hill project in July 2004 and can be viewed on SEDAR or at www.maxresource.com.
About MAX Resource Corp.
------------------------
MAX Resource is a Canadian based exploration company with a diversified portfolio of mineral holdings in western Canada and the Western United States. Our properties include Uranium projects in the south west US and northern Canada, Gold in Nevada and Molybdenum in Alaska and Nevada. The diversified nature of our property holdings exposes us to the unprecedented global demand for natural resources in today's market place. We want to become one of the most successful exploration companies in the mineral business.
On behalf of the Board of Directors of
MAX Resource Corp.
"STUART ROGERS"
Stuart Rogers
President
(x) QA / QC (Quality Control and Quality Assurance): Core material was collected at the drill site and placed in core boxes under the supervision of an experienced geologist. It was logged for rock type, alteration, structure, and recorded with detailed descriptions. Core was split using a hydraulic core splitter and one-half was sent to the Alaska Assay Laboratories. The other half is kept at MAX's core storage facility in Anchorage. Drill holes were sampled at five foot sample intervals. Samples were delivered in sealed bags to the Alaska Assay Labs facility in Fairbanks, Alaska for sample preparation. Alaska Labs is using a 2 acid digestion and a 30 Element AES ICP Scan.
Sample Preparation quality control at Alaska Assay Labs includes strict chain of custody documentation, careful logging of samples documentation, careful cleaning of all equipment documentation, and careful monitoring of crush and grind particle size documentation, and careful protocol documentation following ISO9002/17025 guidelines.
(x) QP (Qualified Person): Max's exploration program was supervised by Clancy J. Wendt, P.Geo., who is a qualified person as defined in National Instrument 43-101 for this disclosure and supervised the preparation of the technical information in this news release.
THE CONTENTS OF THIS NEWS RELEASE HAVE NEITHER BEEN APPROVED
NORDISAPPROVED BY THE TSX VENTURE EXCHANGE.
This News Release includes certain "forward looking statements". Without limitation, statements regarding potential mineralization and resources, exploration results, and future plans and objectives of the Company are forward looking statements that involve various degrees of risk. The following are important factors that could cause MAX's actual results to differ materially from those expressed or implied by such forward looking statements: changes in the world wide price of mineral commodities, general market conditions, risks inherent in mineral exploration, risks associated with development, construction and mining operations, the uncertainty of future profitability and the uncertainty of access to additional capital.
CONTACT: Leonard MacMillan, Corporate Communications, Telephone: (800) 248-1872, or (604) 637-2140, info@maxresource.com; www.maxresource.com
Drill hole DH-07-05 was an angled drill hole designed to test across the mineralization that was intersected in drill holes 02 and 03 and reported in press releases dated October 17, 2007. The drill hole did not cut the entire interval and mineralization was visibly increasing at the bottom of the drill hole as it neared the projection of the main zone. This hole will be continued next drill season. Anomalous and dispersed values in copper were also reported. Copper mineralization occurs in core as chalcopyrite. These intervals are located at various depths throughout the drill hole (see table below).
Drill Hole DH-07-04 was a vertical hole. This hole reports good molybdenum values over the entire core length of 1000 feet, which included a 250 foot interval of 0.0603% MoS(2). This hole also reported better copper values. This is a typical zoning pattern usually found in many porphyry style systems.
Depth Interval
Drill Hole (feet) (feet) Mineralization
-------------------------------------------------------------------------
Molybdenum Results
------------------
DH-07-05 15-837 822 feet 0.0466% MoS(2) (0.0279% Mo)
-------- 15-465 450 feet 0.0284% MoS(2) (0.0170% Mo)
485-837 352 feet 0.0706% MoS(2) (0.0423% Mo)
Includes 560-630 70 feet 0.0855% MoS(2) (0.0512% Mo)
780-837 57 feet 0.0912% MoS(2) (0.0546% Mo)
Copper Results Pending
----------------------
Molybdenum Results
------------------
DH 07-04 0-1000 1000 feet 0.0408% MoS(2) (0.0244% Mo)
Including 450-700 250 feet 0.0603% MoS(2) (0.0362% Mo)
Including 900-1000 100 feet 0.0533% MoS(2) (0.0334% Mo)
Copper Results
----------------
0-1000 1000 feet 0.0416% Cu
including 0-200 200 feet 0.0809% Cu
Mr. Clancy Wendt, P.Geo., VP Exploration for MAX states, "We now have all the results from the drill program at Gold Hill. We have begun to assess the data and to plan our drill program for next year at Gold Hill. We have four holes carrying strong molybdenum mineralization over long widths and often ending in mineralization. The results from Hole DH0-07-05, combined with those from Hole DH-07-03 (0.058% MoS(2) over 1,000 feet) and DH-07-01, which intersected 0.048% MoS(2) over the entire core length of 965 feet and ended in molybdenum mineralization, continue to indicate that a molybdenum porphyry system is present at Gold Hill." A drill hole map will be available on our web site shortly.
These results are the final assays to be reported from a recently completed five hole drill program. The drill campaign was designed to test a broad Molybdenum/Copper/Gold geochemistry and geophysical magnetic anomaly covering a 700m by 800m area. Mineralization has also been found to the east of this anomaly in sediments. It opens up the potential for a skarn type system that is to be tested next spring. This anomalous area was identified from historic work and assay results carried out by the New Alaskan Syndicate (Cities Services Minerals and Dome Mines) in the 1970s.
(x) QA / QC (Quality Control and Quality Assurance) QP (Qualified Person)
About Molybdenum
----------------
From: International Molybdenum Association, www.moly.imoa.info
Mining:
Molybdenum has been found in various minerals. Only molybdenite (MoS(2))
is suitable for the industrial production of marketable molybdenum
products.
Viable Grades and Mining Techniques:
- The Mo content of viable ore bodies ranges between 0.01 and
0.25%.
- Open pit, bulk mine-able.
- Underground block caving.
Molybdenum (or moly) is utilized by the steel industry primarily as an alloying agent. Molybdenum enhances steel strength, corrosion resistance and high-temperature characteristics and is a necessary component in the production of most high-quality stainless and strength-enhanced steels.
About Gold Hill
---------------
The Gold Hill property comprises 8,520 acres located approximately 212 miles north, northeast of Anchorage, Alaska and is accessible to within five miles of the property by the all-weather unpaved Denali Highway (State Highway 8).
The Claims were explored for base metals during the early 1970's by the New Alaska Syndicate (Cities Services Minerals and Dome Mines Ltd). Numerous holes were drilled over the then 4,960 acre property. The drill holes tested various soil anomalies on the southwest side of Gold Hill where significant molybdenum mineralization was first intersected. Hole DDH 77-2, intersected a quartz-molybdenum (with minor copper) zone grading 0.048% MoS(2) from surface to 536 feet with a higher grade interval from 350-500 (150 feet) of 0.094% MoS(2). This area has never seen modern exploration techniques applied. The immediate area contains a significant magnetic anomaly that coincides with the known mineralization. Previous drilling never tested this magnetic feature nor the surrounding sedimentary rocks. This area is best described as having strong skarn and silicification development and coincident mineralization. This area was the primary target of the recent exploration program. For more information on the Gold Hill project, please visit our web site at www.maxresource.com.
A National Instrument 43-101 Geological Report was completed on the Gold Hill project in July 2004 and can be viewed on SEDAR or at www.maxresource.com.
About MAX Resource Corp.
------------------------
MAX Resource is a Canadian based exploration company with a diversified portfolio of mineral holdings in western Canada and the Western United States. Our properties include Uranium projects in the south west US and northern Canada, Gold in Nevada and Molybdenum in Alaska and Nevada. The diversified nature of our property holdings exposes us to the unprecedented global demand for natural resources in today's market place. We want to become one of the most successful exploration companies in the mineral business.
On behalf of the Board of Directors of
MAX Resource Corp.
"STUART ROGERS"
Stuart Rogers
President
(x) QA / QC (Quality Control and Quality Assurance): Core material was collected at the drill site and placed in core boxes under the supervision of an experienced geologist. It was logged for rock type, alteration, structure, and recorded with detailed descriptions. Core was split using a hydraulic core splitter and one-half was sent to the Alaska Assay Laboratories. The other half is kept at MAX's core storage facility in Anchorage. Drill holes were sampled at five foot sample intervals. Samples were delivered in sealed bags to the Alaska Assay Labs facility in Fairbanks, Alaska for sample preparation. Alaska Labs is using a 2 acid digestion and a 30 Element AES ICP Scan.
Sample Preparation quality control at Alaska Assay Labs includes strict chain of custody documentation, careful logging of samples documentation, careful cleaning of all equipment documentation, and careful monitoring of crush and grind particle size documentation, and careful protocol documentation following ISO9002/17025 guidelines.
(x) QP (Qualified Person): Max's exploration program was supervised by Clancy J. Wendt, P.Geo., who is a qualified person as defined in National Instrument 43-101 for this disclosure and supervised the preparation of the technical information in this news release.
THE CONTENTS OF THIS NEWS RELEASE HAVE NEITHER BEEN APPROVED
NORDISAPPROVED BY THE TSX VENTURE EXCHANGE.
This News Release includes certain "forward looking statements". Without limitation, statements regarding potential mineralization and resources, exploration results, and future plans and objectives of the Company are forward looking statements that involve various degrees of risk. The following are important factors that could cause MAX's actual results to differ materially from those expressed or implied by such forward looking statements: changes in the world wide price of mineral commodities, general market conditions, risks inherent in mineral exploration, risks associated with development, construction and mining operations, the uncertainty of future profitability and the uncertainty of access to additional capital.
CONTACT: Leonard MacMillan, Corporate Communications, Telephone: (800) 248-1872, or (604) 637-2140, info@maxresource.com; www.maxresource.com
In Petersburg, it takes an entire town to build a gold mining company
The folks at Petersburg, Alaska, may be the living incarnation of the "grassroots" exploration project.
In a presentation to the Northwest Mining Association, Steve Beardslee spoke of the 70 townspeople, including the local hospital foundation, invested their hard-earned cash, rolling up their sleeves, and putting in a lot of sweat equity to attract mining to their southeastern Alaska town of 2,900 people.
In a region that fostered such mining notables as Kensington, Greens Creek and Eskay Creek, the future hot prospect on everyone's lips may someday be Woewodski Island.
Community involvement was of critical importance to the future precious metals prospects of Woewodski Island. Fishermen, dentists, schoolteachers, and politicians become vital stakeholders and active participants in the venture.
Full Story
In a presentation to the Northwest Mining Association, Steve Beardslee spoke of the 70 townspeople, including the local hospital foundation, invested their hard-earned cash, rolling up their sleeves, and putting in a lot of sweat equity to attract mining to their southeastern Alaska town of 2,900 people.
In a region that fostered such mining notables as Kensington, Greens Creek and Eskay Creek, the future hot prospect on everyone's lips may someday be Woewodski Island.
Community involvement was of critical importance to the future precious metals prospects of Woewodski Island. Fishermen, dentists, schoolteachers, and politicians become vital stakeholders and active participants in the venture.
Full Story
Kisaralik Lake exploration to resume despite protests
Last summer, a small crew of geologists drilled a half-dozen holes into the rock near Kisaralik Lake in a hunt for gold.
What did they find?
"Encouraging results," says Chris Dail, who plans exploration for Kisa Gold Mining.
That means the controversial exploration work will begin again next summer on the company's mining claims in the Kuskokwim Mountains. Kisa Gold staked mining claims on 8,000 acres of state land seven miles west of the Kisaralik Lake claims.
He says the company drilled holes as deep as 860 feet with one drilling rig and plans a similar exploration program next summer.
The so-called Kisa property is one of the company's eight projects in Alaska, where it spent $3.7 million searching for gold. The Kisaralik camp had a staff of as many as 15, with about a half-dozen employees it hired in Bethel.
Full Story
What did they find?
"Encouraging results," says Chris Dail, who plans exploration for Kisa Gold Mining.
That means the controversial exploration work will begin again next summer on the company's mining claims in the Kuskokwim Mountains. Kisa Gold staked mining claims on 8,000 acres of state land seven miles west of the Kisaralik Lake claims.
He says the company drilled holes as deep as 860 feet with one drilling rig and plans a similar exploration program next summer.
The so-called Kisa property is one of the company's eight projects in Alaska, where it spent $3.7 million searching for gold. The Kisaralik camp had a staff of as many as 15, with about a half-dozen employees it hired in Bethel.
Full Story
Ahead of the Bell: Hecla Mining
A CIBC World Markets Corp. analyst upgraded Hecla Mining Co. Friday, saying the gold and silver miner's shares are reasonably priced after a recent decline.
Analyst Brad Humphrey upgraded the stock to "Sector Performer" from "Sector Underperformer," saying in a client note that shares lost about 25 percent since the end of November.
The stock was previously overpriced given expectations of flat production ahead, he wrote.
Shares ended at $9.38 Thursday, and the analyst has a 12-to-18 month target price of $11.75 on shares.
Humphrey believes Hecla is gearing up to bid for full control of Juneau, Alaska-based Greens Creek mine. Hecla already owns 30 percent of the mine, while diversified miner Rio Tinto PLC, which has said it plans to divest some assets, owns 70 percent.
Hecla earlier in the week said it will offer 1.75 million shares of its convertible preferred stock for $100 per share.
The analyst thinks Hecla is trying to raise money to make a bid through the offering. Full ownership of the mine would be good for Hecla, since it would improve production and would bring down costs, he wrote.
Analyst Brad Humphrey upgraded the stock to "Sector Performer" from "Sector Underperformer," saying in a client note that shares lost about 25 percent since the end of November.
The stock was previously overpriced given expectations of flat production ahead, he wrote.
Shares ended at $9.38 Thursday, and the analyst has a 12-to-18 month target price of $11.75 on shares.
Humphrey believes Hecla is gearing up to bid for full control of Juneau, Alaska-based Greens Creek mine. Hecla already owns 30 percent of the mine, while diversified miner Rio Tinto PLC, which has said it plans to divest some assets, owns 70 percent.
Hecla earlier in the week said it will offer 1.75 million shares of its convertible preferred stock for $100 per share.
The analyst thinks Hecla is trying to raise money to make a bid through the offering. Full ownership of the mine would be good for Hecla, since it would improve production and would bring down costs, he wrote.
Full Metal Expands Extent of Lucky Shot Gold Property, Commissions Underground Exploration Study
VANCOUVER, BRITISH COLUMBIA -- 12/18/07 -- Full Metal Minerals Ltd. (TSX VENTURE: FMM) is pleased to announce that final assay results have been received from the 2007 drill program from its 100% owned Lucky Shot Property, located 90 miles north of Anchorage, Alaska.
The primary focus of the 2007 Exploration Program at Lucky Shot was to determine through aggressive step-out drilling the strike extent of the Lucky Shot Shear. The drill program tested three of the four known fault blocks and has extended the continuous gold mineralization to over 2,400 meters along strike, and 700 meters down-dip. Highlights from the 2007 program include:
- C07-92 54.6 g/t Au over 0.98 meters in Murphy Zone
- C07-105 17.3 g/t Au over 1.0 meters in Coleman Zone
- C07-110 71.6 g/t Au over 0.5 meters in Coleman Zone
- C07-112 21.3 g/t Au over 0.5 meters in Coleman Zone
- C07-143 77.2 g/t Au over 0.5 meters in Lucky Shot Zone
Six wide-spaced deep drill holes were completed in the Lucky Shot block, down-dip of historic stopes. Drilling was successful in extending the known extent of the gold-bearing shear zone to over 500 meters down-dip, including hole C07-143, which intersected 77.2 g/t Au over 0.5 meters, approximately 200 meters down-dip from the stopes. Drill holes completed in this area are average 350 to 450 meters in length and Full Metal is contemplating using underground drifting and drilling to cost effectively define resources.
The Coleman Block, located near surface at the known western limit of the shear, received the majority of the drilling over the past three seasons by Full Metal. Drilling during the 2007 program focused on testing for new high-grade shoots, to the east and west of known mineralization. High-grade mineralization was identified to the west, and down-dip of historic stopes, including hole C07-110 which encountered 71.6 g/t over 0.5 meters. Holes C07-138 and 139 were 400 meter step-outs from the westernmost drill holes, and encountered the moderately altered shear with anomalous gold grades.
At the Murphy Block, five deep holes were completed during the 2007 program, including Hole C07-92 which encountered 54.6 g/t Au over 0.98 meters (seen FMM #10NR, May 7, 2007). This hole was a 100 meter offset from hole C06-89, which intersected 19.4 g/t Au over 0.4 meters. The Murphy Zone is a north-eastern extension to the past-producing War Baby/Lucky Shot mine and was discovered at the end of the 2006 field season. Holes C07-93, 94 and 99 encountered anomalous mineralization, all at greater than 250 meters below surface. Future drilling in the Murphy Block will include aggressive step-outs to the east, since the structure is projected to come to surface on the east side of the Craigie Creek Valley, about 1,000 meters east of C06-92.
Hole locations can be viewed at www.fullmetalminerals.com. Complete results are as follows:
Hole-ID From To Length Au (g/t) Zone
C07-85 333.50 335.00 1.50 2.53 Lucky Shot
344.00 345.00 1.00 2.88
C07-91 287.10 287.53 0.43 2.03 Murphy
C07-92 274.96 275.94 0.98 54.6 Murphy
C07-93 No significant intercepts Murphy
C07-94 No significant intercepts Murphy
C07-95 206.00 206.50 0.50 1.68 Coleman
C07-96 195.00 196.00 1.00 1.78 Coleman
C07-97 214.00 215.42 1.42 11.12 Coleman
C07-98 206.86 208.15 1.29 1.83 Coleman
C07-99 275.40 276.20 0.80 1.12 Murphy
C07-100 No significant intercepts Coleman
C07-101 No significant intercepts Coleman
C07-102 237.00 238.00 1.00 1.07 Coleman
C07-103 232.00 233.00 1.00 1.71 Coleman
C07-104 322.79 324.22 1.43 1.90 Lucky Shot
339.00 339.49 0.49 3.30
C07-105 144.00 145.00 1.00 17.30 Coleman
184.50 185.50 1.00 5.76
C07-106 171.00 171.50 0.50 8.84 Coleman
C07-107 No significant intercepts Coleman
C07-108 139.00 142.50 3.50 2.38 Coleman
C07-109 170.00 171.00 1.00 2.00 Coleman
C07-110 105.00 107.00 2.00 2.51 Coleman
121.50 122.00 0.50 23.50
158.00 158.50 0.50 71.60
C07-112 111.00 111.50 0.50 21.30 Coleman
123.00 124.00 1.00 9.44
C07-113 106.50 108.00 1.50 2.31 Coleman
114.50 115.50 1.00 14.35
C07-114 133.00 135.00 2.00 1.73 Coleman
C07-115 42.50 43.50 1.00 2.46 Coleman
C07-116 38.50 39.50 1.00 3.29 Coleman
C07-117 126.50 127.50 1.00 6.17 Coleman
C07-118 188.50 190.00 1.50 8.18 Coleman
C07-119 170.00 171.00 1.00 1.83 Coleman
C07-120 No significant intercepts Coleman
C07-121 No significant intercepts Coleman
C07-122 No significant intercepts Coleman
C07-123 208.00 209.00 1.00 2.77 Coleman
C07-124 157.00 157.50 0.50 8.89 Coleman
189.00 191.00 2.00 1.71
C07-125 153.00 154.00 1.00 13.90 Coleman
170.50 174.00 3.50 1.85
182.00 183.00 1.00 3.12
189.00 190.00 1.00 2.64
C07-126 173.25 178.00 4.75 4.30 Coleman
C07-127 153.50 154.50 1.00 2.56 Coleman
C07-128 116.00 117.00 1.00 1.45 Coleman
C07-129 107.00 108.00 1.00 2.83 Coleman
184.50 186.00 1.50 1.90
C07-130 No significant intercepts Coleman
C07-131 No significant intercepts Coleman
C07-133 156.00 157.00 1.00 7.89 Coleman
192.00 193.00 1.00 3.12
C07-134 No significant intercepts Coleman
C07-135 Lost hole
C07-136 No significant intercepts Coleman
C07-137 110.00 110.50 0.50 5.24 Coleman
C07-138 No significant intercepts Coleman
C07-139 222.00 223.00 1.00 3.20 Coleman
C07-140 350.00 351.00 1.00 1.40 Lucky Shot
C07-143 235.00 236.00 1.00 2.82 Lucky Shot
400.75 401.25 0.50 77.20
C07-144 243.00 244.00 1.00 2.03 Lucky Shot
314.95 316.00 1.05 1.82
457.00 458.00 1.00 2.44
C07-145 28.50 30.00 1.50 5.04 Lucky Shot
371.00 372.50 1.50 3.32
C07-146 No significant intercepts Yarder
(i)True widths are estimated to be between 84 and 100% of drilled length.
Based on the high-grades, excellent ground conditions, good metallurgy, and project infrastructure, Full Metal Minerals has commissioned JDS Mining and Energy of Kelowna, B.C. to evaluate the Lucky Shot Property for three potential scenarios: 1) Additional surface exploration, 2) combined underground and surface exploration, 3) positive construction decision. Metallurgical testing has been initiated, as well as underground development planning. Full Metal will make a decision on the 2008 Program at Lucky Shot during the first quarter of 2008.
The Lucky Shot Project is located in the historic Willow Creek Mining District. Past-producing mines in the District are considered to be among the highest grade in the Northern Cordillera, with documented production from company records and The Alaska Department of Mines listed at over 620,000 ounces Au from multiple veins and shears, at an average grade of approximately 1.0 oz/ton Au; Full Metal has not audited these historic production figures, and they should not be relied upon. Prior to Full Metal's 2005 exploration program, limited modern exploration has been performed in the District since the mine closures. Property infrastructure is excellent, with road access from Anchorage and close proximity to both rail and power. Camp and maintenance facilities are operated year-round.
Full Metal's 2007 exploration program was supervised by Robert McLeod, P.Geo., Vice President Exploration, for Full Metal Minerals Ltd., and a qualified person as defined by NI 43-101, who has prepared and approved the information contained in this release. Drill holes are sampled at approximately one to five foot sample intervals. Core is sawn in half with a diamond saw. Samples are delivered in sealed bags to the ALS-Chemex Labs facility in Fairbanks, Alaska for sample preparation and were then sent to the Vancouver, B.C. Lab for analysis (50 gram-tonne gold fire assay with gravimetric finish plus multi-element ICP), with high-grade results analyzed by metallic screening method. A sample quality control/quality assurance program was implemented.
Drill results are expected shortly from Full Metal's high grade zinc, lead, silver 40 Mile Project. Full Metal is a generative exploration company with twelve active projects in Alaska and one in the Yukon Territory. The Company currently has eight active Joint Venture Agreements. Full Metal and its Partners are planning a minimum of eight drill programs during the 2008 field season.
ON BEHALF OF THE BOARD OF DIRECTORS
Michael Williams, President and Director
Some statements in this news release contain forward-looking information, including without limitation statements as to planned expenditures and exploration programs. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such factors include without limitation the completion of planned expenditures, the ability to complete exploration programs on schedule and the success of exploration programs.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
Contacts:
Full Metal Minerals Ltd.
Jeff Sundar
Manager, Investor Relations
(604) 484-7855
(604) 484-7155 (FAX)
Email: info@fullmetalminerals.com
Website: www.fullmetalminerals.com
The primary focus of the 2007 Exploration Program at Lucky Shot was to determine through aggressive step-out drilling the strike extent of the Lucky Shot Shear. The drill program tested three of the four known fault blocks and has extended the continuous gold mineralization to over 2,400 meters along strike, and 700 meters down-dip. Highlights from the 2007 program include:
- C07-92 54.6 g/t Au over 0.98 meters in Murphy Zone
- C07-105 17.3 g/t Au over 1.0 meters in Coleman Zone
- C07-110 71.6 g/t Au over 0.5 meters in Coleman Zone
- C07-112 21.3 g/t Au over 0.5 meters in Coleman Zone
- C07-143 77.2 g/t Au over 0.5 meters in Lucky Shot Zone
Six wide-spaced deep drill holes were completed in the Lucky Shot block, down-dip of historic stopes. Drilling was successful in extending the known extent of the gold-bearing shear zone to over 500 meters down-dip, including hole C07-143, which intersected 77.2 g/t Au over 0.5 meters, approximately 200 meters down-dip from the stopes. Drill holes completed in this area are average 350 to 450 meters in length and Full Metal is contemplating using underground drifting and drilling to cost effectively define resources.
The Coleman Block, located near surface at the known western limit of the shear, received the majority of the drilling over the past three seasons by Full Metal. Drilling during the 2007 program focused on testing for new high-grade shoots, to the east and west of known mineralization. High-grade mineralization was identified to the west, and down-dip of historic stopes, including hole C07-110 which encountered 71.6 g/t over 0.5 meters. Holes C07-138 and 139 were 400 meter step-outs from the westernmost drill holes, and encountered the moderately altered shear with anomalous gold grades.
At the Murphy Block, five deep holes were completed during the 2007 program, including Hole C07-92 which encountered 54.6 g/t Au over 0.98 meters (seen FMM #10NR, May 7, 2007). This hole was a 100 meter offset from hole C06-89, which intersected 19.4 g/t Au over 0.4 meters. The Murphy Zone is a north-eastern extension to the past-producing War Baby/Lucky Shot mine and was discovered at the end of the 2006 field season. Holes C07-93, 94 and 99 encountered anomalous mineralization, all at greater than 250 meters below surface. Future drilling in the Murphy Block will include aggressive step-outs to the east, since the structure is projected to come to surface on the east side of the Craigie Creek Valley, about 1,000 meters east of C06-92.
Hole locations can be viewed at www.fullmetalminerals.com. Complete results are as follows:
Hole-ID From To Length Au (g/t) Zone
C07-85 333.50 335.00 1.50 2.53 Lucky Shot
344.00 345.00 1.00 2.88
C07-91 287.10 287.53 0.43 2.03 Murphy
C07-92 274.96 275.94 0.98 54.6 Murphy
C07-93 No significant intercepts Murphy
C07-94 No significant intercepts Murphy
C07-95 206.00 206.50 0.50 1.68 Coleman
C07-96 195.00 196.00 1.00 1.78 Coleman
C07-97 214.00 215.42 1.42 11.12 Coleman
C07-98 206.86 208.15 1.29 1.83 Coleman
C07-99 275.40 276.20 0.80 1.12 Murphy
C07-100 No significant intercepts Coleman
C07-101 No significant intercepts Coleman
C07-102 237.00 238.00 1.00 1.07 Coleman
C07-103 232.00 233.00 1.00 1.71 Coleman
C07-104 322.79 324.22 1.43 1.90 Lucky Shot
339.00 339.49 0.49 3.30
C07-105 144.00 145.00 1.00 17.30 Coleman
184.50 185.50 1.00 5.76
C07-106 171.00 171.50 0.50 8.84 Coleman
C07-107 No significant intercepts Coleman
C07-108 139.00 142.50 3.50 2.38 Coleman
C07-109 170.00 171.00 1.00 2.00 Coleman
C07-110 105.00 107.00 2.00 2.51 Coleman
121.50 122.00 0.50 23.50
158.00 158.50 0.50 71.60
C07-112 111.00 111.50 0.50 21.30 Coleman
123.00 124.00 1.00 9.44
C07-113 106.50 108.00 1.50 2.31 Coleman
114.50 115.50 1.00 14.35
C07-114 133.00 135.00 2.00 1.73 Coleman
C07-115 42.50 43.50 1.00 2.46 Coleman
C07-116 38.50 39.50 1.00 3.29 Coleman
C07-117 126.50 127.50 1.00 6.17 Coleman
C07-118 188.50 190.00 1.50 8.18 Coleman
C07-119 170.00 171.00 1.00 1.83 Coleman
C07-120 No significant intercepts Coleman
C07-121 No significant intercepts Coleman
C07-122 No significant intercepts Coleman
C07-123 208.00 209.00 1.00 2.77 Coleman
C07-124 157.00 157.50 0.50 8.89 Coleman
189.00 191.00 2.00 1.71
C07-125 153.00 154.00 1.00 13.90 Coleman
170.50 174.00 3.50 1.85
182.00 183.00 1.00 3.12
189.00 190.00 1.00 2.64
C07-126 173.25 178.00 4.75 4.30 Coleman
C07-127 153.50 154.50 1.00 2.56 Coleman
C07-128 116.00 117.00 1.00 1.45 Coleman
C07-129 107.00 108.00 1.00 2.83 Coleman
184.50 186.00 1.50 1.90
C07-130 No significant intercepts Coleman
C07-131 No significant intercepts Coleman
C07-133 156.00 157.00 1.00 7.89 Coleman
192.00 193.00 1.00 3.12
C07-134 No significant intercepts Coleman
C07-135 Lost hole
C07-136 No significant intercepts Coleman
C07-137 110.00 110.50 0.50 5.24 Coleman
C07-138 No significant intercepts Coleman
C07-139 222.00 223.00 1.00 3.20 Coleman
C07-140 350.00 351.00 1.00 1.40 Lucky Shot
C07-143 235.00 236.00 1.00 2.82 Lucky Shot
400.75 401.25 0.50 77.20
C07-144 243.00 244.00 1.00 2.03 Lucky Shot
314.95 316.00 1.05 1.82
457.00 458.00 1.00 2.44
C07-145 28.50 30.00 1.50 5.04 Lucky Shot
371.00 372.50 1.50 3.32
C07-146 No significant intercepts Yarder
(i)True widths are estimated to be between 84 and 100% of drilled length.
Based on the high-grades, excellent ground conditions, good metallurgy, and project infrastructure, Full Metal Minerals has commissioned JDS Mining and Energy of Kelowna, B.C. to evaluate the Lucky Shot Property for three potential scenarios: 1) Additional surface exploration, 2) combined underground and surface exploration, 3) positive construction decision. Metallurgical testing has been initiated, as well as underground development planning. Full Metal will make a decision on the 2008 Program at Lucky Shot during the first quarter of 2008.
The Lucky Shot Project is located in the historic Willow Creek Mining District. Past-producing mines in the District are considered to be among the highest grade in the Northern Cordillera, with documented production from company records and The Alaska Department of Mines listed at over 620,000 ounces Au from multiple veins and shears, at an average grade of approximately 1.0 oz/ton Au; Full Metal has not audited these historic production figures, and they should not be relied upon. Prior to Full Metal's 2005 exploration program, limited modern exploration has been performed in the District since the mine closures. Property infrastructure is excellent, with road access from Anchorage and close proximity to both rail and power. Camp and maintenance facilities are operated year-round.
Full Metal's 2007 exploration program was supervised by Robert McLeod, P.Geo., Vice President Exploration, for Full Metal Minerals Ltd., and a qualified person as defined by NI 43-101, who has prepared and approved the information contained in this release. Drill holes are sampled at approximately one to five foot sample intervals. Core is sawn in half with a diamond saw. Samples are delivered in sealed bags to the ALS-Chemex Labs facility in Fairbanks, Alaska for sample preparation and were then sent to the Vancouver, B.C. Lab for analysis (50 gram-tonne gold fire assay with gravimetric finish plus multi-element ICP), with high-grade results analyzed by metallic screening method. A sample quality control/quality assurance program was implemented.
Drill results are expected shortly from Full Metal's high grade zinc, lead, silver 40 Mile Project. Full Metal is a generative exploration company with twelve active projects in Alaska and one in the Yukon Territory. The Company currently has eight active Joint Venture Agreements. Full Metal and its Partners are planning a minimum of eight drill programs during the 2008 field season.
ON BEHALF OF THE BOARD OF DIRECTORS
Michael Williams, President and Director
Some statements in this news release contain forward-looking information, including without limitation statements as to planned expenditures and exploration programs. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such factors include without limitation the completion of planned expenditures, the ability to complete exploration programs on schedule and the success of exploration programs.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
Contacts:
Full Metal Minerals Ltd.
Jeff Sundar
Manager, Investor Relations
(604) 484-7855
(604) 484-7155 (FAX)
Email: info@fullmetalminerals.com
Website: www.fullmetalminerals.com
Niblack Mining Corp.: Surface Sampling Yields 15.4% Copper, 14.6% Zinc and 5.72 g/t Gold at the Cayenne VMS Property
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 18, 2007) - Niblack Mining Corp. (TSX VENTURE:NIB) (the "Company") is pleased to announce results from surface exploration work completed at the Cayenne property, located 20 kilometres north of the Niblack Project on Prince of Wales Island, southeast Alaska. Similar to the Niblack project, the Cayenne property is a volcangenic massive sulphide (VMS) target, located near tidewater in an area of historic production, and is 100 percent owned by the Company. The Cayenne property has seen very limited exploration activity since 1907, when the former producing Khayyam and Stumble-On deposits ceased operations.
Work completed by the Company in 2007 includes reconnaissance geological work, limited rock sampling and a CSAMT geophysical survey, a high-resolution resistivity mapping tool effective at detecting conductive sulphide mineralization in the subsurface. The CSAMT survey was completed on four survey lines for a total of 2.5 line kilometres. Multiple strong conductors were identified at depth, some of which correlate well with known sulphide lenses mined near surface, while others may represent new sulphide lenses. Chip sampling across a two metre wide surface outcrop of massive sulphide yielded 9.66% zinc, 0.88% copper, 6.2 g/t silver and 0.30 g/t gold. Sampling of 0.3 to 0.5 metre boulders from the mine dump assayed up to 14.6% zinc, 15.4% copper, 109 g/t silver, and 5.72 g/t gold.
Results of four samples collected for assay are listed below:
--------------------------------------------------------------------------
Cu Zn Ag Au
Sample# Description (%) (%) (g/t) (g/t)
--------------------------------------------------------------------------
C217620 2 metre chip sample of massive sulphide 0.88 9.66 6.2 0.30
(true thickness)
--------------------------------------------------------------------------
C217621 Boulder of massive pyrrhotite from mine 1.27 0.16 6.2 0.26
dump
--------------------------------------------------------------------------
C217622 Boulder of sulphide veined host rock 1.37 0.41 6.1 1.03
from mine dump
--------------------------------------------------------------------------
C217623 Boulder of massive sulphide ore from 15.4 14.6 109 5.72
mine dump
--------------------------------------------------------------------------
Mineralization at the Cayenne property consists of at least six near vertical stratiform massive and semi-massive sulphide lenses of coarse grained pyrite, chalcopyrite, sphalerite, and pyrrhotite. Sulphide lenses are elongate and are as much as 6 metres thick and 170 metres long. The Stumble-On deposit is located 1.5 kilometres east and along strike from Khayyam. Potential for discovery below the existing mine workings and between the two deposits is high. The Company looks forward to carrying out additional work on the Cayenne property in 2008, with plans to drill several of the new geophysical anomalies.
About the Company
Niblack Mining Corp. is a mineral exploration company engaged in advanced stage exploration of the gold, silver, copper, zinc Niblack volcanogenic massive sulphide (VMS) property located on Prince of Wales Island in southeast Alaska. The Company is carrying out underground and surface exploration programs that are designed to expand the Lookout Zone at depth. The Niblack property has excellent exploration potential and is particularly attractive due to its high precious metals content and year round tidewater access. Niblack is well capitalized with over $9 million in working capital to fund the current underground program.
A rigorous quality control and quality assurance protocol is utilized on the project including blank, duplicate and reference samples with each batch of assays. All samples were analyzed by fire assay and ICP at ALS Chemex Labs in Vancouver, B.C., Canada. Darwin Green, Vice President of Exploration for Niblack Mining Corp., is the Qualified Person for this exploration project.
To find out more about Niblack Mining Corp. (TSX VENTURE:NIB), visit our website at www.niblackmining.com.
On Behalf of the Board
NIBLACK MINING CORP.
Paddy Nicol, MBA, President
Forward-Looking Information
This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that Niblack Mining Corp. (the "Company") expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, and continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. The Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.
The TSX Venture Exchange has not reviewed and does not accept the responsibility for the adequacy or accuracy of this news release.
For more information, please contact
Niblack Mining Corp.
Fraser Adams
Corporate Inquiries
(604) 484-5045 or Toll Free: 1-888-784-5045
or
Niblack Mining Corp.
Bill Gillies
Corporate Inquiries
(604) 484-5045 or Toll Free: 1-888-784-5045
(604) 684-0279 (FAX)
Email: info@niblackmining.com
Website: www.niblackmining.com
Work completed by the Company in 2007 includes reconnaissance geological work, limited rock sampling and a CSAMT geophysical survey, a high-resolution resistivity mapping tool effective at detecting conductive sulphide mineralization in the subsurface. The CSAMT survey was completed on four survey lines for a total of 2.5 line kilometres. Multiple strong conductors were identified at depth, some of which correlate well with known sulphide lenses mined near surface, while others may represent new sulphide lenses. Chip sampling across a two metre wide surface outcrop of massive sulphide yielded 9.66% zinc, 0.88% copper, 6.2 g/t silver and 0.30 g/t gold. Sampling of 0.3 to 0.5 metre boulders from the mine dump assayed up to 14.6% zinc, 15.4% copper, 109 g/t silver, and 5.72 g/t gold.
Results of four samples collected for assay are listed below:
--------------------------------------------------------------------------
Cu Zn Ag Au
Sample# Description (%) (%) (g/t) (g/t)
--------------------------------------------------------------------------
C217620 2 metre chip sample of massive sulphide 0.88 9.66 6.2 0.30
(true thickness)
--------------------------------------------------------------------------
C217621 Boulder of massive pyrrhotite from mine 1.27 0.16 6.2 0.26
dump
--------------------------------------------------------------------------
C217622 Boulder of sulphide veined host rock 1.37 0.41 6.1 1.03
from mine dump
--------------------------------------------------------------------------
C217623 Boulder of massive sulphide ore from 15.4 14.6 109 5.72
mine dump
--------------------------------------------------------------------------
Mineralization at the Cayenne property consists of at least six near vertical stratiform massive and semi-massive sulphide lenses of coarse grained pyrite, chalcopyrite, sphalerite, and pyrrhotite. Sulphide lenses are elongate and are as much as 6 metres thick and 170 metres long. The Stumble-On deposit is located 1.5 kilometres east and along strike from Khayyam. Potential for discovery below the existing mine workings and between the two deposits is high. The Company looks forward to carrying out additional work on the Cayenne property in 2008, with plans to drill several of the new geophysical anomalies.
About the Company
Niblack Mining Corp. is a mineral exploration company engaged in advanced stage exploration of the gold, silver, copper, zinc Niblack volcanogenic massive sulphide (VMS) property located on Prince of Wales Island in southeast Alaska. The Company is carrying out underground and surface exploration programs that are designed to expand the Lookout Zone at depth. The Niblack property has excellent exploration potential and is particularly attractive due to its high precious metals content and year round tidewater access. Niblack is well capitalized with over $9 million in working capital to fund the current underground program.
A rigorous quality control and quality assurance protocol is utilized on the project including blank, duplicate and reference samples with each batch of assays. All samples were analyzed by fire assay and ICP at ALS Chemex Labs in Vancouver, B.C., Canada. Darwin Green, Vice President of Exploration for Niblack Mining Corp., is the Qualified Person for this exploration project.
To find out more about Niblack Mining Corp. (TSX VENTURE:NIB), visit our website at www.niblackmining.com.
On Behalf of the Board
NIBLACK MINING CORP.
Paddy Nicol, MBA, President
Forward-Looking Information
This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that Niblack Mining Corp. (the "Company") expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, and continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. The Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.
The TSX Venture Exchange has not reviewed and does not accept the responsibility for the adequacy or accuracy of this news release.
For more information, please contact
Niblack Mining Corp.
Fraser Adams
Corporate Inquiries
(604) 484-5045 or Toll Free: 1-888-784-5045
or
Niblack Mining Corp.
Bill Gillies
Corporate Inquiries
(604) 484-5045 or Toll Free: 1-888-784-5045
(604) 684-0279 (FAX)
Email: info@niblackmining.com
Website: www.niblackmining.com
Quaterra Acquires Herbert Glacier Gold Project in Alaska
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 18, 2007) - Quaterra Resources Inc. (TSX VENTURE:QTA) today announced the acquisition of the Herbert Glacier gold property 20 miles north of Juneau, Alaska. The 1,735 acre property consists of 84 Federal claims which host four main composite vein-fault structures that contain ribbon structure quartz-sulfide veins. The structures strike east-west and dip steeply, mostly to the north. Only one of the four known vein systems was drilled in 1986 and 1988. Sampling in 2007 shows that all four structures locally have high-grade gold-quartz mineralization and should be drill tested.
The vein systems are strongly enriched in gold (Au): Of 199 rock chip samples collected during a reconnaissance mapping and sampling program in the summer of 2007, almost half (94 samples) contained more than 1 g/t Au; 33 samples contained more than 10 g/t; and 12 contained more than one ounce of Au/ton. One 1.5 ft (about 46 cm) banded quartz vein with visible gold assayed 81.9 g/t (about 2.39 oz/ton) Au. Veins typically pinch and swell, but individual veins are as much as 14 feet thick and composite veins up to more than 20 feet across. The veins are competent, but occur within halos of altered quartz diorite, and are generally marked on surface by deep trenches eroded from the incompetent altered host rocks. Gold is accompanied, in approximate decreasing order by arsenopyrite, pyrite, and galena with lesser amounts of scheelite, chalcopyrite, and sphalerite.
The Herbert Glacier property lies within the 100-mile long Juneau gold belt which has produced nearly seven million ounces of gold through a total depth range of thousands of feet. Trace elements typical of the gold belt and the mesothermal aspect of the ribboned quartz veins suggest that the veins of the Herbert Glacier property could be persistent in both strike and depth.
In October 2007, Quaterra leased 17 core claims from long time Juneau prospectors and miners Dale Henkins and Floyd Branson and their partner Jim Wilson of Coastal Helicopters (the JEDI syndicate). Quaterra staked an additional 67 contiguous claims. Terms between Quaterra and the JEDI group call for an initial payment of $12,000 and annual payments escalating from $12,000 to $30,000 over the first 11 years. Payments are an advance royalty calculated on a sliding scale of 3% to 5% NSR based on the gold price. Quaterra has a work commitment of least $25,000 for the first year and $50,000 for each year thereafter.
The Summit vein, part of the southernmost of the four vein systems, was known in the early days of the Juneau district. Much of the area now known to be mineralized was, however, covered by glacial ice. Veins were exposed as the ice receded and discoveries were made in the 1980s. The next system to the north, called the Herbert Vein, was drilled in 1986 and 1988 respectively by Tenneco Minerals and its successor Echo Bay Mining Co. The structure was explored on approximate 200 foot intervals along a 2,000 foot strike length with 5,272 feet of drilling in 19 core holes. Shallow angle holes established continuity of gold mineralization in the vein system and found intercepts of up to 12.84 oz Au/ton. Highlights of this drilling are shown in the table below:
HIGHLIGHTS OF HISTORIC (1986 & 1988) DRILLING AT THE HERBERT GLACIER PROSPECT
Drill holes in order west to east over about 2000 feet strike length.
Only intercepts greater than 1-ft of 0.3 oz/ton Au shown.
Data from reports by George A. Moerlein for Tenneco Minerals (1986) and Echo Bay Mining Co. (1988).
Hole From (ft) To (ft) Interval oz/ton Au
---- -------- ------ -------- ---------
H-9 88.0 89.2 1.2 0.38
H-6 190.0 191.0 1.0 3.85
H-5 165.5 168.1 2.6 0.93
H-2 147.0 149.0 2.0 0.99
H-1 78.0 84.0 6.0 0.93
H-13 286.5 300.5 14.0 0.98
Includes 296.8 297.8 1.0 12.64
H-12 160.4 162.0 1.6 0.31
H-12 165.5 168.4 2.9 0.31
"All drilling was NQ core with excellent recovery"
A metallurgical study on a 240 pound composite sample by the US Bureau of Mines indicated that 88% of the gold was free milling and could be recovered by gravity methods (Herbert Glacier - No. JU097, ARDF file, Juneau Quadrangle, U.S. Geological Survey).
"We are quite excited about the potential of the Herbert Glacier project," says Dr. Charles C. Hawley, Quaterra's VP Exploration-Alaska. "If we can demonstrate similar grades and tonnages at depth and in the other parallel veins, this project could represent a significant gold deposit for the Company."
Quaterra is planning a 3,000 foot core drilling program to explore the Herbert Glacier project in 2008.
Most of the work described in this release was carried out in August 2007 by contract geologists Carl Hale, Geoff Garcia, and Alexander Pappas with assistance of Dale Henkins and Floyd Branson. Samples were under the direct control of Mr. Pappas until they were sent via Alaska Airlines to ALS Chemex prep laboratory in Fairbanks, Alaska. The crew was under the general supervision of Dr. Charles C. Hawley who is the qualified person responsible for the preparation of this release.
Quaterra Resources Inc. (TSX VENTURE:QTA) is a junior exploration company focused on making significant mineral discoveries in North America. The company uses in-house expertise and its extensive network of consultants, prospectors and industry contacts to identify, acquire and evaluate prospects in mining-friendly jurisdictions with the potential to host large base metal, precious metal or uranium deposits. The company's preference is to acquire a 100% interest in properties on reasonable terms and maintain this interest through initial evaluation.
On behalf of the Board of Directors,
Thomas Patton, President, Quaterra Resources Inc.
Some statements contained in this news release are forward-looking statements, such as estimates and statements that describe the Company's future plans, objectives or goals. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Further information regarding risks and uncertainties which may cause results to differ materially from those projected in forward-looking statements, are included in filings by the Company with securities regulatory authorities. The Company does not undertake to update any forward-looking statement that may be made from time to time except in accordance with applicable securities laws.
Expanded information on the Company's projects is described on our website at www.quaterraresources.com.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents of this news release, which has been prepared by management.
The vein systems are strongly enriched in gold (Au): Of 199 rock chip samples collected during a reconnaissance mapping and sampling program in the summer of 2007, almost half (94 samples) contained more than 1 g/t Au; 33 samples contained more than 10 g/t; and 12 contained more than one ounce of Au/ton. One 1.5 ft (about 46 cm) banded quartz vein with visible gold assayed 81.9 g/t (about 2.39 oz/ton) Au. Veins typically pinch and swell, but individual veins are as much as 14 feet thick and composite veins up to more than 20 feet across. The veins are competent, but occur within halos of altered quartz diorite, and are generally marked on surface by deep trenches eroded from the incompetent altered host rocks. Gold is accompanied, in approximate decreasing order by arsenopyrite, pyrite, and galena with lesser amounts of scheelite, chalcopyrite, and sphalerite.
The Herbert Glacier property lies within the 100-mile long Juneau gold belt which has produced nearly seven million ounces of gold through a total depth range of thousands of feet. Trace elements typical of the gold belt and the mesothermal aspect of the ribboned quartz veins suggest that the veins of the Herbert Glacier property could be persistent in both strike and depth.
In October 2007, Quaterra leased 17 core claims from long time Juneau prospectors and miners Dale Henkins and Floyd Branson and their partner Jim Wilson of Coastal Helicopters (the JEDI syndicate). Quaterra staked an additional 67 contiguous claims. Terms between Quaterra and the JEDI group call for an initial payment of $12,000 and annual payments escalating from $12,000 to $30,000 over the first 11 years. Payments are an advance royalty calculated on a sliding scale of 3% to 5% NSR based on the gold price. Quaterra has a work commitment of least $25,000 for the first year and $50,000 for each year thereafter.
The Summit vein, part of the southernmost of the four vein systems, was known in the early days of the Juneau district. Much of the area now known to be mineralized was, however, covered by glacial ice. Veins were exposed as the ice receded and discoveries were made in the 1980s. The next system to the north, called the Herbert Vein, was drilled in 1986 and 1988 respectively by Tenneco Minerals and its successor Echo Bay Mining Co. The structure was explored on approximate 200 foot intervals along a 2,000 foot strike length with 5,272 feet of drilling in 19 core holes. Shallow angle holes established continuity of gold mineralization in the vein system and found intercepts of up to 12.84 oz Au/ton. Highlights of this drilling are shown in the table below:
HIGHLIGHTS OF HISTORIC (1986 & 1988) DRILLING AT THE HERBERT GLACIER PROSPECT
Drill holes in order west to east over about 2000 feet strike length.
Only intercepts greater than 1-ft of 0.3 oz/ton Au shown.
Data from reports by George A. Moerlein for Tenneco Minerals (1986) and Echo Bay Mining Co. (1988).
Hole From (ft) To (ft) Interval oz/ton Au
---- -------- ------ -------- ---------
H-9 88.0 89.2 1.2 0.38
H-6 190.0 191.0 1.0 3.85
H-5 165.5 168.1 2.6 0.93
H-2 147.0 149.0 2.0 0.99
H-1 78.0 84.0 6.0 0.93
H-13 286.5 300.5 14.0 0.98
Includes 296.8 297.8 1.0 12.64
H-12 160.4 162.0 1.6 0.31
H-12 165.5 168.4 2.9 0.31
"All drilling was NQ core with excellent recovery"
A metallurgical study on a 240 pound composite sample by the US Bureau of Mines indicated that 88% of the gold was free milling and could be recovered by gravity methods (Herbert Glacier - No. JU097, ARDF file, Juneau Quadrangle, U.S. Geological Survey).
"We are quite excited about the potential of the Herbert Glacier project," says Dr. Charles C. Hawley, Quaterra's VP Exploration-Alaska. "If we can demonstrate similar grades and tonnages at depth and in the other parallel veins, this project could represent a significant gold deposit for the Company."
Quaterra is planning a 3,000 foot core drilling program to explore the Herbert Glacier project in 2008.
Most of the work described in this release was carried out in August 2007 by contract geologists Carl Hale, Geoff Garcia, and Alexander Pappas with assistance of Dale Henkins and Floyd Branson. Samples were under the direct control of Mr. Pappas until they were sent via Alaska Airlines to ALS Chemex prep laboratory in Fairbanks, Alaska. The crew was under the general supervision of Dr. Charles C. Hawley who is the qualified person responsible for the preparation of this release.
Quaterra Resources Inc. (TSX VENTURE:QTA) is a junior exploration company focused on making significant mineral discoveries in North America. The company uses in-house expertise and its extensive network of consultants, prospectors and industry contacts to identify, acquire and evaluate prospects in mining-friendly jurisdictions with the potential to host large base metal, precious metal or uranium deposits. The company's preference is to acquire a 100% interest in properties on reasonable terms and maintain this interest through initial evaluation.
On behalf of the Board of Directors,
Thomas Patton, President, Quaterra Resources Inc.
Some statements contained in this news release are forward-looking statements, such as estimates and statements that describe the Company's future plans, objectives or goals. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Further information regarding risks and uncertainties which may cause results to differ materially from those projected in forward-looking statements, are included in filings by the Company with securities regulatory authorities. The Company does not undertake to update any forward-looking statement that may be made from time to time except in accordance with applicable securities laws.
Expanded information on the Company's projects is described on our website at www.quaterraresources.com.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents of this news release, which has been prepared by management.
Little Squaw Builds on More Chandalar Placer Gold Drill Results
Little Squaw Gold Mining Company (OTCBB: LITS) ($0.90) ("Little Squaw" or "the Company") has received additional drill results from its placer gold project on the Little Squaw Creek drainage located on the Company's wholly owned Chandalar, Alaska, mining property. These additional results confirm the Company's opinion that it has discovered an industrial-scale placer gold deposit of potential commercial significance (see the Company's press release of October 4, 2007).
The Company now has results for 68 of the 99 drill holes completed. Sixty of these holes have intersected the "Pay Horizon," which refers to the mineralized stratum of gravel from which significant quantities of gold can be recovered. The new sample results are for 42 holes on drill lines 2, 7, 8, 8.6, 9, 9.9, 10 and on the east ends of lines 3 and 4 (see drill map and drill results tables below). The 60 holes show a Pay Horizon averaging $15.94 per cubic yard (yd3) over a thickness of 84 feet (28 yards) using a gold price of $600 per ounce ($21.25/yd3 @ $800/oz).
Based partially on a February 2002 government study, the Company believes the value of the placer gold gravels at Chandalar falls well within economically extractable limits. U.S. Bureau of Land Management (BLM) Alaska Technical Report 38 is titled, "Economic Prefeasibility Studies of Mining in the Koyukuk Mining District, Northern Alaska." The Koyukuk mining district lies immediately west of the Chandalar mining district within the same mountain range. According to economic modeling in the report, placer mines having access and geology similar to the Little Squaw Creek deposit, required a recoverable metal value of $4.62/yd3 to yield a 15 percent Discounted Cash-Flow Rate-of-Return (DCFROR). The BLM report states dollar values in loose cubic yards (mined), whereas the Company states the recoverable gold value in bank cubic yards (in ground). If a normal expansion factor is applied to convert bank to loose cubic yards, then an estimated recoverable metal value of about $6.01 would be required to yield a 15 percent DCFROI. The inflation-adjusted amount is $8.27 yd3 in today's dollars (Bureau of Labor Standards Indices -- Producer Price Index Industry Data for Construction, Sand, and Gravel Mining). The size of the Little Squaw Creek deposit and the scale of a potential mining operation there would exceed any of those in the BLM study, and would gain economies of scale not reflected in the BLM study. The Company believes the placer gold deposit at Chandalar has millions of yards of recoverable metal value currently in the range of $16.00 yd3 to $21.00 yd3 that it could profitably mine. An independent economic feasibility study will be done as soon as sufficient drilling and engineering are completed.
Robert Pate, Chief Operating Officer of the Company, said, "Our staff is encouraged by the results of this placer gold deposit discovery. We anticipate drilling an additional 300 holes to define the limits of the deposit and establish ore reserves. Drilling to evaluate the extensive gold-quartz vein system that is the upstream source area for the alluvial gold remains our No. 1 priority. We believe this vein system may host a multimillion ounce gold deposit."
Company geologists have developed an understanding of the gold placer deposit on Little Squaw Creek as depicted on the drill map below. All the drill lines are perpendicular to the channel flow and linear direction of the gently sloping gravel deposits. A thick paleo-channel deposit of mineralized gravel defined by drill lines 5 through 10 in the upper reaches of Little Squaw Creek is dammed by a subterranean band of erosionally resistant greenstone that it breaches, having disgorged northward into a broad alluvial fan (similar to a fossilized delta). This wide, thick alluvial fan of gold-bearing stream gravel (fluvial material) is defined on drill lines 1 through 4, where it is buried under gold-barren glacial sediments that average 58 feet (19 yards) thick. All the sedimentary strata of stream gravels lay on schist bedrock, with the fan portion of the deposit overlain by glacial overburden (mud, sand and cobbles) containing sparse gold values. The entire deposit remains open to expansion by more drilling.
Metallogeny, Inc., a private company based in Fairbanks, Alaska, has been responsible for all sample collection at the borehole sites and has had exclusive possession of all drill samples, thereby providing independent sample security from the time of borehole extraction through transport to the Fairbanks laboratory. Substrate borehole samples were collected continuously every five feet and processed via a sophisticated sample-reduction routine that recovers the native gold contained in the drill cuttings. The recovered gold is then weighed on an electronic scale accurate to a tenth of a milligram. Calculations are made to determine the content of gold in each cubic yard of gravel. This process of mechanical gold separation is believed to produce a product representative of gold values that could be recoverable in a mining operation.
The tables below contain revised drill sample value results for drill lines 3 and 4, previously reported in the Company's press releases of August 23 and September 10. Metallogeny applied some technical adjustments in making their calculations which they believe more accurately reflect the value of recoverable gold in each cubic yard of gravel. These adjustments included a revision in the sample expansion factor, accounting for fractional differences in drill bit diameters amongst the boreholes, and more effectively limiting the influence of samples with poor volume recoveries.
Richard Walters, President of Little Squaw Gold Mining Company, is responsible for this news release. For additional information regarding Little Squaw Gold Mining, contact Susan Schenk, Manager of Investor Relations, by telephone at (509) 535-6156, or by e-mail at ir@littlesquawgold.com. Little Squaw maintains a comprehensive Web site at www.littlesquawgold.com.
Little Squaw Gold Mining is engaged in the business of precious-metals discovery. This endeavor carries certain risks that are commensurate with the potential rewards of such efforts. These risks cannot be quantified and should not be taken lightly. All statements made here regarding the firm's investment potential should be considered "forward-looking statements" as defined by prevailing regulatory guidelines. As forward-looking statements, these items represent the measured professional judgment of management. They do not, however, represent guarantees, and unforeseen and/or unforeseeable future developments that may render them either incomplete or incorrect. Actual results, plans, programs, and financial performance may differ materially from express or implied forward-looking statements.
2007 Placer Drilling Program
Little Squaw Creek
Summary Of Drill Hole Cut Pay Grades
As of November 26, 2007
(Reverse Circulation Drilling)
(Pay Grade = Value per cubic yard of extractable gold @ $600/oz)
(Valuations use gold recovered @ 850 fine)
(All nuggets > 150 mg cut to 150 mg)
(bcy = bank cubic yards (in situ))
Drill Line Summary
Line Fluvial Pay Grade
Number Glacial (Stream) For
Of Drill Bedrock Overburden Gravel Fluvial
Holes Or Hole Thickness Thickness Gravel
With Pay Depth (ft) (ft) (ft) ($/bcy)
Grade Average Average Average CUT
------------- ----------- ----------- ----------- ----------- -----------
2 4 175.0 65.5 110.5 $ 10.40
3 11 154.4 70.6 84.0 $ 20.84
4 16 150.5 71.3 79.1 $ 14.94
7 4 109.3 16.3 96.3 $ 18.39
8 7 154.0 44.3 104.1 $ 15.77
8.6 3 97.3 45.0 34.0 $ 12.84
9 4 125.0 45.0 82.0 $ 20.95
9.9 1 118.0 5.0 115.0 $ 5.34
10 10 143.6 59.3 72.9 $ 13.58
------------- ----------- ----------- ----------- ----------- -----------
Weighted Avg. 60 144.5 57.8 83.7 $ 15.94
Yards = 48.2 19.3 27.9
------------- ----------- ----------- ----------- ----------- -----------
Drill Line 2 (1,225 feet long)
Pay Grade
Drill Fluvial Pay Grade Includes
Hole Bedrock Glacial (Stream) For Best
Number Or Hole Overburden Gravel Fluvial Intercept
Depth Thickness Thickness Gravel Over
(ft) (ft) (ft) ($/bcy) $50.00/bcy
Fan CUT ($bcy) Comments
---------- --------- ---------- ---------- ---------- ---------- ----------
6 East 70.0 64.0 16.0 $ 3.11
4 East 97.0 56.0 42.0 $ 4.21
2 East 105.0 49.0 57.0 $ 11.02
8 189.5 68.0 122.5 $ 10.74 10' @
$89.11
10 195.5 72.0 124.5 $ 9.31 5' @
$66.95
12 210.0 73.0 138.0 $ 10.81 15' @ Also 5' @
$50.71 $56.97;
No bedrock
---------- --------- ---------- ---------- ---------- ---------- ----------
570'
separates
hole 2E
4 Hole from
Average = 175.0 65.5 110.5 $ 10.40 hole 8
Yards = 70.0 24.3 46.0
---------- --------- ---------- ---------- ---------- ---------- ----------
15 200.0 75.0 126.0 $ 3.97
19 200.0 75.0 126.0 $ 3.98 No bedrock
Drill Line 3 (1,400 feet long)
Pay Grade
Drill Fluvial Pay Grade Includes
Hole Bedrock Glacial (Stream) For Best
Number Or Hole Overburden Gravel Fluvial Intercept
Depth Thickness Thickness Gravel Over
(ft) (ft) (ft) ($/bcy) $50.00/bcy
CUT ($bcy) Comments
--------- --------- --------- --------- --------- -------------- ---------
Secondary
12 East 97.5 70.0 30.0 $ 63.42 10'@ $ 174.86 channel?
Only pay
interval
9 East 114.0 89.0 25.0 $ 33.29 5'@ $ 166.48 in
hole.
7 East 128.0 74.0 54.0 $ 96.78 5'@ $1,024.57 No
nugget
effect
5 East 138.0 64.0 74.0 $ 23.10 15'@ $ 62.21
3 East 147.0 49.0 98.0 $ 13.11 5'@ $ 70.77
1 159.0 48.0 111.0 $ 13.16 10'@ $ 66.45
Also 5' @
3 174.0 63.0 111.0 $ 18.50 5'@ $ 63.90 $ 53.75
Also 5' @
5 165.0 64.0 101.0 $ 11.68 5'@ $ 57.99 $ 54.62
7 173.0 82.0 91.0 $ 10.23 10'@ $ 55.67
9 193.0 88.0 105.0 $ 10.02 5'@ $ 64.99
No
12 210.0 86.0 124.0 $ 13.07 15'@ $ 72.02 bedrock
--------- --------- --------- --------- --------- -------------- ---------
11 Hole
Average = 154.4 70.6 84.0 $ 20.84
Yards = 51.5 23.5 28.0
--------- --------- --------- --------- --------- -------------- ---------
Last
interval
= 5' @ $
25.98; No
15.5 210.0 110.0 100.0 $ 1.38 bedrock
Drill Line 4 (1,070 feet long)
Pay Grade
Drill Fluvial Pay Grade Includes
Hole Bedrock Glacial (Stream) For Best
Number Or Hole Overburden Gravel Fluvial Intercept
Depth Thickness Thickness Gravel Over
(ft) (ft) (ft) ($/bcy) $50.00/bcy
CUT Comments
--------- --------- --------- --------- --------- -------------- ---------
Incl. 5'
bedrock;
Secondary
5 East 75 60 15 $ 52.45 channel?
1 East 85.0 45.0 40.0 $ 49.59 25' @ $ 70.74
1 115.0 63.0 52.0 $ 13.98
2 136.0 65.0 71.0 $ 18.02
Also 5' @
3B 149.0 60.0 89.0 $ 25.93 20' @ $ 60.34 $ 101.38
4 150.0 75.0 75.0 $ 13.25
5 157.0 72.0 85.0 $ 4.47
Uncut =
10' @ $
451.95;
Also 5' @
6 172.0 65.0 107.0 $ 20.84 10' @ $ 67.37 $ 78.21
Uncut =
10' @ $
171.03;
Also 5' @
7 188.0 83.0 105.0 $ 14.72 10' @ $ 96.13 $ 78.15
8 193.0 75.0 118.0 $ 1.42
9 186.0 75.0 111.0 $ 8.05 5' @ $ 67.90
10 168.0 70.0 96.0 $ 4.94
11 149.0 85.0 64.0 $ 11.18 10' @ $ 50.76
12 155.0 83.0 72.0 $ 10.06 10' @ $ 52.64
Uncut =
10' @ $
13 162.0 85.0 77.0 $ 41.14 10' @ $ 260.03 530.65
14 168.0 80.0 88.0 $ 5.92
--------- --------- --------- --------- --------- -------------- ---------
16 Hole
Average = 150.5 71.3 79.1 $ 14.94
Yards = 50.2 23.8 26.4
--------- --------- --------- --------- --------- -------------- ---------
15 158.0 80.0 78.0 $ 3.14
Drill Line 7 (400 feet long)
Drill Bedrock Glacial Fluvial Pay Grade Pay Grade
Hole Or Hole Overburden (Stream) For Includes
Number Depth Thickness Gravel Fluvial Best
(ft) (ft) Thickness Gravel Intercept Comments
(ft) ($/bcy) Over
CUT $50.00/bcy
-------- ------- ------- ------- ------- ------------ ------------
3 East 111.0 25.0 88.0 $ 10.62 10' @ $ 64.18 Includes
some bed
rock
2 East 107.0 30.0 80.0 $ 28.68 20' @ $ 61.90 Includes
some bed
rock
1 East 125.0 5.0 126.0 $ 22.86 30' @ $ 54.84 Includes
some bed
rock
1 94.0 5.0 91.0 $ 10.68 5' @ $107.17 Includes
some bed
rock
-------- ------ ------ ------ ------- -------------- -----------
4 Hole
Average = 109.3 16.3 96.3 $ 18.39
Yards = 36.4 5.4 32.1
-------- ------ ------ ------ ------- -------------- -----------
2 92.0 0.0 90.0 $ 0.13
3 105.0 15.0 90.0 $ 1.13
4 96.0 5.0 85.0 $ 0.39
Drill Line 8 (350 feet long)
Drill Bedrock Gravel Fluvial Pay Grade Pay Grade
Hole Or Hole Overburden (Stream) For Includes
Number Depth Thickness Gravel Fluvial Best
(ft) (ft) Thickness Gravel Intercept Comments
Channel (ft) ($/bcy) Over
CUT $50.00/bcy
($bcy)
------- ------- -------- --------- ------- -------------- ----------
1 150.0 30.0 120.0 $ 6.66 No bedrock
2 128.0 20.0 110.0 $ 47.64 20' @ $ 121.66 Also 10' @
$ 112.66;
Includes
some bed
rock
3 176.0 65.0 113.0 $ 16.14 15' @ $ 58.51 Also 5' @
$ 55.18;
Includes
some bed
rock
4B 194.0 60.0 136.0 $ 12.36 10' @ $ 51.00 Also 5' @
$ 65.46;
Includes
some bed
rock
5 155.0 65.0 90.0 $ 5.40 No bedrock
6B 155.0 20.0 95.0 $ 7.68 Includes
some bed
rock
7 120.0 50.0 65.0 $ 11.28 5' @ $ 70.79 Includes
some bed
rock
------- ------- -------- --------- ------- ------------- ----------
7 Hole
Average = 154.0 44.3 104.1 $ 15.77
Yards = 51.3 14.8 34.7
------- ------- -------- --------- -------- ------------- ----------
Drill Line 8.6 (150 feet long)
Drill Bedrock Gravel Fluvial Pay Grade Pay Grade
Hole Or Hole Overburden (Stream) For Includes
Number Depth Thickness Gravel Fluvial Best
(ft) (ft) Thickness Gravel Intercept Comments
Channel (ft) ($/bcy) Over
CUT $50.00/bcy
($bcy)
------ -------- -------- -------- -------- ------------- ------------
1 97.0 45.0 5.0 $ 9.78 Hit cavity -
old mine
workings
2 95.0 40.0 45.0 $ 13.74 10' @ $ 50.36
3 100.0 50.0 52.0 $ 12.36 5' @ $ 73.52 Includes
some bed
rock
------ -------- -------- -------- -------- ------------- ------------
3 Hole
Average = 97.3 45.0 34.0 $ 12.84
Yards = 32.4 15.0 11.3
------ -------- -------- -------- -------- ------------- ------------
Drill Line 9 (200 feet long)
Pay Grade
Drill Fluvial Pay Grade Includes
Hole Bedrock Gravel (Stream) For Best
Number Or Hole Overburden Gravel Fluvial Intercept
Depth Thickness Thickness Gravel Over
(ft) (ft) (ft) ($/bcy) $50.00/bcy
Channel CUT ($bcy) Comments
---------- --------- ---------- ---------- ---------- ---------- ----------
Includes
5' @ some bed
1 104.0 35.0 71.0 $ 10.68 $125.64 rock
Also 5' @
$162.06;
Includes
10' @ some bed
2 118.0 40.0 80.0 $ 55.57 $434.95 rock
3 139.0 55.0 86.0 $ 7.44
Includes
some bed
4 139.0 50.0 91.0 $ 11.28 rock
---------- --------- ---------- ---------- ---------- ---------- ----------
4 Hole
Average = 125.0 45.0 82.0 $ 20.95
Yards = 31.3 11.3 20.5
---------- --------- ---------- ---------- ---------- ---------- ----------
Drill Line 9.9 (Single hole)
Pay Grade
Drill Fluvial Pay Grade Includes
Hole Bedrock Gravel (Stream) For Best
Number Or Hole Overburden Gravel Fluvial Intercept
Depth Thickness Thickness Gravel Over
(ft) (ft) (ft) ($/bcy) $50.00/bcy
Channel CUT ($bcy) Comments
---------- --------- ---------- ---------- ---------- ---------- ----------
1 118.0 5.0 115.0 $ 5.34
Drill Line 10 (500 feet long)
Pay Grade
Drill Hole Bedrock Glacial Fluvial Pay Grade Includes
Overburd- (Stream) For Best
Number Or Hole en Gravel Fluvial Intercept
Depth Thickness Thickness Gravel Over
(ft) (ft) (ft) ($/bcy) $50.00/bcy Comments
CUT ($bcy)
---------- --------- --------- --------- --------- ---------- ----------
Includes
some bed
1 79 50.0 81.0 $ 1.62 rock
Includes
some bed
2 120.0 45.0 77.0 $ 5.82 rock
Includes
some bed
3 148.0 55.0 70.0 $ 11.52 rock
Also 5' @
$ 151.10;
Includes
some
4 161.0 65.0 90.0 $ 63.66 30' @$136.51 bedrock
Includes
some bed
5 161.0 80.0 83.0 $ 6.66 rock
No
bedrock;
hit caves
- old mine
6 167.0 88.0 73.0 $ 7.32 workings
7 200.0 70.0 105.0 $ 6.42 No bedrock
Includes
some bed
8 175.0 75.0 50.0 $ 7.68 rock
No
bedrock;
hole
9 90.0 40.0 50.0 $ 0.66 abandoned
10 135.0 25.0 50.0 $ 12.12 No bedrock
---------- --------- --------- --------- --------- ---------- ----------
10 Hole
Average = 143.6 59.3 72.9 $ 13.58
Yards = 47.9 19.8 24.3
---------- --------- --------- --------- --------- ---------- ----------
Image Available: http://www2.marketwire.com/mw/frame_mw?attachid=644564
Contact:
Susan Schenk
Manager of Investor Relations
Little Squaw Gold Mining
(509) 535-6156
ir@littlesquawgold.com
The Company now has results for 68 of the 99 drill holes completed. Sixty of these holes have intersected the "Pay Horizon," which refers to the mineralized stratum of gravel from which significant quantities of gold can be recovered. The new sample results are for 42 holes on drill lines 2, 7, 8, 8.6, 9, 9.9, 10 and on the east ends of lines 3 and 4 (see drill map and drill results tables below). The 60 holes show a Pay Horizon averaging $15.94 per cubic yard (yd3) over a thickness of 84 feet (28 yards) using a gold price of $600 per ounce ($21.25/yd3 @ $800/oz).
Based partially on a February 2002 government study, the Company believes the value of the placer gold gravels at Chandalar falls well within economically extractable limits. U.S. Bureau of Land Management (BLM) Alaska Technical Report 38 is titled, "Economic Prefeasibility Studies of Mining in the Koyukuk Mining District, Northern Alaska." The Koyukuk mining district lies immediately west of the Chandalar mining district within the same mountain range. According to economic modeling in the report, placer mines having access and geology similar to the Little Squaw Creek deposit, required a recoverable metal value of $4.62/yd3 to yield a 15 percent Discounted Cash-Flow Rate-of-Return (DCFROR). The BLM report states dollar values in loose cubic yards (mined), whereas the Company states the recoverable gold value in bank cubic yards (in ground). If a normal expansion factor is applied to convert bank to loose cubic yards, then an estimated recoverable metal value of about $6.01 would be required to yield a 15 percent DCFROI. The inflation-adjusted amount is $8.27 yd3 in today's dollars (Bureau of Labor Standards Indices -- Producer Price Index Industry Data for Construction, Sand, and Gravel Mining). The size of the Little Squaw Creek deposit and the scale of a potential mining operation there would exceed any of those in the BLM study, and would gain economies of scale not reflected in the BLM study. The Company believes the placer gold deposit at Chandalar has millions of yards of recoverable metal value currently in the range of $16.00 yd3 to $21.00 yd3 that it could profitably mine. An independent economic feasibility study will be done as soon as sufficient drilling and engineering are completed.
Robert Pate, Chief Operating Officer of the Company, said, "Our staff is encouraged by the results of this placer gold deposit discovery. We anticipate drilling an additional 300 holes to define the limits of the deposit and establish ore reserves. Drilling to evaluate the extensive gold-quartz vein system that is the upstream source area for the alluvial gold remains our No. 1 priority. We believe this vein system may host a multimillion ounce gold deposit."
Company geologists have developed an understanding of the gold placer deposit on Little Squaw Creek as depicted on the drill map below. All the drill lines are perpendicular to the channel flow and linear direction of the gently sloping gravel deposits. A thick paleo-channel deposit of mineralized gravel defined by drill lines 5 through 10 in the upper reaches of Little Squaw Creek is dammed by a subterranean band of erosionally resistant greenstone that it breaches, having disgorged northward into a broad alluvial fan (similar to a fossilized delta). This wide, thick alluvial fan of gold-bearing stream gravel (fluvial material) is defined on drill lines 1 through 4, where it is buried under gold-barren glacial sediments that average 58 feet (19 yards) thick. All the sedimentary strata of stream gravels lay on schist bedrock, with the fan portion of the deposit overlain by glacial overburden (mud, sand and cobbles) containing sparse gold values. The entire deposit remains open to expansion by more drilling.
Metallogeny, Inc., a private company based in Fairbanks, Alaska, has been responsible for all sample collection at the borehole sites and has had exclusive possession of all drill samples, thereby providing independent sample security from the time of borehole extraction through transport to the Fairbanks laboratory. Substrate borehole samples were collected continuously every five feet and processed via a sophisticated sample-reduction routine that recovers the native gold contained in the drill cuttings. The recovered gold is then weighed on an electronic scale accurate to a tenth of a milligram. Calculations are made to determine the content of gold in each cubic yard of gravel. This process of mechanical gold separation is believed to produce a product representative of gold values that could be recoverable in a mining operation.
The tables below contain revised drill sample value results for drill lines 3 and 4, previously reported in the Company's press releases of August 23 and September 10. Metallogeny applied some technical adjustments in making their calculations which they believe more accurately reflect the value of recoverable gold in each cubic yard of gravel. These adjustments included a revision in the sample expansion factor, accounting for fractional differences in drill bit diameters amongst the boreholes, and more effectively limiting the influence of samples with poor volume recoveries.
Richard Walters, President of Little Squaw Gold Mining Company, is responsible for this news release. For additional information regarding Little Squaw Gold Mining, contact Susan Schenk, Manager of Investor Relations, by telephone at (509) 535-6156, or by e-mail at ir@littlesquawgold.com. Little Squaw maintains a comprehensive Web site at www.littlesquawgold.com.
Little Squaw Gold Mining is engaged in the business of precious-metals discovery. This endeavor carries certain risks that are commensurate with the potential rewards of such efforts. These risks cannot be quantified and should not be taken lightly. All statements made here regarding the firm's investment potential should be considered "forward-looking statements" as defined by prevailing regulatory guidelines. As forward-looking statements, these items represent the measured professional judgment of management. They do not, however, represent guarantees, and unforeseen and/or unforeseeable future developments that may render them either incomplete or incorrect. Actual results, plans, programs, and financial performance may differ materially from express or implied forward-looking statements.
2007 Placer Drilling Program
Little Squaw Creek
Summary Of Drill Hole Cut Pay Grades
As of November 26, 2007
(Reverse Circulation Drilling)
(Pay Grade = Value per cubic yard of extractable gold @ $600/oz)
(Valuations use gold recovered @ 850 fine)
(All nuggets > 150 mg cut to 150 mg)
(bcy = bank cubic yards (in situ))
Drill Line Summary
Line Fluvial Pay Grade
Number Glacial (Stream) For
Of Drill Bedrock Overburden Gravel Fluvial
Holes Or Hole Thickness Thickness Gravel
With Pay Depth (ft) (ft) (ft) ($/bcy)
Grade Average Average Average CUT
------------- ----------- ----------- ----------- ----------- -----------
2 4 175.0 65.5 110.5 $ 10.40
3 11 154.4 70.6 84.0 $ 20.84
4 16 150.5 71.3 79.1 $ 14.94
7 4 109.3 16.3 96.3 $ 18.39
8 7 154.0 44.3 104.1 $ 15.77
8.6 3 97.3 45.0 34.0 $ 12.84
9 4 125.0 45.0 82.0 $ 20.95
9.9 1 118.0 5.0 115.0 $ 5.34
10 10 143.6 59.3 72.9 $ 13.58
------------- ----------- ----------- ----------- ----------- -----------
Weighted Avg. 60 144.5 57.8 83.7 $ 15.94
Yards = 48.2 19.3 27.9
------------- ----------- ----------- ----------- ----------- -----------
Drill Line 2 (1,225 feet long)
Pay Grade
Drill Fluvial Pay Grade Includes
Hole Bedrock Glacial (Stream) For Best
Number Or Hole Overburden Gravel Fluvial Intercept
Depth Thickness Thickness Gravel Over
(ft) (ft) (ft) ($/bcy) $50.00/bcy
Fan CUT ($bcy) Comments
---------- --------- ---------- ---------- ---------- ---------- ----------
6 East 70.0 64.0 16.0 $ 3.11
4 East 97.0 56.0 42.0 $ 4.21
2 East 105.0 49.0 57.0 $ 11.02
8 189.5 68.0 122.5 $ 10.74 10' @
$89.11
10 195.5 72.0 124.5 $ 9.31 5' @
$66.95
12 210.0 73.0 138.0 $ 10.81 15' @ Also 5' @
$50.71 $56.97;
No bedrock
---------- --------- ---------- ---------- ---------- ---------- ----------
570'
separates
hole 2E
4 Hole from
Average = 175.0 65.5 110.5 $ 10.40 hole 8
Yards = 70.0 24.3 46.0
---------- --------- ---------- ---------- ---------- ---------- ----------
15 200.0 75.0 126.0 $ 3.97
19 200.0 75.0 126.0 $ 3.98 No bedrock
Drill Line 3 (1,400 feet long)
Pay Grade
Drill Fluvial Pay Grade Includes
Hole Bedrock Glacial (Stream) For Best
Number Or Hole Overburden Gravel Fluvial Intercept
Depth Thickness Thickness Gravel Over
(ft) (ft) (ft) ($/bcy) $50.00/bcy
CUT ($bcy) Comments
--------- --------- --------- --------- --------- -------------- ---------
Secondary
12 East 97.5 70.0 30.0 $ 63.42 10'@ $ 174.86 channel?
Only pay
interval
9 East 114.0 89.0 25.0 $ 33.29 5'@ $ 166.48 in
hole.
7 East 128.0 74.0 54.0 $ 96.78 5'@ $1,024.57 No
nugget
effect
5 East 138.0 64.0 74.0 $ 23.10 15'@ $ 62.21
3 East 147.0 49.0 98.0 $ 13.11 5'@ $ 70.77
1 159.0 48.0 111.0 $ 13.16 10'@ $ 66.45
Also 5' @
3 174.0 63.0 111.0 $ 18.50 5'@ $ 63.90 $ 53.75
Also 5' @
5 165.0 64.0 101.0 $ 11.68 5'@ $ 57.99 $ 54.62
7 173.0 82.0 91.0 $ 10.23 10'@ $ 55.67
9 193.0 88.0 105.0 $ 10.02 5'@ $ 64.99
No
12 210.0 86.0 124.0 $ 13.07 15'@ $ 72.02 bedrock
--------- --------- --------- --------- --------- -------------- ---------
11 Hole
Average = 154.4 70.6 84.0 $ 20.84
Yards = 51.5 23.5 28.0
--------- --------- --------- --------- --------- -------------- ---------
Last
interval
= 5' @ $
25.98; No
15.5 210.0 110.0 100.0 $ 1.38 bedrock
Drill Line 4 (1,070 feet long)
Pay Grade
Drill Fluvial Pay Grade Includes
Hole Bedrock Glacial (Stream) For Best
Number Or Hole Overburden Gravel Fluvial Intercept
Depth Thickness Thickness Gravel Over
(ft) (ft) (ft) ($/bcy) $50.00/bcy
CUT Comments
--------- --------- --------- --------- --------- -------------- ---------
Incl. 5'
bedrock;
Secondary
5 East 75 60 15 $ 52.45 channel?
1 East 85.0 45.0 40.0 $ 49.59 25' @ $ 70.74
1 115.0 63.0 52.0 $ 13.98
2 136.0 65.0 71.0 $ 18.02
Also 5' @
3B 149.0 60.0 89.0 $ 25.93 20' @ $ 60.34 $ 101.38
4 150.0 75.0 75.0 $ 13.25
5 157.0 72.0 85.0 $ 4.47
Uncut =
10' @ $
451.95;
Also 5' @
6 172.0 65.0 107.0 $ 20.84 10' @ $ 67.37 $ 78.21
Uncut =
10' @ $
171.03;
Also 5' @
7 188.0 83.0 105.0 $ 14.72 10' @ $ 96.13 $ 78.15
8 193.0 75.0 118.0 $ 1.42
9 186.0 75.0 111.0 $ 8.05 5' @ $ 67.90
10 168.0 70.0 96.0 $ 4.94
11 149.0 85.0 64.0 $ 11.18 10' @ $ 50.76
12 155.0 83.0 72.0 $ 10.06 10' @ $ 52.64
Uncut =
10' @ $
13 162.0 85.0 77.0 $ 41.14 10' @ $ 260.03 530.65
14 168.0 80.0 88.0 $ 5.92
--------- --------- --------- --------- --------- -------------- ---------
16 Hole
Average = 150.5 71.3 79.1 $ 14.94
Yards = 50.2 23.8 26.4
--------- --------- --------- --------- --------- -------------- ---------
15 158.0 80.0 78.0 $ 3.14
Drill Line 7 (400 feet long)
Drill Bedrock Glacial Fluvial Pay Grade Pay Grade
Hole Or Hole Overburden (Stream) For Includes
Number Depth Thickness Gravel Fluvial Best
(ft) (ft) Thickness Gravel Intercept Comments
(ft) ($/bcy) Over
CUT $50.00/bcy
-------- ------- ------- ------- ------- ------------ ------------
3 East 111.0 25.0 88.0 $ 10.62 10' @ $ 64.18 Includes
some bed
rock
2 East 107.0 30.0 80.0 $ 28.68 20' @ $ 61.90 Includes
some bed
rock
1 East 125.0 5.0 126.0 $ 22.86 30' @ $ 54.84 Includes
some bed
rock
1 94.0 5.0 91.0 $ 10.68 5' @ $107.17 Includes
some bed
rock
-------- ------ ------ ------ ------- -------------- -----------
4 Hole
Average = 109.3 16.3 96.3 $ 18.39
Yards = 36.4 5.4 32.1
-------- ------ ------ ------ ------- -------------- -----------
2 92.0 0.0 90.0 $ 0.13
3 105.0 15.0 90.0 $ 1.13
4 96.0 5.0 85.0 $ 0.39
Drill Line 8 (350 feet long)
Drill Bedrock Gravel Fluvial Pay Grade Pay Grade
Hole Or Hole Overburden (Stream) For Includes
Number Depth Thickness Gravel Fluvial Best
(ft) (ft) Thickness Gravel Intercept Comments
Channel (ft) ($/bcy) Over
CUT $50.00/bcy
($bcy)
------- ------- -------- --------- ------- -------------- ----------
1 150.0 30.0 120.0 $ 6.66 No bedrock
2 128.0 20.0 110.0 $ 47.64 20' @ $ 121.66 Also 10' @
$ 112.66;
Includes
some bed
rock
3 176.0 65.0 113.0 $ 16.14 15' @ $ 58.51 Also 5' @
$ 55.18;
Includes
some bed
rock
4B 194.0 60.0 136.0 $ 12.36 10' @ $ 51.00 Also 5' @
$ 65.46;
Includes
some bed
rock
5 155.0 65.0 90.0 $ 5.40 No bedrock
6B 155.0 20.0 95.0 $ 7.68 Includes
some bed
rock
7 120.0 50.0 65.0 $ 11.28 5' @ $ 70.79 Includes
some bed
rock
------- ------- -------- --------- ------- ------------- ----------
7 Hole
Average = 154.0 44.3 104.1 $ 15.77
Yards = 51.3 14.8 34.7
------- ------- -------- --------- -------- ------------- ----------
Drill Line 8.6 (150 feet long)
Drill Bedrock Gravel Fluvial Pay Grade Pay Grade
Hole Or Hole Overburden (Stream) For Includes
Number Depth Thickness Gravel Fluvial Best
(ft) (ft) Thickness Gravel Intercept Comments
Channel (ft) ($/bcy) Over
CUT $50.00/bcy
($bcy)
------ -------- -------- -------- -------- ------------- ------------
1 97.0 45.0 5.0 $ 9.78 Hit cavity -
old mine
workings
2 95.0 40.0 45.0 $ 13.74 10' @ $ 50.36
3 100.0 50.0 52.0 $ 12.36 5' @ $ 73.52 Includes
some bed
rock
------ -------- -------- -------- -------- ------------- ------------
3 Hole
Average = 97.3 45.0 34.0 $ 12.84
Yards = 32.4 15.0 11.3
------ -------- -------- -------- -------- ------------- ------------
Drill Line 9 (200 feet long)
Pay Grade
Drill Fluvial Pay Grade Includes
Hole Bedrock Gravel (Stream) For Best
Number Or Hole Overburden Gravel Fluvial Intercept
Depth Thickness Thickness Gravel Over
(ft) (ft) (ft) ($/bcy) $50.00/bcy
Channel CUT ($bcy) Comments
---------- --------- ---------- ---------- ---------- ---------- ----------
Includes
5' @ some bed
1 104.0 35.0 71.0 $ 10.68 $125.64 rock
Also 5' @
$162.06;
Includes
10' @ some bed
2 118.0 40.0 80.0 $ 55.57 $434.95 rock
3 139.0 55.0 86.0 $ 7.44
Includes
some bed
4 139.0 50.0 91.0 $ 11.28 rock
---------- --------- ---------- ---------- ---------- ---------- ----------
4 Hole
Average = 125.0 45.0 82.0 $ 20.95
Yards = 31.3 11.3 20.5
---------- --------- ---------- ---------- ---------- ---------- ----------
Drill Line 9.9 (Single hole)
Pay Grade
Drill Fluvial Pay Grade Includes
Hole Bedrock Gravel (Stream) For Best
Number Or Hole Overburden Gravel Fluvial Intercept
Depth Thickness Thickness Gravel Over
(ft) (ft) (ft) ($/bcy) $50.00/bcy
Channel CUT ($bcy) Comments
---------- --------- ---------- ---------- ---------- ---------- ----------
1 118.0 5.0 115.0 $ 5.34
Drill Line 10 (500 feet long)
Pay Grade
Drill Hole Bedrock Glacial Fluvial Pay Grade Includes
Overburd- (Stream) For Best
Number Or Hole en Gravel Fluvial Intercept
Depth Thickness Thickness Gravel Over
(ft) (ft) (ft) ($/bcy) $50.00/bcy Comments
CUT ($bcy)
---------- --------- --------- --------- --------- ---------- ----------
Includes
some bed
1 79 50.0 81.0 $ 1.62 rock
Includes
some bed
2 120.0 45.0 77.0 $ 5.82 rock
Includes
some bed
3 148.0 55.0 70.0 $ 11.52 rock
Also 5' @
$ 151.10;
Includes
some
4 161.0 65.0 90.0 $ 63.66 30' @$136.51 bedrock
Includes
some bed
5 161.0 80.0 83.0 $ 6.66 rock
No
bedrock;
hit caves
- old mine
6 167.0 88.0 73.0 $ 7.32 workings
7 200.0 70.0 105.0 $ 6.42 No bedrock
Includes
some bed
8 175.0 75.0 50.0 $ 7.68 rock
No
bedrock;
hole
9 90.0 40.0 50.0 $ 0.66 abandoned
10 135.0 25.0 50.0 $ 12.12 No bedrock
---------- --------- --------- --------- --------- ---------- ----------
10 Hole
Average = 143.6 59.3 72.9 $ 13.58
Yards = 47.9 19.8 24.3
---------- --------- --------- --------- --------- ---------- ----------
Image Available: http://www2.marketwire.com/mw/frame_mw?attachid=644564
Contact:
Susan Schenk
Manager of Investor Relations
Little Squaw Gold Mining
(509) 535-6156
ir@littlesquawgold.com
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