VANCOUVER, Feb. 4, 2015 /CNW/ - Altan Nevada Minerals Limited (TSX.V:ANE) ("Altan Nevada" or the "Company") (TSX-V: ANE) is pleased to announce that partner Avidian Gold US Inc. ("Avidian"), a private Nevada corporation, has reported results of its 2014 reverse-circulation drilling program at the Company's Radar gold-silver project ("Radar" or the "Property") located in the Paradise Peak district, Mineral and Nye Counties, Nevada. Results include 35m grading 0.641 g/t Au.
Furthermore, Altan Nevada's other partner at Radar, Gold Resource Corporation ("Gold Resource"), has acquired an adjoining claim block in an area where prior drilling intercepted mineralized material. These claims have been included in the Radar project.
Brion Theriault, Altan Nevada's Exploration Manager, commented:
"The early stage drilling by Avidian corroborates our view that the Paradise Peak district is substantially underexplored and that the Radar project incorporates some of the most highly prospective ground therein. These results demonstrate that there is potential for the discovery of bulk-minable ore bodies at Radar in addition to high-grade vein targets."
And further commented:
"The addition of the Goose claims in the same highly altered and anomalous area, a little over 2 kilometers from the original Paradise Peak pit, provides a significant opportunity to upgrade the previously identified mineralized material. We look forward to receiving further news this season from Gold Resource as they evaluate this exciting new exploration target."
Radar
Avidian completed 292.6 meters of RC drilling in three holes during late October 2014. The drilling, part of Avidian's County Line project, took place approximately 850 meters southeast of the past-producing County Line open pit deposit and approximately 400 meters south of the past-producing East Zone pit (Figure 1). The County Line and East Zone pits were part of FMC Gold's Paradise Peak mine, operated during the mid-80's to early 90's, with total production of 1.46 Moz Au and 38.9 Moz Ag. The County Line deposit had a published historic reserve of 2.38 Mt grading 1.06 g/t Au, hosted by silicified welded ash flow tuffs, while the East Zone deposit had a historic reserve of 0.393 Mt grading 0.58 g/t Au, hosted by quartz stockworks in andesite flows.
Mineralized intercepts in Avidian's drill holes included 35.0 meters grading 0.641 g/t Au (including 6.1 meters grading 1.39 g/t Au) from 56.4 meters to 91.4 meters in drill hole CLD-17 and 48.7 meters grading 0.387 g/t Au from 36.6 meters to 85.3 meters in CLD-18. The intercept in CLD-17 bottomed in mineralized material. Significant assays are detailed in Table 1.
These intercepts were in moderately to strongly quartz-sericite-pyrite altered dacite porphyry. Depth of oxidation ranged from 13 to 36.6 meters. There were no significant silver intercepts. The holes were collared within a roughly 4.5 square kilometer gold-in-soil anomaly present in the northern part of the Radar property (Figure 1).
| Drill Hole |
Azimuth |
Inclination |
TD (m) |
From (m) |
To (m) |
Au grade (g/t) |
Material |
| CLD-16 |
034 |
-50 |
91.4 |
0 |
1.5 |
1.79 |
Oxide |
| CLD-17 |
180 |
-70 |
91.4 |
0 |
6.1 |
0.553 |
Oxide |
| 42.7 |
48.8 |
0.390 |
Sulphide |
||||
| 56.4 |
91.4 |
0.641 |
Sulphide |
||||
| Including |
80.8 |
86.9 |
1.39 |
Sulphide |
|||
| CLD-18 |
160 |
-50 |
109.7 |
1.5 |
4.6 |
0.485 |
Oxide |
| 13.7 |
27.4 |
0.340 |
Oxide |
||||
| 36.6 |
85.3 |
0.387 |
Sulphide |
Table 1 - Avidian 2014 County Line Zone Significant Drill Hole Intercepts
The Company is also pleased to announce that its partner on the remainder of the property, Gold Resource entered into a lease option agreement on December 18th, 2014 with Nevada Eagle LLC to acquire the Goose claims, which adjoin the Radar project to the northeast (Figure 1). The Goose property, comprising approximately 40.5 hectares, covers a portion of the Newman Ridge area. An unpublished report obtained by the Company states that drilling by FMC Gold in the Newman Ridge area in 1988 intercepted mineralized material in 17 shallow holes, with gold grades up to 2.19 g/t, including 15.2 meters at 1.13 g/t Au in drill hole N-115. The Company has not independently verified this data.
Under the terms of the lease agreement signed between the Company and Gold Resource on September 8th, 2014 covering the entire portion of the Radar property not leased to Avidian, the Goose property becomes subject to the terms and conditions of that agreement.
The Radar property consists of 204 unpatented mining claims and is located in the productive Walker Lane mineral belt in western Nevada. There are 26 claims leased to Avidian (Figure 1). In 2014 Altan Nevada concluded a separate lease agreement with Gold Resource Corporation ("Gold Resource") (GORO: NYSE MKT) for the remaining 178 claims. Radar is a high-sulfidation epithermal precious metals target hosted by highly altered Miocene volcanic rocks. The property is approximately 2 kilometers from the Paradise Peak mill, currently in care and maintenance and available for purchase. Altan Nevada has spent over $US 1.1 million to develop targets at the Radar project since 2006, including detailed geologic mapping, geochemistry, geophysics and first-pass drilling.
In addition to the near-surface porphyry stockwork targets which Avidian is exploring, mineralized structures at Radar are prospective hosts for high-grade veins similar to those mined in the Goldfield district, located in the Walker Lane approximately 132 kilometers southeast of Radar. The Goldfield district is a classic high-sulfidation epithermal vein system with historic bonanza grades over 600 g/t Au. NW- and NNW-striking structural zones at Radar with strong alteration and gold-pathfinder element anomalies (including Ag, As and Hg) are compelling targets for this style of mineralization.
North Star Project
A wholly owned subsidiary of Teck Resources Limited, Canada's largest diversified resources company ("Teck"), Altan Nevada's partner at its North Star project in Elko County, Nevada, completed a 902 meter diamond drill hole at the property in November, 2014. Altan Nevada is awaiting a final report on the 2014 drill program from Teck. The North Star property occupies a gravity high and block of exposed, hydrothermally altered Paleozoic rock along the projection of the Carlin Trend, approximately 55 km north-northwest of Barrick's Goldstrike mine (52 Moz past production plus current reserves).
Venus Project
Altan Nevada's management was encouraged to learn that on December 30th, 2014 Nevada Copper Corp. announced a US$200 million senior secured loan facility to advance their Pumpkin Hollow copper-gold project to production. Pumpkin Hollow, which hosts proven and probable reserves of 5.2 billion pounds of copper and 989,000 ounces of gold, is directly adjacent to Altan Nevada's Venus project in the Yerington district, Lyon County, Nevada. The confidence expressed by Nevada Copper's investors draws attention to the extraordinary mineral potential of the Yerington district and reflects the increased significance of Altan Nevada's 8.8 square kilometer land position near the headframe of what will be a major mine.
Evan Jones, President & CEO commented "Venus should now properly be considered a brownfields opportunity. The Company is actively seeking a partner to explore the project."
About Altan Nevada
Altan Nevada is a leading exploration innovator focused on the discovery of large-scale ore systems in under-explored districts of Nevada, USA. The Company's holdings in Nevada currently total approximately 8,350 hectares. Projects include two potential district-scale extensions to the north Carlin Gold Trend, three Yerington District copper-gold targets and three large-scale gold alteration systems along the Walker Lane lineament in western Nevada.
Competent Person Statement
Altan Nevada's Exploration Director, Brion Theriault, a Certified Professional Geologist (AIPG) and a Qualified Person as defined by National Instrument 43-101, has reviewed the preparation of the scientific and technical information in this press release in respect to the Property.
On behalf of Altan Nevada Minerals Limited,
"Evan Jones"
Evan Jones, President & CEO
This press release may contain forward looking statements including those describing Altan Nevada's future plans and the expectations of management that a stated result or condition will occur. Any statement addressing future events or conditions necessarily involves inherent risk and uncertainty. Actual results can differ materially from those anticipated by management at the time of writing due to many factors, the majority of which are beyond the control of Altan Nevada and its management.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Altan Nevada Minerals Limited
Image with caption: "Figure 1: Radar Project, Showing Drill Hole Collars, Goose Property and Soil Au Geochemistry. (CNW Group/Altan Nevada Minerals Limited)". Image available at: http://photos.newswire.ca/images/download/20150204_C7456_PHOTO_EN_11832.jpg
Evan Jones, Altan Nevada Minerals Limited, Tel: +1 604 495 8374, Email: [email protected], Web: www.altnev.com
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