VANCOUVER, British Columbia, Nov. 23, 2009 (GLOBE NEWSWIRE) -- Silverado Gold Mines Ltd (OTCBB:SLGLF) (Frankfurt:SLGL) (www.silverado.com) (the "Company" or "Silverado") summarizes the results of 2009 exploration drilling completed at the Nolan Gold and Antimony Project located in northern Alaska.
The primary objective for the 2009 Nolan drill program was to expand the current gold and antimony lode mineral resources at the Workman's Bench and Pringle Bench prospects, located near the southwest end of the northeast-striking, Solomon Shear Zone, which is defined by geology, soil sampling, and geophysical investigations. Company geologists and the QP believe that the Solomon Shear Zone constitutes the lode source for much of historic production on Nolan Creek, including 23,200 ounces of placer gold test-mined by Silverado intermittently from 1979-2007. Drilling and subsurface investigations completed through the end of 2008 on the Workman's Bench deposit contains a probable mineral reserve amounting to 42,412 tons grading 28.00 percent antimony, and 0.408 ounces/ton gold. Through the end of 2008, The Workman's and Pringle Benches also contained inferred mineral resources amounting to 24,077 tons grading 12.45 percent antimony and 0.245 ounces/ton gold (for both estimates, see "January 1, 2009 NI-43-101 Technical Report for Nolan Creek (Amended June 1, 2009)" on www.sedar.com or on www.silverado.com).
During 2009, additional drill holes were completed in both the Workman's Bench and Pringle Bench gold and antimony deposits in an effort to increase gold and antimony resource potential. The table below summarizes the 2009 drill footage totals. A total of 20 holes totaling 4,992 feet were drilled into the Solomon Shear Zone. The drill footage total closely follows the recommendations made in the above referenced NI 43-101 Technical Report, which was for completion of 5,000 feet of drilling on Workman's Bench and Pringle Bench. Specific information for drill collars has been previously released in Silverado News Release; i.e., see Company News Release of August 26th, and September 22nd, 2009. The primary drill target during the 2009 program was the mesothermal, gold-antimony-quartz, vein-fault deposit referred to by the Company as the 'A Zone'. The 'A Zone' is part of a 150 feet wide, high-angle gold-antimony fault vein system that includes 'B Zone', 'C Zone', and 'West Zone', and which remains open at depth and along strike.
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Summary of 2009 Diamond Core Drill Program, Nolan Creek Property
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Deposit Number of Duration Drill Drill Hole Total
Drill Holes of Drilling Hole Depths Numbers Footage
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Workman's 9 May 18 - 164 - 283 09SH01 - 2,663
Bench August 15 09SH09
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Pringle 11 August 16- 142 - 342 09SH10 - 2,329
Bench September 22 09SH20
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TOTAL 20 May 18 - NA NA 4,992
September 22
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During 2009, the Company drilled the Workman's Bench and Pringle Bench vein-fault structures from upslope collars on the southeast side of the vein-fault system. Drilling during 2007 and 2008 tested the Workman's Bench and Pringle Bench deposits from collars located to the northwest of the structures. Testing the vein-faults from both southeast and northwest collar locations result in two sets of azimuths that provide additional confidence for the estimation of mineralized vein-fault widths. Nine holes were drilled at Workman's Bench during the first phase of drilling, totaling 2,663 ft. Eleven holes were drilled into the Solomon Shear Zone along Pringle Bench during the second phase of drilling, totaling 2,329 feet.
When combined with drill campaigns of previous years, the Company has now drilled 16,400 feet in 50 drill holes on Workman's Bench and 5,044 feet in 23 drill holes on Pringle Bench for a grand total of 21,444 feet of drilling in 73 drill holes from both areas.
In addition to drilling, Silverado staff scraped sections of mineralized zones clear of colluvial materials on Pringle Bench with the aid of a surface excavator, which provided excellent new surface exposures from which detailed geologic studies and sampling can be completed.
Results of the 2009 program are briefly summarized below:
1) Eight of the nine holes cut the Workman's Bench, massive stibnite-gold-quartz, vein-fault in 'A' Zone.
2) Testing of A Zone in drill hole 09SH05 encountered massive stibnite 2.20 feet wide, the thickest stibnite intersection encountered during three years of drilling. Grades of up to 0.734 ounces/ton gold and 57.0 percent antimony were encountered in 2009 Workman's Bench stibnite-gold-quartz intercepts.
3) Because all 2009 drill holes in Workman's bench were designed to intercept a part of A-Zone not previously drill-tested, the season's drilling should add significantly to the potential to increase gold and antimony resources on Workman's Bench.
4) Ten of the eleven holes intercepted the 'A Zone' gold-antimony fault vein on Pringle Bench and thus confirmed the continuity of the Solomon Shear Zone gold-antimony fault vein system across Smith Creek, which bisects the Workman's Bench and Pringle bench areas. Prior to 2009, mineralization could only be demonstrated to about 80 feet in depth on Pringle Bench. The 2009 drill data allows for projections to >200 foot depths of mineralized A Zone intercepts on Pringle Bench.
5) A Zone is confidently confirmed on both Workman's and Pringle Bench, and can now be traced with confidence for a minimum strike length of 2,600 feet and remains open at both ends.
6) During this years and past drilling, Company geologists have recognized a potential for wider mineralized widths within the Solomon Shear Zone. Two drill holes, (09SH19 and 09SH20), were designed to test the existence of other gold-bearing structures that are oblique to A-Zone and other northeast-striking vein-fault structures within the several-mile-long, Solomon Shear Zone. Gold-bearing, quartz-carbonate veins were intersected in both drill holes that are oblique to the main, northeast-striking, quartz-stibnite-gold vein-faults.
7) During 2009, the company assembled selected mineralized sample intervals for Specific Gravity (SG) determinations and bulk samples for acid rock drainage studies (ARD) as part of the ongoing mineral development scoping investigations on their Nolan gold and antimony properties.
The QP will utilize the 2009 drill results to calculate new resource estimates on both Workman's Bench and Pringle Bench and will report his findings when they have been completed. The Company will continue submitting additional infill core samples from previous years drill core for additional resource estimates. These new assay results and any associated resource estimates will also be disclosed upon receipt of the results.
Qualified Person
The technical information that is released in this news release has been reviewed by Thomas K. Bundtzen, P. Geo BS MS CPG-10912, ABSLN #279639, President of Pacific Rim Geological Consulting, Inc., of Fairbanks, Alaska, who is independent of the Company as defined by NI 43-101. Bundtzen is a Certified Professional Geologist with the American Institute of Professional Geologists (AIPG). Bundtzen is the Qualified Person as defined in NI 43-101 and also qualifies under the rules stated by the U.S. Securities and Exchange Commission (SEC), and has verified the data contained in this news release for accuracy. The disclosure requirements of 3.2 and 3.3 of NI 43-101 are addressed in a previously filed report entitled "January 1, 2009 NI 43-101 Pre-Feasibility Study for Nolan Creek (Amended June 1, 2009)". Sampling and Quality Assurance/Quality Control (QAQC) procedures deployed during the core drilling and surface sampling programs follow those outlined in Silverado's NI 43-101 Prefeasibility Study of the Workman's Bench Antimony Gold deposit, Amended June 1, 2009, which is available at www.sedar.com and on the company website at www.silverado.com.
About the Company
Silverado Gold Mines Ltd, a publicly traded company, is an exploration-stage enterprise focused on the exploration of gold properties with some past production. The Company has gold properties located throughout Alaska, which include a 100 percent (100%) interest in numerous mining claims located on the Nolan Creek property.
Forward Looking Statements
This news release may contain, in addition to historical information, forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements in this news release that are forward-looking statements are based on the current expectations, beliefs, assumptions, estimates and forecasts about the Company's business and the industry and markets in which it operates.
Such forward-looking statements involve risks and uncertainties regarding the market price of gold, availability of funds, government regulations, common share prices, operating costs, capital costs, outcomes of test mining activities and other factors. Forward-looking statement are made, without limitation, in relation to operating plans, property exploration activities, including test mining activities, availability of funds, environmental reclamation, operating costs and permit acquisition. Any statements contained herein that are not statements of historical facts may be deemed to be forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as "may", "will", "should", "expect", "plan", "intend", "anticipate", "believe", "estimate", "predict", "potential", or "continue", and the negative of such terms or other comparable terminology. Actual events or results may differ materially. In evaluating these statements, you should consider various factors, including the risks detailed in the Company's filings with the Canadian Securities Authorities and the U.S. SEC. These factors may cause the Company's actual results to differ materially from any forward-looking statement. Except as required by applicable securities laws, the Company disclaims any obligation to publicly update these statements, or disclose any difference between its actual results and those reflected in these statements. Given these uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements.