Midway Drills 23 Meters of 2.3 gpt Gold at Gold Rock, Nevada
14 November 2011 - 2:00PM
Business Wire
Midway Gold Corp. ("Midway" or the "Company") (MDW:TSX-V;
MDW:NYSE-AMEX) announces that drilling on its Gold Rock Project,
White Pine County, Nevada intercepted 23 meters of 2.33 grams
per tonne (gpt) gold, including 3 meters of 4.56 gpt
gold, in drill hole GR11-16 and 44 meters of 0.96 gpt gold
in drill hole GR11-11. The drill results continue to confirm the
expected grade and location of mineralization defined by historical
drilling. Drill intercepts and hole locations are listed in the
table and shown on the map below. Gold Rock is 8 km southeast of
Midway’s Pan Project and appears to contain similar host rocks and
similar styles of gold mineralization to those at Pan.
Ken Brunk, Midway’s President and COO said “Our verification
drilling is continuing to encounter gold mineralization adjacent to
the Easy Junior open pit and along strike to the north and south.
The results correlate well with the location and grade of gold
intercepts found in historical drill holes. This validation of the
historic data should allow us to include data from 673 historic
drill holes along with our own drilling when estimating a new NI
43-101 compliant resource. We believe Gold Rock could host a gold
deposit that is comparable in size to our nearby Pan gold deposit,
but with a potentially higher average grade.”
Midway’s 2011 Gold Rock drill program was designed to verify
historic reports of gold mineralization indicated in drill results
from past operators and to further evaluate this bulk tonnage,
Carlin-style, sediment-hosted gold project. Midway’s verification
drilling included 21,100 feet in 25 RC holes and 5,260 feet in 6
core holes. Assay results from 7 RC holes and 6 core holes are
pending. Results from the first 7 holes were released earlier (see
press release dated September 14, 2011).
A 1988 historical report of the resource around the Easy Junior
open pit mine estimates the presence of 344,770 oz gold contained
in 13.5 million tonnes at a grade of 0.8 gpt gold. A Qualified
Person has not done sufficient work to classify the historical
estimate as a current NI 43-101 compliant mineral resource. Midway
is not treating the historical estimate as a current mineral
resource and the historical estimate should not be relied upon.
In 1986, Echo Bay Mines discovered the Easy Junior gold deposit
in what is now the center of Midway's Gold Rock project. Alta Gold
conducted open pit mining at Easy Junior between 1989 and 1994;
gold recovery continued to 1996. Midway, through its acquisition of
Pan-Nevada Gold Corporation, gained control of the project in
2007.
Significant Drill Hole Assay
Intercepts
Gold Rock Project, Nevada
Hole No. Type
From (m) To
(m) Interval (m)
Gold Grade (gpt) GR11-08
RC 67.1
115.8
48.8 0.42 GR11-09
RC
138.7 163.1
24.4 0.48 GR11-10
RC
No significant intercept GR11-11
RC 51.8
96.0 44.2
0.97 GR11-12
RC No
significant intercept
GR11-13C Core
Assays pending
GR11-14C
Core
Assays pending
GR11-15C
Core Assays
pending
GR11-16
RC 144.8
167.6 22.9
2.34 Includes:
147.8 150.9
3.0
4.58 Includes:
153.9
155.4
1.5
3.43 Includes:
158.5
160.0
1.5 4.09
GR11-17 RC
64.0 73.2
9.1
0.32 GR11-18 RC
Assays pending GR11-19
RC Assays pending
GR11-20 RC
86.9 94.5
7.6
0.21
106.7 120.4
13.7
0.93 GR11-21 RC
198.1
211.8 13.7
0.25 GR11-22
RC No significant
intercept GR11-23C
Core
Assays pending
GR11-24C
Core Assays
pending
GR11-25C
Core Assays pending
GR11-26 RC
97.5
149.4 51.8
0.67 Includes:
103.6
105.2
1.5
4.47 GR11-27
Assays pending
GR11-28
Assays pending
GR11-29
Assays pending
GR11-30
Assays pending
GR11-31
Assays pending
Reverse circulation drilling was conducted by O’Keefe Drilling
of Butte, Montana and National Drilling of Elko, Nevada. Core
drilling was conducted by KB Drilling of Carson City, Nevada.
Samples were assayed by ALS-Chemex Labs, in Sparks, Nevada by
30-gram fire assays. Results reported represent thickness along the
trace of the drill hole and do not necessarily represent true
thickness.
To view the Map of Drill Hole Locations, Gold Rock Project,
Nevada, please click on the following link:
http://www.usetdas.com/pr/midway11142011006.gif
This release has been reviewed and approved by Mr. William S.
Neal (M.Sc. and CPG), Vice President of Geological Services, and a
"Qualified Person" as that term is defined in NI 43-101.
ON BEHALF OF THE BOARD
“Kenneth A. Brunk”
Kenneth A. Brunk, President, COO and Director
About Midway Gold Corp.
Midway Gold Corp. is a precious metals company with a vision to
explore, design, build, and operate gold mines in a manner
accountable to all stakeholders while producing an acceptable
return to its shareholders. For more information about Midway,
please visit our website at www.midwaygold.com or contact R.J.
Smith, Vice President of Administration, at (877) 475-3642
(toll-free).
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.
This press release contains forward-looking statements about the
Company and its business. Forward looking statements are statements
that are not historical facts and include, but are not limited to,
statements about the Company's intended work plans for the projects
and resource estimates. The forward-looking statements in this
press release are subject to various risks, uncertainties and other
factors that could cause the Company's actual results or
achievements to differ materially from those expressed in or
implied by forward looking statements. These risks, uncertainties
and other factors include, without limitation, risks related to the
timing and completion of the Company's intended work plans for the
projects, risks related to fluctuations in gold prices;
uncertainties related to raising sufficient financing to fund the
planned work in a timely manner and on acceptable terms; changes in
planned work resulting from weather, logistical, technical or other
factors; the possibility that results of work will not fulfill
expectations and realize the perceived potential of the Company's
properties; uncertainties involved in the interpretation of
drilling results and other tests and the estimation of gold
resources and reserves; the possibility that required permits may
not be obtained on a timely manner or at all; the possibility that
capital and operating costs may be higher than currently estimated
and may preclude commercial development or render operations
uneconomic; the possibility that the estimated recovery rates may
not be achieved; risk of accidents, equipment breakdowns and labor
disputes or other unanticipated difficulties or interruptions; the
possibility of cost overruns or unanticipated expenses in the work
program; and other factors identified in the Company's SEC filings
and its filings with Canadian securities regulatory authorities.
Forward-looking statements are based on the beliefs, opinions and
expectations of the Company's management at the time they are made,
and other than as required by applicable securities laws, the
Company does not assume any obligation to update its
forward-looking statements if those beliefs, opinions or
expectations, or other circumstances, should change.
Cautionary note to U.S. investors concerning estimates of
reserves and resources: This press release and the technical report
referred to in this press release use the terms "resource",
"reserve", "measured resources", "indicated resources" and
"inferred resources", which are terms defined under Canadian
National Instrument 43-101 and the Canadian Institute of Mining and
Metallurgy Classification system. Estimates of mineral resources in
this press release and in the technical report referred to in this
press release have been prepared in accordance with NI 43-101 and
such definitions differ from the definitions in U.S. Securities and
Exchange Commission ("SEC") Industry Guide 7. Under SEC Industry
Guide 7 standards, a "final" or "bankable" feasibility study is
required to report reserves, the three-year historical average
price is used in any reserve or cash flow analysis to designate
reserves and the primary environmental analysis or report must be
filed with the appropriate governmental authority. Mineral
resources are not mineral reserves and do not have demonstrated
economic viability. We advise investors that while those terms are
recognized and required by Canadian regulations, the SEC does not
recognize them. U.S. investors are cautioned not to assume that any
part or all of mineral deposits in these categories will ever be
converted into reserves as defined in the SEC's Guide 7. In
addition, "inferred resources" have a great amount of uncertainty
as to their existence, and great uncertainty as to their economic
and legal feasibility. It cannot be assumed that all or any part of
an inferred mineral resource will ever be upgraded to a higher
category. Under Canadian rules, estimates of inferred mineral
resources may not form the basis of feasibility or pre-feasibility
studies, except in rare cases. U.S. investors are cautioned not to
assume that part or all of an inferred resource exists, or is
economically or legally minable. The SEC normally only permits
issuers to report mineralization that does not constitute SEC
Industry Guide 7 compliant "reserves" as in-place tonnage and grade
without reference to unit measures. It cannot be assumed that all
or any part of mineral deposits in any of the above categories will
ever be upgraded to Guide 7 compliant reserves. Accordingly,
disclosure in this press release and in the technical reports
referred to in this press release may not be comparable to
information from U.S. companies subject to the reporting and
disclosure requirements of the SEC.
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