Midway Drills Best Gold Intercept To-Date at Pan Project, Nevada
13 Juni 2011 - 2:00PM
Business Wire
Midway Gold Corp. ("Midway" or the "Company") (MDW:TSX-V;
MDW:NYSE-AMEX) announces drill hole PN11-09 contained the longest
and highest grade gold intercept yet encountered at its 100 percent
controlled Pan Project, White Pine County, Nevada. This 30 meter
intercept of 3.15 grams per tonne (gpt) gold includes a zone of
13.7 meters of 5.79 gpt gold which also includes a 1.5 meter
interval of 10.1 gpt gold.
Drill hole PN11-09 is part of a reverse circulation (RC) drill
program designed to expand the South Pan resource. Due to the
unusually high grade assays and to confirm the initial results,
sample rejects for the entire interval were re-assayed along with a
new set of standard and blank samples. Results gave excellent
reproducibility with the average grade of the interval proving to
be identical for both sets of assays. This new intercept is located
about 115 meters from drill hole PN10-03c which bottomed in 6.4
meters averaging 1.5 gpt gold (see Midway press release dated
November 8, 2010).
Midway currently has one RC rig operating at Pan and to date in
2011, has completed approximately 7,200 meters in 28 RC holes. Gold
assays received to date are summarized in the table below.
Additional intercepts east of South Pan include 126.5 meters of
0.55 gpt gold in PN11-07 and 100 meters of 0.38 gpt gold in
PN11-05. North of South Pan, intercepts include 71 meters of 0.45
gpt gold in PN11-12, 19.8 meters of 0.93 gpt gold in PN11-14, and
59 meters of 0.72 gpt gold in PN11-30. Drill holes PN11-17 to
PN11-21 were condemnation holes drilled to test for mineralization
beneath proposed mine facilities to depths of 250-450 meters. As
expected, these condemnation holes did not find significant gold
mineralization, therefore the area is confirmed suitable for
locating the leach pad and associated production facilities.
Drilling is also scheduled at North Pan this year where the current
gold resource appears to remain open in all directions.
“The expansion of mineralization at South Pan from step out
drilling to the east and north may have a positive impact on our
mine design at Pan,” said Ken Brunk, President and COO of Midway.
“Further data evaluation and additional drilling will be needed to
quantify the impact. Meanwhile, our team of engineers continue to
advance the Feasibility Study currently underway to aggressively
move the project toward our planned 2013 production target.”
In addition to on-going geologic activities, several engineering
programs are underway to support the Pan Feasibility Study. This
includes detailed engineering of the leach pad facilities, final
geo-technical design, metallurgical optimization, equipment
selection, detailed mine design, design of utilities and ancillary
support facilities, detailed man-power planning, and project
execution scheduling, including construction methodologies and
attendant schedules. The environmental team is completing the final
phases of the Plan of Operations which will be submitted to the
Bureau of Land Management, the project’s lead agency, in the coming
weeks.
PAN PROJECT DRILL INTERCEPTS
Drill hole Area StartingFrom
(m) Lengthmeters
Grade(gpt) StartingFrom (ft)
LengthFeet Grade(opt)
PN11-01 S Pan
25.9 76.2 1.371 85 250
0.040 PN11-02 S Pan 0.0 170.7 0.720
0 560 0.021 PN11-03 S Pan 62.5
30.5 0.55 205 100 0.016 PN11-04
S Pan 170.7 6.1 0.34 560
20 0.010 182.9 3.0 0.27 600 10 0.008
207.3 3.0 0.17 680 10
0.005 PN11-05 S Pan 71.6 21.3 0.14 235 70 0.004
99.1 100.6 0.38 325 330
0.011 PN11-06 S Pan 96.0 10.7 0.27 315 35 0.008 141.7 15.2
0.89 465 50 0.026 166.1 19.8
0.62 545 65 0.018 PN11-07 S Pan
54.9 126.5 0.55 180 415
0.016 PN11-08 S Pan 77.7 79.2 0.65 255 260 0.019
164.6 12.2 0.31 540 40
0.009 PN11-09 S Pan 146.3 30.5 3.15 480 100 0.092
includes 157.0
13.7 5.79 515 45
0.169 PN11-10 S Pan 112.8 10.7 0.17 370 35 0.005
184.4 7.6 0.21 605 25 0.006 199.6
15.2 0.21 655 50 0.006 PN11-11
S Pan no significant intercept
PN11-12 S Pan 109.7 71.6
0.45 360 235 0.013 PN11-13 S Pan
157.0 24.4 0.21 515 80
0.006 PN11-14 S Pan 131.1 19.8 0.93
430 65 0.027 PN11-15 S Pan 0.0 18.3 0.31 0 60
0.009 65.5 10.7 0.41
215 35 0.012 PN11-16 S Pan 120.4
22.9 0.48 395 75 0.014 PN11-17
Facilities Condemnation hole no significant
intercept PN11-18 Facilities Condemnation hole
no significant intercept PN11-19 Facilities
Condemnation hole no significant intercept PN11-20
Facilities Condemnation hole no significant intercept
PN11-21 Facilities Condemnation hole no
significant intercept
Notes:
Assays are 30 gram fire assays conducted by ALS Chemex labs in
Sparks, Nevada. Reverse circulation drilling was conducted by
O’Keefe Drilling of Butte, Montana. Intercepts reported using a
0.14 gpt cut off. Intercepts are along the length of the hole and
may not represent true mineralized widths.
This news release has been reviewed and approved by William S.
Neal (M.Sc. and CPG), Vice President of Geological Services, and a
“qualified person” as that term is defined in National Instrument
43-101.
ON BEHALF OF THE BOARD
“Kenneth A. Brunk”
Kenneth A. Brunk, President and COO
About Midway Gold Corp.
Midway Gold Corp. is a precious metals company with a vision to
explore, design, build and operate 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 Pan
project and resource and reserve 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 Pan project, 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 reserves 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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