New Exploration Funding Agreement Signed on Miranda's Coal Canyon, BPV and CONO Projects
11 März 2008 - 5:26PM
Marketwired
VANCOUVER, BRITISH COLUMBIA (TSX VENTURE: MAD)(OTCBB:
MRDDF)(BERLIN: MRG)(FRANKFURT: MRG) is pleased to announce that it
has signed an Exploration Agreement with Option to Form a Joint
Venture with Queensgate Resources Corporation ("Queensgate").
Queensgate may earn a joint venture interest in the Coal Canyon,
BPV and CONO projects, located in the heart of northern Nevada's
Cortez Gold Trend. These three properties are adjacent to one
another and in aggregate consist of 178 unpatented lode mining
claims covering 5.8 square miles (15.1 sq km). Queensgate is a
privately held company based in Montreal, Quebec.
Under the terms of the exploration agreement, Queensgate must
fund $3,000,000 in exploration activities over a five-year period
in order to earn a 51% interest in the properties. Upon earning a
51% interest Queensgate may earn an additional 9% interest, for a
total of 60%, by funding an additional $2,000,000 and can
eventually earn up to a 70% interest in all three properties by
funding a bankable feasibility study on any one of the properties.
The first year's $260,000 is an obligation that will include
exploration expenditures as well as payments to maintain the
underlying mineral lease. In addition to the work expenditures and
subject to the rules and regulations of the TSX Exchange and other
regulatory agencies, Queensgate will issue 100,000 common shares of
Queensgate to Miranda by June 15, 2008.
Coal Canyon consists of 64 unpatented lode claims ten miles (16
km) south of Barrick's +8 million ounce Cortez Hills gold deposit.
Lands surrounding the project are largely controlled by Barrick and
US Gold. The project covers a large percentage of the Windmill
window, a geologic feature exposing favorable lower-plate carbonate
rocks. Rocks exposed in the Windmill window are analogous to
carbonate rocks that host the nearby multi-million ounce Cortez
Hills and Pipeline gold deposits.
Past exploration has focused on the northwest-trending Grouse
Creek fault that lies on ground controlled by others, adjacent to
the southwest margin of Miranda's property. Historic drilling along
this fault has reportedly encountered gold mineralization of up to
85 ft of 0.022 oz Au/t (26m of 0.754 g Au/t) in the Hanson Creek
dolomite and the underlying Eureka quartzite. Gold mineralization
is associated with altered dikes, iron oxide and silicification.
Significant stratiform alteration is also noted locally at the
Hanson Creek-Robert's Mountain Formation contact away from the
Grouse Creek fault zone. Geophysical surveys demonstrate that the
Grouse Creek fault mineralization correlates with gradient
resistivity and self-potential anomalies. In conjunction with a
previous partner, Miranda has outlined several promising drill
targets which were never drilled. These targets will be evaluated
by Queensgate for drill testing in 2008.
The BPV and CONO projects comprised 114 lode mining claims
located approximately two miles (3.2 km) south of the ET Blue
prospect and 8 miles (12.8 km) southeast of the Cortez Hills gold
deposit. Lands surrounding the project are largely controlled by
Barrick. The projects occur within an inferred structural corridor
between the gold-bearing Grouse Creek fault at Coal Canyon to the
south, mineralization-controlling faults inferred for the ET Blue
prospect, and the altered fault boundary of the Cortez lower plate
window to the north. CONO is on the southern projection of the
inferred horst localizing the ET Blue gold-system. Drill targets
will be defined by interpreting pre-existing data including
gravity, MT (magneto telluric) profiles, mercury gas surveys and
previous drill holes.
The data disclosed in this press release have been reviewed and
verified by Company Senior Geologist Steven Koehler, P. Geo., BSc.
Geology and Qualified Person as defined by National Instrument
43-101.
Corporate Profile
Miranda Gold Corp. is a gold exploration company active in
Nevada and whose emphasis is on generating gold exploration
projects within the Battle Mountain-Eureka and Cortez Trends.
Miranda performs its own grass roots exploration and then employs a
joint venture business model on its projects in order to maximize
exposure to discovery while minimizing exploration risk. Miranda
has ongoing partnerships with Barrick Gold Exploration Inc., the
Cortez Joint Venture, the Buckhorn Joint Venture, Piedmont Mining
Company Inc. White Bear Resources Inc., and now Queensgate
Resources Corporation.
ON BEHALF OF THE BOARD
Kenneth Cunningham, President and CEO
This news release may contain information about adjacent
properties on which we have no right to explore or mine. We advise
U.S. investors that the SEC's mining guidelines strictly prohibit
information of this type in documents filed with the SEC. U.S.
investors are cautioned that mineral deposits on adjacent
properties are not indicative of mineral deposits on our
properties. This news release may contain forward-looking
statements including but not limited to comments regarding the
timing and content of upcoming work programs, geological
interpretations, receipt of property titles, potential mineral
recovery processes, etc. Forward-looking statements address future
events and conditions and therefore involve inherent risks and
uncertainties. Actual results may differ materially from those
currently anticipated in such statements.
The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of this release.
Contacts: Miranda Gold Corp. Fiona Grant Manager, Investor
Relations (604) 689-4580 or 1-877-689-4580 (604) 801-5911 (FAX)
Email: mad@mirandagold.com Website: www.mirandagold.com
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