LAKE CITY, Colo., Jan. 20, 2015 /PRNewswire/ -- LKA Gold
Incorporated (OTCQB:LKAI) announces initial results of its
underground drill program at the Company's Golden Wonder mine
located near Lake City, Colorado.
The drilling program, initiated in late November, 2014, is designed
to test potential, close-in, high-grade, targets adjacent to the
current exploration areas as well as probe for extensions of the
Golden Wonder vein structure(s) several hundred feet beyond the
current working area.
Initial drilling results with assays are as follows:
|
|
|
|
|
|
Drill
Hole
|
Core
Sample
|
Au
|
Ag
|
Adjusted
Vein
Width
|
|
CH-1
|
84-86
|
10.4 (323)
|
2.14
|
12
|
|
CH-1
|
86-88
|
2.24
(69.7)
|
1.69
|
12
|
|
CH-2
|
Terminated
|
|
|
|
|
CH-3
|
92-94
|
.19 (5.9)
|
2.33
|
10
|
|
CH-3
|
94-97
|
.10 (3.1)
|
2.11
|
14.5
|
|
CH-3
|
99-102
|
1.05
(32.6)
|
1.07
|
14.5
|
|
CH-4
|
119-122
|
.01 (.31)
|
N/M
|
2
|
|
CH-5
|
75-77
|
31.8 (989)
|
5.58 (
|
12
|
|
CH-5
|
81-81.5
|
.13 (4)
|
N/M
|
3
|
|
|
Troy
oz
(grams)/ton
|
Troy
oz
/ton
|
Inches
|
|
|
|
|
|
The underground drilling program follows the completion of the
high-resolution mapping of the mine's historic production and
exploration areas conducted by Maptek in October, 2014. More
results will be released as additional drilling data is
collected.
About LKA's exploration program at its Golden Wonder Mine
Vein material is
extracted as crews follow the volcanic vent system along the wall
of the Uncompahgre Caldera. This method of exploratory mining
and underground drilling proved successful in locating the first
commercial ore body which yielded more than 133,000 ounces of gold
from a single ore chute measuring less than 10,000 cubic feet. From
1998, through the second quarter of 2006, the average grade of
Golden Wonder ore was 16.01 ozs. (454 grams) gold per ton. LKA
believes that additional such ore chutes may exist on its mining
claims. Upon resuming exploratory operations in the first quarter
of 2009, LKA has extracted and/or shipped (sold) twenty-nine bulk
samples of crushed vein material containing nearly 4,400 ounces of
gold with a net value, after processing, of over $5 million. The Company continues to seek and
evaluate financing options to expand/accelerate this program.
Investors are cautioned that the Company continues to generate
substantial losses and additional funding and exploration work is
required. A commercially viable ore reserve has yet to be
established and there can be no guarantee that the Company will be
successful in this regard.
Safe Harbor Statement
LKA's plans to resume
commercial gold production at its Golden Wonder mine are subject to
a number of conditions including, but not limited to, favorable
geology, successful exploration efforts, favorable financing
terms/availability, permits, gold prices, market conditions, etc.
Mining and related activities are inherently high-risk endeavors
and there can be no assurance that LKA will be successful. This
press release contains certain forward-looking statements.
Statements contained in this press release that are not purely
historical are considered forward-looking. When used in this press
release, the words "plan", "target", "anticipate," "believe,"
"estimate," "intend," "potential," "possible," "approximate,"
"expect," and similar expressions are intended to identify such
forward-looking statements. Such forward-looking statements
include, without limitation, the statements regarding LKA Gold's
future plans for exploration and/or production, future expenses and
costs, future liquidity and capital resources, and estimates of
ore, ore grades and mineralized material. All forward-looking
statements in this press release are based upon information
available to LKA Gold on the date of this press release and the
Company assumes no obligation to update any such statements.
Forward-looking statements involve a number of risks and
uncertainties, and there can be no assurance that such statements
will prove to be accurate. The Company's actual results could
differ materially from those discussed in this press release.
Factors that could cause or contribute to such differences include,
but are not limited to, those discussed in the Company's reports
filed with the Securities and Exchange Commission.
Company Contact
LKA Gold Incorporated
Kye Abraham
(253) 514-6661
info@lkagold.com
http://lkagold.com
Investor Contact
Riverview Capital Enterprises
Jonathan Barkman, President
(484) 224-3032
jbarkman@riverviewcapitalent.com
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/lka-releases-initial-results-of-golden-wonder-underground-drilling-program-300022851.html
SOURCE LKA Gold Incorporated
