VANCOUVER, Feb. 14 /CNW/ - (Silverado - OTCBB: SLGLF / Frankfurt: SLGL).
Silverado Gold Mines Ltd. announced today that it has finalized its funding,
and Strategic Planning for the exploration of the Nolan Creek Lode Gold
Project, for the 2008 season.
Exploration drilling at Silverado's prime identified locations,
commencing at the end of April, 2008, is to be carried out on its gold and
antimony exploration targets within the Solomon Shear Zone, Workman's Bench,
and within Pringle Bench. Definition drilling will direct further underground
work. Financing of $ 5 million has been secured for Silverado to carry out its
2008 Exploration Strategic Plan.
While exploration drilling will be undertaken on Workman's Bench and
Pringle Bench, exploration crews will conduct detailed ground geophysical and
ground geochemical soil surveys across the Fortress Zone which contains
NW-striking gold-quartz vein systems.
The Fortress and Solomon Shear Zones are assumed to be the sources of the
placer gold that has been mined by Silverado Gold Mines, and are the focus of
the company's lode exploration programs (see 3D map
Nolan Creek has yielded 120,000 Toz of placer gold since its discovery.
Silverado itself has produced over 15,000 Toz of gold on this 100% Silverado
owned Nolan Creek property.
Solomon Shear Zone
The Solomon Shear Zone contains NE striking gold-antimony-quartz vein
systems. These vein systems occur on Workman's Bench, across Smith Creek to
Pringle Bench, further up on the Hillside, and have also been located north of
Smith Creek Dome (see 3D map
The NE striking gold-antimony-quartz-vein system represents the
borderline between mesothermal (medium temperature) and epithermal (low
temperature) mineralization. In the Nolan Creek area, gold and antimony grades
within the gold-antimony-quartz vein systems, increase with depth, as
indicated by drilling. The highest antimony and gold grades of all three
drilled prospects (Workman's Bench, Pringle Bench and the Hillside) within the
Solomon Shear Zone are found at Workman's Bench, which represents the lower
drilled part of the gold and antimony mineralized system.
The Workman's Bench mineralized zones have been confirmed over a strike
length of 600 feet. They are well defined and contain antimony and gold
bearing veins each of which are generally larger in width (up to one foot)
than at the other prospects. This is not only evidenced by drilling, but also
by underground and surface observations.
During winter 2007/08, Silverado drove an exploration tunnel into the
Workman's Bench mineralized zone to intersect the gold bearing antimony-quartz
veins. Results of this program will be presented upon receipt of assays.
Silverado Gold Mines is planning an extensive drilling program at
Workman's Bench to define the gold and antimony mineralization at depth over a
strike length of 1,500 feet from Smith Creek, down to the Nolan landing strip.
The gold and antimony mineralized zones at Workman's Bench are open laterally
and at depth. Once this program is completed, drilling will continue on
Pringle Bench. The drilling program at Pringle Bench will be designed to
intersect the gold and antimony mineralized zones at the Workman's Bench
The Fortress Zone contains NW-striking gold-quartz vein systems (see 3D
map http://www.silverado.com/i/pdf/3DNolanLodePlacer.pdf). These are located
in the Fortress area, and also confirmed in the Right Fork of Vermont Creek.
They show generally higher gold values than the gold-antimony vein system. The
NW-striking gold-quartz vein system represents mesothermal (medium
temperature) vein mineralization. Mesothermal gold deposits form the world's
largest gold deposits.
Although only in its early exploration stage, the extensive soil
geochemical survey along with the ground geophysical VLF-EM survey performed
in 2007 has revealed east-west trending fault zones that are overlain by
strong arsenic and gold in soil anomalies, which are up to 1,500 feet in
length. Arsenic is a strong indicator for the presence of gold mineralization.
The formation of the northwest striking gold bearing quartz veins was
controlled by east-west trending deformation zones, as evidenced in other
areas of the southern Brooks Range.
Further soil sampling, in conjunction with a ground geophysical VLF-EM
survey, will be carried out this summer to determine the extent of the
Fortress Zone. A series of three to five trenches is planned prior to
drilling, provisionally scheduled for mid August. The Fortress area represents
a prime exploration target for mesothermal lode gold mineralization.
Exploration will be supervised by Dr. Karsten Eden, Vice President,
Exploration, Silverado Gold Mines Inc. Dr. Eden is a Certified Professional
Geologist and is a qualified person under Canadian National Policy Instrument
Silverado Gold Mines Ltd.
Silverado's twelve square mile, 100% owned Nolan Property has yielded
over $ 15 million in gold. This was produced during test activities only. The
area, over its pre-Silverado historical 'gold rush mining', produced
120,000 oz of gold, and generated a 136 oz gold nugget, the second largest
ever found in Alaska. Silverado discovered the tenth largest gold nugget, at
41 oz. See - http://www.silverado.com/projects/nolan/
Silverado's Nolan property includes infrastructure built, and paid for,
including a 24 person accommodation, machine shop, heavy equipment and
maintenance facilities. With all permits in place, Silverado has recently
invested $ 1 million for specialized underground exploration and mining
equipment. Further underground exploration of the Workman's and possibly
Pringle Benches will be dependant on completion of current assays combined
with the assay data gained from this spring and summer's drilling program as
well as full channel samples to be cut in the Workman's Bench mineralized zone
upon commencement of the drill program. Silverado had already discovered
93- 97% pure gold nuggets in these areas.
"Exploration Drilling On Workman's Bench At Nolan Creek Reveals Gold
Grades Up To 0.55 Toz/Ton And 34.51% Antimony. Gold And Antimony
Mineralization Now Extends From North End Of 700' Long Pringle Bench Area To
The South End Of Workman's Bench Area, A Distance Of 1300 Feet" (Jan 14, 2008)
Silverado is also a Canadian RRSP Investment Opportunity
Silverado Gold Mines Ltd. shares currently trade on the Frankfurt stock
exchange under the symbol SLGL; as well as the OTC under the symbol SLGLF. The
rules and regulations guiding Registered Retirement Savings Plans (RRSPs) in
Canada state that: securities trading on the Frankfurt Stock Exchange in
Germany qualify as eligible RRSP investments. Therefore Silverado shares
qualify for Canadian RRSPs.
Not only can investors participate in the gold markets and energy markets
through ownership of Silverado stock, but now shareholders can use their
investment in Silverado Gold Mines Ltd. as a tax planning technique in Canada.
Contact Information - Silverado Gold Mines Ltd.
Silverado is an international company focused on gold exploration, and a
new environmentally friendly Fuel Technology. Silverado has gold properties
located throughout Alaska which include the 100% owned Nolan Placer Gold Mine.
Trading Symbols, OTC BB - SLGLF, FRANKFURT - SLGL
Suite 1820 - 1111 West Georgia Street, Vancouver, British Columbia,
Canada, V6E 4M3, Telephone: (604) 689-1535, Facsimile: (604) 682-3519
To learn more about Silverado Green Fuel Inc. and watch the Green Fuel
Video, visit: www.silveradogreenfuel.com
Silverado Gold Mines Ltd. www.silverado.com
More Information? http://www.silverado.com/investors/request/
This Press 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. These statements are based on management's expectations and
beliefs, and involve risks and uncertainties. These statements may involve
known and unknown risks and uncertainties and other factors that may cause the
actual results to be materially different from the results implied herein.
Readers are cautioned not to place undue reliance on the forward-looking
statements made in this Press Release.
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