VANCOUVER, March 18, 2015 /CNW/ - Altan Nevada Minerals Limited (TSX-V: ANE) ("Altan Nevada" or the "Company") is pleased to announce that partner Gold Resource Corp. (NYSE MKT:GORO) ("Gold Resource") has commenced a 1780 meter Phase I diamond drill program at the Company's Radar gold-silver project ("Radar" or the "Property") located in the Paradise Peak district, Mineral and Nye Counties, Nevada.
The program is designed to test six new high-grade epithermal vein targets generated by Gold Resource's geological staff following completion of new detailed mapping program and the compilation of Altan Nevada's extensive geological, geochemical, geophysical and drill data. Gold Resource plans to drill 6 holes to depths of between 250 and 340 meters. Falcon Drilling Inc. is under contract to operate the program, which is expected to complete in Q2.
Targets are located approximately 1.4 to 3.4 kilometers south of drilling completed at the Property in 2014 by Avidian Gold Inc ("Avidian"), a private Nevada corporation. Previously announced mineralized intercepts from Avidian's program included 35.0 meters grading 0.641 g/t Au (including 6.1 meters grading 1.39 g/t Au) from 56.4 meters to 91.4 meters in drill hole CLD-17 and 48.7 meters grading 0.387 g/t Au from 36.6 meters to 85.3 meters in CLD-18.
Radar consists of 204 unpatented mining claims located in the productive Walker Lane mineral belt in western Nevada. There are 26 claims leased to Avidian. In 2014 Altan Nevada concluded a separate lease agreement with Gold Resource for the remaining 178 claims.
Radar is a high-sulfidation epithermal precious metals target hosted by highly altered Miocene volcanic rocks. The property is adjacent to the past-producing Paradise Peak open pit Au-Ag mine (1.53 million ounces Au, 40.7 million ounces Ag, 1986 -1993) and is located 2 kilometers from the main pit and mill, with satellite pits as close as 75 meters from the property boundary.
Altan Nevada has spent over $US 1.1 million to develop targets at the Radar project since 2006. Targeting included detailed geologic mapping, geochemistry, geophysics and first-pass drilling.
Prospective targets include near-surface porphyry stockworks as well as high-grade veins similar to those mined in the Goldfield district, located in the Walker Lane approximately 132 kilometers southeast of the Property. The Goldfield district is a classic high-sulfidation epithermal vein system with historic bonanza grades over 600 g/t Au. Structural zones at Radar with strong alteration and gold-pathfinder element anomalies are compelling targets for this style of mineralization.
About Altan Nevada
Altan Nevada is a leading exploration innovator focused on the discovery of large-scale ore systems in under-explored districts of Nevada, USA. The Company's holdings in Nevada currently total approximately 8,350 hectares. Projects include two potential district-scale extensions to the north Carlin Gold Trend, three Yerington District copper-gold targets and three large-scale gold alteration systems along the Walker Lane lineament in western Nevada.
Competent Person Statement
Altan Nevada's Exploration Director, Brion Theriault, a Certified Professional Geologist (AIPG) and a Qualified Person as defined by National Instrument 43-101, has reviewed the preparation of the scientific and technical information in this press release in respect to the Property.
On behalf of Altan Nevada Minerals Limited,
Evan Jones, President & CEO
This press release may contain forward looking statements including those describing Altan Nevada's future plans and the expectations of management that a stated result or condition will occur. Any statement addressing future events or conditions necessarily involves inherent risk and uncertainty. Actual results can differ materially from those anticipated by management at the time of writing due to many factors, the majority of which are beyond the control of Altan Nevada and its management.
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.
SOURCE Altan Nevada Minerals Limited
For further information: Evan Jones, Altan Nevada Minerals Limited, Tel: +1 604 495 8374, Email: [email protected], Web: www.altnev.com