VANCOUVER, Sept. 21 /CNW/ - I would like to take this opportunity to
provide an update on StrataGold Corporation's progress on its 2007 exploration
and development programs in Guyana and Yukon.
A major milestone was reached with the Tassawini Deposit resource
estimate reported earlier this year. Although it fell short of expectations in
terms of size, the Tassawini Deposit itself represents only a small portion of
the known gold targets on the Tassawini and Anaturi Prospecting Licenses
(PL's). With this resource estimate as a strong starting point, our geologists
have taken the opportunity to reinterpret the geological and exploration
model. We have applied advanced exploration methods to gain a better
understanding of the numerous gold anomalies on the Tassawini and Anaturi PL's
and how best to advance the exploration of these prospects.
This exploration work has already been successful with the discovery of a
saprolitic gold target at Sonne North and South, located less than one
kilometre (km) away from the Tassawini Deposit. Drilling at this time
continues to focus in the immediate vicinity of the Tassawini Deposit which
remains open and new areas that have been defined by induced polarization (IP)
ground geophysical surveys, soil sampling, trenching and drilling programs.
Nine separate combined geophysical/gold soil geochemical anomalies are
presently being tested on the PL's. The drills are turning and we will
continue drilling until December. It is planned to update the resource
estimate in the future upon completion of sufficient drilling.
Positive social developments at Tassawini include the signing of a
Memorandum of Understanding ("MOU") in August of this year with the Amerindian
community of Chinese Landing located adjacent to the Tassawini project. To the
best of our knowledge, this MOU represents the first comprehensive MOU signed
between a company and an Amerindian community in the history of mining and
exploration in Guyana. The MOU underpins StrataGold's efforts to move towards
a gold mining operation at Tassawini while assisting the community in
addressing social, cultural and environmental needs.
On the district scale in Guyana, our exploration efforts have also
resulted in a new discovery on the Monosse Project, a 50/50 joint venture with
Newmont Overseas Exploration Limited ("Newmont"). Drilling has commenced
following recently completed ground geophysical and geochemical surveys,
mapping and trenching programs conducted over the past four months.
At Dublin Gulch, 2007 exploration was aimed towards advancing targets
identified from the 2006 soil-sampling and trenching programs. Drilling was
also completed in the area of the current compliant resource with the goal of
expanding the resource. Dublin Gulch is the most advanced of all our
properties. Having been brought to bankable feasibility in 1997 by previous
owners and then later put on hold due to declining gold prices, it is
important for us to update engineering and environmental work at Dublin Gulch
and re-evaluate the potential of the project. The Company is examining all its
strategic options to enhance shareholder value with this key asset.
2007 EXPLORATION AND DEVELOPMENT HIGHLIGHTS
Tassawini and Anaturi, Guyana
- First NI 43-101 compliant resource estimate released in April 2007
comprising an Indicated Resource of 208,316 ounces of gold at
1.73 grams per tonne (g/t) and an Inferred Resource of 151,089 ounces
of gold at 1.27 g/t using a 0.50 g/t gold cut-off(*) (see news
release dated April 2, 2007).
- The resource estimate was based on five zones: Tassawini East,
Tassawini West, Mine Creek, Tassawini South and Black Ridge
collectively known as the Tassawini Deposit representing 30 ha out of
a total 9,637 ha.
- New interpretation of the geological and exploration model through
structural mapping, IP surveys, trenching, diamond drilling (DD) and
reverse circulation (RC) drilling employed to help define gold zones
and better understand the structurally complex nature of the geology
around the Tassawini Deposit.
- At surface-saprolitic gold anomaly discovered at Sonne North and
South less than one km away from the Tassawini Deposit (see news
release dated July 30, 2007).
- Drilling has recommenced following a particularly long and heavy
rainy season (June-September) and will continue until early December.
- MOU signed with the Amerindians of Chinese Landing Reservation
provides StrataGold with the support to continue our exploration and
development efforts in the area.
- StrataGold fulfilled its obligations under the Tassawini Option
Agreement and has acquired a 100% interest in the property, subject
to certain rights retained by the vendor. Subsequent to the exercise
of the Tassawini Option, StrataGold purchased the alluvial gold
mining rights. The vendor retains a 2.5% net smelter royalty. As
such, no alluvial miners remain on the property.
- Environmental baseline work with Klohn Crippen is ongoing at
Barama Reconnaissance Permit (BRP), Guyana - StrataGold/Newmont
- Monosse is located 45 km due west of the Tassawini and Anaturi PL's
and situated within the 4,000 sq km BRP.
- Monosse is part of a 50/50 joint venture with Newmont Overseas
- Monosse is the only project within the BRP, excluding Tassawini, that
has had any modern exploration.
- Soil geochemistry and IP surveys commenced early in 2007 to further
define targets for drilling.
- A DD program completed in spring 2007 lead to the discovery at Gomes
Hill (previously named Eveready). Hole MD-08 returned 44.11 m at
2.39 g/t gold, 11.5 m at 3.31 g/t gold, 4.30 m at 3.90 g/t gold and
7.30 m at 1.71 g/t gold in four separate intervals in the 200 m hole
(see news release dated May 1, 2007). The discovery is being advanced
with additional trenching, IP surveys and DD.
- Detailed high-resolution satellite images ("Quickbird" technology)
have been acquired for Monosse and the other targets within the BRL.
These images show extensive placer workings enabling geologists to
target large open pits in the jungle that relate to gold bearing
Dublin Gulch, Yukon
- The 2007 exploration program commenced in late May.
- DD program was designed to test the Shamrock Zone to follow up
extensive soil sampling and trenching from 2006. In 2007, expansion
of the Shamrock Zone soil sampling grid has covered an area twice as
large as the sampling completed in 2006.
- DD has also focussed on potential fault offsets of the Eagle Zone
which hosts a NI 43-101 compliant resource estimate comprising an
Indicated Resource of 1.96 million ounces gold at 0.916 g/t and an
Inferred Resource of 371,000 gold at 0.803 g/t using a 0.50 g/t gold
cut-off (see news release dated February 27, 2006)(xx).
- DD within the Eagle Zone was also designed to confirm historical
drilling with the aim of expanding the size of the gold resource.
- Re-interpretation of Mag/EM airborne geophysics completed in late
2004 based on new geological knowledge gained over the last three
- Completion of additional large soil grids related to the Steiner
Zone, Eagle Zone and Mar-Tungsten Zone.
- A "gap analysis" and regulatory review of Dublin Gulch's extensive
environmental data-set and past environmental assessment has been
commissioned. Baseline studies, outlined in the gap analysis, are now
- Updated preliminary assessment level engineering work continues.
- An assessment of the historical tungsten deposit at Dublin Gulch is
also in progress.
We are working to advance Tassawini by using numerous exploration tools
to target and delineate additional gold anomalies, and to follow-up existing
ones, as well as add ounces to the resource model. As we advance our
exploration, our knowledge and experience increases greatly allowing our
geologists to select the best method possible to continue to advance the
With the continued support of Newmont and their technical teams, we have
been able to acquire additional landholdings to consolidate the joint venture
land position at Monosse and to systematically explore the property. From
StrataGold and Newmont's preliminary work, we are confident that our thorough
exploration techniques will lead to discoveries at Monosse.
StrataGold remains committed to the successful advancement of Tassawini,
Dublin Gulch and our joint venture projects. We have impressive district scale
land-holdings in both Guyana and Yukon with an exploration cycle ranging from
grassroots to advanced projects. Our goal has always been production and we
remain dedicated to making that goal a reality with StrataGold's team of over
250 employees and professional staff who are working hard to achieve this
We look forward to updating you on all of our properties as work
progresses and as results are received. StrataGold would like to sincerely
thank shareholders for your continued support.
For detailed 2007 work programs, please visit our website at
President & CEO
(*) Susan Lomas, P.Geo. and Ali Shahkar, P. Eng., Lions Gate Geological
Consulting Inc. of North Vancouver, British Columbia, Canada are the
Qualified Persons under NI 43-101 responsible for the Tassawini
Mineral Resource estimate.
(xx) Rob Carter, P.Eng. and Greg Mosher, P.Geo. of Wardrop Engineering
Incorporated, Canada and Qualified Person Jim Sparling, P.Geo.,
Manager, Exploration North and Central America are the Qualified
Persons under NI 43-101 responsible for the Dublin Gulch Resource
For further information:
For further information: Please feel free to contact either myself or
Vanessa Pickering, Manager, Investor Communications at (604) 682-5122 or via
email at email@example.com and firstname.lastname@example.org with any
questions you may have regarding our operations in the Yukon or Guyana