Yukon-Nevada Gold Corp. (Toronto Stock Exchange: YNG; Frankfurt Xetra Exchange: NG6) is pleased to announce additional assay
results from its 2010 Smith Mine underground exploration drilling at its
wholly-owned gold production Jerritt Canyon property in Nevada, USA.
Jerritt Canyon is operated by Queenstake Resources USA Ltd.,
("Queenstake") a wholly owned subsidiary of Yukon-Nevada Gold Corp.
("YNG" or the "Company").
Eight drill holes numbered SMI-LX-750
thru SMI-LX-757 (totaling 8,126 feet) have been completed at the Smith
underground mine from August 12 to year end 2010
(see drill hole location plan maps which can be found on our website here: http://www.yukon-nevadagold.com/i/pdf/NR_01_2011_UG_DDH.pdf).
Final assays have been received for the first seven drill holes. This drill
program is testing favorable ore controlling structures proximal to the
existing underground workings and is also intended to expand and convert
existing resources outlined in the most recent NI 43-101 report published in
2008.
The first three drill holes of the
exploration drilling plan tested the southeasterly extension of the
previously productive Zone 3 structure at the Smith Mine along an approximate
600 feet of linear strike distance. Drill hole
results for SMI-LX-750 were previously reported on September
7, 2010 which can be found on our website here: http://bit.ly/h6bzEQ.
Table 1 below lists all significant assay results received for drill hole numbers SMI-LX-751 and SMI-LX-752.
These drill holes tested ground
intersected by a limited quantity of historic surface reverse circulation
(RC) drill hole tests that contained intercepts with lower grade Au
mineralization. Drill hole SMI-LX-751 encountered 39.0 feet
averaging 0.201 opt Au from 785.0 to 824.0 feet, and an additional
intercept lower in the same drill hole containing 45.0 feet averaging 0.160
opt Au from 901.0 to 946.0 feet. The Au intercepts encountered in drill hole
SMI-LX-751 are located approximately 300 linear feet (along strike) from the
previously reported Au intercepts encountered in drill hole
number SMI-LX-750.
Drill hole
number SMI-LX-752 was located between drill hole SMI-LX-750 and
SMI-LX-751. Assay results for drill hole number SMI-LX-752 included an
intercept of 7.0 feet averaging 0.134 opt Au from
1,187.0 feet to 1,194.0 feet and confirmed the continuity to the gold
mineralization in this area. Additional underground drill hole
targeting of the southeastern extension of the Zone 3 structural trend is
currently in progress.
Table 1. Underground exploration
drill hole assays from Zone 3 of the Smith Mine
received from September 1 to October 31, 2010
Hole ID
|
Total Depth
(ft)
|
From
(ft)
|
To
(ft)
|
Interval
(ft)
|
Au
(opt)
|
SMI-LX-751
|
1,159.0
|
785.0
|
824.0
|
39.0
|
0.201
|
SMI-LX-751
|
1,159.0
|
901.0
|
946.0
|
45.0
|
0.160
|
SMI-LX-752
|
1,309.0
|
1,187.0
|
1,194.0
|
7.0
|
0.134
|
Note: Assay results for
SMI-LX-750 was reported in a news release published on Sept. 7, 2010
|
Diamond drill hole numbers SMI-LX-753
and SMI-LX-754 deflected below their intended targets as a result of poor
ground conditions (fault zones) and did not encounter any significant Au
mineralization.
From a drill station in Zone 2 the
underground drill targeted favorable units in the Hanson Creek Formation
adjacent to the northwest-trending Coulee fault zone. Two significant
assay intercepts were received from drill hole SMI-LX-755 and include 35.0
feet averaging 0.153 opt Au from 60.0 feet to 95.0 feet; and 16.0 feet
averaging 0.131 opt Au from 887.0 to 903.0 feet. Resource conversion drilling
within Zone 5 of the Smith Mine is currently in progress.
Table 2. Smith Mine Underground
Resource Conversion Drill Hole
Assay Results from Zones 2 and 5 Received up to January
17, 2011
Hole ID
|
Zone
|
Total Depth
(ft)
|
From
(ft)
|
To
(ft)
|
Interval
(ft)
|
Au
(opt)
|
SMI-LX-755
|
Zone 2
|
1,003.0
|
60.0
|
95.0
|
35.0
|
0.153
|
SMI-LX-755
|
Zone 5
|
1,003.0
|
887.0
|
903.0
|
16.0
|
0.131
|
SMI-LX-756
|
Zone 2/5
|
819.0
|
52.0
|
61.0
|
9.0
|
0.119
|
SMI-LX-757
|
Zone 2/5
|
550.0
|
|
|
|
In Progress
|
The drill intercepts reported above are
not included in the data used in the April 16, 2008
NI 43-101 resource.
Assays from underground exploration
holes reported in this news release were performed by ALS Laboratory Group in
Reno, Nevada, using standard fire assay techniques. Intercepts are
reported as drilled. True widths have not yet been calculated; given
the geometry of mineralization at Jerritt Canyon, the concept of true width
is not always meaningful before delineation drilling has been
completed. The company's Quality Assurance and Quality Control
protocols are available in the Company's NI 43-101 Technical Report dated April 16, 2008 and is available on www.sedar.com
and on our website:
http://www.yukon-nevadagold.com/s/JerrittCanyon.asp?ReportID=195388.
The information in this news release was
compiled by Mr. William Hofer, Chief Geologist,
and Laura Symmes, Geologist, at the Jerritt
Canyon Mine. This news release was reviewed and approved by the
Company's Vice President of Exploration, Todd Johnson,
M.Sc., the Qualified Person for purposes of this
release.
Yukon-Nevada Gold Corp. is a North
American gold producer in the business of discovering, developing and
operating gold deposits. The Company holds a diverse portfolio of gold,
silver, zinc and copper properties in the Yukon Territory and British
Columbia in Canada and in Arizona and Nevada
in the United States. The Company's focus has
been on the acquisition and development of late stage development and
operating properties with gold as the primary target. Continued growth will
occur by increasing or initiating production from the Company's existing properties.
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The
TSX has not reviewed and does not accept responsibility for the adequacy or
accuracy of this release.
WARNING:
The Company relies upon litigation protection for "forward-looking"
statements.
This news release does not constitute an
offer to sell or a solicitation of an offer to buy any of the securities in
the United States. The securities have not been and will not be
registered under the United States Securities
Act of 1933, as amended (the "U.S. Securities Act") or any state
securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered
under the U.S. Securities Act and applicable state securities laws or an
exemption from such registration is available.
|