High Desert Gold Completes Earn-In for 60%-Interest in the Gold Springs Project, Provides an Update on Gold Springs
Published : July 12, 2011
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Keywords :   Copper | Diamond | G Mexico | Gold | Lead | Market | Mexico | Recovery | Silver | Utah |

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 12, 2011) - High Desert Gold Corporation ("HDG" or the "Company") (News - Market indicators)(PINK SHEETS:HDGCF) announces the completion of its earn-in option on the Gold Springs gold project that straddles the Nevada-Utah border ("Gold Springs"). The Option and Earn-in Agreement dated January 10, 2010 (the "Earn-in Agreement") called for HDG to incur $US1 million in exploration expenditures and pay $US160,000 to Pilot Gold Inc. (TSX:PLG) ("Pilot Gold"). These obligations have been met and a notice of completion confirming the Company's earn-in has been provided to, and acknowledged by Pilot Gold. Pilot Gold has elected to participate at a 40% interest in a newly established jointly-owned company called Gold Springs LLC. On closing of the earn-in, and signing of an operating agreement, each company's respective interests in Gold Springs will be conveyed to Gold Springs LLC.

Ralph Fitch, President of HDG, stated, "We are very pleased to have completed this earn-in partnership with Pilot Gold, a company with a very experienced exploration team that will add to our knowledge base at the property."

Pilot Gold was established earlier this year pursuant to a plan of arrangement between Newmont Mining Corporation ("Newmont"), and Fronteer Gold Inc. ("Fronteer Gold"). Pilot Gold is a gold exploration company led by members of the former Fronteer Gold team that discovered or advanced seven deposits since 2003, including the development-stage Long Canyon gold project in Nevada, now owned by Newmont.

The Company has now completed 16 RC holes totaling 1,569 metres and two Diamond drill holes totaling 276 metres, together with a property-wide ZTEM geophysical survey at Gold Springs. Early assay results from the RC drilling should be available by late July. HDG now has the ZTEM results and has carried out follow-up work on new targets derived from work to date.

One Diamond drill hole was centered on the Thor vein system to acquire orientated core to assess the directions of the gold-bearing veins. The hole intersected two veins, one approximately 4 ft wide averaging 1.8 g/t gold with 27.5 g/t silver, and a second averaging 7.7 g/t gold (0.25 oz/t) and 52.5 g/t silver over 7.5 ft. (this intercept occurred in a zone of poor core recovery). This area of the project contains high-grade veins, without the wide zones of associated mineralization found at the Jumbo Zone (see HDG PR10-14, August 19, 2010), and would more likely lead to an underground rather than an open-pit mine, should a mine be developed. Historic mines in this area typically produced at grades of 0.4-0.5 oz/ton gold and + 2 oz/t silver ore by underground means. This very encouraging intercept extends the Thor vein beyond the historically developed area.

A second Diamond drill hole was drilled on the Jumbo Zone to both twin one of the Company's RC holes to confirm grade and to acquire orientated core to assess the directions of gold-bearing veins. Results have been received for a portion of the hole giving similar results to the nearby RC hole GS10-4. The prominent gold-bearing veins in the two holes typically strike NE or NW or NS.

The ZTEM airborne geophysical survey was completed in June with final results received in July. As previously reported (see HDG PR11-05, April 12, 2011), this survey included magneto-telluric and magnetic measurements to outline the potential extensions to the known outcropping, gold-bearing siliceous structures under the thin gravel cover. The gravel cover blankets over two-thirds of the 29 sq. km. property.

The ZTEM resistivity results show an excellent correlation with known gold mineralization and have also outlined 10 new targets that have very similar geophysical characteristics to the known gold areas. Some of these new targets are within the HDG/Pilot Gold joint-venture area, and some are outside and have been staked by HDG. Recent surface samples of veins and breccias from follow-up work following the survey include several samples with values greater than 1 g/t gold with the two highest being 17 g/t and 19 g/t gold. The Company will continue to follow up on the new ZTEM resistivity targets with the expectation that new drill targets will emerge.

Mr. Fitch added, "At Gold Springs, the ZTEM geophysical survey has successfully outlined the resistive, siliceous structures that typically carry gold in both outcropping and partially covered areas. This will significantly speed up our assessment of this large land holding and has expanded the area with potential for gold mineralization beyond the already delineated targets."

The Company is developing a jointly funded exploration program and budget for the second half of 2011.

The Qualified Person on the Gold Springs property is Randall Moore, Executive Vice President of Exploration of High Desert Gold Corporation and he has reviewed and approved the content of this press release. Assays were performed in Reno, Nevada by Inspectorate Laboratories, an ISO 9001:2000 Certified laboratory. Gold was analyzed by fire assay of a 30 gram sample with an AA finish. Gold was analyzed by the Au-AA23 method, with values >1 gpt re-assayed using Au- GRA21 All other elements were analyzed by the ME-MS41 method.

There has been insufficient exploration to define a mineral resource at Gold Springs and it is uncertain if further exploration will result in the targets at the project being delineated as a mineral resource.

ABOUT HIGH DESERT GOLD

The Company is a mineral exploration company that acquires and explores mineral properties, primarily gold, copper and silver, in North America. The major properties held by HDG are the Gold Springs gold project situated along the border between Utah and Nevada and the San Antonio project in Sonora, Mexico. 

Certain statements contained herein constitute "forward-looking statements". Forward-looking statements look into the future and provide an opinion as to the effect of certain events and trends on the business. Forward-looking statements may include words such as "should", "likely", "would", "expectation", "targets", "potential", "developing" and similar expressions. These statements include, but are not limited to, statements regarding the mineralization at and continued advancement of the Gold Springs project. In addition, information concerning the interpretation of drilling and survey results and of geology may be considered forward-looking statements, as such information constitutes a prediction of what mineralization might be found to be present if and when a project is actually developed. These forward-looking statements are based on current expectations and entail various risks and uncertainties. Factors that could cause results or events to differ materially from current expectations expressed or implied by the forward-looking statements, include, but are not limited to, the availability of sufficient financing to fund planned or further required work in a timely manner and on acceptable terms; changes in project parameters as plans continue to be refined and other risks more fully described in the Company's Management Discussion & Analysis of Financial Position and Results of Operations filed and publicly available on SEDAR at www.sedar.com. The material assumptions that were applied in making the forward looking statements in this MD&A include: execution of the Company's existing plans or exploration programs for the Gold Springs project, either of which may change due to changes in the views of the Company or if new information arises which makes it prudent to change such plans or programs; and the accuracy of current interpretation of drill and other exploration results. Actual results may materially differ from expectations, if known and unknown risks or uncertainties affect our business, or if our estimates or assumptions prove inaccurate. Readers are cautioned not to place undue reliance on the forward-looking statements contained in this press release. Except as required by law, HDG assumes no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or any other reason.

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.

High Desert Gold Corporation
Richard Doran
Executive Vice President
(303) 584-0608
(303) 758-2063 (FAX)
rdoran@hdggold.com
Data and Statistics for these countries : Mexico | All
Gold and Silver Prices for these countries : Mexico | All

High Desert Gold Corp.

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CODE : HDG.V
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High Desert Gold is a gold exploration company based in Canada.

High Desert Gold holds various exploration projects in Mexico.

Its main exploration properties are ARTILLERY PEAK GOLD and GOLD LAKE PROPERTY in USA and GOLD SPRINGS, CANASTA DORADA, SAN ANTONIO PROPERTY and BATAMOTE in Mexico.

High Desert Gold is listed in Canada. Its market capitalisation is CA$ 6.3 millions as of today (US$ 5.9 millions, € 4.3 millions).

Its stock quote reached its highest recent level on March 11, 2011 at CA$ 0.73, and its lowest recent point on October 18, 2013 at CA$ 0.04.

High Desert Gold has 78 285 000 shares outstanding.

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Annual reports of High Desert Gold Corp.
2010 Annual Report MD&A
2010 Annual report
2009 Annual Report
2008 Annual Report
Option Grants of High Desert Gold Corp.
7/25/2013Engages New Investor Relations Consultant
3/30/2012Renews agreement with IR Consultants and grants new incentiv...
4/29/2011Grants Incentive Stock Options
Nominations of High Desert Gold Corp.
2/21/2013Announces Appointment of New Director
Financials of High Desert Gold Corp.
4/26/2013Files Fiscal 2012 Annual Financial Statements
8/31/2012Q2 2012 MD&A
8/31/2012Q2 2012 Financial Statement
8/31/2012Second Quarter 2012 Financial Statements
11/23/20112011 Q3 financial report
6/28/2011Files First Quarter 2011 Financial Statements
4/28/2011Files Fiscal 2010 Annual Financial Statements
3/31/2011Q1 2011 Financial Report
Project news of High Desert Gold Corp.
8/20/2013(Gold Springs)Reports Continued Drilling Success from the 100% Owned Gold ...
4/16/2013(Gold Springs)Announces: Drilling to Start at Gold Springs and 2013 Explor...
3/28/2013(Gold Springs)Reports an Updated Resource Estimate for Gold Springs
1/28/2013(Gold Springs)Reports Bottle Roll, Metallurgical Tests on Drill Cuttings f...
10/24/2012(Gold Springs)Reports Results from the Grey Eagle Target at Gold Springs, ...
10/4/2012(Gold Springs)Initiates Second Phase of Drilling at the Gold Springs Proje...
10/4/2012(Gold Springs)Initiates Second Phase of Drilling at the Gold Springs Proje...
8/31/2012(Gold Springs)Intersects 21.4 Metres Grading 5.6 g/t Gold and 32.4 g/t Sil...
5/2/2012(Gold Springs)Drilling in progress at Gold Spings
4/5/2012(Gold Springs)Drilling to start mid-april at Gold Springs
3/19/2012(Gold Springs)Announces the approval from the Nevada BLM for drill plans a...
2/7/2012(Gold Springs)Technical Report confirming Resource Estimate for the Jumbo ...
1/18/2012(Gold Springs)Doscovery of a second major gold target at Gold Springs
12/22/2011(Gold Springs)Resource estimate for the Jumbo Zone at Gold Springs
11/25/2011(Gold Springs)Update on activities at the Gold Spring Project
8/4/2011(San Antonio Property)Discovers new areas of gold/silver on its San Antonio Projec...
7/12/2011(Gold Springs)Pilot Gold announces completion of Gold Springs earn-in opti...
7/12/2011(Gold Springs)Completes Earn-In for 60%-Interest in the Gold Springs Proje...
5/15/2011(San Antonio Property)Reports Drilling Results at San Antonio Gold Project, Sonora...
4/26/2011(Artillery Peak Gold)Announces Positive Gold Results from Trenching Program at Ar...
4/26/2011(Gold Springs)Announces Positive Gold Results from Trenching Program at Ar...
4/13/2011(Gold Springs)Announces 2011 Exploration Program, Including Plans for the ...
8/20/2010(Gold Springs)Announces Strong Drill Results from its Gold Springs Project
Corporate news of High Desert Gold Corp.
12/10/2013SOUTH AMERICAN SILVER CORP. SHAREHOLDERS APPROVE PLAN OF ARR...
10/22/2013South American Silver Corp. Enters into an Agreement to Acqu...
10/21/2013Enters into Agreement to be Acquired by Well-Financed South ...
9/10/2013(Gold Springs)Drills Its Best Hole in 2013 on the 100% Owned Gold Springs ...
8/2/2013(Gold Springs)Enters Into Agreement to Buy Pilot Gold's Interest in Gold S...
7/10/2013(Gold Springs)Reports Drilling Results from the Gold Springs Project at Gr...
6/6/2013(Gold Springs)Reports First 2013 Drilling Results from the Gold Springs Pr...
4/8/2013Adopts Advance Notice By-Law
11/7/2012(Gold Springs)Reports Final Results from Trenching at the Grey Eagle Targe...
10/15/2012(Gold Springs)Reports Drilling and Trenching Progress at the Grey Eagle Ta...
8/31/2012(Gold Springs)Discovery of New Gold Zones and Increased Ownership on the G...
4/30/2012Files fiscal 2011 Annual Financial Statements
3/30/2012Renews agreement with IR Consultants and grants new incentiv...
2/22/2012Closes previously announced $4,7 million financing
2/15/2012Increases the size of its current financing to $4,7 millions
10/6/2011Closing of Qualifying Transaction by Highvista
2/24/2011Joins the OTCQX in the U.S.
4/21/2010Management’s Discussion and Analysis of Financial Position a...
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