High Grade Gold Results From
2007 Trench Sampling at Tumannoye Project
Zoloto Resources Ltd. ("Zoloto" or the
"Company") (TSX Venture:ZR) is pleased to announce significant
results from its 2007 exploration programme at its 100% owned Tumannoye
gold project in the Chukotka Oblast, Far East Russia. At Tumannoye,
historic work had identified three highly prospective areas. At the most
prospective site known as Rudny, numerous mineralised zones have been
identified.
Zoloto's first phase exploration, in the second half of 2007, was
concentrated on Rudny. A total of 40 channel samples were
completed in three trench locations (T-200, T-201 and T-203 over an
aggregate strike length of 205 metres). This area represents only a small
part of the Tumannoye concession, and the three Rudny zones tested remain
open at depth and along strike. A map outlining the excavated areas and the
underlying geology are posted on the Zoloto website.
Highlights include:
. T-200: Average grade of 6.22 g/t Au over an average width of 4.80 m over
a total strike length of 80 metres.
. T-201: Average grade of 4.69 g/t Au over an average width of 7.48 metres
over a total strike length of 80 metres.
. T-203: Average grade of 11.18 g/t Au over an average width of 7.21 metres
over a total strike length of 45 metres.
It should be noted that several assays are still pending for some of the
channels, so average mineralized channel widths reported here are likely to
be understated. In total, 52,800m� of material was excavated during the
2007 campaign. The three targets above accounted for 23,690m�, with the
remainder excavated at three other targets at Rudny. These will be
completed and sampled in 2008.
Management is particularly pleased with these latest results as they
confirm the tenor of the mineralization as undertaken by previous Russian
exploration. A recently filed NI 43-101 report detailing the historic
Russian information is available on SEDAR.
Bob Maddigan, Director of Zoloto Resources, comments, "These initial
exploration results demonstrate the potential for Tumannoye to host
significant high grade gold mineralisation. Over the winter period the camp
has been re-supplied ahead of the summer 2008 exploration season. Once our
pending exploration results from the Elvenei and Kenkeren properties have
also been evaluated, we will outline our detailed summer exploration
programmes for all three of our properties in Chukotka."
Detailed Trench Results
In 2007, three targets in the Rudny zone were trenched and sampled (T-200,
T-201 and T-203). The targets were sampled by 40 separate channel samples
across strike at 5 metre intervals. The sampling procedure involved taking
material from continuous 1 metre long by 10 cm wide by 3 cm deep rock-saw
cuts along the channels. Results are summarised in the following table.
At T-200, all channels, with the exception of Ch-03, returned anomalous
gold values over composite intervals ranging from 1.69 g/t Au over 8.20
metres to 12.45 g/t Au over 7.80 metres. Highlights include 13.09 g/tonne
Au over 5.1 metres in Channel 10 and 12.45 g/t Au over 7.80 metres in
Channel 11. A plan of T-200 results is posted on the Zoloto website.
Trench ID
|
From (m)
|
To (m)
|
Length (m)
|
Grade (g/t)
|
T200Ch-04
|
3.00
|
5.00
|
2.00
|
6.13
|
T200Ch-03
|
-
|
-
|
-
|
-
|
T200Ch-02
|
5.00
|
6.50
|
1.50
|
4.00
|
T200Ch-01
|
6.60
|
7.90
|
1.30
|
5.58
|
T200Ch-01
|
0.00
|
1.80
|
1.80
|
13.05
|
T200Ch01
|
1.50
|
9.70
|
8.20
|
1.69
|
T200Ch02
|
7.90
|
18.30
|
10.40
|
2.03
|
T200Ch03
|
3.90
|
12.30
|
8.40
|
6.73
|
T200Ch03
|
14.80
|
16.90
|
2.10
|
3.44
|
T200Ch04
|
13.10
|
18.50
|
5.40
|
5.35
|
T200Ch04
|
3.00
|
11.50
|
8.50
|
3.70
|
T200Ch05
|
-0.10
|
9.50
|
9.60
|
3.06
|
T200Ch05
|
14.50
|
18.50
|
4.00
|
4.97
|
T200Ch06
|
4.00
|
7.00
|
3.00
|
4.94
|
T200Ch06
|
14.10
|
16.90
|
2.80
|
6.03
|
T200Ch07
|
4.70
|
5.90
|
1.20
|
5.53
|
T200Ch08
|
9.00
|
13.00
|
4.00
|
4.82
|
T200Ch09
|
6.00
|
13.40
|
7.40
|
5.38
|
T200Ch10
|
10.00
|
15.10
|
5.10
|
13.09
|
T200Ch11
|
3.00
|
10.80
|
7.80
|
12.45
|
T200Ch12
|
3.00
|
11.60
|
8.60
|
5.48
|
At T-201, all channels returned anomalous gold values over composite
intervals ranging from 2.23 g/t Au over 3.90 metres to 5.77 g/t Au over
14.40 metres. Highlights include 10.23 g/t Au over 6.00 metres in channel
13.
TrenchID
|
From (m)
|
To (m)
|
Length (m)
|
Grade (g/t)
|
T201Ch01
|
3.00
|
6.90
|
3.90
|
2.23
|
T201Ch02
|
3.00
|
5.90
|
2.90
|
5.81
|
T201Ch02
|
16.30
|
18.10
|
1.80
|
6.25
|
T201Ch03
|
1.00
|
8.50
|
7.50
|
3.60
|
T201Ch04
|
0.00
|
16.00
|
16.00
|
2.83
|
Including
|
0.00
|
7.10
|
7.10
|
4.26
|
Including
|
14.00
|
16.00
|
1.90
|
5.31
|
T201Ch05
|
1.90
|
16.00
|
14.10
|
3.93
|
Including
|
2.00
|
10.90
|
8.90
|
4.93
|
T201Ch06
|
14.00
|
16.00
|
2.00
|
2.56
|
T201Ch07
|
6.00
|
10.30
|
4.30
|
5.70
|
T201Ch07
|
14.30
|
16.00
|
1.70
|
5.52
|
T201Ch08
|
-0.10
|
18.10
|
18.20
|
3.21
|
T201Ch09
|
3.00
|
18.70
|
15.70
|
4.26
|
T201Ch10
|
0.00
|
14.60
|
14.60
|
3.76
|
Including
|
0.00
|
6.00
|
6.00
|
4.30
|
Including
|
8.00
|
14.60
|
6.60
|
4.29
|
T201Ch11
|
7.50
|
13.90
|
6.40
|
4.58
|
T201Ch11
|
9.40
|
12.30
|
2.90
|
7.90
|
T201Ch12
|
0.00
|
4.00
|
4.00
|
6.27
|
T201Ch12
|
11.00
|
13.20
|
2.20
|
5.15
|
T201Ch13
|
0.00
|
14.40
|
14.40
|
5.77
|
Including
|
0.00
|
6.00
|
6.00
|
10.23
|
T201Ch14
|
3.00
|
10.40
|
7.40
|
4.08
|
T201Ch15
|
7.10
|
13.40
|
6.30
|
4.48
|
T201Ch16
|
7.40
|
10.60
|
3.20
|
5.91
|
At T-203, channels returned assays ranging from 16.60
g/t gold over 9.10 metres to 4.48 g/t Au over 9.50 metres. Highlights
include 28.00g/t over 3.00 metres in channel 05 and 25.96 g/t Au over 5.00
metres in channel 06.
TrenchID
|
From (m)
|
To (m)
|
Length (m)
|
Grade (g/t)
|
T203Ch01
|
0.00
|
9.50
|
9.50
|
4.48
|
T203Ch02
|
0.00
|
9.00
|
9.00
|
10.39
|
Including
|
2.50
|
5.50
|
3.00
|
24.10
|
T203Ch03
|
0.00
|
6.00
|
6.00
|
9.53
|
T203Ch04
|
0.00
|
6.00
|
6.00
|
7.94
|
T203Ch05
|
0.00
|
9.20
|
9.20
|
11.40
|
Including
|
3.70
|
6.70
|
3.00
|
28.00
|
T203Ch06
|
1.00
|
10.10
|
9.10
|
16.60
|
Including
|
4.70
|
9.70
|
5.00
|
25.96
|
T203Ch07
|
4.60
|
10.20
|
5.60
|
10.76
|
Including
|
8.40
|
10.20
|
1.80
|
23.25
|
T203Ch08
|
0.00
|
3.80
|
3.80
|
18.08
|
T203Ch09
|
0.00
|
6.70
|
6.70
|
11.48
|
The sampling was carried out under the supervision of Vladimir Petrovich
Shabalin, a Russian geologist with 37 years experience in gold exploration
and who is a qualified mining engineer and geologist. The samples were
processed by Alex Stewart Group Ltd at ASA GEO ANALITIKA, LLC
laboratories in Moscow. Analysis for gold was carried out using standard
fire assay techniques with an AA finish. The Alex Stewart Group Ltd is a
leading global supplier of precious metal inspection and analytical
services. Their Moscow Laboratory is accredited to ISO IEC 17025 standards.
The technical data in this press release has been reviewed by Louis
Covello, P. Geol. Mr Covello is the qualified person for the Tumannoye
project.
THE TUMANNOYE
PROJECT
The Tumannoye gold project is located at approximately 80 km southeast of
the town of Iultin, in the Chukotka region of Far East Russia. Iultin is
connected to the arctic seaport town of Egvekinot with a 199 km long class
II road. Through Chukot Gold ZAO ("Chukot"), its wholly owned
subsidiary, Zoloto has a 25 year mining and exploration licence at
Tumannoye.
Since 1952, historic Russian exploration on the property has outlined
numerous zones of low sulphidation epithermal gold mineralisation
associated with Mesozoic sandstones and siltstones. There are two main
types of gold mineralization at Tumannoye: tabular deposits of disseminated
pyrite-arsenopyrite ores in quartz-pyrite altered terrigenous-carbonaceous
layers, and gold mineralized granite porphyry dikes.
Up to 1994, 15,771 metres of diamond drilling and 128,000 cubic metres of
trenching had been carried out. From this Russian exploration, gold
mineralization varied from 1-2g/t to 111g/t and averaged 5-12g/t. Orebody
dips are moderate (30-50�) and are generally orientated in a northern
direction. Vertically, mineralization is exposed on relief as much as 200m,
and ore zones have been intercepted by historic core holes drilled to depth
of 350m below surface.
Russian predictive resources at Tumannoye were authorized in the amounts:
P1 - 1.75 million tonnes grading approximately 6.9 g/t, gold; P2: - 1.88
million tonnes grading approximately 7.3 g/t gold. These historical
resource estimates are hypothetical in nature, estimated using techniques
that are non-NI 43-101 compliant and are mentioned here as merely being
indicative of the potential of the area for discovery of gold-containing
mineral resources at Tumannoye.
For a more detailed overview of the project, and an NI 43-101 report on
Tumannoye see the Zoloto Resources website at: www.zolotoresources.com
Zoloto shipped equipment (bulldozers, drills and camp facilities) to
Tumannoye, in the summer of 2006, and moved to site over the winter 2006/7.
During the summer 2007 exploration season, a total 52,800m� of trenching
was undertaken on six target zones at Tumannoye. Three targets have been
completed as detailed above, while a further three (T-202, T-204 and T-205)
are to be completed.
About Zoloto Resources
Zoloto Resources is a gold exploration company whose primary focus is to
become a mid-tier gold producer through the advancement of its gold
exploration properties in the Russian Federation. In addition, Zoloto's
management will continue to evaluate acquisition opportunities within the
Russian Federation. Zoloto's philosophy is to unlock shareholder value in a
socially and environmentally responsible manner.
Robert Maddigan, Director
For more information please contact:
Greg Agar and/or Leif Smither, Investor Relations
Phone: (604) 608 0223
Fax: (604) 608 0344
Email: info@zolotoresources.com
Certain information in this news
release contains forward-looking statements that are based on the Company's
current expectations and estimates that the Company believes, expects or
anticipates will or may occur in the future (including, without limitation,
statements regarding the Company's plans with respect to the exploration
and development of the Tumannoye property). Forward-looking statements are
frequently characterized by words such as "plan,"
"expect", "project", "intend",
"believe", "anticipate", "estimate" and other
similar words or statements that certain events or conditions "may"
or "will" occur, and include, without limitation, statements
regarding potential mineralization and resources, exploration results and
future plans and objectives of the Company. Such forward-looking statements
involve known and unknown risks, uncertainties and other factors that could
cause actual events or results to differ materially from estimated or
anticipated events or results implied or expressed in such forward-looking
statements. Factors that could cause such differences include changes in
world gold markets and equity markets, changes to regulations affecting the
Company's activities, uncertainties relating to the availability and costs
of financing needed in the future, the uncertainties involved in
interpreting drilling results and other ecological data, delays in the
development of projects and the other risks involved in the gold
exploration and development industry. Any forward-looking statement speaks
only as of the date on which it is made and, except as may be required by
applicable securities laws, the Company disclaims any intent or obligation
to update any forward-looking statement, whether as a result of new
information, future events or results or otherwise. Forward-looking
statements are not guarantees of future performance and accordingly undue
reliance should not be put on such statements due to the inherent
uncertainty therein.
The TSX Venture Exchange has not
reviewed and does not accept responsibility for the adequacy or accuracy of
this release.
|