San Gold drills 16.6
m of 16.8 g/t Au at Hinge
2008-06-18 09:28 ET - News Release
Mr. Dale Ginn reports
HINGE ZONE DISPLAYS HIGH GRADES AND EXCELLENT WIDTH AT
DEPTH WITH HOLE #37
San Gold Corp. has drilled, at drill hole No.
GS-08-37, designed to test and to extend the Hinge deposit to depth, 16.8 grams
per tonne (0.49 ounce per ton) over 16.6 metres (54.3 feet), including a
high-grade interval of 48.4 g/t (1.41 ounces per ton) over 4.3 metres (14.0
feet). Hole No. 37 represents the deepest drill hole in the Hinge deposit to
date. Results from drill hole No. GS-08-37 are summarized in the attached
table.
Hole # From To Length Gold g/tonne (oz/ton) ZoneGS-08-37 383.3 m 399.9 m 16.6 m (54.3 ft) 16.8 (0.49) Hinge #4including 383.3 m 387.6 m 4.3 m (14.0 ft) 48.4 (1.41) Hinge #4
This intersection is located approximately 365 meters
(1200 feet) below surface and 215 meters (700 feet) below previously released
drill hole #GS-08-25 (see press release dated June 10) which intersected 28.0
g/tonne (0.82 oz/ton) over 9.4 meters (30.8 ft). The intersection angle between
drill hole #37, collared on section 400E and the Hinge #4 zone are between 75
degrees and 90 degrees resulting in drilled widths that are very close to the
true width of the zone. This zone remains open along strike to the north-east
and to the south-west as well as at depth.
Dale Ginn, CEO of San Gold, noted..... "The first
nine holes drilled in 2008 on the Hinge #4 zone have a basic average width of
5.6 meters and a grade of 32 grams per tonne between surface and 400 meters
deep. Hinge zone #1 and #3 as well are quite significant parallel zones to the
south. To discover a mineralized system, especially with such high grades, near
surface, on our mining lease and so close to our existing operations is not
only remarkable but also clearly demonstrates the potential of the Rice Lake
Belt. Our exploration team has identified numerous drill targets nearby which
have identical structure, geology and even evidence of past workings from the
1920's and 1930's. It is becoming quite obvious that the new Hinge deposits
have the potential to add significant ounces to our resource base, to
accelerate our production profile, and to redefine San Gold."
The Hinge zones are roughly parallel, dip to the
north-west and are made up of quartz and carbonate veins containing gold
mineralization. The units that contain the new veins are located in a sequence
of mafic to intermediate volcanic rocks which lie approximately 1500 meters
into the hanging wall stratigraphically above and geographically to the north
of the mineralized mine unit of the Rice Lake Gold Mine. To date a total of at
least 4 sub parallel new veins have been discovered in the Hinge area, as well
as numerous uncorrelated breccia zones within 100 to 400 meters of surface. Two
diamond drills are currently drilling in the Hinge area. The new zones are
located approximately 1.5 kms to the north-east of San Gold's operating Rice
Lake and mine and mill, and are fully accessible by road.
Please see the San Gold website (www.sangoldcorp.com)
for prior Hinge Zone press releases, a plan view location map and a
longitudinal section showing the location of the intersections in the Hinge #4
zone.
This program was carried out under the supervision of
W.S. Ferreira, P.Geo., the Qualified Person for this project under National
Instrument 43-101.. The drill core was split, with half sent to TSL
Laboratories in Saskatoon, SK and fire assayed with an AA and gravimetric
finish. Whole metallic assays were performed on samples containing visible
gold. Check assays were also performed on pulps and rejects by both TSL and by
Accurassay Laboratories of Thunder Bay, ON. The core lengths are actual lengths
as drilled and have not been adjusted for the true width of the mineralized
zones.
Investor Information: 1-800-321-8564
Email: info@sangoldcorp.com
Website: www.sangoldcorp.com
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