San Gold drills 23.2 g/t Au over 2.5
m near Rice Lake
2008-01-15 08:13 ET
- News Release
Mr. Dale Ginn reports
NEW DISCOVERY OF MULTIPLE GOLD ZONES NEAR RICE LAKE MINE
San Gold Corp.'s exploration drilling from surface has discovered
multiple new gold-bearing zones located approximately 1.5 kilometres northeast
of the Rice Lake mine. A series of shallow-dipping quartz veins have been
intersected in five sequential holes to date in intermediate and mafic volcanic
tuffs and flows. Only two holes, No. 15 and No. 18, have been drilled deep
enough to intersect the lower zone as reflected in the table results.
Hole No.����� From����� To�������� Length�������� Gold g/t (oz/ton)
Upper zone
GS-07-15��� 56.0 m�� 57.5 m���� 1.5 m (5.0 ft)����� 18.5� (0.55)
GS-07-16��� 48.7 m��� 9.7 m���� 1.0 m (3.3 ft)����� 30.2� (0.90)
GS-07-17��� 63.0 m�� 65.4 m���� 2.4 m (7.9 ft)����� 11.4� (0.34)
GS-07-18��� 69.3 m�� 71.8 m���� 2.5 m (8.3 ft)�� ���23.2� (0.69)
GS-07-19��� 74.7 m�� 80.0 m���� 5.3 m (17.4 ft)����� 7.1� (0.21)
and�������� 82.2 m�� 85.3 m���� 3.1 m (10.0 ft)����� 4.5� (0.13)
Lower zone
GS-07-15�� 248.2 m� 249.2 m����� 1.0 m (3.3 ft)���� 18.5� (0.55)
GS-07-18�� 255.3 m� 256.3 m����� 1.0 m (3.3 ft)���� 26.0� (0.77)
The new zones are roughly parallel and gently dipping to the north and
are made up of quartz and carbonate veins containing gold mineralization. All
of the listed intersections contain numerous visible occurrences of gold. The
volcanic units which contain the new veins are located in a sequence of rocks
which lie approximately 1,500 metres into the hangingwall stratigraphically
above and geographically to the north of the mineralized mine unit of the Rice
Lake gold mine. This new zone does not outcrop at surface but drill locations
are within view of the San Gold No. 1 haulage road and power line. The new
zones lie between San Gold's operating Rice Lake and San Gold No. 1 mines, an
extensive area that is largely unexplored.
Much of the past exploration within the Rice Lake belt has been confined
to the mine unit gabbroic rocks as dictated by a historical Rice Lake mine
geological model. The model followed in this case, a model developed from
observations deep underground at Rice Lake and by means of surface structural
interpretations, projects a series of north-south hinges or axes along which
past and current showings and small production pits and mines were located. Drilling
along the third, easternmost, hinge or axis which also contains the historic
Wingold and Gold Standard deposits resulted in this discovery. Numerous targets have been
identified within the thick sequence of hangingwall volcanic rocks. A second
surface drill rig has moved to the area around this new discovery.
Please see the San Gold
website for a plan view location map and cross-sectional view of this new
discovery as well as selected pictures of drill core intersections.
This program was carried
out under the supervision of W.S. Ferreira, PGeo, the qualified person for this
project under National Instrument 43-101. The drill core was split, with half
sent to TSL Laboratories in Saskatoon, Sask., and fire assayed with an AA and
gravimetric finish. Whole metallics 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, Ont. 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
www.sangoldcorp.com
info@sangoldcorp.com