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Miranda Gold Corp.
(“Miranda”) (TSX VENTURE:MAD.v
- News) staked 69 claims that comprise the East Spruce Project in the South Pequop Mountains in Elko County, Nevada. The project is
located approximately 34 mi (55 km) southeast of Wells, Nevada and
approximately 28 miles (45 km) to the south-southwest of Fronteer
Gold’s Long Canyon gold deposit. The project covers approximately 2 sq
mi. (5.2 sq. km).
Regional aeromagnetic data suggest that
the East Spruce Project lies on the margin of a large buried intrusion that
is part of a northeast alignment of intrusive rocks that extends 90 mi (150
km) from the Bald Mountain Mining District, located to the southwest, through
the new Pequop (Long Canyon) Mining District to the
northeast and farther northeast to the Tecoma
(gold) District. Internal ore controls to deposits on this trend are also oriented
northeast.
Miranda is pleased to be positioned in
this northeast trend of intrusive rocks, which may reflect the orientation
and locus of a newly emerging Nevada gold trend evidenced by the Long Canyon
discovery (1.4 M ounce gold resource).
The geology of the East Spruce property
and peripheral areas include north-northwest and northeast-trending faults,
and a north-northwest-trending anticlinal fold of
Lower Permian Pequop / Rib Hill Formations and the
Pennsylvanian Riepe Spring Limestone. The Rib Hill
Formation is a known host to gold mineralization in the Star Pointer gold
deposit in the Robinson Mining District near Ely, Nevada. The project is 0.5
mi (0.8 Km) northeast of Cretaceous quartz/granite porphyry intrusive rocks
historically explored for molybdenum and copper in the Spruce Mountain Mining
District.
Notably, many significant Carlin-style
deposits such as Goldstrike, Pipeline and Cortez
Hills occur along the margins of intrusive rocks with associated folding.
Replacement silicification
with anomalous gold occurs proximal to the north-northwest axis of the
anticline and along north-south and northeast-trending fault zones in the anticlinal limb areas. The fold is about 2 mi (3.2 km)
long by 1.5 mi (2.4 km) wide. The north-trending fault zone projects into
pediment to the south.
At the north end of the property, gold
values in rocks are anomalous over a strike length of 2,000 ft (610 m) in a
silicified and decalcified north-south fault zone hosted by fossiliferous limestone of the Lower Pequop
Formation. Seven rock samples collected along the 2,000 ft-long trend range
from 0.004 to 0.016 oz Au/t (0.148 to 0.548 g Au/t) with anomalous silver,
arsenic, mercury, and a variable antimony, lead, and zinc association.
Anomalous lead and zinc may reflect distal zoning from the porphyry system to
the southwest.
Minor historic drilling is indicated
from existing reclamation at the East Spruce property. No information is
currently available from that drilling.
Miranda plans to advance the project and
surrounding area with additional sampling and mapping to further understand a
northeast-trending gold-bearing system that covers an area of 2.5 mi (4 km)
long and 0.75 mi (1.2 km) wide.
In keeping with Miranda’s business
model as a prospect generator a joint venture partner will be sought to
explore the East Spruce property.
The data disclosed in this press release
have been reviewed and verified by President & CEO Ken Cunningham, P.Geo, MSc. Geology and
Qualified Person as defined by National Instrument 43-101.
Corporate Profile
Miranda Gold Corp. is a gold exploration
company active in Nevada, Alaska and Colombia and whose emphasis is on
generating gold exploration projects with world-class discovery potential.
Miranda performs its own grass roots exploration and then employs a joint
venture business model on its projects in order to maximize exposure to
discovery while minimizing exploration risk. Miranda has ongoing partnerships
with Agnico-Eagle USA Limited, Montezuma Mines Inc., Navaho Gold Pty Ltd., NuLegacy Corporation, Piedmont Mining Company Inc., Ramelius Resources Ltd. and Red Eagle Mining Corporation.
ON BEHALF OF THE BOARD
“Kenneth Cunningham”
Kenneth Cunningham
President and CEO
For more information visit the
Company’s web site at www.mirandagold.com.
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.
This news release may contain
information about adjacent properties on which we have no right to explore or
mine. We advise U.S. investors that the SEC's mining guidelines strictly
prohibit information of this type in documents filed with the SEC. U.S. investors
are cautioned that mineral deposits on adjacent properties are not indicative
of mineral deposits on our properties. This news release may contain
forward-looking statements including but not limited to comments regarding
the timing and content of upcoming work programs, geological interpretations,
receipt of property titles, potential mineral recovery processes, etc.
Forward-looking statements address future events and conditions and therefore
involve inherent risks and uncertainties. Actual results may differ
materially from those currently anticipated in such statements.
Contact:
Miranda Gold Corp.
Fiona Grant, Manager
Investor Relations
1-877-689-4580 |