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VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 7, 2012) - High Desert Gold Corporation ("HDG" or the "Company") (News - Market indicators)(OTCQX:HDGCF) announces final results from trenching at the Grey Eagle target at the Gold Springs project along the Nevada-Utah border.
|Highlights from the trench:|
|Entire 56 metres average 1.5 g/t Gold Eq|
|Latest results from east end of trench:|
|14 metres averaging 2.2 g/t Gold Eq|
|4.6 metres averaging 3.7 g/t Gold Eq|
The trench is located approximately 20 metres to the north of previously reported drill holes, GE 12-001 and GE 12-002 (see HDG PR 12-14, August 16, 2012) which included intervals of plus 6 g/t gold. The overall average for the full mineralized interval from these two holes combined, assuming a north-south vertical body, was 41 metres averaging 1.6 g/t gold which is similar to the trench results. The trench ended in high grade mineralization of 3.3 g/t gold on the west end where it was cut off by a fault and also ends in mineralization on the east end as demonstrated by the latest results reported here. The final results are shown below:
|Grey Eagle Target
|Trench 20 metres north of GE 12-002
|New data - East end of trench
|Highest Value in trench
(The true width of these intercepts is not known).
*Gold equivalent (AuEq) calculations reflect gross metal content using metal prices of $1,600/oz gold (Au), and $28/oz silver (Ag), and have not been adjusted for metallurgical recoveries.
Ralph Fitch, President and CEO, stated "These trench results are important because they demonstrate that excellent grade mineralization at the Grey Eagle target starts at the surface. This is an important advantage as compared to other projects where mineralization starts at a significant depth below many metres of overburden. Similar veins can also be seen in a tunnel, recently opened by the Company, which extends under the trench some 20 metres vertically below the trench."
Results from the next set of drill holes at Grey Eagle are expected to be released over the next several weeks. All samples from drill holes GE-12-006, GE-12-008 through GE-12-011, and portions of GE-12-012 and GE-12-013 have been delivered to the laboratory for assaying. The Company is planning to complete an additional 5 holes on the Grey Eagle target as well as additional holes on the Jumbo Zone located on the Utah side of the Gold Springs project.
Gold Springs is a 70/30 Joint Venture with Pilot Gold Inc. in which HDG holds a 70% interest and is the operator of the Joint Venture.
Detailed maps of the target areas in both Utah and Nevada and the most recent Grey Eagle maps can be found on the Company's website at http://www.hdggold.com/goldsprings.html.
The Gold Springs Phase 2 drill program is designed to explore the Grey Eagle area and to drill potential extensions to the previously issued inferred resource of 9.4 million tonnes grading 0.57 g/t gold and 12.9 g/t silver for a total of 173,000 oz. of gold and 3.88 M oz. of silver. This equates to 233,000 ounces AuEq** grading 0.77 g/t (see HDG PR11-18, December 22, 2011).
** Gold equivalent (AuEq) calculations reflect gross metal content using metal prices of $1,020.00/oz gold (Au), and $15.80/oz silver (Ag), and have not been adjusted for metallurgical recoveries. This Gold Equivalent calculation was used when reporting the initial resource at Gold Springs that was reported in December 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. Field collection procedures were verified and Sample Tags checked against footage drilled. Standard samples with known assays were submitted with each batch of samples submitted to the laboratory as a check on laboratory accuracy.
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. All other elements were analyzed by the ICP-AES 30 element method with 4 acid digestion. The chip samples were collected every 2 to 5 feet and the average weight of each chip sample submitted to the laboratory was approximately 7 kg. An RC sample was collected every 5 feet of hole and the approximate average weight of each RC drill sample was 6.5 kg.
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 principal property held by HDG is a 70% interest in the Gold Springs gold project situated along the border between Utah and Nevada. The Company also holds direct interests in a number of other properties including the San Antonio project in Sonora, Mexico, the Gold Lake property in New Mexico, and the Kinkaid and Pinyon properties in Nevada. The Company also has a 34.2% interest in the Canasta Dorada property in Sonora, Mexico, through its equity interest in Highvista Gold Inc. There has been insufficient exploration to define a property-wide mineral resource at Gold Springs and it is uncertain if further exploration will result in the additional targets at Gold Springs being delineated as a mineral resource.
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 "target", "next", "expected", "explore", "potential", "will", and similar expressions. These statements include, but are not limited to, statements regarding the continued advancement of the Gold Springs property. In addition, information concerning the interpretation of trenching and drilling results 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. 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. 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, unexpected geologic formations, the timing for the return of assay results, 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, which is available on SEDAR at www.sedar.com. The material assumptions that were applied in developing the forward-looking statements include: the timely receipt of assay results; the availability of equipment and qualified personnel, and the timely receipt of permits, to advance the Gold Springs project; and the execution of the Company's existing plans and further exploration and development programs for Gold Springs, 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. 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. Unless otherwise indicated, forward-looking statements in this release describe the Company's expectations as of November 6, 2012.