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Zoloto Resources Announces Elvenei Drill Results
Zoloto Resources Ltd.
("Zoloto" or the "Company") (ZR - TSX-V), is pleased to
announce the results from its initial drill program at the Company's 100%
owned Elvenei project in Chukotka, Far East Russia. Six diamond drill holes
were completed in a short winter 2007-2008 drilling program managed by CJSC
Chaunskoye, a local Russian consultancy. Highlights from Zone 1
include:
. Hole C-12: 6.44 g/t over 8.7
m from 43.5 m to 52.2 m
. Hole C-24: 11.66 g/t over 0.9
m from 128.1 m to 129.0 m
. Hole C-34: 16.77 g/t over 2.1
m from 123.7 m to 125.8 m
Between 1940 and the early 1990's Elvenei has been explored in successive
Russian exploration programs that have outlined several mineralized trends
at surface. Over an aggregate strike length of 3.4 km, six high-grade
mineralized zones had been identified. The aim of Zoloto's first phase of
exploration was to test the continuity of mineralization at depth. The
location of the holes relative to the previously outlined mineralized zones
are displayed on the Elvenei Project Map.
Elvenei Project
Map (click to view PDF)
A total of 932.5 m
of core were drilled in six holes. The first four holes targeted the
mineralized Zone 1 structure, which has a total surface strike length of
over 1 km.
The four holes consistently returned high-grade mineralization over 1-2 m widths, at an
approximate average vertical depth from surface of 50 m in drill holes C-12
and C-25, and 100 m
in drill holes C-24 and C-34. Significant intersections are presented in
Table 1.
Table 1: Significant
Intersections (> 1 g/t Au)
|
Zone
|
Hole
|
Interval (m)
|
Au (ppm)
|
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From
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To
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Length
|
Estimated True Width
|
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1
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C-12
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incl
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C-24
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|
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incl
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C-25
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C-34
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incl
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2
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C-15
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3
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C-23
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Drill hole C-15
targeted the Zone 2 mineralized structure and intersected 0.28 g/t over 0.30 m from 89.50 m to 89.80 m (a vertical
depth from surface of approximately 80 m) indicating the continuation of
mineralization in Zone 2 at depth.
Drill hole C-23 targeted the northern extension of the Zone 3 mineralized
structure in an effort to extend known mineralization to the north and at
depth. C-23 intersected 1.08 g/t Au over 0.35 m from 180.40 m to 180.75 m (at a
vertical depth from surface of approximately 150 m), potentially
indicating continuity Zone 3 mineralization at depth.
Tim Petterson, Director of Zoloto, comments "These initial results are
encouraging and are broadly consistent with previous Russian exploration
that had estimated an average grade of 13.2 g/t over 1.7 m for Zone 1. In terms of geologic
setting, grade, width and dip of mineralized trends there are close
parallels with that at more advanced projects within the region, where it
has also been shown that grade significantly increases with depth. Given
the above positive results, this year's drill programme will be expanded to
test all of Elvenei's current six target zones".
Zoloto's 2008 summer drill programme at Elvenei is set to commence in the
third quarter. Here, a total 1,600 m of core drilling is planned to test
Zones 1 & 2 along strike at 120 m intervals, while Zones 3-5 will be
drilled at 240 m
intervals. In addition, 15,000
m� of trenching is planned along 140 m of Zone 1's strike
length.
Elvenei Geology
The Elvenei deposit is located immediately north of the Okhotsk-Chukotka
Volcanic Belt, a significant metallogenic province located in the Chukotka
Autonomous Okrug of northeastern Russia. The Okhotsk-Chukotka
Volcanic Belt is a belt of Cretaceous intermediate to felsic volcanics and
intrusions emplaced along the southern margin of, and unconformably
overlying, the Triassic terriginous metasediments of the Chukotka Terrane. Significant
deposits in the area of Elvenei with similar characteristics are Mayskoye
(6.89 million tonnes at 11.5 g/t Au�) and Kupol (6.82 million tonnes at
14.95 g/t Au�). In Elvenei, Mayskoye and Kupol, gold mineralization is
associated with quartz +/- sulfide veining in sheared, brecciated zones
sub-parallel to, and possibly coeval with, rhyolite dyking. Mayskoye is
most similar to Elvenei in that it is hosted in Triassic sediments whereas
Kupol is hosted in Cretaceous volcanics.
The area of interest for the Elvenei deposit covers a 15 km2 area on the
eastern bank of the Elveneiveem
River in the Chaunskiy
Area of Chukotka Autonomous Okrug (Figure 1). The area is known as part of
the Rauchuanskiy gold-bearing zone and is underlain by the Triassic
Kuveemkaiskiy Formation sediments of upper Norian age. The lower member of
the Kumeemkaiskiy Formation consists of poorly sorted terriginous clastics
overlain by upper member sandstones and intercalated siltstones. Sediments
are intruded by late-Cretaceous felsic to intermediate dykes and related
faulting forming a ring-dyke structure over and around a buried biotite
granite pluton.
Gold mineralization is structurally related and associated with
hydrothermal metasomatism in conjunction with the emplacement of the
granitic intrusions. Gold typically occurs with arsenic and/or antimony in
quartz veins and veinlets or in silicified mineralized breccia zones
trending north-south and central to the ring-dyke complex. The outer limit
of the gold-ore zone is expressed by anomalous silver, bismuth, tin,
tungsten and/or copper values.
Assaying and CME & Company
From the six core holes drilled, 908 samples were collected. Samples were
analyzed by Alex Stewart Geo Analytics in Moscow. The samples were processed by Alex
Stewart Group Ltd
at ASA GEO ANALITIKA, LLC laboratories in Moscow. Gold and multi-element
ICP analyses were performed on all samples. 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 results contained in this press release conform to Russian, but not
CIM, exploration standards. The technical data in this press release has
been reviewed by T. Greg Hawkins, P. Geo., and Director of CME &
Company (CME). Mr. Hawkins is the Qualified Person for the Elvenei project.
CME is an international mineral exploration consultancy, headquartered in
Dubai, UAE. CME has recently been retained by Zoloto as the Company's
independent geologic consultants. Two principle remits have been given to
CME: to provide guidance in ensuring that all future exploration complies
with CIM Best Practices and meets NI 43-101 standards; and to complete the
integration of the historic Russian data to a Canadian database.
Sources:
1 - Annual Report 2007 - Highland
Gold Mines
2 - Annual Report 2007 - Kinross
Gold Corporation
About Zoloto Resources
Zoloto 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.
Tim Petterson, Director
For more information
please contact:
Alan Tenenbaum/Yana Bobrovskaya
Investor Relations
Zoloto Resources Ltd.
Phone: (604) 608-0223
Toll-Free: (866) 608-0401
Fax: (604) 608-0344
Email: info@zolotoresources.com
This news release contains forward-looking information which is not
comprised of historical facts. Forward-looking information involves risks,
uncertainties and other factors that could cause actual events, results,
performance, prospects and opportunities to differ materially from those
expressed or implied by such forward-looking information. Forward looking
information in this news release includes, but is not limited to, the
Company's objectives, goals or future plans. Factors that could cause
actual results to differ materially from such forward-looking information
include, but are not limited to, those risks set out in the Company's
public documents filed on SEDAR. Although the Company believes that the
assumptions and factors used in preparing the forward-looking information
in this news release are reasonable, undue reliance should not be placed on
such information, which only applies as of the date of this news release,
and no assurance can be given that such events will occur in the disclosed
time frames or at all. The Company disclaims any intention or obligation to
update or revise any forward-looking information, whether as a result of
new information, future events or otherwise, other than as required by
law.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
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