Halifax, Nova Scotia
September 24, 2008
Nayarit intersects 15.08 g/t gold equivalent over 6.8 metres
or 4.34 g/t gold and 536.9 g/t
silver
Nayarit Gold extends mineralization
zone an additional 150m to the
East
Nayarit Gold Inc (TSXV: NYG) is pleased to report additional
encouraging drilling results from its ongoing 30,000 metre Phase II
drill program at the Orion District in the State of Nayarit, Mexico.
The Company has continued step out
drilling east of the discovery zone, and has encountered a broad section of
high grade gold and silver mineralization in sections 999, 1079 and 1159 which
extends the mineralized target zone another 150 metres to the east.
Drilling in section 999 tested the upper part of the mineralized zone,
and encountered potential bulk tonnage zones intersecting 27.53 metres of 0.49
g/t gold and 108.5 g/t silver, or 2.66 g/t gold equivalent. The Company
is continuing to step out towards the historic Panteleon
mine located 800 metres
to the east of the Animas/Del Norte structure with
one drill rig, with the other drill rig mobilized to the west in the San Francisco area.
The Company�s primary objective is to continue step out drilling at San Francisco and Pantaleon which could extend the mineralization zone to
approximately 4
kilometres in length.
Grab samples taken from the Pantaleon workings, located about 800 metres east of hole
OR-08-71, returned significantly high values. A series of grab samples taken
from mineralized outcrop assayed as high as 4.83, 10.75, 12.50 and 12.25 g/t Au
and 256, 1,150, 836 and 1,135 g/t Ag respectively. Samples were collected along
an 80 metre
strike of the vein. An ongoing mapping, rock and soil sampling program will be
followed by drilling in the Pantaleon area. Preliminary
mapping between the Animas/Del Norte structure and
the Pantaleon suggests they may be hosted in the same
structure.
�The drill results continue to
extend the mineralization zone at Orion along strike to the east. The results
continue to exhibit very positive grades and width, and the upper part of the
mineralized zone demonstrates bulk tonnage potential,� stated Colin Sutherland,
President & CEO. �The grab samples at the Pantaleon mine demonstrate continuity and potentially yet
another extension of the mineralization zone 800 metres east.�
Highlights from the most recent
drilling campaign on Sections 999, 1079 and 1159 are as follows:
Table 1: Orion
District Drill Hole Intercept Summary
|
|
|
|
|
|
|
|
Hole #
|
Section
|
From
(m)
|
To
(m)
|
Interval
(m)
|
Gold
(g/t)
|
Silver
(g/t)
|
Gold Equivalent
(g/t) *
|
106
|
999
|
21.20
|
48.73
|
27.53
|
0.49
|
108.5
|
2.66
|
|
Including
|
21.40
|
29.80
|
8.40
|
0.51
|
200.3
|
4.52
|
|
|
|
|
|
|
|
|
107
|
999
|
70.05
|
88.93
|
18.88
|
0.90
|
80.5
|
2.51
|
|
Including
|
70.05
|
75.35
|
5.30
|
2.03
|
185.6
|
5.74
|
|
|
|
|
|
|
|
|
108
|
999
|
111.57
|
117.20
|
5.63
|
0.37
|
49.00
|
1.35
|
|
|
|
|
|
|
|
|
71
|
1079
|
145.20
|
153.40
|
8.20
|
1.49
|
225.10
|
5.99
|
|
|
|
|
|
|
|
|
72
|
1159
|
124.00
|
150.60
|
26.60
|
1.01
|
78.10
|
2.57
|
|
Including
|
138.60
|
148.10
|
9.50
|
2.18
|
150.6
|
5.19
|
|
|
|
|
|
|
|
|
73
|
1159
|
168.50
|
233.80
|
65.30
|
0.83
|
90.30
|
2.63
|
|
Including
|
215.00
|
233.80
|
18.80
|
2.00
|
215.20
|
6.30
|
|
Including
|
227.00
|
233.80
|
6.80
|
4.34
|
536.90
|
15.08
|
|
|
|
|
|
|
|
|
74
|
1159
|
335.85
|
338.60
|
2.75
|
1.33
|
236.50
|
6.07
|
|
|
|
|
|
|
|
|
*Gold Equivalent Values were
calculated based on 50
ounces of silver = 1 ounce of gold.
Metallurgical Recoveries and Net
Smelter Returns are assumed to be 100%
No capping. The intervals
recorded above are core lengths.
Drill hole OR-08-55 was drilled on
section 999 with holes OR-07-32 and 34. The Company previously released data
down to 189 metres
on April 8, 2008. This drill hole intersected the Del Norte
vein from 158 to 179
metres, and then a series of stockwork
on the north side of the vein. The Company deepened the hole, and
recorded a significant mineralized zone of 7 metres, between 230.4
and 237.4 metres,
assaying 1.46 g/t gold and 95 g/t silver or 3.35 g/t gold equivalent. The
combined vein and stockwork zone in this hole is
summarized as follows:
|
|
|
|
|
|
|
|
Hole #
|
Section
|
From
(m)
|
To
(m)
|
Interval
(m)
|
Gold
(g/t)
|
Silver
(g/t)
|
Gold Equivalent
(g/t) *
|
OR-08-55
|
999
|
158
|
237.4
|
79.4
|
1.05
|
65
|
2.35
|
|
Including
|
158
|
179
|
21
|
2.57
|
128
|
5.13
|
|
Including
|
230.4
|
237.4
|
7
|
1.46
|
95
|
3.35
|
*Gold Equivalent Values were
calculated based on 50
ounces of silver = 1 ounce of gold.
Metallurgical Recoveries and Net
Smelter Returns are assumed to be 100%
No capping. The intervals
recorded above are core lengths.
For additional information including
the long section and data please click on the link below:
http://www.nayaritgold.com/projects_animas.html
William J.
Warren Jr., M.Sc., P.Geo and Vice President, Exploration
is a Qualified Person (QP) as defined in NI 43-101 and has reviewed this
release.
QA/QC Procedures: The Company has
implemented a quality control program to ensure best practices in sampling and
analysis of the core samples. The core is first logged then sawn in half during
the sampling process with the remaining half being retained for verification
and reference purposes. Duplicates, standards and blanks are inserted randomly
into the sample stream. The samples are delivered directly in security sealed
bags to ALS-Chemex Laboratories preparation facility
in Guadalajara,
Jalisco (Certification ISO 9001). Sample pulps are shipped from there to ALS-Chemex Laboratories in North Vancouver, Canada
for analysis by ICP techniques. Metallic screen fire analyses for silver are
also regularly run as an additional QA/QC check. Gold equivalent values are
calculated using a 50:1 ratio.
Nayarit Gold Inc. is a junior
resource company dedicated to gold exploration in the proven precious metal
districts of Mexico.
Management�s goal is to build a profitable resource company and maximize
shareholder value through successful exploration programs and continued
development.
For further information on Nayarit
Gold please visit the company�s website at www.nayaritgold.com or contact:
Mr. Colin P. Sutherland
President & CEO
(902) 252-3833
info@nayaritgold.com