|
Miranda Gold Corp.
(“Miranda”) (TSX-V:MAD.v - News) announces the acquisition of five new
properties through its Colombian subsidiary, Miranda Gold Colombia II Ltd.
(“Miranda Gold Colombia”). The Cajamarca, Ibague, Fresno,
Santander and Anori projects are optioned from ExpoGold Colombia S.A. (“ExpoGold”)
and are subject to the Association Agreement between Miranda and ExpoGold.
Miranda has the right to acquire 100% of
each of the five concessions by issuing 10,000 shares of Miranda common stock
and making initial payments of US$10,000 to ExpoGold
per property. In total Miranda will grant, subject to the rules and approval
of the TSX Venture Exchange, 50,000 common shares of Miranda and make
payments of $50,000 to ExpoGold. To maintain the
options, payments and issuance of shares increase incrementally each
subsequent anniversary year of each individual option agreement.
Miranda Gold Colombia will seek
exploration funding partners for all five properties. Cajamarca, Ibague and
Fresno will be offered as a single project due to their proximity to one
another, while Santander and Anori will be optioned
as two separate projects. The selection of these five properties concludes
Miranda’s First Right of Refusal to option projects from the ExpoGold portfolio, as contained in the Association
Agreement.
Project Details
Cajamarca, Ibague and Fresno
The Cajamarca, Ibague and Fresno
projects together cover a total of 45.1 sq. mi. (116.9 sq. km.) and lie
within the department of Tolima and Quindio.
The Cajamarca project is comprised of
two applications and one license totaling 30.5 sq. mi (78.9 sq. km). The
geologic setting at Cajamarca consists of meta-sediments that have been
intruded by Tertiary and Cretaceous-age stocks. Locally, the igneous stocks
are both hydrothermally and tectonically altered. AngloGold Ashanti’s
La Colosa gold porphyry discovery (13 million
ounces) lies 6.2 mi (10 km) to the southeast of the main project area.
Southwest-trending structures thought to be important to the mineralization
at La Colosa are projected through the southern
Cajamarca concession. Regional-scale public-domain geochemical data indicates
several gold, lead, mercury and copper anomalies in an around the northern
Cajamarca applications.
The Ibague project consists of two
applications totaling 7.1 sq. mi (18.4 sq. km) and the Fresno project consist
of one application covering 7.6 sq. mi (19.6 sq. km). Ibague and Fresno both
have similar host rocks and igneous bodies to those found at Cajamarca but
only limited regional investigations have been conducted. Public domain data
shows historic gold workings in and around the application areas.
Plans are currently underway for
evaluation of the Ibague and Fresno applications. Exploration work has thus
far focused on the southern half of the northern Cajamarca applications and
has consisted of a regional stream sediment program, a detailed geophysical
airborne magnetic survey and a rock chip sampling program.
The high-resolution airborne magnetic
survey was flown on 50 m line spacing with 500 m tie lines and is currently
under review and interpretation. Preliminary results show a distinct
north-east structure pattern with several interpreted buried intrusions
following the same northeast trend. Rock chip samples
average 0.006 oz Au/t (0.2 g Au/t) and range from less than
detectable to 0.0141 oz Au/t (0.44 g Au/t). Preliminary mapping has revealed an
unmapped multiphase intrusive breccia with very
fine-grained disseminated pyrite. To date, 71 stream sediment samples and 24
stream pan concentrates have been taken on the Cajamarca project. Four
anomalous drainages have been identified and will be investigated with a more
detailed follow-up sampling program.
Santander
The Santander project consists of two
applications covering 23.9 sq. mi (61.9 sq. km). The geologic setting at
Santander consists of meta-sediments with localized alterations halos
dominated by quartz veinlets, irregular breccias,
fine-grained sulfides and magnetite.
The Santander applications are located
5.6 mi (9 km) northeast and 11.2 mi (18 km) southwest of Greystar’s
Angostura gold deposit (9.8 million ounce) and 6.2 miles (10 km) northeast
and 11.8 miles (19 km) southwest of Ventana’s
La Bodega gold deposit (3.9 million ounce). The applications cover both the
northeast and southwest extension of La Baja Faults and Rio Cucutilla fault systems thought to be the principle
mineralizing structures for the La Bodega and Angostura deposits.
Plans are currently underway for
evaluation of the Santander applications. Exploration work to date consists
of a streamsediment sampling program centered on
drainage basins along the La Baja fault system.
Anori
The Anori
project, located in the Department of Antioquia, is comprised of four
applications totaling 22.64 sq. mi (58.65 sq. km). The geologic setting at Anori consists of meta-sediments and upper Cretaceous
marine sediments that have been intruded by Paleozoic and Upper Cretaceous-age
igneous rocks.
Mineralized zones in the Anori area are dominated by mesothermal
quartz veins, veinlets and shear zones. Although no
major gold deposits are located in the area of Anori,
public domain data indicates a high occurrence of recent artisan mining in
the area, as well as numerous historic workings on the project.
Miranda’s exploration work has focused on a stream-sediment sampling
program and select rock chip sampling. A total of 42 rock chip samples have
been taken averaging 0.041 oz Au/t (1.271.4 g Au/t) with a range from less
than detectable to 0.097 oz Au/t (3.01 g Au/t). To date 20 stream-sediment
samples have been taken on the Anori project
identifying one anomalous drainage.
The data disclosed in this press release
have been reviewed and verified by President & CEO Ken Cunningham, P.Geo, MSc. Geology and Quualified 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 Gold 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
or contact Fiona Grant, Manager, Investor Relations 1-877-689-4580.
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, 1-877-689-4580
Manager, Investor Relations |