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Amador Gold Corp.: Amador Gold Corp. Provides Summary on Ontario Projects
VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 15, 2009) - Amador Gold Corp. (TSX VENTURE:AGX) (the "Company") is pleased to provide a summary of the progress and highlights of recent exploration programs and proposed further work at its gold and base metal projects in Ontario.
The company's strategy is to identify and explore favourable geology for hosting base and precious metal deposits. To maximize the potential for success the company focuses on areas with a proven track record for discovering major deposits, such as the Timmins mining area. Existing labour force and infrastructure (such as roads, power, and ore/metal processing facilities) in these areas allows for a more efficient use of exploration dollars and increases the potential for bringing a mine into production.
Loveland Copper/Nickel/Gold Project
- 2008 gold results include:
-- 6.37 g/t gold over 8.55 meters
-- 6.17 g/t gold over 3.0 meters
-- 10.39 g/t gold over 3.1 meters
- 2008 nickel-copper results include:
-- 0.70% nickel and 0.75% copper over 45 meters
-- 0.40% nickel and 0.55% copper over 35.5 meters
-- 0.53% nickel and 0.88% copper over 22.80 meters
- Historic Cominco Zone: Non-compliant NI 43-101 resource of 130,000 tons grading 0.68% nickel and 0.73% copper.(i)
- Historic Hollinger Zone: Non-compliant 43-101 resource of 422,000 tons grading 0.71% nickel and 0.42% copper.(i)
- 2008/2009 drill program showed high-grade results and continuity of gold mineralization.
- Further analysis is under way to study areas with potential gold mineralization and examine the numerous VTEM anomalies for new drilling targets.
- Property flown by VTEM, with numerous anomalies identified. Of the 33 defined VTEM targets, only three have been drilled to date.
- The discovery of gold adds a new dimension to the Company's most advanced copper/nickel project and significantly increases the overall potential of the Loveland property.
Horwood Gold/VMS Project
- 2008 Bend zone drilling highlights:
-- 12.35 grams per tonne gold over 2.4 meters
- Grab samples from quartz veins 2 km northeast of the Bend and Gabbro Zones:
-- 17.30 g/t gold
-- 22.72 g/t gold
-- 19.68 g/t gold
- Known gold targets include the Haddington Zone, which returned positive results from limited drilling in the mid-1990s.
-- 11.66 grams/tonne gold over 1.45 meters
-- 3.33 g/t and 3.03 g/t gold in recent grab samples
- Property also hosts VMS-style (volcanogenic massive sulphide) mineralization discovered while testing an airborne VTEM anomaly during the 2008 drilling program.
-- 1.3 meters grading 4.47% copper and 2.03% zinc
- The style of mineralization is similar to deposits in the Timmins camp that have collectively produced more than 70 million ounces of gold during the past century.
- Entire property has been flown with the airborne VTEM system.
- Trenching is underway and drill-testing is being planned for gold-bearing zones on strike and at depth in order to identify higher concentrations of gold in high-grade shoots or extensive low-grade zones amenable to open-pit mining.
- The 2009 summer exploration program is currently defining existing gold and VMS zones as well as vectoring in on potential targets for future drilling.
Kell Silver Project
- Drilling highlights include:
-- 2,401 g/t silver over 1.73 meters
-- 4,580.4 g/t silver over 0.53 meter
-- 3.574.5 g/t silver over 0.40 meter
-- 262 g/t silver over 8.63 meters
- Hosts silver-cobalt-nickel mineralization in a series of en-echelon quartz-calcite veins in a deformation zone averaging three to eight metres wide.
- The Company conducted magnetic and electromagnetic surveys across the vein, and drilled 17 holes totaling 2270 meters, testing the Kell vein along strike and at shallow depths.
- In 1920-21, a shipment of 1,558 lbs of rock gave 1,620.9 ounces of silver.
Jessop Project
- The primary target is a quartz feldspar porphyry rock unit. This type of unit is known to act as an "engine" to circulate gold-bearing fluids.
- In 1986, Pamour Gold Mines systematically sampled the till along the southern boundary of the present-day Jessop property and found gold values as high as 58 grams per tonne.
- Recent VTEM results along with historical data have been compiled to assess the property's mineral potential.
- Summer plans include ground geophysics to define future drill targets.
Maskooch Project
- Geological environment prospective for hosting volcanogenic massive sulphide (VMS) and precious metal mineralization.
- Accessible by well-maintained logging roads and lies 12 km southeast of the past-producing South Bay Mine, a copper-zinc-silver massive sulphide deposit that produced 1.6 million tons of ore averaging 1.8% copper, 11.06% zinc and 2.12 oz. silver per ton.
- Maskooch Gold Showing, a 9-to-10-meter wide shear zone associated with chlorite and ankerite that historically produced assays up to 16 g/t gold. Preliminary mapping suggests that the shear zone can be followed for several kilometers across the property. Where shear zone intersects with iron formations may provide chemical traps for gold mineralization; these areas are future exploration targets.
- Recent VTEM airborne geophysical survey has identified Volganogenic Massive Sulphide (VMS - copper, zinc, silver) targets across the property in areas with alteration zones favourable for hosting large deposits.
(i) A qualified person has not done sufficient work to classify these historical estimates as current mineral resources. The Company is not treating the historical estimates as current mineral resources and the historical estimates should not be relied upon.
Amador holds other projects in Ontario, and is also planning to begin ground geophysical and soil geochemical surveys to test known gold zones at its Dale property near Timmins.
Peter Caldbick, P.Geo. is the qualified person for the purposes of National Instrument 43-101 for the Company's Ontario Projects. The contents of this news release have been reviewed and approved by Mr. Caldbick.
About Amador Gold
Amador has assembled a portfolio of more than 20 properties of exceptional merit in established mining camps and emerging mineral districts of Canada. These projects include the Loveland gold-copper-nickel project which recently completed its spring drill program and the Horwood Gold Project which recently commenced its summer exploration program.
For information on active projects and to see Smartstox interviews with Company president, Richard Hughes, please visit the Company's website at [ www.amadorgoldcorp.com ].
The statements made in this Press Release may contain forward-looking statements that may involve a number of risks and uncertainties. Actual events or results could differ materially from the Company's expectations and projections.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this news release.
