Midway Strikes Porphyry Gold at Big Leap Zone Spring Valley, Nevadaadmin
Midway Gold Corp. has drilled new gold intercepts north of the Spring Valley resource in the newly defined Big Leap Zone. Intercepts in the zone include SV08-436 with 5 feet of 0.667 ounces per ton (opt) gold within 110′ of 0.061 opt gold and SV08-432 with 25 feet of 0.294 opt gold within 40 feet of 0.190 opt gold. The zone has been intercepted over 1400 feet along strike, is 200 to 400 feet wide, and is still open to both the north and south and at depth. These intercepts are entirely outside of the 2008 resource estimate (see map, available at: http://media3.marketwire.com/docs/mdw911f.JPG). Significant assays for 10 holes are shown in the table below.
“The existing Spring Valley gold zones have been offset to the north and west in the Big Leap zone,” said Alan Branham, President and CEO of Midway Gold Corp. “The northernmost hole in the zone, SV08-430, has seven distinct gold intercepts. When averaged with the intervening low grade and waste rock zones, the entire interval averages 455 feet of 0.020 opt gold. The hole bottomed in 25 feet of 0.144 opt gold. Thick zones of mineralization are seen in other holes where numerous intercepts averaged with lower grade and minor waste zones running 560 feet of 0.034 opt gold (SV08-413) and 580 feet of 0.035 opt gold (SV08-432). We don’t know how big this new zone can grow when holes like SV08-432 and SV08-430 both bottom in gold mineralization within a rhyolite porphyry intrusive, the upside could be significant. As this zone continues to grow, it has the potential to expand a pit to the north and incorporate both these new intercepts and many previous intercepts not included in the 2008 resource estimate. Additional deep core drilling will be required to delineate the extent of this mineralization.”
Midway has drilled 72,250 feet in 87 holes at Spring Valley in 2008 through August. This total includes 9,485 feet in 6 deep core holes. Deep core drilling tested extensions of the deeper ore zones along 1,200 feet of strike length. Assays are pending for the core holes.
The Spring Valley project is a diatreme/porphyry hosted gold system beneath pediment gravels. A Canadian NI 43-101 compliant resource estimate made March 7, 2008 is available on Midway’s profile on Sedar. The inferred resource estimate is 50.6 million tons grading 0.0196 ounce per ton gold for a total of 992,152 ounces. The deposit is 3,500 feet long and 3,500 feet wide and has been tested to a depth of 1,400 feet.
Midway Gold Corp. is a precious metals exploration company, listed on the American Stock Exchange and on the TSX Venture Exchange under the symbol “MDW”. Midway’s focus is creating value for shareholders through the discovery and development of quality new precious metal resources in politically stable mining areas. Midway has four advanced stage gold exploration projects and four early stage exploration projects that control over 60 square miles of mineral rights along three major gold trends in Nevada and the Republic district in Washington. Additional information on Midway Gold Corp and these projects can be found at: www.midwaygold.com.