Star Gold Corp. Announces Further Results of 2012 Drilling at Longstreet Project
COEUR D'ALENE, Idaho, Sept. 13, 2012 -- Star Gold Corp. ("Star Gold" or the "Company") (OTC Markets: SRGZ) announced today the assay results for two (2) of the 8 RC drill holes recently completed during the 2012 Phase 1 drilling program at its Longstreet property. The assay results are for 2 holes drilled at the North target. Longstreet is located in Nye County, Nevada and lies 25 miles southeast of the Round Mountain mine.
"Assay results continue to confirm the solid grades and thicknesses recorded in previous RC drill holes, released on August 15, 2012," said Scott Jenkins, Chief Geologist and Director of Exploration of Star Gold Corp. "The 3-D knowledge, specifically the vertical dimension, of the North target is at an initial stage and the results at this target are prospective." The grades on these two holes were consistent with some of the lower grade holes drilled at Main. North is a large target, triangular shaped; 1,800 feet-long; X 500 feet-width on the north end and X 1,000 feet width on the south end. The two drill holes; LSN-1218 and LSN-1219, represent a very limited part of the North Target. Star Gold intends to continue drill testing this target with 15-20 RC drill holes planned for the first quarter of 2013.
Further Results at Main
Six holes were also drilled at Main. The highlight of the drilling at Main was hole LS-1212 which contained 206 feet true thickness of +0.01 oz/ton gold equivalent (AuEq) down dip from any previous drilling. This drill hole along with others, completed earlier in the year, defined significant thicknesses of oxidized mineralization below the Adit Fault, which was originally thought to be the bottom of the mineralized zone.
Holes LS-1211, 1213, 1214 and 1215, all at Main, each have from 170 to 205 feet of +0.01 oz/ton AuEq and will add to the current resource. LS-1210, drilled along the eastern side of the deposit contained 95 feet of +0.01 oz/ton AuEq. Drilling results are shown can be found on the Star Gold website at www.stargoldcorp.com.
Sept 2012 Longstreet Drill Results
Longstreet Main Phase 1 Map
Longstreet North Phase 1 Map
Holes at North Target
Drill holes LSN-1218 and LSN-1219 are 2 of the first three (3) holes drilled in the North target located approximately 2,000 feet north of the Main target. Two orthogonal sets of near vertical sheeted veins are intermittently exposed at surface. The three angle holes were drilled roughly 300 feet apart at the same orientation as at Main. Results to date show 42 to 78 feet true thicknesses of +0.01 oz/ton in these two holes. Oxidized and argillic alteration with weak zones of silicification, were intercepted; from the surface to; 140 feet in LSN-1218, and from the surface to 190 feet in LSN-1219. Results for the third hole LSN-1220 have not been received. Until additional holes are drilled the potential of this new zone cannot be determined.
Completion of Drilling for Phase 1
Phase 1 drilling for 2012 has been completed and the rigs have been moved from the Longstreet property. Star Gold completed 22 drill holes during the 2012 Phase 1 program. The total footage drilled is 9,397 feet. Although Phase 1 drilling is completed, results for five holes are still pending and will be released when available. These will include three (3) core holes that were drilled at Main.
Once assays are received and results digitized for all holes, a Phase 2 drilling program will be designed. Besides Main, additional drilling is planned at North and at Opal Ridge. The drilling will be angled reverse circulation holes (RC). Column leach metallurgical testing is also planned in Phase 2.
Drilling samples will continue to be collected in five foot intervals, logged and securely shipped to ALS Chemex Labs Inc. in Reno, Nevada; analyzed for gold and silver by fire assay. A second sample split is kept on site for possible re-testing or future metallurgy.
CAUTIONARY STATEMENT REGARDING MINERAL RESOURCES
This Press Release and/or other information that may be released by the Company in the future uses the terms "resources", "measured resources", "indicated resources" and "inferred resources". United States investors are advised that, while such terms are recognized and required by Canadian securities laws, the SEC does not recognize them. Under United States standards, mineralization may not be classified as a "reserve" unless the determination has been made that the mineralization could be economically and legally produced or extracted at the time the reserve determination is made. Mineral resources that are not mineral reserves do not have demonstrated economic viability. United States investors are cautioned not to assume that all or any part of measured or indicated resources will ever be converted into reserves. Inferred resources are in addition to measured and indicated resources. Further, inferred resources have a great amount of uncertainty as to their existence and as to whether they can be mined legally or economically. It cannot be assumed that all or any part of the inferred resources will ever be upgraded to a higher category. Therefore, United States investors are also cautioned not to assume that all or any part of the inferred resources exist, or that they can be mined legally or economically. National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101") is a rule developed by the Canadian Securities Administrators, which established standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. Unless otherwise indicated, all resource estimates contained in this Press Release and in press releases by the Company in the future, have been or will be prepared in accordance with NI 43-101 and the Canadian Institute of Mining, Metallurgy and Petroleum Classification System. The requirements of NI 43-101 are not the same as those of the SEC.
The terms "mineral reserve", "proven mineral reserve" and "probable mineral reserve" are Canadian mining terms as defined in accordance with Canadian National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101") and the Canadian Institute of Mining, Metallurgy and Petroleum (the "CIM") - CIM Definition Standards on Mineral Resources and Mineral Reserves , adopted by the CIM Council, as amended. These definitions differ from the definitions in the United States Securities and Exchange Commission ("SEC") Industry Guide 7 under the United States Securities Act of 1933, as amended (the "Securities Act"). Under SEC Industry Guide 7 standards, a "final" or "bankable" feasibility study is required to report reserves, the three-year historical average price is used in any reserve or cash flow analysis to designate reserves and the primary environmental analysis or report must be filed with the appropriate governmental authority.
In addition, the terms "mineral resource", "measured mineral resource", "indicated mineral resource" and "inferred mineral resource" are defined in and required to be disclosed by NI 43-101; however, these terms are not defined terms under SEC Industry Guide 7 and are normally not permitted to be used in reports and registration statements filed with the SEC. Investors are cautioned not to assume that all or any part of a mineral deposit in these categories will ever be converted into reserves. "Inferred mineral resources" have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to a higher category. Under Canadian rules, estimates of inferred mineral resources may not form the basis of feasibility or pre-feasibility studies, except in rare cases. Investors are cautioned not to assume that all or any part of an inferred mineral resource exists or is economically or legally mineable. Disclosure of "contained ounces" in a resource is permitted disclosure under Canadian regulations; however, the SEC normally only permits issuers to report mineralization that does not constitute "reserves" by SEC Industry Guide 7 standards as in place tonnage and grade without reference to unit measures.
Subject to the forgoing Cautionary Statement, the following are the definitions of the terms used in the Longstreet NI 43-101 Report:
NI 43-101 Definitions:
Indicated mineral resource The term "indicated mineral resource" refers to that
part of a mineral resource for which quantity, grade or
quality, densities, shape and physical characteristics
can be established with a level of confidence
sufficient to allow the appropriate application of
technical and economic parameters, to support mine
planning and evaluation of the economic viability of
the deposit. The estimate is based on detailed and
reliable exploration and testing information gathered
through appropriate techniques from locations such as
outcrops, trenches, pits, workings and drill holes that
are spaced closely enough for geological and grade
continuity to be reasonably assumed.
Inferred mineral resource The term "inferred mineral resource" refers to that
part of a mineral resource for which quantity and
grade or quality can be estimated on the basis of
geological evidence and limited sampling and
reasonably assumed, but not verified, geological and
grade continuity. The estimate is based on limited
information and sampling gathered through
appropriate techniques from locations such as
outcrops, trenches, pits, workings and drill holes.
Measured mineral resource The term "measured mineral resource" refers to that
part of a mineral resource for which quantity, grade or
quality, densities, shape and physical characteristics
are so well established that they can be estimated with
confidence sufficient to allow the appropriate
application of technical and economic parameters to
support production planning and evaluation of the
economic viability of the deposit. The estimate is
based on detailed and reliable exploration, sampling
and testing information gathered through appropriate
techniques from locations such as outcrops, trenches
pits, workings and drill holes that are spaced closely
enough to confirm both geological and grade
About Star Gold Corp.
Star Gold is a gold exploration/development company formed in 2006 for the purpose of evaluating, acquiring and developing Gold projects in United States currently focused on Nevada..
Certain statements in this press release that are not historical facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements may be identified by the use of words such as "anticipate," "believe," "expect," "future," "may," "will," "would," "should," "plan," "projected," "intend," and similar expressions. Such forward-looking statements, involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Star Gold Corp (the Company) to be materially different from those expressed or implied by such forward-looking statements. The Company's future operating results are dependent upon many factors, including but not limited to the Company's ability to: (i) obtain sufficient capital or a strategic business arrangement to fund its expansion plans; (ii) build the management and human resources and infrastructure necessary to support the growth of its business; (iii) competitive factors and developments beyond the Company's control; and (iv) other risk factors discussed in the Company's periodic filings with the Securities and Exchange Commission, which are available for review at www.sec.gov under "Search for Company Filings."
DAVID SEGELOV, PRESIDENT
OFFICE: 208 664 5066
CELL: 646 626 3356
SOURCE Star Gold Corp