Aug 05, 2010
Miranda Gold Signs New Exploration Funding Agreement For Angel Wing
Vancouver, BC, Canada -- August 5, 2010 -- Miranda Gold Corp. ("Miranda") (TSX-V: MAD) announces the termination of the exploration funding agreement with White Bear Resources Inc. and subsequently a new exploration funding agreement with Ramelius Resources Ltd. ("Ramelius") (ASX: RMS) on Miranda's Angel Wing project.
Under the terms of the agreement, Ramelius will fund US$4,000,000 in qualifying expenditures over a five-year period as an initial exploration expenditure. Ramelius can then earn a 70% interest in Angel Wing by completing a positive feasibility study over a four-year period or by annually funding $1,000,000 in exploration and development during the next 10 years. The first year's commitment of $350,000 is an obligation and includes a minimum of 4,000 ft (1,219 m) of drilling.
Ramelius plans to conduct detailed mapping, rock chip sampling, expansion of the soil geochemistry grid and geophysics to refine the strike and dip of the epithermal veins at Angel Wing. In areas where the veins are poorly exposed, IP/resistivity geophysics is being considered as a tool to guide the placement of drill holes.
For more details on Ramelius visit their website at http://www.rameliusresources.com.au.
Project details
The Angel Wing project consists of 87 unpatented lode claims (7.3 sq km) in northeast Elko County, Nevada. Past work has consisted principally of mapping and sampling. High-grade, surface samples up to 2.700 oz Au/t (92.5g Au/t) occur in steeply dipping quartz-calcite-adularia "bonanza" veins within Triassic limestone. The high-grade veins remain untested by drilling in a zone measuring one mile (1.6 km) along strike, 1,200 ft (366 m) wide and at depth. Surface sampling has also identified disseminated, sediment-hosted gold mineralization up to 0.044 oz Au/t (1.507 g Au/t) in silicified and clay altered Paleozoic and Tertiary rocks. Historic past shallow, vertical drilling targeted disseminated mineralization, returned up to 0.047 oz Au/t over 50 ft (1.609 g Au/t over 15.2m) in drill hole DC-7.
