Aug 04, 2010
Miranda Gold Reports Drill Results from Coal Canyon Project
Vancouver, BC, Canada -- August 4, 2010 -- Miranda Gold Corp. ("Miranda") (TSX-V: MAD) announces drill results from a four hole, 5,250 ft (1,600 m) reverse-circulation drill program at Coal Canyon, a sediment-hosted gold project in Eureka County, Nevada.
All four drill holes intersected hydrothermally altered intervals within carbonate rocks of the Roberts Mountains and Hanson Creek Formations. Altered lamprophyre and basalt dikes were also intersected. Although significant gold mineralization (>0.010 oz Au/t; >0.343 g Au/t) was not intersected, Miranda geologists recognize untested geologic and geochemical drill targets to the west and east of MCC-4.
The drilling, conducted by Miranda's exploration funding partner at Coal Canyon, Queensgate Resources Inc. ("Queensgate"), attempted to expand upon results in MCC-4, a 2008 drill hole that intersected 10 ft of 0.011 oz Au/t gold from 980 to 990 ft (3.0 m of 0.392 g Au/t from 298.8 to 301.8 m) within a sooty pyrite / silica-cemented breccia zone. This mineralization occurred within a larger, lower-grade gold zone that returned 230 ft of 0.004 oz Au/t from 970 to 1,200 ft (70.1 m of 0.140 g Au/t from 295.7 to 365.8 m).
Queensgate has informed Miranda that they will terminate the exploration funding agreement at Coal Canyon, BPV and CONO. Miranda will drop the BPV and CONO projects while a new exploration funding partner will be sought for Coal Canyon.
All drill samples were collected with a reverse circulation drill using 10 ft (3.05 m) sample intervals. Samples were assayed by SGS Minerals Services in Toronto, Ontario. Gold results were determined using standard fire assay techniques on 30-gr pulps. Queensgate QC/QA included the insertion of standards and blanks on a regular basis, and the collection of duplicate samples.
Project details
Coal Canyon consists of 64 unpatented lode claims ten miles (16 km) south of Barrick's +12 million ounce Cortez Hills gold deposit. The project covers a large percentage of the Windmill window, a geologic feature exposing favorable lower-plate carbonate rocks. Rocks exposed in the Windmill window are analogous to carbonate rocks that host the Cortez Hills and Pipeline gold deposits.
