Another act in the developing drama. The next 5 years could prove very interesting. - q.
Sep 21, 2010
Miranda Gold and Ramelius Resources Sign Definitive Exploration Funding Agreement for Angel Wing
Vancouver, BC, Canada -- September 21, 2010 -- Miranda Gold Corp. ("Miranda") (TSX-V: MAD) announces the signing of an exploration and option to form a joint venture agreement (the "Agreement") with Ramelius Resources Ltd. ("Ramelius") (ASX: RMS) on Miranda's Angel Wing project.
Under the terms of the Agreement, Ramelius will initially fund US$4,000,000 in qualifying expenditures over a five-year period. Ramelius can then earn a 70% interest in the Angel Wing project by completing a positive feasibility study over a four-year period or by annually funding US$1,000,000 in exploration and development during the next 10 years. The first year's commitment of US$350,000 is an obligation and includes a minimum of 4,000 ft (1,219 m) of drilling.
This summer, Ramelius' contractors conducted additional geologic mapping and soil geochemical surveys. Results from this work and soon-to-be-received interpretations from recently completed magnetic and resistivity geophysical surveys will refine existing drill targets and identify additional drill targets.
Four veins are currently identified within the claim block and drill testing of three of them is planned to commence late September or early October. The initial drill program will utilize a reverse circulation drill. Five pads are constructed and from them up to eight angle holes totaling about 4,700 ft (1,433 m) will be drilled. The holes will test lateral and vertical continuity of the veins and assess their gold and silver content. Additional permitting and drill pad construction are required before testing the fourth vein, which was recently defined by this summer's mapping.
Disseminated, sediment-hosted gold mineralization occurs in the vicinity of portions of the veins. At Angel Wing this style of mineralization generates anomalous gold in soil and rock samples in areas of decalcified and silicified limestone. One of these zones will be tested with up to three angle holes totaling about 1,300 ft (396 m). The holes will all be collared from the same previously constructed drill pad. The holes will test what are currently believed to be the controlling structures for higher grade gold mineralization.
Permitting is in process for additional drill sites. Finalization of drill site locations will be made after interpretation of the geophysical surveys is complete.
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 2.7 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 shallow, vertical drilling targeted disseminated mineralization and returned up to 0.047 oz Au/t over 50 ft (1.609 g Au/t over 15.2m) in drill hole DC-7.
