Nayarit intersects 24.51 metres of 16.65 g/t gold equivalent, or 832.5 g/t silver equivalent, or 6.63 g/t gold and 500.9 g/t silver
Includes 11.89 metres of 31.27 g/t gold equivalent, or 1,563.4 g/t silver equivalent, or 11.78 g/t gold and 974.2 g/t silver
Halifax, Nova Scotia CANADA, December 17, 2008 - Nayarit Gold Inc. (NYG - TSX Venture), is pleased to report additional encouraging drilling results from its ongoing 30,000 metre Phase II drill program at the Orion District in the State of Nayarit, Mexico. The Company continues to move towards a resource calculation slated to be completed in mid-2009.
A total of 11 drill holes from the Animas/Del Norte Discovery zone have been received. The Company continues to intersect high-grade mineralization on the eastern edge of the discovery. The drill holes on section 1119, including OR-08-95, 96 and 98 recorded the highest value intersections to date. Drill hole OR-08-95 intersected 24.51 metres of 16.65 g/t gold equivalent or 832.5 g/t silver equivalent (6.63 g/t gold and 500.9 g/t silver), which included a 11.89 metre zone averaging 31.27 g/t gold equivalent or 1,563.4 g/t silver equivalent (11.78 g/t gold and 974.2 g/t silver). The table and figure below illustrate the data from section 1119, where drill hole OR-08-094 was previously released (see release dated Dec 2, 2008) and data for drill hole OR-08-141 is pending.
Highlights from the holes on section 1119;
Drill Hole From To Width(m) Gold(Au) Silver(Ag) AuEq AgEq
(g/t) (g/t) (g/t) (g/t)
OR-08-95 200.45 212.67 12.22 0.72 32.7 1.38 68.9
and 246.95 271.46 24.51 6.63 500.9 16.65 832.5
including 249.65 261.54 11.89 11.78 974.2 31.27 1563.4
OR-08-96 267.40 273.40 6.00 0.55 25.8 1.06 53.2
and 287.40 299.10 11.70 1.23 74.1 2.71 135.4
including 291.40 293.40 2.00 3.06 165.0 6.36 317.8
OR-08-98 121.63 124.67 3.04 0.78 125.4 3.28 164.2
and 163.62 168.55 4.93 0.37 30.3 0.97 48.6
and 171.61 197.20 25.59 2.58 226.5 7.11 355.7
To view the map associated with this press release, please click on the link below or cut and paste it into your browser:
http://www.usetdas.com/images/Nayari...
"The Animas/Del Norte Discovery zone continues to deliver consistent high gold and silver grades, and the recent data from drill hole OR-08-95 is the single richest interval to date," stated Colin Sutherland, President & CEO. "The Company continues to move aggressively towards our resource calculation, and we are adding a RC drill rig to perform additional infill drilling on the Animas/Del Norte Discovery zone, along with ongoing drilling along strike in the San Francisco and Pantaleona discovery areas."
The table below illustrates the remaining drill hole data:
Drill Hole From To Width(m) Gold(Au) Silver(Ag) AuEq AgEq
(g/t) (g/t) (g/t) (g/t)
OR-08-69 197.34 198.31 0.97 0.15 31.8 0.78 39.2
OR-08-84 162.08 164.28 2.20 2.57 135.4 5.28 263.8
and 169.03 181.96 12.93 0.85 41.8 1.69 84.3
OR-08-91 349.68 352.59 2.91 0.65 27.4 1.20 60.0
OR-08-93 233.23 235.72 2.49 0.11 14.7 0.40 20.1
OR-08-99 96.40 111.30 14.90 0.82 75.3 2.32 116.2
OR-08-110 46.55 47.50 0.95 0.28 42.5 1.13 56.6
OR-08-111 78.05 82.05 4.00 0.48 50.7 1.49 74.5
and 138.89 141.80 2.91 0.25 76.3 1.78 88.9
OR-08-129 167.69 171.15 3.46 0.68 101.8 2.71 135.7
*Gold Equivalent Values were calculated based on 50 ounces of silver = 1 ounce of gold. Metallurgical Recoveries and Net Smelter Returns are assumed to be 100%. No capping. The intervals recorded above are core lengths.
For additional information including the long section and data please click on the link below:
http://www.nayaritgold.com/projects_...
Mr. Hall Stewart, Vice President, Exploration is a Qualified Person (QP) as defined in NI 43-101 and has reviewed and approved this release.
QA/QC Procedures: The Company has implemented a quality control program to ensure best practices in sampling and analysis of the core samples. The core is first logged then sawn in half during the sampling process with the remaining half being retained for verification and reference purposes. Duplicates, standards and blanks are inserted randomly into the sample stream. The samples are delivered directly in security sealed bags to ALS-Chemex Laboratories preparation facility in Hermosillo, Sonora (Certification ISO 9001). Sample pulps are shipped from there to ALS-Chemex Laboratories in North Vancouver, Canada for analysis. Gold is determined by fire assay with an atomic absorption finish, silver is analyzed by ICP techniques with high grade values being confirmed by fire assay. Gold equivalent values are calculated using a 50:1 ratio.
Nayarit Gold Inc. is a junior resource company dedicated to gold exploration in the proven precious metal districts of Mexico. Management's goal is to build a profitable resource company and maximize shareholder value through successful exploration programs and continued development.
For further information on Nayarit Gold please visit the company's website at www.nayaritgold.com or contact:
Mr. Colin P. Sutherland
President & CEO
(902) 252-3833
info@nayaritgold.com
Cautionary Statement
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. This News Release includes certain "forward-looking statements". All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding potential mineralization and reserves, exploration results, and future plans and objectives of Nayarit, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from Nayarit's expectations are exploration risks detailed herein and from time to time in the filings made by Nayarit with securities regulators.
