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Nayarit Gold Intersects 16.15 metres of 2.49 g/t Gold and 671 g/t Silver, or 13.67 g/t Gold Equivalent, or 820 g/t Silver Equivalent
Halifax, Nova Scotia CANADA, June 25, 2009 - Nayarit Gold Inc. (NYG - TSX Venture), is pleased to report additional drill results from its 30,000 metre Phase II drill program at the Orion District in the State of Nayarit, Mexico.
The Company is presently completing a series of infill and expansion holes at its Animas/Del Norte Discovery zone with the aim of completing a NI 43-101 resource estimate by summer 2009. The present series of drill holes were completed to evaluate the expansion potential in areas where the mineralized zone is still open and to increase the density of drilling in key areas.
The Animas/Del Norte Discovery zone is characterized by eight closely-spaced sub-parallel mineralized veins existing in an east-west structure which has been traced for more than four kilometres and still open at both ends. The dominant mineralized vein at the Discovery is the Del Norte Vein which, to date has been traced along strike for 800 metres, at depth to 400 metres and still open at depth in several locations.
Through this recent round of drilling the company was successful in expanding the mineralized zone in several locations both 'near surface' and to depth, while the infill holes were mostly consistent with results from surrounding holes. Highlights from the drill program include drill hole OR-09-231, an infill hole through the main part of the mineralized zone intersected 30.4 metres of 2.07 gold and 196 g/t silver (5.34 g/t gold equivalent or 321 g/t silver equivalent) and drill hole OR-09-206 intersected 7.62 metres of 0.87 g/t gold and 120 g/t silver (2.87 gold equivalent or 172 g/t silver equivalent) in an expansion hole, which links the known mineralization to the surface. Drill hole OR-09-239 intersected significant high-grade mineralization recording 16.15 metres of 2.49 gold and 671 g/t silver (13.67 g/t gold equivalent or 820 g/t silver equivalent) and expands the limits of a high-grade discovery zone to the west.
Most of the recent drilling aimed at expanding the mineralized zone was performed on the east of the Animas/Del Norte Discovery zone. Drill holes OR-09-206, 222, 234 and 237 drilled on sections 1079, 1119, 1199 and 1239 respectively all expanded known mineralization. These holes were drilled to test the 'open' area between mineralization below and the surface and in all cases intersected significant mineralization, thus expanding the known zone of mineralization to the surface. As well drill holes OR-09-209 and OR-09-217 drilled on sections 1079 and 1119 expanded the limits of known mineralization to depth, where it is still open.
The series of infill holes continue to show continuity in mineralization and thickness. Drill hole OR-09-231, drilled on the eastern side of the mineralized zone recorded 30.4 metres of 2.07 g/t gold and 196 g/t silver or 5.34 g/t gold equivalent or 320 g/t silver equivalent, while infill drill hole OR-09-218, on section 1170, recorded 13.7 metres of 1.06 g/t gold and 208 g/t silver or 4.53 g/t gold equivalent or 272 g/t silver equivalent. Highlights from drill holes are illustrated below:
*Equivalent Values were calculated based on 60 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.
"We are finalizing the drill data for inclusion in our NI 43-101 resource estimate. Upon completion of the NI 43-101 resource estimate, we will immediately move to a scoping study on the Orion District." Stated Colin Sutherland, President & CEO. "We believe the project will demonstrate robust economics."
The company continues to explore the Orion project and has identified several new drill targets. The newer target areas are characterized by mineralized zones along longer structural zones along an east west strike. These targets will tested as soon as the remaining holes for the NI 43-101 resource estimate are completed.
For additional information including the long section and a list of the detailed data, please click on the link below:
http://www.nayaritgold.com/projects_animas.html
Mr. Hall Stewart, Vice President, Exploration is a Qualified Person (QP) as defined in NI 43-101 and has reviewed 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 60:1 ratio.
ABOUT NAYARIT GOLD INC.
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 and Chief Executive Officer
(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.
Source: Nayarit Gold Inc. (NYG - TSX-V) http://www.nayaritgold.com
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