Nevada Cortez Gold Trend
4th largest gold producing area in the world
Message: Drilling Begins on Miranda's Ester Dome Project, Alaska
VANCOUVER, British Columbia (Business Wire) -- Miranda Gold Corp. ("Miranda") (TSX-V: MAD) is pleased to
announce that Agnico-Eagle USA Limited ("Agnico"), a wholly owned
subsidiary of Agnico-Eagle Mines Limited (TSX: AEM) is now drilling on
the Miranda's Ester Dome project located in the Fairbanks mining
district of Alaska.
Agnico plans to drill about 4,500 ft (1,370 m) in six holes. Drilling is
designed to test an approximately 5,900 ft long by 590 to 1,640 ft wide
(1,800 m long by 180 to 500 m wide) northwest trending soil anomaly
associated with a cluster of intrusive plugs and dikes cutting quartzite
and schist. The soil anomaly is defined by a 20 ppb Au contour and
contains surface values in soils from non-detectable to 0.029 oz Au/t
(1.0 g Au/t). Assays received from rock samples in the area range from
non-detectable to 0.534 oz Au/t (18.3 g Au/t). Stockwork quartz veining
has been observed in drill road cuts. Small placer gold workings are
located in a drainage immediately down slope from the soils anomaly.
The most recent drilling on Ester Dome was conducted by Placer Dome
Exploration in 1998 when 19.7 ft of 2.7 oz Au/t (6 m of 92.6 g Au/t)
from 360 to 381 ft (110 to 116 m) and 10 ft of 0.513 oz Au/t (3m of 17.6
g Au/t) from 673 to 683 ft (205 to 208 m) was intersected in two holes.
The latter intercept was in the last hole drilled by Placer Dome and is
within the south edge of the soil anomaly. Current planned drilling by
Agnico will follow up and offset this intercept.
Ester Dome and the surrounding Fairbanks Mining District are considered
part of the Tintina Gold Province that extends from southwest Alaska
through the central Yukon and contains resources of approximately 35
million ounces of gold. The Tintina belt is characterized by variants of
intrusive-related gold deposits. The Ester Dome project consists of 181
Alaska state mining claims covering approximately 13.8 sq. mi (35.7 sq.
km) and is located 5 mi (8 km) from Fairbanks, Alaska. The Fairbanks
District has been reported to have produced over 9.5 million ounces of
alluvial gold. Over 3 million ounces of alluvial gold were mined on the
flanks of Ester Dome and the property covers the majority of the upland
source area for these 3 million ounces.
The geology of Ester Dome comprises a suite of meta-sedimentary rocks,
primarily schist separated by thrust faults and cut by igneous sills and
small stocks. The mineralization on the Ester Dome project is
prospective for both high-grade vein and shear-hosted gold deposits and
larger-tonnage bulk-minable intrusion-related-gold-deposits. Fairbanks
area gold deposits, such as Fort Knox (+6 million ounces) that is hosted
in an intrusive stock and characterized by sheeted quartz veins and
shears, as well as True North (1.3 million ounces) that is hosted in
complex imbricate shears with quartz veins in meta-sedimentary rocks,
provide target analogues for exploration at Ester Dome.
All data, disclosed in this press release, including sampling,
analytical and test data have been reviewed and verified by Vice
President of Exploration Joe Hebert, C.P.G., BSc. Geology and Qualified
Person as defined by National Instrument 43-101.
Under the terms of a March 25, 2011, exploration with option to joint
venture agreement, Agnico can earn a 51% interest in Ester Dome by
spending US$4,000,000 in qualifying expenditures over a five year
period. Agnico may then elect to earn an additional 19% interest, for a
total of 70%, by completing a feasibility study or by spending an
additional US$10,000,000 at a rate of no less than US$1,000,000 per
year. Agnico is obligated to fund a first year exploration program of
Miranda Gold Corp. is a gold exploration company active in Nevada,
Alaska and Colombia and whose emphasis is on generating gold exploration
projects with world-class discovery potential. Miranda performs its own
grass roots exploration and then employs a joint venture business model
on its projects in order to maximize exposure to discovery while
minimizing exploration risk. Miranda has ongoing partnerships with
Agnico-Eagle (USA) Inc., Montezuma Mines Inc., Navaho Gold Ltd.,
NuLegacy Corporation, Piedmont Mining Company Inc., Ramelius Resources
Ltd., and Red Eagle Mining Corporation.
ON BEHALF OF THE BOARD
President and CEO
For more information visit the Company's web site at http://www.mirandagold.com/">www.mirandagold.com.
Please login to post a reply