Announces 2009 Exploration Plans / Follow-Up on High Grade Windfall Results
posted on Jun 04, 2009 06:12AM
Edit this title from the Fast Facts Section
|June 4, 2009|
|Staccato Gold Announces 2009 Exploration Plans-Including Follow-Up on High Grade Windfall Results|
|VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 4, 2009) - Staccato Gold Resources Ltd. (TSX VENTURE:CAT) is pleased to announce its plans for the upcoming exploration field season. The Company is planning a program that will entail a minimum of 2,600 metres of drilling at its flagship South Eureka property. A large portion of the drilling will be dedicated to exploring prospective areas outside of the main Lookout Mountain project.
Staccato's flagship South Eureka property, located in northeast Nevada, USA, is an extensive and highly prospective landholding. The property is comprised of several projects: from early stage projects where historic data indicates the potential for new discoveries, to the advanced stage Lookout Mountain project, where a significant gold resource has been identified (refer to Technical Report and Gold Resource Estimate for the South Eureka District Property, January 15, 2007 filed on SEDAR).
Highlights of the 2009 program:
- Follow-up on high grade drill results at the Windfall project (located approximately 4 kilometres northeast of Lookout Mountain): 5.25 g/t over 23 metres drilled in 2008 - zone is wide open for expansion. This project hosts excellent potential for significant new discovery.
- Detailed property wide geologic mapping and sampling to characterize new zones identified during the 2008 program - leading to the generation of new targets on the extensive South Eureka property.
- Completion of a 3D geologic model of the Lookout Mountain/Ratto Ridge projects which incorporates new interpretations based on surface mapping and drill data.
- Completion of a new resource estimate for the Lookout Mountain project.
"Staccato is committed to enhancing shareholder value through the execution of well-planned, results-driven exploration programs. The Company is also actively reviewing new opportunities to acquire additional advanced stage gold projects. Staccato is well financed to accomplish its goals, with approximately $9 million in its treasury," stated Grant Ewing, President and CEO. "We are very excited to follow-up on the significant results returned from the Windfall project during the last exploration drilling campaign. The Windfall project, and other satellite areas to the main Lookout Mountain project, offer excellent potential to add gold ounces to our current resource base," added Mr. Ewing.
2009 Program Details:
- An initial 2,600 metre (8,000 foot) drill program to follow-up on the high grade intercept (5.25 g/t over 22.9 metres) drilled in 2008 at the Windfall project will commence in late summer/early fall. The North-trending Windfall fault is mineralized for over 7,500 metres of strike length, with Staccato controlling over 5,000 metres of strike along the zone. Historic development drilling and past exploration drilling indicates that the Windfall trend is wide open for expansion on strike to the north and south, and down dip beneath the Rustler and Windfall Pits. Target areas north and south of the main Lookout Mountain project may also be tested during the program.
- A detailed mapping and sampling program covering the entire Ratto Ridge structural trend that hosts the Lookout Mountain deposit will commence during the summer. New information on Carlin Deposits, and new stratigraphic knowledge based on drilling data will be utilized. The principle objectives are to: characterize offsets along the main mineralized fault zones at Windfall and Lookout Mountain, identify orientations of mineralized cross structures intersecting the main structural zones, and follow up on soil anomalies identified during the 2008 field program.
- Emphasis will be placed on understanding structural controls and relating surface geology with drill hole information to upgrade the three dimensional knowledge of geology hosting existing gold resources. The modeling and mapping program will allow better generation of drill targets for discovering additional gold resources outside of the main Lookout Mountain project.
- Completion of an updated NI 43-101 resource estimate for the Lookout Mountain project. This will resolve all outstanding technical issues identified in the past. The updated resource estimate will be based on the new geologic model and grade shell constraints, and is expected to be completed in late fall/early winter of this year.
The following work programs are currently underway:
- Re-logging of approximately 400 historic drill holes in light of knowledge gained regarding host rocks and stratigraphy during the 2008 program.
- Reinterpretation of geology and structure, and construction of a 3-D model of the geology, based on the results of the re-logging and mapping efforts. This will allow for better targeting along structure, and assist in identifying controls on high grade mineralization.
- Re-modelling and developing low and high grade mineralization shells based on improved understanding of geologic constraints.
- An exploration Plan of Operations (POO) has been submitted to the Bureau of Land Management (BLM) and the State Department of Environmental Protection (NDEP) for the Lookout Mountain project. The POO calls for 108 hectares (266 acres) of disturbance that can be accessed for use in a phased approach, and covers the entire Ratto Ridge structural zone. The POO utilizes existing Environmental Assessments to minimize additional biological or cultural studies that may be required, thus reducing the time necessary for approval by the BLM and NDEP. Staccato is waiting to hear which additional studies may be necessary before the POO is approved. The POO will allow Staccato to complete additional infill, metallurgical, and exploration drilling necessary to bring the Lookout Mountain project toward feasibility.
This press release was reviewed by Gary Edmondo, M.Sc. Geology, who is Staccato's Senior Exploration Manager, and a Qualified Person as defined by National Instrument 43-101 of the Canadian Securities Administrators.
On behalf of the Board of Directors
STACCATO GOLD RESOURCES LTD.
Grant Ewing, President & CEO, Director
About Staccato Gold Resources Ltd.: Staccato Gold is a well funded junior gold exploration company with resources and advanced stage exploration assets located exclusively in Nevada. The Company has assembled a portfolio of prospective gold prospects in the dominant gold trends in Nevada.