Drilling Underway at Miranda Gold′s Coal Canyon Project
Miranda Gold Corp. ('Miranda?) (TSX-V: MAD)is
pleased to announce that NuLegacy Gold Corporation ('NuLegacy') (TSX-V:
NUG), Miranda's funding partner at Coal Canyon, is drilling a reverse
circulation hole at Coal Canyon. The hole is expected to end at about
1,500 ft (460 m) depth, drilling conditions permitting. The drill is
then scheduled to move to the Long Fault zone of Miranda′s Red Hill
project where NuLegacy will drill two additional holes.
The drill hole at Coal Canyon will attempt to further expand and define
the sediment-hosted Carlin-style gold mineralization intersected in 2008
by reverse circulation hole MCC-4. This hole intersected 10 ft of 0.011
oz Au/t gold from 980 to 990 ft (3.0 m of 0.392 g Au/t from 298.8 to
301.8 m) within a sooty pyrite / silica-cemented breccia zone. This
mineralization occurred within a larger, lower-grade gold zone that
returned 230 ft of 0.004 oz Au/t from 970 to 1,200 ft (70.1 m of 0.140 g
Au/t from 295.7 to 365.8 m).
Coal Canyon was added to NuLegacy's Red Hill exploration funding
agreement with Miranda in 2010 (see Miranda news release of January 5,
2011). Through the amended agreement, NuLegacy's earn-in requirement was
increased by US$1.5 million. Part of the amended agreement requires
NuLegacy to drill three holes, each approximately 1,500 ft (460 m) deep,
at Coal Canyon by the end of 2013. With the addition of Red Hill and
Coal Canyon to the Barrick and Wilson options, NuLegacy now controls a
district-sized consolidated land package of 45 sq mi (116 sq km) in the
Cortez Trend and Miranda supports NuLegacy's commitment to fully explore
the area over a period of years.
Project Details
The Coal Canyon sediment-hosted gold project consists of 64 unpatented
lode claims in the heart of the Cortez Trend. The property is 10 mi (16
km) south of Barrick Gold Corporation′s Cortez Hills gold deposit (+13 M
oz) and it adjoins the northeast side of US Gold's Tonkin Springs
property. Coal Canyon occupies 2 sq mi (5.2 sq km) of the Windmill
lower-plate window, a feature that exposes favorable carbonate rocks
that are analogous to carbonate rocks that host the Cortez Hills and
Pipeline gold deposits.
Mapping and sampling has shown a high-priority target in the
northwestern portion of the property where a discrete
west-northwest-trending corridor of faulting, lamprophyre dikes,
folding, alteration and elevated surface gold, arsenic and antimony. The
fault-fold corridor is 2,600 ft by 6,500 ft (800 m by 2,000 m) in
dimension and approximately half of that area has never been drilled.
West-northwest-trending zones of faults, folds and dikes are known to be
important controls to mineralization elsewhere in the Cortez Trend.
Five drill holes within the corridor show hydrothermal alteration and
dikes in the Roberts Mountains and Hanson Creek Formations. Of
particular interest was drill hole MCC-4 which intersected the 10 ft of
0.011 oz Au/t (3.0 m of 0.392 g Au/t).
All technical data disclosed in this press release have been reviewed by
Vice President of Exploration, Joe Hebert, a Qualified Person as defined
by National Instrument 43-101.
Corporate Profile
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 Gold Corporation, Ramelius Resources Ltd., and Red Eagle Mining
Corporation.
ON BEHALF OF THE BOARD
'Kenneth Cunningham?
Kenneth Cunningham
President and CEO
For more information visit the Company′s web site at www.mirandagold.com
or contact Joe Hebert, Vice President, Exploration at 775-738-1877.
Neither the TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
U.S. investors are cautioned that mineral deposits on adjacent
properties are not indicative of mineral deposits on our properties. We
advise U.S. investors that the SEC's mining guidelines strictly prohibit
information of this type in documents filed with the SEC.
This news release contains forward-looking statements that are based
on the Company′s current expectations and estimates. Forward-looking
statements are frequently characterized by words such as 'plan?,
'expect?, 'project?, 'intend?, 'believe?, 'anticipate?, 'estimate?,
'suggest?, 'indicate? and other similar words or statements that certain
events or conditions 'may? or 'will? occur. Such forward-looking
statements involve known and unknown risks, uncertainties and other
factors that could cause actual events or results to differ materially
from estimated or anticipated events or results implied or expressed in
such forward-looking statements.Such factors include, among
others: the actual results of current exploration activities;
conclusions of economic evaluations; changes in project parameters as
plans to continue to be refined; possible variations in ore grade or
recovery rates; accidents, labour disputes and other risks of the mining
industry; delays in obtaining governmental approvals or financing; and
fluctuations in metal prices.There may be other factors that
cause actions, events or results not to be as anticipated, estimated or
intended.Any forward-looking statement speaks only as of the
date on which it is made and, except as may be required by applicable
securities laws, the Company disclaims any intent or obligation to
update any forward-looking statement, whether as a result of new
information, future events or results or otherwise. Forward-looking
statements are not guarantees of future performance and accordingly
undue reliance should not be put on such statements due to the inherent
uncertainty therein.
Miranda Gold Corp.
Joe Hebert, Vice President
775-738-1877