2014

First Results of 2012 Drilling Expand Mineralized Zones at Longstreet Project, Nevada

COEUR D'ALENE, Idaho, Aug. 16, 2012 /PRNewswire/ -- Star Gold Corp. ("Star Gold" or the "Company") (OTC Markets: SRGZ) is pleased to announce assay results for the first nine (9) holes of 2012 Phase 1 drilling at its Longstreet property. Longstreet is located in Nye County, Nevada and lies 25 miles southeast of the Round Mountain mine.

The Phase 1 drilling program has two goals:

  1. To expand, within the areas already drilled to shallow depths (120ft) in the 1980's, by drilling to depths of 400ft and to infill drill by tighter spacing.
  2. To expand, by going outside the Main area, to two new areas at "Opal Ridge" and "North."

Drilling Highlights –

Main

Highlights of the drilling results are shown in the table below and a plan map of drill hole locations can be found on the Star Gold website www.stargoldcorp.com. The plan map can be found at www.stargoldcorp.com/news/map.pdf.

Eight (8) holes, all drilled at Main, had intercepts of greater than 100 feet true width of +0.01 oz/ton AuEq. Two (2) of those holes had approximately 300 feet thickness (LS-1202 and 1209), and three (3) others had approximately 200 feet thicknesses (LS-1203, 1206 and 1207). Results received to date are from the shallowest part of Main with mineralization nearly continuous from the surface to the footages mentioned below. The next batch of holes at Main will test the down down-dip extensions.

Some high-grade gold/silver have also been intercepted including 5 feet (true width) assaying 1.813 oz/ton gold and 1.16 oz/ton silver in drill hole LS-1205.

Opal Ridge

LS-1201 was drilled as a stratigraphic hole into the Opal Ridge target just southeast of Main. Opal Ridge is the down-faulted southeast extension of Main target.  This hole was drilled vertical for 480 feet.  From the surface to 60 feet,  the hole contained intercepting volcanic sediments and sinter, deposited after the mineralizing event.  Below 60 feet, the drill hole intercepted volcanic rocks (moderately welded muti-lithic rhyolite tuff), identical to host litholigies mineralized at the Main Target, suggesting the unaltered volcanic sediments and sinter are not as thick as had previously been expected.   Also of interest, the hole was oxidized to total depth, so any mineralization found should be heap leachable. Further drilling is planned to explore for the possible faulted off portion of the Main resource.

Future Drilling Plans

The Company hopes to complete 20 or more holes in its 2012 Phase 1 program which is scheduled for completion by  December of this year. This will include the first testing of the North target located approximately 2,000 feet north of Main. While the majority of the drilling will be angled reverse circulation holes (RC) a few core holes are being drilled to twin and confirm both current and historic drill results.

All drilling samples were collected in five foot intervals, logged and securely shipped to ALS Chemex Labs, Inc. in Reno, Nevada to be analyzed, by fire assay, for gold and silver.  A second sample split is kept on site for possible re-testing or future metallurgy.

David Segelov, President of Star Gold Corp commented: "Most importantly these nine holes all indicate oxidation occurs despite being at depths of 400ft. The next batch of holes at Main will test the down down-dip extensions. The Main target continues to deliver encouraging results with grades consistent with those released in the June 2012 Technical Report, which is available on the website.

"The initial hole at Opal Ridge is exciting and suggests that the system goes beyond the Main area. Star Gold remains focused as the core rig has started drilling at Main which will help unlock some of the questions on mineralogy. There are holes planned at North, which like Opal Ridge, offers potential new areas within the same caldera structure. We hope to release more results in the near future."

2012 Drill Results Longstreet (greater than or equal to 5 feet @ greater than or equal to 0.01 oz/ton gold equivalent)    08/13/12

 



Hole No.

From

To

Interval

True

Gold

Silver

True

Gold

Silver

Au Equiv.



(feet)

(feet)

(feet)

Width (ft)

(oz/ton)

(oz/ton)

Width (m)

(g/t)

(g/t)

(oz/ton)


LS-1201

385

435

50.0

45.3

0.003

0.690

13.8

0.11

23.62

0.015


including

395

400

5.0

4.5

0.009

2.172

1.4

0.30

74.40

0.045


LS-1202

0

75

75.0

74.7

0.022

0.342

22.8

0.76

11.70

0.028


including

10

15

5.0

5.0

0.154

1.629

1.5

5.26

55.80

0.181



85

270

185.0

184.3

0.018

0.613

56.2

0.61

21.00

0.028


including

115

180

65.0

64.8

0.035

0.972

19.7

1.20

33.30

0.051


including

115

140

25.0

24.9

0.051

1.772

7.6

1.74

60.70

0.080



355

430

75.0

74.7

0.002

0.461

22.8

0.08

15.80

0.010


LS-1203

0

50

50.0

49.8

0.007

0.388

15.2

0.24

13.29

0.014



70

80

10.0

10.0

0.004

0.432

3.0

0.14

14.80

0.011



185

335

150.0

149.4

0.004

0.534

45.6

0.14

18.29

0.013



430

445

15.0

14.9

0.008

0.187

4.6

0.26

6.40

0.011


LS-1204

20

100

80.0

76.5

0.029

0.532

23.3

1.00

18.23

0.038


including

45

90

45.0

43.0

0.042

0.726

13.1

1.43

24.88

0.054


& including

65

70

5.0

4.8

0.106

0.950

1.5

3.64

32.55

0.122



175

185

10.0

9.6

0.005

1.548

2.9

0.16

53.00

0.030



195

245

50.0

47.8

0.006

0.295

14.6

0.21

10.09

0.011



315

325

10.0

9.6

0.002

0.566

2.9

0.08

19.40

0.012


LS-1205

95

105

10.0

10.0

0.012

0.24

3.0

0.40

8.35

0.016



110

245

135.0

135.0

0.088

0.48

41.1

3.01

16.42

0.096


including

205

215

10.0

10.0

0.956

0.64

3.0

32.73

21.78

0.966


including

205

210

5.0

5.0

1.813

1.16

1.5

62.10

39.85

1.833


LS-1206

0

150

150.0

143.4

0.025

0.69

43.7

0.84

23.80

0.036


including

55

70

15.0

14.3

0.100

1.24

4.4

3.41

42.47

0.120


& including

105

115

10.0

9.6

0.044

3.05

2.9

1.50

104.40

0.095



180

185

5.0

4.8

0.005

0.35

1.5

0.17

12.10

0.011



205

235

30.0

28.7

0.013

0.87

8.7

0.45

29.96

0.028



360

390

30.0

28.7

0.004

0.38

8.7

0.14

12.87

0.010



395

405

10.0

9.6

0.004

0.71

2.9

0.13

24.30

0.016



425

430

5.0

4.8

0.005

0.67

1.5

0.17

22.80

0.016



455

465

10.0

9.6

0.001

0.73

2.9

0.04

25.05

0.013


LS-1207

0

130

130.0

124.3

0.010

0.427

37.9

0.34

14.61

0.017


including

70

75

5.0

4.8

0.060

1.364

1.5

2.06

46.70

0.083



180

185

5.0

4.8

0.008

0.166

1.5

0.26

5.70

0.010



200

235

35.0

33.5

0.011

0.314

10.2

0.38

10.74

0.016



270

285

15.0

14.3

0.001

0.828

4.4

0.05

28.37

0.015



370

375

5.0

4.8

0.002

0.666

1.5

0.08

22.80

0.013


LS-1208

0

25

25.0

24.8

0.014

0.415

7.5

0.48

14.20

0.021



45

120

75.0

74.3

0.027

0.485

22.6

0.94

16.59

0.035


including

105

110

5.0

5.0

0.271

4.030

1.5

9.29

138.00

0.338



180

190

10.0

9.9

0.051

0.656

3.0

1.73

22.48

0.061


LS-1209

0

245

245.0

244.1

0.008

0.449


0.29

15.39

0.016


including

75

85

10.0

10.0

0.042

0.772


1.44

26.43

0.055



280

325

45.0

44.8

0.012

1.701


0.41

58.24

0.040



290

295

5.0

5.0

0.037

7.942


1.27

272.00

0.169


Investor Contact
David Segelov – President
Office:  208-664-5066 Cell:  646-626-3356
Email: dsegelov@stargoldcorp.com

About Star Gold Corp.

Star Gold is a gold exploration/development company formed in 2006 for the purpose of evaluating, acquiring and developing Gold projects in United States with a focus on Nevada.  Star Gold develops properties that are 100% owned.

For more information please visit www.stargoldcorp.com.

CAUTIONARY STATEMENT REGARDING MINERAL RESOURCES

This Press Release and other information that may be released by the Company in the future uses the terms "resources", "measured resources", "indicated resources" and "inferred resources". United States investors are advised that, while such terms are recognized and required by Canadian securities laws, the SEC does not recognize them. Under United States standards, mineralization may not be classified as a "reserve" unless the determination has been made that the mineralization could be economically and legally produced or extracted at the time the reserve determination is made. Mineral resources that are not mineral reserves do not have demonstrated economic viability. United States investors are cautioned not to assume that all or any part of measured or indicated resources will ever be converted into reserves. Inferred resources are in addition to measured and indicated resources. Further, inferred resources have a great amount of uncertainty as to their existence and as to whether they can be mined legally or economically. It cannot be assumed that all or any part of the inferred resources will ever be upgraded to a higher category. Therefore, United States investors are also cautioned not to assume that all or any part of the inferred resources exist, or that they can be mined legally or economically. National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101") is a rule developed by the Canadian Securities Administrators, which established standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. Unless otherwise indicated, all resource estimates contained in this Press Release and in press releases by the Company in the future, have been or will be prepared in accordance with NI 43-101 and the Canadian Institute of Mining, Metallurgy and Petroleum Classification System. The requirements of NI 43-101 are not the same as those of the SEC.

The terms "mineral reserve", "proven mineral reserve" and "probable mineral reserve" are Canadian mining terms as defined in accordance with Canadian National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101") and the Canadian Institute of Mining, Metallurgy and Petroleum (the "CIM") - CIM Definition Standards on Mineral Resources and Mineral Reserves , adopted by the CIM Council, as amended. These definitions differ from the definitions in the United States Securities and Exchange Commission ("SEC") Industry Guide 7 under the United States Securities Act of 1933, as amended (the "Securities Act"). Under SEC Industry Guide 7 standards, a "final" or "bankable" feasibility study is required to report reserves, the three-year historical average price is used in any reserve or cash flow analysis to designate reserves and the primary environmental analysis or report must be filed with the appropriate governmental authority.

In addition, the terms "mineral resource", "measured mineral resource", "indicated mineral resource" and "inferred mineral resource" are defined in and required to be disclosed by NI 43-101; however, these terms are not defined terms under SEC Industry Guide 7 and are normally not permitted to be used in reports and registration statements filed with the SEC. Investors are cautioned not to assume that all or any part of a mineral deposit in these categories will ever be converted into reserves. "Inferred mineral resources" have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to a higher category. Under Canadian rules, estimates of inferred mineral resources may not form the basis of feasibility or pre-feasibility studies, except in rare cases. Investors are cautioned not to assume that all or any part of an inferred mineral resource exists or is economically or legally mineable. Disclosure of "contained ounces" in a resource is permitted disclosure under Canadian regulations; however, the SEC normally only permits issuers to report mineralization that does not constitute "reserves" by SEC Industry Guide 7 standards as in place tonnage and grade without reference to unit measures.

Subject to the forgoing Cautionary Statement, the following are the definitions of the terms used in the Longstreet NI 43-101 Report:

NI 43-101 Definitions:




Indicated mineral resource

The term "indicated mineral resource" refers to that


part of a mineral resource for which quantity, grade or


quality, densities, shape and physical characteristics


can be established with a level of confidence


sufficient to allow the appropriate application of


technical and economic parameters, to support mine


planning and evaluation of the economic viability of


the deposit. The estimate is based on detailed and


reliable exploration and testing information gathered


through appropriate techniques from locations such as


outcrops, trenches, pits, workings and drill holes that


are spaced closely enough for geological and grade


continuity to be reasonably assumed.



Inferred mineral resource

The term "inferred mineral resource" refers to that


part of a mineral resource for which quantity and


grade or quality can be estimated on the basis of


geological evidence and limited sampling and


reasonably assumed, but not verified, geological and


grade continuity. The estimate is based on limited


information and sampling gathered through


appropriate techniques from locations such as


outcrops, trenches, pits, workings and drill holes.



Measured mineral resource

The term "measured mineral resource" refers to that


part of a mineral resource for which quantity, grade or


quality, densities, shape and physical characteristics


are so well established that they can be estimated with


confidence sufficient to allow the appropriate


application of technical and economic parameters to


support production planning and evaluation of the


economic viability of the deposit. The estimate is


based on detailed and reliable exploration, sampling


and testing information gathered through appropriate


techniques from locations such as outcrops, trenches


pits, workings and drill holes that are spaced closely


enough to confirm both geological and grade


continuity.

 


About Star Gold Corp.

Star Gold is a gold exploration/development company formed in 2006 for the purpose of evaluating, acquiring and developing Gold projects in United States with a focus on Nevada. Star Gold develops properties that are 100% owned.

For more information please visit www.stargoldcorp.com.

Disclaimers

Certain statements in this press release that are not historical facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements may be identified by the use of words such as "anticipate," "believe," "expect," "future," "may," "will," "would," "should," "plan," "projected," "intend," and similar expressions. Such forward-looking statements, involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Star Gold Corp (the Company) to be materially different from those expressed or implied by such forward-looking statements. The Company's future operating results are dependent upon many factors, including but not limited to the Company's ability to: (i) obtain sufficient capital or a strategic business arrangement to fund its expansion plans; (ii) build the management and human resources and infrastructure necessary to support the growth of its business; (iii) competitive factors and developments beyond the Company's control; and (iv) other risk factors discussed in the Company's periodic filings with the Securities and Exchange Commission, which are available for review at www.sec.gov under "Search for Company Filings."

SOURCE Star Gold Corp.



RELATED LINKS
http://www.stargoldcorp.com

Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

 

PR Newswire Membership

Fill out a PR Newswire membership form or contact us at (888) 776-0942.

Learn about PR Newswire services

Request more information about PR Newswire products and services or call us at (888) 776-0942.