General Metals Identifies Potential New High Grade Envelope of Gold and Silver Mineralization at Its Independence Project
RENO, Nev., Nov. 10, 2011 /PRNewswire/ -- General Metals (GNMT; OTC.BB) announced the discovery of a potential new envelope of gold and silver mineralization at the Independence Project in the Battle Mountain - Cortez Gold Belt in Nevada. The discovery was announced following the analysis of data from two drill holes set outside and apart from the primary area of mineralization at the project. These two holes, GM-127 and GM-128, were completed at the end of the Company's most recent drilling campaign and they targeted the high grade oxidized mineralization in "feeder structures" that underlie the main ore zone.
The first hole into the "feeder structure", GM-127, contained an interval which assayed 0.908 opt Au and 0.36 opt Ag over 10 feet with an individual high of 1.586 opt Au over 5 feet.
The second, GM-128, contained 1.019 opt Au and 0.99 opt Ag over 15 feet, and an individual high sample of 2.897 opt Au over five feet. The intercept in GM-128 is believed to represent a high grade fluid conduit or a potential high grade mineralized zone similar to those mined historically from the Independence Mine.
These intercepts, if sustained by the additional work planned by the Company, could significantly increase the overall size of the mineralization resource at the Project. The Company's CNI 43-101 report currently identifies 223.3 thousand ounces of Au and 3.784 million ounces of Ag in the resource.
"This is an extremely exciting development," remarked Daniel J. Forbush, Company President and CEO. "As we continue our work towards bringing the Hill Zone of the Company's Independence Project into production we look forward to defining this discovery further. Our previous drilling completed in the program intersected very large, continuously mineralized zones of surface and near surface, oxidized gold mineralization up to 445 feet (135 meters) in width within the potential open pit, heap leach target. Mineralization in the Independence Shallow target is open down dip to the west and to the north as well as upslope to the east and at depth. This means that we have an excellent opportunity to increase the resources and move even more ounces into the proven and probable category as well as into the mining success of the project."
All the holes drilled to date at the Project have encountered oxide mineralization and all drill intervals are similar in character to material which yielded more than 85% extractable gold in large diameter bulk column leach tests previously reported by the Company.
Further details regarding the Independence mineralization, drilling efforts, both historical and current together with current permitting activity are available on the Company's website www.generalmetalscorporation.com.
About General Metals Corporation: General Metals Corporation is an aggressive junior minerals exploration and development company, based in Reno, Nevada. The Company is actively exploring and developing its 100% controlled Independence property strategically located in the prolific and highly prospective Battle Mountain Mining District of Nevada.
Notice Regarding Forward-Looking Statements
This news release contains "forward-looking statements," as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, that the proceeds from the recent private placement will allow the Company to proceed with permitting at its Independence Mine in Nevada or any shallow mining production at any time, that any estimated ounces of gold or silver are contained in the mineralized material in the "Shallow Target," and is proposed to be mined and loaded onto a cyanide heap leach pad, or any future financings that the Company may enter into.
Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with mineral exploration. We are not in control of metals prices and these could vary to make development uneconomic. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our annual report on Form 10-K for the most recent fiscal year, our quarterly reports on Form 10-Q and other periodic reports filed from time-to-time with the Securities and Exchange Commission.
General Metals Corporation
1155 West Fourth Street, Suite 210
Reno, NV 89503
SOURCE General Metals Corporation