LKA Releases Initial Results of Golden Wonder Underground Drilling Program
High gold grades encountered near current working area
Jan 20, 2015, 10:17 ET from LKA Gold Incorporated
LAKE CITY, Colo., Jan. 20, 2015 /PRNewswire/ -- LKA Gold Incorporated (OTCQB:LKAI) announces initial results of its underground drill program at the Company's Golden Wonder mine located near Lake City, Colorado. The drilling program, initiated in late November, 2014, is designed to test potential, close-in, high-grade, targets adjacent to the current exploration areas as well as probe for extensions of the Golden Wonder vein structure(s) several hundred feet beyond the current working area.
Initial drilling results with assays are as follows:
|
Drill Hole |
Core Sample |
Au |
Ag |
Adjusted Vein Width | ||||||||
|
CH-1 |
84-86 |
10.4 (323) |
2.14 |
12 | ||||||||
|
CH-1 |
86-88 |
2.24 (69.7) |
1.69 |
12 | ||||||||
|
CH-2 |
Terminated |
|||||||||||
|
CH-3 |
92-94 |
.19 (5.9) |
2.33 |
10 | ||||||||
|
CH-3 |
94-97 |
.10 (3.1) |
2.11 |
14.5 | ||||||||
|
CH-3 |
99-102 |
1.05 (32.6) |
1.07 |
14.5 | ||||||||
|
CH-4 |
119-122 |
.01 (.31) |
N/M |
2 | ||||||||
|
CH-5 |
75-77 |
31.8 (989) |
5.58 ( |
12 | ||||||||
|
CH-5 |
81-81.5 |
.13 (4) |
N/M |
3 | ||||||||
|
Troy oz (grams)/ton |
Troy oz /ton |
Inches | ||||||||||
The underground drilling program follows the completion of the high-resolution mapping of the mine's historic production and exploration areas conducted by Maptek in October, 2014. More results will be released as additional drilling data is collected.
About LKA's exploration program at its Golden Wonder Mine
Vein material is extracted as crews follow the volcanic vent system along the wall of the Uncompahgre Caldera. This method of exploratory mining and underground drilling proved successful in locating the first commercial ore body which yielded more than 133,000 ounces of gold from a single ore chute measuring less than 10,000 cubic feet. From 1998, through the second quarter of 2006, the average grade of Golden Wonder ore was 16.01 ozs. (454 grams) gold per ton. LKA believes that additional such ore chutes may exist on its mining claims. Upon resuming exploratory operations in the first quarter of 2009, LKA has extracted and/or shipped (sold) twenty-nine bulk samples of crushed vein material containing nearly 4,400 ounces of gold with a net value, after processing, of over $5 million. The Company continues to seek and evaluate financing options to expand/accelerate this program. Investors are cautioned that the Company continues to generate substantial losses and additional funding and exploration work is required. A commercially viable ore reserve has yet to be established and there can be no guarantee that the Company will be successful in this regard.
Safe Harbor Statement
LKA's plans to resume commercial gold production at its Golden Wonder mine are subject to a number of conditions including, but not limited to, favorable geology, successful exploration efforts, favorable financing terms/availability, permits, gold prices, market conditions, etc. Mining and related activities are inherently high-risk endeavors and there can be no assurance that LKA will be successful. This press release contains certain forward-looking statements. Statements contained in this press release that are not purely historical are considered forward-looking. When used in this press release, the words "plan", "target", "anticipate," "believe," "estimate," "intend," "potential," "possible," "approximate," "expect," and similar expressions are intended to identify such forward-looking statements. Such forward-looking statements include, without limitation, the statements regarding LKA Gold's future plans for exploration and/or production, future expenses and costs, future liquidity and capital resources, and estimates of ore, ore grades and mineralized material. All forward-looking statements in this press release are based upon information available to LKA Gold on the date of this press release and the Company assumes no obligation to update any such statements. Forward-looking statements involve a number of risks and uncertainties, and there can be no assurance that such statements will prove to be accurate. The Company's actual results could differ materially from those discussed in this press release. Factors that could cause or contribute to such differences include, but are not limited to, those discussed in the Company's reports filed with the Securities and Exchange Commission.
Company Contact
LKA Gold Incorporated
Kye Abraham
(253) 514-6661
info@lkagold.com
http://lkagold.com
Investor Contact
Riverview Capital Enterprises
Jonathan Barkman, President
(484) 224-3032
jbarkman@riverviewcapitalent.com
SOURCE LKA Gold Incorporated
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