Impressive intersections at Golden Nevada project

Encouraging results have been reported by Golden Nevada Resources from its Grew Creek property 12 miles west of Ross River, Yukon. The property falls under an option agreement with Noranda Exploration. Under the agreement, Golden Nevada can earn up to a 50% interest for an expenditure of $1 million by Dec 31, 1989.

Three impressive drill intersections were recently reported from hole No ncc-14 which has not been completely assayed. These results included 16.2 ft of 0.28 oz gold in the A zone, with 21.6 ft grading 0.23 oz and 4.9 ft of 0.31 oz returned from the B zone.

A second hole, ncc-15, intercepted four separate zones, one of which (B) returned 23.3 ft of 0.25 oz gold. The A zone returned 6.7 ft of 0.28 oz and the B, 44.9 ft of 0.15 oz. Silver values were as high as one ounce.

Exploration work is continuing on Golden Nevada’s Maggie Creek Ranch property in Nevada’s Carlin belt. The company is bringing in a diamond drill to finish off an earlier reverse- circulation drilling program in the Schroeder Mountain area. Airborne geophysics is planned to locate additional drill targets. Chairman Murray Pezim says an agreement has been reached to acquire a 50% interest in the Todd Creek gold property from Noranda Exploration for a $1-million expenditure by Dec 31, 1990. The property consists of 15 claims 25 miles north of Stewart, B.C.

At least three mineralized zones have been outlined on the property. The North zone consists of several quartz sulphide veins which returned up to 0.153 oz gold across 9.8 ft and 0.196 oz from a grab sample. The Mid zone includes a number of quartz sulphide veins and mineralized shear zones grading up to 0.96 oz gold and a quartz- carbonate-sericite-pyrite alteration zone with boulders grading up to 0.85 oz gold per ton.

The South zone is fault controlled and up to 3,000 ft long and 50 ft wide. Surface chip sampling over an 885-ft section of the zone averaged 0.12 oz gold and 0.65% copper across 9.8 ft. A 3,300-ft drill program is scheduled to begin immediately.