Alta ups resource at Olinghouse

The first phase of drilling by Alta Gold (NASDAQ) at its Olinghouse gold project near Reno, Nev., has expanded the geologic inventory by 90,000 oz.

The 31-hole program discovered new geologic resources at the Green Hill and No. 5 zones.

Two thick gold intercepts in the No. 2 zone proved the existence of an extension of a structure to the north of the present reserves. Hole OH-113 intersected 190 ft. of mineralization grading 0.043 oz. gold per ton. Hole OH-108 hit 85 ft. grading of 0.039 oz. per ton. In both cases, mineralization was encountered at a depth of about 400 ft.

Alta drilled 11 holes in a soil anomaly at Green Hill. Drill hole OH-91 hit 55 ft. grading 0.063 oz. per ton. The first 70 ft. of OH-93 hit mineralization grading 0.054 oz. per ton. The 11 holes within the soil anomaly defined a geologic resource of 850,000 tons grading 0.049 oz. gold per ton.

At the No. 5 zone, the company’s only drill hole encountered 25 ft. grading 0.043 oz. per ton. The No. 5 zone represents one of many untested targets that lie northwest and southeast of the known reserves at Olinghouse.

The new drill results have increased the geologic resource on the property to 775,000 oz. gold, of which 404,418 oz. are classified as proven.

A second phase of drilling will attempt to define minable reserves.