VANCOUVER, British Columbia, Aug. 26, 2009 (GLOBE NEWSWIRE) -- Silverado Gold Mines Ltd (OTCBB:SLGLF) (Frankfurt:SLGL) (www.silverado.com) (the "Company" or "Silverado") is pleased to announce an update to the 2009 summer drilling program for the Nolan Creek property, specifically Workman's and Pringle Bench. This drilling program was originally announced in a May 1, 2009 news release.
Over the past two years of exploration and drilling the Company identified a specific vein intercept that it has named as "A" Vein. The company felt that this vein was worthy of further exploration and as such embarked on additional drilling and work programs surrounding this discovery.
The Company has completed nine (9) drill holes on Workman's Bench with the targeted "A" Vein intercept depth being encountered in all holes ranging from 164 to 283 feet below surface, and a further seven (7) holes on Pringle Bench with the targeted "A" Vein intercept depth being encountered in all holes ranging from 137 to 267 feet below surface. While the results of this drilling are still pending, the Company deemed it appropriate to report on the progress to date and state that the drill core samples are regularly being submitted for assay. The drilling program was overseen by management and the Company's contracted on-site geologist, Karl Sharp.
As previously reported in the Company's January 1, 2009 NI 43-101 Technical Report, as amended on June 1, 2009, the Pringle and Workman's Bench targets are antimony/gold deposits and occur in a series of Northeast trending high angle "vein fault" structures, collectively known to the Company's technical and geological team as the "Solomon Shear Zone". This has been previously defined on the basis of surface geology as well as drilling, trenching, soil sampling and pronounced airborne resistivity anomalies.
Because gold has now been encountered within the antimony and quartz from more than one location on the Solomon Shear Zone, the Company's technical and geological team have concluded that parts of the Solomon Shear Zone are the lode source of some of the 23,200 ounces of gold previously recovered by the Company in underground drift and open cut mining. The Solomon Shear Zone averages approximately 700 feet wide and runs a minimum of three miles long and is located within the boundaries of the 12 square mile Nolan Creek property. The Company has in the past two years been working to increase the Nolan Creek gold and antimony resource.
At present, and as a result of this work program, the Company has since May 2009 almost doubled the amount of its exploration information in the Solomon Shear Zone. Geologist Karl Sharp says: "With the weather and working conditions along the Arctic Circle being what they are, we have achieved great progress in our drilling program this year. We look forward to beginning our assay result reporting as those results are received by the Company. We are continuing to drill until the snow and freezing temperatures force us to cease drilling."
Qualified Person
The technical information that is released in this news release has been reviewed by Thomas K. Bundtzen, P. Geo BS MS CPG-10912, ABSLN #279639, President of Pacific Rim Geological Consulting, Inc., of Fairbanks, Alaska, who is independent of the Company as defined by NI 43-101. Bundtzen is a Certified Professional Geologist with the American Institute of Professional Geologists (AIPG). Bundtzen is the Qualified Person as defined in NI 43-101 and also qualifies under the rules stated by the U.S. Securities and Exchange Commission (SEC), and has verified the data contained in this news release for accuracy.
About the Company
Silverado Gold Mines Ltd, a publicly traded company, is an exploration-stage enterprise focused on the exploration of gold properties with some past production. The Company has gold properties located throughout Alaska, which include a 100 percent (%) interest in numerous mining claims located on the Nolan Creek property.
Forward-Looking Statements
This news release may contain, in addition to historical information, forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements in this news release that are forward-looking statements are based on the current expectations, beliefs, assumptions, estimates and forecasts about the Company's business and the industry and markets in which it operates.
Such forward-looking statements involve risks and uncertainties regarding the market price of gold, availability of funds, government regulations, common share prices, operating costs, capital costs, outcomes of test mining activities and other factors. Forward-looking statements are made, without limitation, in relation to operating plans, property exploration activities, including test mining activities, availability of funds, environmental reclamation, operating costs and permit acquisition. Any statements contained herein that are not statements of historical facts may be deemed to be forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as "may", "will", "should", "expect", "plan", "intend", "anticipate", "believe", "estimate", "predict", "potential", or "continue", and the negative of such terms or other comparable terminology. Actual events or results may differ materially. In evaluating these statements, you should consider various factors, including the risks detailed in the Company's filings with the Canadian Securities Authorities and the U.S. SEC. These factors may cause the Company's actual results to differ materially from any forward-looking statement. Except as required by applicable securities laws, the Company disclaims any obligation to publicly update these statements, or disclose any difference between its actual results and those reflected in these statements. Given these uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements.