Linear Gold Intercepts Gold Zone Below Box Deposit at 100% Owned Goldfields Project
HALIFAX, NOVA SCOTIA, February 22, 2010: Linear Gold Corp. (TSX: LRR) (“Linear”) is pleased to announce the results for the first three drill holes of the 2010 Box Deposit drill program at Linear’s 100% owned Goldfields Mine Development Project, located in Saskatchewan, Canada. The gold zone was intercepted immediately below the established Proven and Probable gold reserves of 1,030,400 ounces contained within the combined Box and Athona Gold Deposits. The initial results confirm the excellent potential for additional gold mineralization within the Goldfields Project which could extend the planned mine life beyond 14.3 years and/or increase planned annual production rates beyond 70,000 to 90,000 ounces of gold per year.
Highlights from the first three drill holes of the 2010 Box Deposit drilling program include:
· Hole B10-303, which returned 2.28 grams gold per tonne over an estimated true width of 29.1 metres, including 3.87 grams gold over 14.1 metres; and
· Hole B10-304, which returned 2.52 grams gold per tonne over an estimated true width of 41.7 metres, including 6.84 grams gold per tonne over 13.9 metres.
The initial objective of the 2010 drilling program is to test for mineralization immediately below the bottom of the proposed Box Deposit open pit. Drill holes, B10-303, 304 and 305, were targeted to intersect the projected down-dip extension of the Box Deposit, where encouraging gold results were returned from limited drilling, as reported by GLR Resources Inc. (“GLR”) during 2007, including:
· Hole B07-292, which returned 2.13 grams per tonne of gold over an estimated true width of 47.81 metres, including 8.35 grams per tonne of gold over 8.60 metres;
· Hole B07-294, which returned 6.32 grams per tonne of gold over an estimated true width of 16.72 metres, including 11.47 grams per tonne of gold over 8.80 metres; and
· Hole B07-296, which returned 2.54 grams per tonne of gold over an estimated true width of 23.76 metres, including 5.57 grams per tonne of gold over 7.90 metres.
Table 1. Results from Linear’s First Three Drill Holes of 2010 Drill Program.
Drill From To Core Length True Width Gold
Hole (metres) (metres) (metres) (metres) (grams per tonne)
B10-303 192.5 223.5 31.0 29.1 2.28
including 201.5 216.5 15.0 14.1 3.87
including 201.5 206.5 5.0 4.7 7.50
B10-304 192.0 233.7 41.7 41.7 2.52
including 192.0 205.9 13.9 13.9 6.84
B10-305 217.7 223.7 6.0 6.0 1.68
and 242.7 248.7 6.0 6.0 0.51
Howard Bird, Linear’s Vice President of Exploration, stated: “I am very pleased with the excellent results that were returned over significant widths from Linear’s first three drill holes targeting mineralization below the planned Box Deposit pit bottom. These drill holes, together with the historical GLR 2007 drill holes, have intersected the projected down-dip extension of the Box Deposit over an area approximately 30 to 150 metres from the bottom level of the proposed open pit. The results confirm that there is excellent potential to add additional ounces to the Box Deposit gold reserve which could potentially be mined by deepening the current design of the open pit. The Box Deposit remains open at depth and higher grade gold results are known to occur at or near the hanging wall contact, representing excellent potential for the discovery of deeper underground zones below the Box Deposit. Linear is looking forward to receiving further results from the 2010 Box Deposit drill program as well as initial drill testing of several high-priority geophysical anomalies identified from the recently completed Titan 24 Deep IP geophysical program that may be indicative of new mineralized systems.”
An Induced Polarization (IP) and Resistivity (DCIP) survey using the advanced Quantec Geoscience Titan 24 geophysical system was completed on February 19, 2010. The Titan 24 geophysical system acquires high-resolution results to depths of approximately 700 metres. Linear’s program was designed to identify new gold mineralized systems near the Box and Athona Gold Deposits. Through processing, inversion and interpretation of results, information can be obtained on conductive mineralization, disseminated mineralization, alteration, structure and geology. The survey covered an area of 13 square kilometres and final data processing and modeling is expected to take two to three weeks. Early processed results show the Box and Athona Gold Deposits as chargeability and resistivity anomalies. Linear’s 2010 drill programs will test several look-alike geophysical anomalies.
The Goldfields Project includes Linear’s extensive contiguous property holdings of over 25,000 hectares, located within a prolific gold-bearing region of Saskatchewan. The project area hosts a wide variety of mineralization and historical underground development, including the Box Mine, which produced as an underground gold mining operation from 1939 to 1942. Twelve additional gold occurrences have been documented on the property. All of the known gold deposits and occurrences are exposed at surface, most of which were discovered through surface prospecting during the 1930’s. The Box and Athona Deposits, the two known deposits on the property, are located two kilometres apart and will utilize a central processing mill facility. The Box and Athona Deposits are both large multi-million tonne open pit deposits, located on the western flank and near the nose of the Goldfields syncline. Both deposits have potential for increased open pit gold resources and there is good potential for higher grade gold mineralization, which may be suitable for underground mining methods below the proposed open pits.
The project area is located 25 kilometres from Uranium City, Saskatchewan, and is serviced by excellent local infrastructure, including an airport, hydro-electric power, telecommunications, a good road system, a field office, a core shack and living quarters with kitchen facilities for the exploration team.
Assaying was by the total metallic method to eliminate any loss of the coarse gold fraction during sample processing in the assay laboratory. Sample processing and gold assaying was done by TSL Laboratories Inc. of Saskatoon, Saskatchewan.
Please refer to Linear’s website at www.lineargoldcorp.com for drill hole locations.
For further information, please contact:
Linear Gold Corp.
Sean Tufford
Director of Investor Relations
(902) 422-1421
Website: www.lineargoldcorp.com
Mr. John Dixon, P.Geo., Senior Project Geologist of Linear and a qualified person under National Instrument 43-101, has approved the technical information and has read this press release.
