With All Financing in Place, Silverado to Launch $ 5,000,000 Nolan Creek 2008 Exploration Program
Vancouver, BC, Canada: February 14, 2008 - (Silverado - OTCBB: SLGLF / Frankfurt : SLGL). Silverado Gold Mines Ltd. announced today that it has finalized its funding, and Strategic Planning for the exploration of the Nolan Creek Lode Gold Project, for the 2008 season.
Exploration drilling at Silverado's prime identified locations, commencing at the end of April, 2008, is to be carried out on its gold and antimony exploration targets within the Solomon Shear Zone, Workman's Bench, and within Pringle Bench. Definition drilling will direct further underground work. Financing of $ 5 million has been secured for Silverado to carry out its 2008 Exploration Strategic Plan.
While exploration drilling will be undertaken on Workman's Bench and Pringle Bench, exploration crews will conduct detailed ground geophysical and ground geochemical soil surveys across the Fortress Zone which contains NW-striking gold-quartz vein systems.
The Fortress and Solomon Shear Zones are assumed to be the sources of the placer gold that has been mined by Silverado Gold Mines, and are the focus of the company's lode exploration programs [ see 3D map ]. Historically, Nolan Creek has yielded 120,000 Toz of placer gold since its discovery. Silverado itself has produced over 15,000 Toz of gold on this 100% Silverado owned Nolan Creek property.
Solomon Shear Zone
The Solomon Shear Zone contains NE striking gold-antimony-quartz vein systems. These vein systems occur on Workman's Bench, across Smith Creek to Pringle Bench, further up on the Hillside, and have also been located north of Smith Creek Dome [ see 3D map ].
The NE striking gold-antimony-quartz-vein system represents the borderline between mesothermal (medium temperature) and epithermal (low temperature) mineralization. In the Nolan Creek area, gold and antimony grades within the gold-antimony-quartz vein systems, increase with depth, as indicated by drilling. The highest antimony and gold grades of all three drilled prospects (Workman's Bench, Pringle Bench and the Hillside) within the Solomon Shear Zone are found at Workman's Bench, which represents the lower drilled part of the gold and antimony mineralized system.
The Workman's Bench mineralized zones have been confirmed over a strike length of 600 feet. They are well defined and contain antimony and gold bearing veins each of which are generally larger in width (up to one foot) than at the other prospects. This is not only evidenced by drilling, but also by underground and surface observations.
During winter 2007/08, Silverado drove an exploration tunnel into the Workman's Bench mineralized zone to intersect the gold bearing antimony-quartz veins. Results of this program will be presented upon receipt of assays.
Silverado Gold Mines is planning an extensive drilling program at Workman's Bench to define the gold and antimony mineralization at depth over a strike length of 1,500 feet from Smith Creek, down to the Nolan landing strip. The gold and antimony mineralized zones at Workman's Bench are open laterally and at depth. Once this program is completed, drilling will continue on Pringle Bench. The drilling program at Pringle Bench will be designed to intersect the gold and antimony mineralized zones at the Workman's Bench level.
Fortress Zone
The Fortress Zone contains NW-striking gold-quartz vein systems [ see 3D map ]. These are located in the Fortress area, and also confirmed in the Right Fork of Vermont Creek. They show generally higher gold values than the gold-antimony vein system. The NW-striking gold-quartz vein system represents mesothermal (medium temperature) vein mineralization. Mesothermal gold deposits form the world's largest gold deposits.
Although only in its early exploration stage, the extensive soil geochemical survey along with the ground geophysical VLF-EM survey performed in 2007 has revealed east-west trending fault zones that are overlain by strong arsenic and gold in soil anomalies, which are up to 1,500 feet in length. Arsenic is a strong indicator for the presence of gold mineralization.
The formation of the northwest striking gold bearing quartz veins was controlled by east-west trending deformation zones, as evidenced in other areas of the southern Brooks Range.
Further soil sampling, in conjunction with a ground geophysical VLF-EM survey, will be carried out this summer to determine the extent of the Fortress Zone. A series of three to five trenches is planned prior to drilling, provisionally scheduled for mid August. The Fortress area represents a prime exploration target for mesothermal lode gold mineralization.
Exploration will be supervised by Dr. Karsten Eden, Vice President, Exploration, Silverado Gold Mines Inc. Dr. Eden is a Certified Professional Geologist and is a qualified person under Canadian National Policy Instrument 43-101.
Silverado Gold Mines Ltd.
Silverado's twelve square mile, 100% owned Nolan Property has yielded over $ 15 million in gold. This was produced during test activities only. The area, over its pre - Silverado historical 'gold rush mining', produced 120,000 oz of gold, and generated a 136 oz gold nugget, the second largest ever found in Alaska. Silverado discovered the tenth largest gold nugget, at 41 oz. [ Click Here ]
Silverado's Nolan property includes infrastructure built, and paid for, including a 24 person accommodation, machine shop, heavy equipment and maintenance facilities. With all permits in place, Silverado has recently invested $ 1 million for specialized underground exploration and mining equipment. Further underground exploration of the Workman's and possibly Pringle Benches will be dependant on completion of current assays combined with the assay data gained from this spring and summer's drilling program as well as full channel samples to be cut in the Workman's Bench mineralized zone upon commencement of the drill program. Silverado had already discovered 93-97% pure gold nuggets in these areas.
"Exploration Drilling On Workman's Bench At Nolan Creek Reveals Gold Grades Up To 0.55 Toz/Ton And 34.51% Antimony. Gold And Antimony Mineralization Now Extends From North End Of 700' Long Pringle Bench Area To The South End Of Workman's Bench Area, A Distance Of 1300 Feet" (Jan 14, 2008) [ Click Here ]
Silverado is also a Canadian RRSP Investment Opportunity
Silverado Gold Mines Ltd. shares currently trade on the Frankfurt stock exchange under the symbol SLGL; as well as the OTC under the symbol SLGLF. The rules and regulations guiding Registered Retirement Savings Plans (RRSPs) in Canada state that: securities trading on the Frankfurt Stock Exchange in Germany qualify as eligible RRSP investments. Therefore Silverado shares qualify for Canadian RRSPs.
Not only can investors participate in the gold markets and energy markets through ownership of Silverado stock, but now shareholders can use their investment in Silverado Gold Mines Ltd. as a tax planning technique in Canada.
Contact Information - Silverado Gold Mines Ltd.
Silverado is an international company focused on gold exploration, and a new environmentally friendly Fuel Technology. Silverado has gold properties located throughout Alaska which include the 100% owned Nolan Placer Gold Mine.
AI
