Is anyone paying attention to this stock.
Volume is startig to rise as well as the PPS. Here was the last PR.
General Metals Discovers New High Grade Zone Expanding Original Mineralized Target Estimates
RENO, NV (OTCBB: GNMT) (Frankfurt: GMQ) announces the discovery of new high grade mineralization north of the Canyon Fault including 15 feet grading 0.324 ounces of gold equivalent per ton (opt Au Equiv.).
Drilling north of the Canyon Fault identified two parallel zones of mineralization, unlike the Independence Shallow Target which is dominated by a single mineralized zone at the south end of the property. This significant new discovery increases the exploration potential for near surface mineralization substantially over the originally estimated target potential, resulting in what the Company feels, represents an important addition to oxide gold mineralization in the Battle Mountain Mining District of Nevada.
"Importantly there is no historic mining north of Section 3400 North and as a result there is no depletion of high grade mineralization in the large northern target areas," said Steve Parent, Company President and CEO. "With this exciting new discovery of multiple, parallel, mineralized zones containing high grade mineralization north of the Canyon Fault it appears the Independence Mine is clearly an important discovery in the Battle Mountain District. The target zone for surface mineralization at the Independence is now more than one mile long and open to depth. Drilled mineralization is limited only by the drilling accomplished to date, is open on strike and to depth."
Holes GM 54, the first hole drilled north of the Canyon Fault on Section 3400 North, as well as 55 and 56 drilled on Section 4000 North, roughly 800 feet north of the Canyon Fault and 600 feet north of hole GM-54 tested the Company's exploration model north of this fault structure. Historically this fault was considered the termination or "cut off" of the mineralized Independence Zone. Despite promising soil geochemistry and strong surface alteration, limited drilling was completed by others north of the Canyon Fault in the past. Review of data from previous operators and modeling by the Company's geologists indicated excellent potential north of this fault.
The outcomes which includes high grade intercepts of 15 feet grading 0.324 opt Au Equiv. and five feet grading 0.266 opt Au Equiv. in GM-56 are contained within a larger 90-foot intercept grading 0.076 opt Au Equiv.
"These results confirm the geologic interpretation by our professionals," continues Steve Parent. "We are extremely pleased and encouraged that, thus far we have achieved a 100% success rate, with virtually every hole of the 56 holes in the Company's combined 2007 - 2008 drill program encountering mineralization of potential ore grade over potentially mineable widths."
Drill results north of the Canyon fault thus far, appear shallower, higher grade and wider than the mineralization south of the fault. Unlike the mineralization drilled south of the Canyon Fault, which is dominated by a single mineralized zone, drilling to the north of the fault appears to identify two parallel, well mineralized zones.
Dan Forbush CFO added, "The Company's exploration team, after successfully drilling and modeling mineralization on the southern portion of the property stepped across this fault with these first three holes and successfully tested mineralization north of this fault. Once again our commitment to this project and its potential is rewarded. We expect expansion of the mineralization to continue."
The following Table presents the salient drill data from the holes discussed in this press release.
Gold
Mineralized Intercepts Equivalent
------------------------------------------------ -------------
oz/t g/t
From To Intercept Gold Gold Silver Silver Au Au
Drill Hole (ft) (ft) (ft) oz/t g/ton oz/t g/ton Equiv. Equiv. ----- ----- --------- ----- ------ ------ ------ ------ ------ GM-54 140 240 100 0.022 0.68 0.20 6.13 0.026 0.80
----- ----- --------- ----- ------ ------ ------ ------ ------
Including 155 200 45 0.037 1.15 0.20 6.25 0.041 1.27
----- ----- --------- ----- ------ ------ ------ ------ ------
Also 410 440 30 0.009 0.28 0.24 7.37 0.013 0.42
----- ----- --------- ----- ------ ------ ------ ------ ------
GM-55 250 300 50 0.019 0.59 0.25 7.71 0.024 0.74
----- ----- --------- ----- ------ ------ ------ ------ ------
Also 465 520 55 0.015 0.47 0.07 2.18 0.016 0.51
----- ----- --------- ----- ------ ------ ------ ------ ------
GM-56 125 245 120 0.013 0.42 0.34 10.70 0.020 0.62
----- ----- --------- ----- ------ ------ ------ ------ ------
Including 175 195 20 0.021 0.65 0.73 22.67 0.035 1.08
----- ----- --------- ----- ------ ------ ------ ------ ------
GM-56 355 445 90 0.073 2.27 0.15 4.51 0.076 2.36
----- ----- --------- ----- ------ ------ ------ ------ ------
Including 355 370 15 0.317 9.86 0.38 11.73 0.324 10.08
----- ----- --------- ----- ------ ------ ------ ------ ------
and 435 440 5 0.264 8.21 0.11 3.55 0.266 8.28
----- ----- --------- ----- ------ ------ ------ ------ ------
Note: All notations of "t" and "ton" refer to a US "short" ton weighing 2000 pounds. All gold equivalent is calculated at a gold price of $800 (US) and a silver price of $15 per ounce, and does not consider variations which may exist in metallurgical recovery.
Section 3400 North
Hole GM-54 successfully encountered 100 feet grading 0.026 opt Au Equiv on the north side of the fault. A second zone of mineralization from 410 to 440 feet was encountered which graded 0.013 opt Au Equiv. This zone of low grade mineralization seems to correspond with larger stronger zones of mineralization encountered in holes GM 55 and 56 drilled 600 feet north on Section 4000 North.
Section 4000 North
Holes GM-55 and 56 tested targets identified by the Company's consultants and intersected two mineralized zones. Each zone contains similar or higher grade mineralization over equal or greater widths than found in the Independence Shallow Zone south of the Canyon Fault.
The mineralized zones continue to exhibit excellent continuity along strike and to depth. Drilling by the company has demonstrated oxide mineralization over a vertical range of 700 feet of elevation, in the near surface targets. Historic drilling by Noranda and Great Basin Gold indicate a total vertical range of the mineralized system in excess of 3,000 vertical feet. The geometry of the mineralized zones suggest this near surface oxidized mineralization potentially amenable to mining by open pit methods.
"Oxidized ores characteristically are amenable to low cost recovery techniques such as heap leaching. The grade of mineralization encountered in the Company's drilling to date are comparable with the grades of mineralization found in other operating open pit, heap leach mines in the State of Nevada today," stated Dan Forbush. "The presence of significant high grade mineralization in the northern drill sections enhances the economic potential of the property because the mineralized zone appears to be both shallower and larger than in the southern area.
A detailed description of the exploration and production history of the Independence property is available on the Company's web site at www.gnmtlive.com.
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