Yukon-Nevada Gold Corp. Announces 22.87 m grading 8.37 g/t Au from West Mahala, Jerritt Canyon, Nevada
VANCOUVER, Jan. 11, 2012 /CNW/ - Yukon-Nevada Gold Corp. (TSX:YNG.TO; OTC:YNGFF - News) (Frankfurt Xetra Exchange: NG6) is pleased to announce results from its 2011 Surface drilling program at the Mahala Project which is located in its wholly-owned Jerritt Canyon gold operation in Nevada, USA. Jerritt Canyon is operated by Queenstake Resources USA Ltd., ("Queenstake") a wholly owned subsidiary of Yukon-Nevada Gold Corp. ("YNG" or the "Company").
HIGHLIGHTS
* MAH-457 intersected, in the West Mahala Zone, 64.05 meters at 6.38 g/t gold, including 24.4 meters at 3.43 g/t gold, and 22.87 meters at 8.37 g/t gold, and 13.42 meters at 12.28 g/t gold;
* EM-121 intersected, in the East Mahala Zone, 15.25 meters at 4.77 g/t gold, including 3.05m at 8.88 g/t gold, and 4.88 meters 8.64 g/t gold; and
* MAH-454 intersected, in the Mahala Zone, 32.02 meters at 4.63 g/t gold, including 15.24 meters at 6.24 g/t gold, and 3.05 meters at 8.37 g/t gold.
The company initiated a 130,000 foot surface drilling program at Jerritt Canyon on July 17, 2011 that tests multiple projects throughout the Company's 119 square mile land position. The program was designed to either explore for and/or to convert resources to reserves that are amenable to either open pit or underground mining methods.
This press release updates the 2011 surface drill hole results in the Mahala Project that targeted converting and expanding resources proximal to the current underground operations at the Smith and SSX-Steer underground mines in the following three areas:
* East Mahala (Smith Mine: Zones 1, 3, and 4: including Zone 9 which is East Dash); * Mahala (Smith Mine: Zone 8); and * West Mahala (located east of the SSX-Steer Mine).
The entire Mahala drilling program includes 71,211 ft. (21,711m) of drilling in 54 drill holes as shown in Table 1. All fifty-four of these drill holes were conducted using reverse circulation (RC) with 16 of them finished, or planned to be finished, with diamond drilling. The total RC footage is 61,760 ft. (18,829m) whereas the total diamond drilling footage (completed and not completed) is 9,451 ft. (2,882m). Eighteen of these drill holes were targeted for exploration in the East Mahala and Mahala areas whereas the other 36 drill holes were for resource conversion.
Table 1. 2011 Surface Drilling Summary for East Mahala, Mahala, and West Mahala projects.
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