MEADOW BAY GOLD REPORTS INITIAL DRILL RESULTS
Vancouver, BC – February 1, 2016 Meadow Bay Gold Corporation (“Meadow Bay Gold” or the “Company”) (TSX:MAY) (OTCQB:MAYGF) (Frankfurt: 20M, WKN A1C3DN) is pleased to report it has received final assay results from drilling its 2015 at its Atlanta Gold Mine Project, Lincoln County, Nevada.
The drill program was intended to in-fill ‘donut holes’ in the existing resource as well as provide stratigraphic information at its untested Western Knolls target area. Layne Christensen Company of Chandler, Arizona, completed the hole using an Ingersoll Rand TH-75 drill. Assays were performed by ALS Minerals of Vancouver. Samples were prepared at its Elko, Nevada, facility. The insertion of standards, blanks and duplicates as well as logging was conducted by at the Atlanta mine site.
The Company completed two preliminary test holes in the Western Knolls target area prior to the cessation of drilling due to winter weather. The Western Knolls are about 5km west of the Atlanta Pit and represent a new, untested opportunity in the Atlanta District. The drill hole locations were based on geophysical surveys and were intended to provide a first look through the stratigraphic section. Hole WK-15-LRC01was drilled in the northeastern flank of the Western Knolls to a depth of 800’, while WK-15-LRC02 was drilled several hundred feet to the northwest to a depth of 1000’. Both drill holes remained in heavily altered volcanic tuffs throughout their length. The alteration is consistent with a large hydrothermal system where a thick section of the rock has been hydrothermally altered to a propylitic mineral suite consisting of chlorite-pyrite-calcite mineralization. Large amounts of calcium and sulfur have been introduced into the host rocks. Low grade gold and silver mineralization were encountered in both holes over broad widths. Whereas calcite has been added through much of the rock, most of the gold mineralization is with pyrite and possibly arsenopyrite.
“We are encouraged by the initial results at the Western Knolls,” stated Meadow Bay CEO Christopher Crupi. “A key consideration is that precious metals were encountered in these first stratigraphic holes. The size and strength of the hydrothermal alteration indicates that this was a very large system where huge volumes of gold-bearing fluids were driven through the rock. We view this as an indication that we are in the right neighborhood – future exploration will focus on finding the tight address.”
Plans for going forward include detailed petrographic examination of the drill cuttings and synthesis of the geochemistry with the existing geophysics.
A table summarizing the complete results of drilling in the Atlanta shear zone is included below. All of the holes penetrated a sequence of post-mineral volcaniclastic sediments before intersecting the Atlanta porphyry which overlies the Atlanta Shear Zone.
Table showing two new intercepts in new holes 5 and 6 in the Atlanta Shear Zone:
|Drill Hole||Target||Total Depth (m)||From (m)||To (m)||Length (m)||Au g/t||Ag g/t|
|DHRI-15-LRC05||Atlanta Shear Zone||445.01||327.66||336.80||9.14||2.01||14.3|
|DHRI-15-LRC06||Atlanta Shear Zone||329.18||NSV||NSV|
Abbreviations: Au = gold; Ag = silver; g/t = grams per tonne, m = metre
Charles “Bill” Reed, a Qualified Person as defined by National Instrument 43-101 and Director of the Company, has reviewed and approved the contents of this press release.
For further information please contact:
Meadow Bay Gold Corporation
Christopher Crupi, CEO
Charles “Bill” Reed, Director
Matthew Harrington, Launch IR
This release contains “forward-looking information” within the meaning of applicable Canadian securities legislation, including predictions, projections and forecasts. Forward-looking information includes, but are not limited to, statements that address activities, events or developments that the Company expects or anticipates will or may occur in the future, including such things as the calculation of a new mineral resource estimate.
Often, but not always, forward-looking information can be identified by the use of words such as “plans”, “planning”, “planned”, “expects” or “looking forward”, “does not expect”, “continues”, “scheduled”, “estimates”, “forecasts”, “intends”, “potential”, “anticipates”, “does not anticipate” or “belief” or describes a “goal” or variation of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved.
Forward-looking information is based on a number of material factors and assumptions, including, the result of drilling and exploration activities, that contracted parties provide goods and/or services on the agreed timeframes, that equipment necessary for exploration is available as scheduled and does not incur unforeseen breakdowns, that no labour shortages or delays are incurred, that plant and equipment function as specified, that no unusual geological or technical problems occur, and that laboratory and other related services are available and perform as contracted. Forward-looking information involves known and unknown risks, future events, conditions, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, prediction, projection, forecast, performance or achievements expressed or implied by the forward-looking information. Such factors include, among others, the interpretation and actual results of current exploration activities; changes in project parameters as plans continue to be refined; future prices of gold and silver; possible variations in grade or recovery rates; failure of equipment or processes to operate as anticipated; the failure of contracted parties to perform; labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing or in the completion of exploration, as well as those factors disclosed in the company’s publicly filed documents. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. Except as required under applicable securities legislation, the Company undertakes no obligation to publicly update or revise forward-looking information.