Discovery Of The Franco Zone At Hasbrouck
RENO, NV - Allied Nevada Gold Corp. reported highlights from recent drilling at its wholly owned Hasbrouck project located five miles south of Tonopah, Nevada. Recent assay results indicate the discovery of two new zones of higher grade gold and silver mineralization east of the Saddle Zone.
The Franco Zone was discovered in a core hole (hole 68) drilled 530 meters southeast of the Saddle Zone highlighted by 97 meters of 2.3 g/t Au and 34 g/t Ag (3.1 g/t AuEq). This hole was drilled to the northwest, targeting both a mapped major structure and historic anomalous assays. Confirmation and step-out core drilling is underway to test both the continuity and geologic interpretation of the zone. Mineralization occurs in structurally and hydrothermally brecciated silicified rock, with veins and disseminated mineralization present. An additional zone of high-grade mineralization was identified through holes 69 and 71. These holes were angle-drilled to the west to test the continuity of multi-gram gold surface samples in banded veins. Hole 71 encountered 187 meters of mineralization from surface grading 1.1 g/t Au and 17 g/t Ag (1.4 g/t AuEq) and 5 meters grading 2.7 g/t Au and 44 g/t Ag (3.4 g/t AuEq), which may be part of a feeder system to the Saddle Zone. Holes 64 and 65 were drilled on the east side of the hill and encountered intervals of mineralization at or above current resource grades, with higher grades encountered near surface. This area has not previously been well tested and has the potential to extend the known resource to the east and at depth. Allied Nevada is in the progress of following up on these new zones to determine the extent of the zones to the north, south and at depth. The Company has commenced the first phase of the Klondike Flats drill program in the southern part of the 17 square mile district land position. The focus of this initial phase of drilling will be to test outcropping zones of epithermal alteration, which is coincident with geophysical anomalies. "This recent drilling validates our belief that the structural setting is favorable for additional high-grade zones within a halo of disseminated mineralization. We continue to be encouraged with the drill results we are encountering as they present new opportunities for potential operating scenarios at Hasbrouck," commented Dave Flint, Vice President, Exploration. "We are excited to have begun drilling on the regional Klondike Flats targets to the south for the additional potential this area may bring to the project." The company's address is 9790 Gateway Drive, Suite 200, Reno, NV 89521, (775) 358-4455, fax: (775) 358 4458, email: [email protected].