 |
|
|
News Releases
| | October 10, 2008
Midway Continues to Expand Gold Zones at Pan
|
| | Midway Gold Corp. (the "Company") is pleased to report that drilling on the Pan Project continues to expand gold mineralization at both the Wendy and Nana gold zones.
"Pan drilling continues to provide significant improvements to this near surface oxide deposit. Expanded gold mineralization at Wendy and Nana, coupled with confirmation drilling results and a high grade (>0.100 opt gold) zone reported earlier at North Pan continue to upgrade and expand the gold deposits on this project," notes Alan Branham, President and CEO of Midway Gold Corp.
Drilling results at Wendy continued to expand near surface oxide mineralization to the west towards South Pan and to the east. This zone now measures 1,650 feet along strike and 300 feet wide, and remains open to the east (where it is covered by volcanics) west, north, and down dip. Significant results from the Wendy Zone include PN08-19, which intersected 75 feet of 0.020 opt gold, PN08-20 returned 65 feet of 0.046 opt gold, and PN08-21 returned 85 feet of 0.013 opt gold.
Step-out drilling in the Nana Zone continued to encounter gold mineralization, building upon the success of the 2007 program. Outcropping mineralization is in northeast-trending anticline, and remains open in all directions. Significant results include PN08-32 which encountered 50 feet of 0.015 opt, PN08-36 encountered 35 feet of 0.028 opt, and PN08-38 encountered 15 feet of 0.053 opt.
The 2008 Pan drilling program completed 26,245 feet in 49 reverse circulation holes. Drilling was focused on grade confirmation at both North and South Pan, step out drilling at Nana and Wendy, and exploration drill testing at the Neverland, Island, and Lily targets. Confirmation drilling results indicate that historic drilling appears to be under estimating overall grade and thickness at the project. (Midway Press Release dated July 9, 2008)
Exploration drilling on the 17 square mile project area continued during 2008. Efforts at the Neverland and Island targets returned no significant results. Work on the Lily target has identified a large intrusive body with no previous drill testing. Limited drill testing of the northwest corner provided no significant results. Surface mapping and sampling of the target will continue through the end of 2008.
|
Hole ID
|
Azimuth
|
Angle
|
TD
|
Interval
|
Gold
|
From
|
To
|
Assay
|
Gold
|
Interval
|
Target
|
|
|
|
|
feet
|
feet
|
opt
|
feet
|
type
|
g/t
|
meters
|
|
|
PN08-19
|
270
|
-60
|
625
|
75
|
0.020
|
25
|
100
|
FA
|
0.69
|
22.9
|
Wendy
|
|
PN08-20
|
90
|
-60
|
565
|
15
|
0.011
|
30
|
45
|
FA
|
0.38
|
4.6
|
Wendy
|
|
|
|
|
|
65
|
0.046
|
75
|
140
|
|
1.58
|
19.8
|
|
|
PN08-21
|
270
|
-50
|
500
|
85
|
0.013
|
65
|
150
|
FA
|
0.45
|
25.9
|
Wendy
|
|
|
|
|
|
20
|
0.011
|
245
|
265
|
FA
|
0.38
|
6.1
|
|
|
PN08-24
|
0
|
-90
|
550
|
35
|
0.019
|
360
|
395
|
FA
|
0.65
|
10.7
|
Nana
|
|
PN08-27
|
245
|
-65
|
625
|
15
|
0.013
|
460
|
475
|
FA
|
0.45
|
4.6
|
Boulders
|
|
|
|
|
|
35
|
0.013
|
515
|
550
|
FA
|
0.45
|
10.7
|
|
|
PN08-28
|
45
|
-50
|
985
|
25
|
0.011
|
670
|
695
|
FA
|
0.38
|
7.6
|
Nana
|
|
PN08-31
|
225
|
-50
|
425
|
10
|
0.012
|
320
|
330
|
FA
|
0.41
|
3.0
|
Nana
|
|
PN08-32
|
45
|
-50
|
225
|
50
|
0.015
|
0
|
50
|
FA
|
0.51
|
15.2
|
Nana
|
|
PN08-33
|
45
|
-50
|
300
|
20
|
0.017
|
165
|
185
|
FA
|
0.58
|
6.1
|
Nana
|
|
PN08-35
|
0
|
-90
|
300
|
15
|
0.015
|
125
|
140
|
FA
|
0.51
|
4.6
|
Nana
|
|
PN08-36
|
225
|
-50
|
300
|
40
|
0.011
|
30
|
70
|
FA
|
0.38
|
12.2
|
Nana
|
|
|
|
|
|
35
|
0.028
|
105
|
140
|
FA
|
0.96
|
10.7
|
|
|
PN08-37
|
310
|
-50
|
230
|
15
|
0.014
|
40
|
55
|
FA
|
0.48
|
4.6
|
Nana
|
|
PN08-38
|
45
|
-50
|
200
|
15
|
0.053
|
80
|
95
|
FA
|
1.82
|
4.6
|
Nana
|
Table 1: Pan 2008 Significant assays. Assays are 30g fire assays conducted by ALS Chemex labs in Sparks, Nevada. Reverse circulation drilling was conducted by Eklund Drilling of Elko, Nevada. Intercepts reported include greater than 10 feet grading 0.010 opt gold. All reported intercepts are oxide, unless noted. The "Interval" widths noted are down the hole intercepts and are approximately true widths as drilling was designed to cross cut this disseminated (bedding replacement) style of mineralization.
Midway Gold Corp. is a precious metals exploration company, listed on the NYSE Alternext US and on the TSX Venture Exchange under the symbol "MDW." Midway's focus is creating value for shareholders through the discovery and development of quality new precious metal resources in politically stable mining areas. The Company has four advanced stage gold exploration projects and four early stage exploration projects that control over 60 square miles of mineral rights along three major gold trends in Nevada and the Republic district in Washington. Additional information on Midway Gold Corp. and these projects can be found at: www.midwaygold.com.
This release has been reviewed and approved by Kevin Kunkel, (M.Sc. and CPG), a "qualified person" as that term is defined in National Instrument 43-101.
ON BEHALF OF THE BOARD
"Alan Branham"
______________________________
Alan Branham, President and CEO
For further information, please contact Alan Branham at Midway Gold Corp. at (877) 475-3642 (toll-free).
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. This press release contains forward-looking statements about the Company and its business. Forward looking statements are statements that are not historical facts and include resource estimates. The forward-looking statements in this press release are subject to various risks, uncertainties and other factors that could cause the Company's actual results or achievements to differ materially from those expressed in or implied by forward looking statements. These risks, uncertainties and other factors include, without limitation risks related to fluctuations in gold prices; uncertainties related to raising sufficient financing to fund the planned work in a timely manner and on acceptable terms; changes in planned work resulting from weather, logistical, technical or other factors; the possibility that results of work will not fulfill expectations and realize the perceived potential of the Company's properties; uncertainties involved in the interpretation of drilling results and other tests and the estimation of gold resources; the possibility that required permits may not be obtained on a timely manner or at all; the possibility that capital and operating costs may be higher than currently estimated and may preclude commercial development or render operations uneconomic; the possibility that the estimated recovery rates may not be achieved; risk of accidents, equipment breakdowns and labour disputes or other unanticipated difficulties or interruptions; the possibility of cost overruns or unanticipated expenses in the work program; and other factors identified in the Company's SEC filings and its filings with Canadian securities regulatory authorities. Forward-looking statements are based on the beliefs, opinions and expectations of the Company's management at the time they are made, and other than as required by applicable securities laws, the Company does not assume any obligation to update its forward-looking statements if those beliefs, opinions or expectations, or other circumstances, should change. |
| |
| | You can view the Next News Releases item: Mon Oct 20, 2008, Barrick to Joint Venture Midway's Spring Valley Project, Nevada
You can view the Previous News Releases item: Tue Sep 16, 2008, Midway and Golden Predator Term Sheet Lapses
You can return to the main News Releases page, or press the Back button on your browser.
|
|
|
