- Published: 16 September 2008
- Written by Editor
Nayarit Gold Intercepts 19.26 g/t Gold Equivalent or 6.26 g/t Gold and 649.70 g/t Silver Over 16.64 Metres
Announces Further Positive Drilling Results From Phase II Drilling Campaign at Orion District
Nayarit Gold Inc (TSX-V: NYG) is pleased to report additional encouraging drilling results from its ongoing 30,000 metre Phase II drill program at the Orion District in the State of Nayarit, Mexico.
The Company has continued step out drilling east of the discovery zone, and has encountered a broad section of high grade gold and silver mineralization. The Company is currently evaluating data recently received from step out drilling on Sections 1079 and 1159, and anticipates this may significantly expand the strike length of the mineralized target zone.
Highlights from the most recent drilling campaign on Sections 919 and 959 are as follows:
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Table 1: Orion District Drill Hole Intercept Summary
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Hole From To Interval Gold Silver Gold
Section Equivalent
# (m) (m) (m) (g/t) (g/t) (g/t) *
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100 919 82.97 84.36 1.39 0.88 211.20 5.10
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101 919 99.40 106.00 6.60 6.32 571.90 17.76
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102 919 123.25 139.89 16.64 6.26 649.70 19.26
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103 959 56.90 70.75 13.85 0.41 54.80 1.50
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Including 57.40 61.35 3.95 0.76 140.00 3.56
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104 959 104.10 117.70 13.60 2.28 198.54 6.25
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Including 106.90 109.22 2.32 2.67 240.96 7.49
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105 959 220.80 240.17 19.37 4.35 430.90 12.97
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Including 231.95 240.17 8.22 9.70 942.00 28.54
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Including 234.10 240.17 6.07 12.54 1,223.10 37.00
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*Gold Equivalent Values were calculated based on 50 ounces of silver = 1 ounce of gold.
Metallurgical Recoveries and Net Smelter Returns are Assumed to be 100% No Capping.
The Company's ongoing exploration program through the summer focused on drill testing along strike over 40 metre intervals moving east from Section 786 to Section 959. The Company has mobilized one of its two drill rigs 1.5 kilometres West on the San Francisco zone, and will drill test the zone as part of its Phase II drill program along the 4 kilometre target area.
The table below lists historical drill hole highlights from the San Francisco zone:
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Hole From To Width Gold Silver Gold
(m) (m) (m) (g/t) (g/t) Equivalent
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DH-2 25.60 26.75 1.15 19.40 39 20.18
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And 37.98 50.04 12.06 1.60 56 2.71
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DH-3 52.90 63.49 10.59 9.04 817.1 25.39
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DH-4 58.36 69.32 10.96 4.48 188 8.24
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including 58.36 64.79 6.43 7.75 319.60 14.14
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DH-10 25.42 26.71 1.29 57.92 3,909.2 136.10
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Further drill testing will also be performed on the Pantaleon area, and infill drilling and step out drilling will be completed over the coming months. The Company remains on track for a resource calculation slated in early 2009.
Other recent drilling intercepts by section are as follows:
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Table 2: Orion District Drill Hole Intercept Summary
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Hole From To Interval Gold Silver Gold
# Section Equivalent
(m) (m) (m) (g/t) (g/t) (g/t) *
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58 879 266.00 274.00 8.00 1.35 66.9 2.69
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Including 266.00 270.00 4.00 2.41 105.7 4.53
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60 879 386.83 388.87 2.04 1.09 78.60 2.66
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60 879 403.01 404.65 1.64 2.98 6.30 3.11
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62 786 318.00 319.00 1.00 0.53 91.00 2.35
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62 786 323.90 324.80 0.90 1.51 61.70 2.74
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63 786 327.05 327.55 0.50 5.23 223.65 9.70
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64 786 36.40 37.80 1.40 1.93 326.90 8.47
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65 786 29.32 30.08 0.76 0.31 179.00 3.89
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786 251.59 252.95 1.36 2.28 172.40 5.72
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786 301.10 303.00 1.90 1.84 177.00 5.38
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786 405.10 406.04 0.94 2.18 68.80 3.55
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*Gold Equivalent Values were calculated based on 50 ounces of silver = 1 ounce of gold.
Metallurgical Recoveries and Net Smelter Returns are Assumed to be 100% No Capping.
To date, a total of 46 drill holes have been completed on the Animas-Del Norte system during this Phase II program, with two holes in progress. Assays are pending for 6 holes. Nayarit is drilling with two rigs, with one testing the eastern extension of the target area and the second at the San Francisco target zone. For additional information including the long section and data please click on the link below:
http://www.nayaritgold.com/projects_animas.html
William J. Warren Jr., M.Sc., P.Geo and Vice President, Exploration is a Qualified Person (QP) as defined in NI 43-101 and has reviewed this release. Mr. Warren states that "The historical drill results, underground sample results, and metallurgical test results received from the newly acquired concessions are believed to be accurate, but have not been verified at this time. As a result, the information as currently presented does not meet NI 43-101 reporting standards and should be viewed in that context."
QA/QC Procedures: The Company has implemented a quality control program to ensure best practices in sampling and analysis of the core samples. The core is first logged then split in half during the sampling process with the remaining half being retained for verification and reference purposes. Duplicates, standards and blanks are inserted randomly into the sample stream. The samples are delivered directly in security sealed bags to ALS-Chemex Laboratories preparation facility in Guadalajara, Jalisco (Certification ISO 9001). Sample pulps are shipped from there to ALS-Chemex Laboratories in North Vancouver, Canada for analysis by ICP techniques. Metallic screen fire analyses for silver are also regularly run as an additional QA/QC check. Gold equivalent values are calculated using a 50:1 ratio.
Nayarit Gold Inc. is a junior resource company dedicated to gold exploration in the proven precious metal districts of Mexico. Management's goal is to build a profitable resource company and maximize shareholder value through successful exploration programs and continued development.
CAUTIONARY STATEMENT
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. This News Release includes certain "forward-looking statements." All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding potential mineralization and reserves, exploration results, and future plans and objectives of Nayarit, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from Nayarit's expectations are exploration risks detailed herein and from time to time in the filings made by Nayarit with securities regulators.
Press Release 016 - 2008
Distributed by Filing Services Canada and retransmitted by Marketwire
For further information on Nayarit Gold please visit the company's website at www.nayaritgold.com or contact: Mr. Colin P. Sutherland President & CEO (902) 252-3833 Email Contact
SOURCE: Nayarit Gold Inc.
http://www.nayaritgold.com http://www2.marketwire.com/mw/emailprcntct?id=4868FC44C494B70C
