- Published: 10 February 2009
- Written by Editor
Nayarit Gold Intersects 31.08 Metres of 10.5 g/t Gold and 333 g/t Silver, or 16 g/t Gold Equivalent, or 960 g/t Silver Equivalent
Additional Intersection of 8.7 Metres of 11.7 g/t Gold and 1,304 g/t Silver, or 33.4 g/t Gold Equivalent, or 2,006 g/t Silver Equivalent
Nayarit Gold Inc (TSX-V: NYG) is pleased to report additional drill results from its 30,000 metre Phase II drill program at the Orion District in the State of Nayarit, Mexico.
The Company is presently completing a series of infill and expansion holes at its Animas/Del Norte Discovery zone with the aim of completing a NI 43-101 resource estimate by the end of Q2/09. The present series of drill holes were completed to evaluate the potential mineralized zone in several locations to increase the density of the drilling, and drill in areas where the mineralized zone remains open.
The mineralized zone is characterized by three parallel veins, with the Del Norte vein demonstrating the highest and most consistent grades and widths. Mineralization has been identified along the Del Norte vein for approximately 700 metres in strike length and up to 400 metres in depth with the mineralized zone open at depth and along strike.
A series of drill holes were completed to increase the density within the mineralized zone, and drill hole OR-08-157 returned the highest single interval to date. The drill hole recorded a 31.08 metre interval through the Del Norte vein from 200.65 metres to 231.73 metres assaying 10.5 g/t gold and 333 g/t silver or 16.0 g/t gold equivalent or 960 g/t silver equivalent. Several other infill holes also returned significantly high values including holes OR-08-146, 150, 152 and 136 and are illustrated in the table below.
In addition, several holes broadened the mineralized zone with drill hole OR-08-141 intersecting 7.5 metres of 1.04 g/t gold and 207 g/t silver or 4.49 g/t gold equivalent or 269 g/t silver equivalent, and drill hole OR-08-156 intersecting 1.37 metres of 4.3 g/t gold and 234 g/t silver, or 8.2 g/t gold equivalent or 491 g/t silver equivalent with areas to the east and at depth still remaining open. Highlights from drill holes are illustrated below:
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Hole To From Interval Gold Silver GoldEq SilverEq
(m) (g/t) (g/t) (g/t) (g/t)
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OR-08-136 191 192.5 1.5 1.1 295 6.0 358
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And 228.5 258.5 30 1.4 123 3.4 204
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Incl 244.5 248.5 4 8.4 727 20.5 1231
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OR-08-141 82.75 99.75 17.00 0.6 112 2.4 146
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Incl 90.75 93.75 3.00 0.9 287 5.7 343
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OR-08-143 62.35 69 6.65 2.4 272 7.0 419
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OR-08-145 135.4 143.4 8 0.6 116 2.5 153
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OR-08-146 148.65 178.4 29.75 2.0 349 7.8 471
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Incl 154.87 167 12.13 3.7 702 15.4 924
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OR-08-148 146.5 175 28.5 0.6 171 3.4 207
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Incl 149.5 155 5.5 0.8 491 9.0 540
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OR-08-150 144.5 166.07 21.57 3.9 436 11.2 669
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Incl 157.5 161.8 4.3 16.6 1521 41.9 2514
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OR-08-152 181.5 222 40.5 4.1 363 10.2 611
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Incl 208.3 217 8.7 11.7 1304 33.4 2006
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OR-08-154 228.65 236.8 8.15 3.6 227 7.4 444
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Incl 235.6 236.8 1.2 22.4 1445 46.5 2789
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OR-08-156 222.39 225.8 3.41 1.8 131 4.0 241
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And 228.05 229.42 1.37 4.3 234 8.2 491
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And 252.7 256.05 3.35 0.9 98 2.5 150
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OR-08-157 170.55 179.9 9.35 0.5 34 1.1 64
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And 200.65 231.73 31.08 10.5 333 16.0 960
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Incl 213.65 220.22 6.57 46.0 1283 67.4 4041
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OR-08-159 44 49.4 5.4 0.5 53 1.4 83
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Incl 44 46.05 2.05 1.0 108 2.8 170
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*Gold Equivalent Values were calculated based on 60 ounces of silver = 1 ounce of gold. Metallurgical Recoveries and Net Smelter Returns are assumed to be 100%. No capping. The intervals recorded above are core lengths.
"The drill results continue to demonstrate positive grades and width, illustrating the tremendous continuity of the discovery zone," stated Colin Sutherland, President & CEO. "The Company continues to move towards a NI 43-101 resource estimate, and remains positive on the potential of the District."
Drilling continues at the Animas/Del Norte Discovery as well as the San Francisco and Pantaleona targets. An update from these zones will be provided shortly. The Company is exploring other targets, completing mapping and soil and rock chip sampling along several of the known structures that hosted old mines. These programs will lead to additional drilling as targets are developed and data will be released when received.
For additional information including the long section and data, please click on the link below:
http://www.nayaritgold.com/projects_animas.html
The Company reports that it has issued 50,000 stock options each to two independent directors of the corporation. The stock options are priced at $0.50 and vest over eighteen months, expiring on February 9, 2015.
Mr. Hall Stewart, Vice President, Exploration is a Qualified Person (QP) as defined in NI 43-101 and has reviewed this release.
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 sawn 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 Hermosillo, Sonora (Certification ISO 9001). Sample pulps are shipped from there to ALS-Chemex Laboratories in North Vancouver, Canada for analysis. Gold is determined by fire assay with an atomic absorption finish, silver is analyzed by ICP techniques with high grade values being confirmed by fire assay. Gold equivalent values are calculated using a 60:1 ratio.
ABOUT NAYARIT GOLD INC.
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 002 - 2009
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
