- Published: 21 January 2009
- Written by Editor
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Nayarit Gold intersects 11.95 metres of 12.4 g/t gold equivalent, or 742 g/t silver equivalent, or 3.67 g/t gold and 522.3 g/t silver
New Vein Structure intersects 14.7 metres of 5.24 g/t gold equivalent, or 314 g/t silver equivalent, or 2.48 g/t gold and 165 g/t silver
Nayarit Gold Inc. (TSX - VX: NYG), is pleased to report additional drill results from its 30,000 meter Phase II drill program at the Orion District in the State of Nayarit, Mexico. The Company continues to move towards a NI 43-101 resource estimate slated to be completed in mid-2009.
A total of 13 drill holes from the Animas/Del Norte Discovery zone have been received. Drill hole OR-08-114, on the eastern edge of the discovery zone on section 1199, intersected 5.24 g/t gold equivalent or 314 g/t silver equivalent over 14.7 metres (2.48 g/t gold and 165 g/t silver).
This is significant as this is a new vein structure, and not the Animas/Del Norte vein which was intersected from 268.97 metres to 277.25 metres. The new vein has been identified across multiple sections with the intercept in hole OR-08-114 being the first with grades above 10 g/t gold. High-grade mineralization was intersected in a series of holes through the Animas/Del Norte discovery zone including holes OR-08-128, on section 959, which intersected 12.40 g/t gold equivalent or 742 g/t silver equivalent over 11.95 metres, (3.67 g/t gold and 522 g/t silver).
Highlights from selected holes are illustrated below:
Hole To From Interval Gold Silver AuEq AgEq
(m) (m) (m) (Au)(g/t) (Ag)(g/t) (g/t) (g/t)
OR-08-097 100.57 109.30 8.73 0.88 83.1 2.3 136.1
Incl 103.00 107.78 4.78 1.49 132.6 3.7 222.3
OR-08-114 139.55 141.55 2.00 0.96 49.9 1.8 107.6
And 178.45 193.15 14.70 2.48 165.3 5.2 314.1
Incl 183.57 186.15 2.58 12.48 764.7 25.2 1513.3
And 268.97 277.25 8.28 0.66 30.0 1.2 69.9
Incl 275.25 277.25 2.00 0.73 83.4 2.1 127.1
OR-08-128 37.55 45.85 8.30 0.62 68.6 1.8 105.9
Incl 42.30 45.85 3.55 1.20 138.9 3.5 211.2
And 93.85 95.85 2.00 1.15 78.9 2.5 147.6
And 146.65 164.90 18.25 2.58 349.3 8.4 504.1
Incl 146.65 158.60 11.95 3.67 522.3 12.4 742.5
And 169.90 178.45 8.55 0.87 124.0 2.9 176.1
Incl 173.70 178.45 4.75 1.14 164.5 3.9 232.6
OR-08-131 51.95 53.85 1.90 1.33 74.3 2.6 154.3
And 61.00 64.15 3.15 1.42 103.9 3.1 188.9
And 114.25 121.00 6.75 0.30 20.0 0.6 38.1
OR-08-132 17.90 21.40 3.50 0.44 16.8 0.7 43.4
And 49.00 50.15 1.15 1.16 61.4 2.2 131.0
OR-08-133 72.60 73.70 1.10 2.48 264.0 6.9 412.8
And 172.40 173.45 1.05 2.73 223.0 6.4 386.8
*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
Drill hole OR-08-114 is the deepest hole to date on section 1199, and demonstrates the potential for the zone to be open at depth. The Company will test for mineralization at depth between sections 959 and 1199, where to date all but one hole has recorded significant mineralization.
Drilling on the western edge of the discovery, particularly drill hole OR-08-133 has intersected mineralization on the Animas/Del Norte Discovery zone. Mapping and drilling in this area shows faulting which has complicated the nature of the vein structure and potentially the location of mineralization. Additional drilling west of drill hole OR-08-133 will test to see if this intercept represents the edge of another zone that may open to the west.
"The main Animas/Del Norte discovery zone continues to deliver high grade values with exceptional widths. The new vein structure will be followed up on with additional drilling, and demonstrates the potential of multiple structures in the area," stated Colin Sutherland, President & CEO. "We continue to move forward after a highly successful 2008 program, and the Company moves closer to completing our resource estimate slated for mid-2009."
The table below illustrates the remaining drill holes received to date:
Hole To From Interval Gold Silver AuEq AgEq
(m) (m) (m) (Au)(g/t) (Ag)(g/t) (g/t) (g/t)
OR-08-092 176.00 178.15 2.15 0.41 60.3 1.4 84.9
And 203.07 205.60 2.53 1.18 81.4 2.5 152.3
And 234.90 248.74 13.84 0.37 46.7 1.1 68.8
Incl 245.18 248.74 3.56 0.62 88.1 2.1 125.2
OR-08-113 256.25 265.45 9.20 0.82 35.1 1.4 84.5
OR-08-130 145.3 146.3 1 0.05 75.4 1.3 78.3
OR-08-137 126.55 127.55 1.00 0.08 35.8 0.7 40.7
OR-08-139 91.81 99.85 8.04 0.51 49.6 1.3 80.3
Incl 95.81 99.85 4.04 0.91 76.3 2.2 131.1
*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. Holes OR-08-134 and OR-08-135 did not encounter any significant mineralization.
For additional information including the long section and data, please click on the link below:
The Company is also pleased to announce it has retained the services of AGORACOM Investor Relations ("AGORACOM") (http://www.agoracom.com) to provide online investor relations services, a Web 2.0 social network for current shareholders and Tier-1 awareness through the world's biggest websites for the purpose of attracting new shareholders.
In response to overwhelming data representing the online research and communications habits of small-cap investors, Nayarit Gold has turned the primary focus of its investor relations to the web via the AGORACOM system to facilitate faster, better and more accessible communications with both current and prospective shareholders around the world.
Effective two weeks after dissemination of this release, a customized and monitored Nayarit Gold IR HUB will be available on AGORACOM at (http://agoracom.com/ir/Nayarit). The IR HUB will allow Nayarit Gold to communicate with all investors simultaneously, anytime and in near real-time. This HUB will provide Nayarit Gold's Management the ability to extend communications beyond text via audio messages, video presentations, webcasts and podcasts. In addition to traditional e-mail, investors will also have the ability to receive all communications via RSS feed.
For all future Nayarit Gold investor relations needs, investors are asked to visit our IR Hub at http://agoracom.com/ir/Nayarit where they can post questions and receive answers within the same day, or simply review questions and answers posted by other investors.
The terms of the agreement are as follows: Duration - 12 months. Monthly Cash Compensation - $2,500 plus GST. Stock Options - 250,000 shares at $CDN 0.45 per share; this agreement has been negotiated entirely at arm's length. AGORACOM is located in Toronto, Ontario.
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.
AGORACOM Investor Relations (http://www.AgoracomIR.com) is North America's largest online investor relations firm for small-cap companies. We have partnered with the world's biggest internet companies, including Yahoo, AOL, Google and Blackberry to market our clients to a massive audience of new small-cap investors. We have served over 200 companies since 1997.
AGORACOM Investor Relations has displaced the telephone and e-mail as primary IR communications devices. Our IR HUB delivers two-way investor relations in near real-time that is 24/7/365 accessible to shareholders around the world and goes far beyond text by offering both audio and video communications.
AGORACOM (http://www.Agoracom.com) is North America's only small-cap community built to serve the needs of serious small-cap and micro-cap investors. No rumors, profanity, stock bashing or hyping. Our traffic ranking is above the top 1% of all websites around the world.
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.
For further information on Nayarit Gold please visit the company's website at www.nayaritgold.com or contact:
Mr. Colin P. Sutherland
President and Chief Executive Officer
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.
Source: Nayarit Gold Inc. (NYG - TSX-V) http://www.nayaritgold.com
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