Yesterday, Star Gold Corp. informed its shareholders about recent field examinations on its Excalibur and Longstreet projects. The entire management team contributed to these examinations, and after an overview of the geology, mineralization and conditions of the sites, outlined a plan for additional exploration, development and financing.
Star Gold Corp., a gold and base metal exploration company, evaluates, develops and acquires gold projects in North America, focusing on the United States, Mexico and Canada. Currently, the company is focusing on the exploration of its Excalibur and Longstreet projects in Nevada.
Drilling has been suspended for the rest of the season on the Excalibur project (in the Moho Vein), closed on June 17th 2010. The only hole drilled so far was at a 145 degree angle, due north, at 230 feet deep. The hole was drilled to test high angle structures and rock strata. Drilling found multiple clay-rich structures that yielded a range of 0.05 g/t gold and 1 g/t silver to 0.2 g/t gold and 17 g/t silver. This drilling matches up with surface sampling done in the area. The drill hole also suggests a wider dispersion of metals may be found around the veins.
Since little modern exploration has been done in the area of the Excalibur project, combined with favorable test results, high hopes are held that it will become a significant source of precious metal ores.
The Longstreet project has received much more attention historically, with approximately 300 holes drilled there. An initial geologic discussion at the Longstreet site compared the similarities between Longstreet and the nearby Round Mountain open-pit heap leach deposit.
The tentative resource conducted by the company MinQuest discovered that in 2,847,690 tons of undiluted ore there is the potential for 0.061 oz. of gold per ton of ore. The deep oxidization of the gold-bearing tuff (rock composed of volcanic ash) makes the ore a likely candidate for leaching, which would get the gold and other precious metals out much faster. This layer of oxidized ore is present in most of the project’s area.
Scott Jenkins, Director and Geologist of Star Gold Corp. stated, “We are encouraged by the findings of our current exploration of the Excalibur and Longstreet Projects. Both properties offer great potential upside for the Company’s future resource reserve. Due to significant outcrop formations, it is the consensus of the group to move forward with metallurgical testing of the Longstreet Property and to make the site our first targeted project.”
Richard Kern, President and Geologist of Minquest, Inc. stated, “The Longstreet Project has the potential to become a significant gold and silver producer as evidenced by the existing resource and numerous under explored targets. We are excited to begin our exploration program.”
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