Nolan Gold Project Progress Report: Seismic surveys combined with drilling disclose project potential; magnetometer surveys on Hammond property reveal anomalies; spring drilling will capitalize on new information.FAIRBANKS, Ala.--(BUSINESS WIRE)--March 22, 1995--Silverado Mines Ltd. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :SLVRF) announced Wednesday that recently evaluated geophysical data has enabled the company to tighten the focus of its 1995 exploration activities on the company's Nolan Gold Project, 180 miles north of here. Specifically, seismic surveys have disclosed many narrow, gold-bearing channels which cut across the buried ancient river beds where the company is presently mining. Two such channels were uncovered during mining activities in 1994, and both averaged over one Troy ounce Noun 1. troy ounce - a unit of apothecary weight equal to 480 grains or one twelfth of a pound apothecaries' ounce, ounce troy unit - any of the unit of the troy system of weights of gold per yard and yielded many nuggets Nuggets can refer to several branches of interest:
apothecaries' pound troy unit - any of the unit of the troy system of weights a piece. (There are 12 Troy ounces in a Troy pound.) One such nugget Nugget A 15 year Gold FHLMC (Freddie Mac) bond; similar to a Dwarf. exceeded 31 Troy ounces. The implication of these two channels was not clear until their location was matched with the seismic data. By comparing the data from the two sources, the company was able to plot the bedrock topography and confirm the results with appropriate drilling. In this manner, the company has been able to verify the extension of these two high grade channels and identify other similar channels. In addition to these seismic surveys, the company has completed analysis of geophysical magentometer surveys on the newly acquired Hammond property, adjacent to the Nolan Gold Project. These "mag" surveys have disclosed two distinct anomalies averaging 200 feet wide and running the approximately two mile length of the property. Magnetometer readings reflect the presence of magnetite magnetite (măg`nətīt), lustrous black, magnetic mineral, Fe3O4. It occurs in crystals of the cubic system, in masses, and as a loose sand. or "black sand" which has consistently accompanied gold in the area. Several nuggets in the 1 - 3 Troy ounce range were taken by previous owners from gravels in a small part of one such magnetic channel. The company is optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op that the information gained from these anomalies will be extremely valuable for directing this spring's drilling program. Further updates to come. CONTACT: Silverado Mines Ltd. J.P. Tangen, president, 800/665-4646 or 604/689-1535 |
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