Wits Basin Announces Additional Gold Assay Results From Underground Section Recently Dewatered.MINNEAPOLIS -- Wits Basin Precious Minerals Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :WITM) has received the results from a registered lab on its fourth set of assays, which includes one high-grade underground sample of 3.15 ounce per ton gold and two others in excess of 2 ounce per ton gold. The Geology geology, science of the earth's history, composition, and structure, and the associated processes. It draws upon chemistry, biology, physics, astronomy, and mathematics (notably statistics) for support of its formulations. Report as Submitted by Brian Alers P Geol., February 14, 2006 "A 6 to 8 inch thick portion of a coarse pyrite pyrite (pī`rīt) or iron pyrites (pīrī`tēz, pə–, pī`rīts), pale brass-yellow mineral, the bisulfide of iron, FeS2. vein found intact within a support pillar pillar, freestanding columnar supporting member. It is a general term, little used as an exact architectural definition except as applied to an upright support in the medieval styles, consisting of an assemblage of juxtaposed shafts and moldings; unlike the column, on the 163 foot level of the Bates-Hunter Gold Mine in Central City, Colorado Historic Central City is a Home Rule Municipality that is the county seat of Gilpin County, Colorado, United States. The city population was 515 at U.S. Census 2000. The city is a historic mining settlement founded in 1859 during the Pike's Peak Gold Rush. , contains 3.15 ounces per ton gold and 2.91 ounces per ton silver. The fire assay and trace element geochemical results continue to further define the grade and geochemical signature of the veins found in the newly de-watered levels of the Bates-Hunter. The fire assay data confirms historic assay values of 2 to 3 ounce per ton gold that have been reported in the literature and unpublished reports. The registered fire assay and geochemical data for this sample set (provided by American Assay Labs in Reno, Nevada) was from the recently de-watered 163 foot level of the Bates-Hunter. Sample BH-5051 contained 3.15 ounces per ton gold and 2.91 ounces per ton silver. Sample BH-5051 was a grab sample Noun 1. grab sample - a single sample or measurement taken at a specific time or over as short a period as feasible sample - a small part of something intended as representative of the whole of a 6 to 8 inch wide portion of wider coarse pyrite vein that was left as a pillar to hold up the southeast corner of the shaft shaft (shaft) a long slender part, such as the diaphysis of a long bone. shaft n. 1. An elongated rodlike structure, such as the midsection of a long bone. 2. on the 163 foot level. Sample BH-5051 consists of 50-75% coarse pyrite crystals that range from 2 to 10mm, contained within dark gray to black quartz quartz, one of the commonest of all rock-forming minerals and one of the most important constituents of the earth's crust. Chemically, it is silicon dioxide, SiO2. . Locally, pyrite crystals are broken by hairline hair·line n. The outline of the growth of hair on the head, especially across the front. red, black, and light to dark brown sphalerite sphalerite (sfăl`ərīt, sfā`–), mineral composed of zinc sulfide, usually containing some iron and a little cadmium. It occurs in crystals of the isometric system but more generally in cleavable, compact masses. (?) veinlets. Samples BH-5052 and BH-5055 are samples of left-over high-grade vein material that was found by miners in muck removed during cleaning out the 163 level, some 20-25 feet southwest of the shaft. BH-5052 contained 2.114 ounces per ton gold and 3.18 ounces per ton silver. Sample BH-5052 consists of 1-3% fine-grained pyrite in medium gray quartz with trace to 1% of a very fine-grained gray mineral and 0.25-0.5 inch wide vugs that contain coatings of a very fine-grained black mineral (tennantite Ten´nant`ite n. 1. (Min.) A blackish lead-gray mineral, closely related to tetrahedrite. It is essentially a sulphide of arsenic and copper. ) with traces of very fine-grained chalcopyrite chalcopyrite (kăl'kəpī`rīt, kăl`kōpī'rīt) or copper pyrites (pīrī`tēz, pə–), brass-yellow mineral, sometimes with an iridescent tarnish. . Sample BH-5055 contained 2.191 ounces per ton gold and 2.46 ounces per ton silver. Sample BH-5055 consists of trace to 1% fine-grained pyrite with white clay-sericite in medium gray quartz and 20-25% yellow and black limonitic clay."
Number Type Location Au (Gold) Ag (Silver)
(1) (1)
----------------------------------------------------------------------
BH-5051 Grab 163 SE Underground 3.150 2.91
----------------------------------------------------------------------
BH-5052 Muck 163 W, 20 ft Underground 2.114 3.18
----------------------------------------------------------------------
BH-5053 Grab 163 W, 25 ft s rib Underground 0.006 0.06
----------------------------------------------------------------------
BH-5054 3.4 ft 163 W, 25 ft Underground
channel 0.059 0.25
----------------------------------------------------------------------
BH-5055 Muck 163 W, 25 ft Underground 2.191 2.46
----------------------------------------------------------------------
BH-5056 Grab 163 W, 30 ft n rib Underground 0.007 0.06
----------------------------------------------------------------------
BH-5057 Grab 163 W, 30 ft s rib Underground 0.019 0.09
----------------------------------------------------------------------
BH-5058 Grab 163 W, 75 ft n rib Underground 0.091 0.88
----------------------------------------------------------------------
BH-5059 Grab 163 W, 75 ft s rib Underground 0.455 0.39
----------------------------------------------------------------------
BH-5060 Grab 163 W, 80 ft s rib Underground 0.743 0.55
----------------------------------------------------------------------
(1) Ounce per ton
The Bates-Hunter Gold Mine Project The Bates-Hunter Gold Mine is located about 35 miles west of Denver, Colorado, within the city limits of Central City. The Golden Gilpin Mill is located approximately one mile away in the town of Black Hawk Black Hawk (born 1767, Sauk Sautenuk, Va.—died Oct. 3, 1838, village on the Des Moines River, Iowa, U.S.) Sauk Indian leader. Long antagonistic to whites, Black Hawk was driven into Iowa from Illinois in 1831. . The Bates Bates , Katherine Lee 1859-1929. American educator and writer best known for her poem "America the Beautiful," written in 1893 and revised in 1904 and 1911. vein, in the area of the Bates-Hunter Gold Mine, was the second lode discovered in Colorado and helped spark the great Colorado gold rush of the mid 1800's. Nine principal veins underlie and are controlled by the Bates-Hunter property. These veins have historically produced approximately 750,000 ounces of gold to about 600 foot depth below surface or in excess of 1,000 ounces per vertical foot. The Bates-Hunter Gold Mine was closed in 1936. At that time, the mine shaft was approximately 800 feet deep. Other comparative mines in the area reached depths in excess of 2,200 feet and were still in ore at the time of closure. Historical and current geological assessments show significant potential for the Bates-Hunter controlled veins to extend downward beyond their current 800 foot maximum depth. Using a grade of 0.58 oz. Au/ton over a maximum thickness of five feet based on historic records, it is estimated that the Bates vein alone represents an exploration target that could host approximately 1.1 million ounces of gold to a depth of 2,400 feet. About Wits Basin Precious Minerals Inc. We are a minerals exploration and development company holding interests in three exploration projects and currently do not claim to have any mineral reserves on any project. Our common stock trades on the Over-the-Counter Bulletin Board under the symbol "WITM." To find out more about Wits Basin Precious Minerals Inc. (OTCBB: WITM) visit our website at www.witsbasin.com. Forward-Looking Statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. and Risk Factors Certain statements contained in this press release are forward-looking in nature and are based on the current beliefs and assumptions of our management. Words like "may," "could," "should," "anticipate," "believe," "estimate," "expect," "intend," "plan," "predict," and similar expressions and their variants may be used to identify forward-looking statements. Such statements are valid only as of today, and we disclaim dis·claim v. dis·claimed, dis·claim·ing, dis·claims v.tr. 1. To deny or renounce any claim to or connection with; disown. 2. To deny the validity of; repudiate. 3. any obligation to update this information. These statements are subject to known and unknown risks and uncertainties that may cause actual future experience and results to differ materially from the statements made. These statements are based on our current beliefs and expectations as to such future outcomes. The exploration for and development of mineral deposits involves significant financial risks, which even experience and knowledge may not eliminate, regardless of the amount of careful evaluation applied to a process. While the discovery of a mineral deposit may result in substantial rewards, few properties are ultimately developed into producing mines. Moreover, we cannot make any estimates regarding probable reserves and mineral resources Noun 1. mineral resources - natural resources in the form of minerals natural resource, natural resources - resources (actual and potential) supplied by nature in connection with any of our projects and any estimates relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc possible reserves are subject to significant risks. Therefore, no assurance can be given that any size of reserves or grades of reserves will be realized. If a discovery is made, the mineral deposit discovered, assuming recoverable, may differ from the reserves and mineral resources already discovered and recovered by others in the same region of the planned areas of exploration. The cost of exploration and exploitation can be extensive and there is no assurance that we will have the resources necessary or the financing available to pursue projects we currently hold interests in or to acquire interests in other mineral exploration projects that may become available. The risks are numerous and detailed information regarding these risks may be found in filings made by us with the Securities and Exchange Commission, including our most recent annual report on Form 10-KSB, quarterly reports on Form 10-QSB and reports on Form 8-K Form 8-K The form required by the SEC when a publicly held company incurs any event that might affect its financial situation or the share value of its stock. Form 8-K See 8-K. . |
|
Printer friendly
Cite/link
Email
Feedback
Reader Opinion