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ZENDA Acquires Claims Near Florida Canyon in North Central Nevada.


TORONTO--(BUSINESS WIRE)--March 10, 1997--(CDN (Content Delivery Network) A system of distributed content on a large intranet or the public Internet in which copies of content are replicated and cached throughout the network. :ZNDA)

The Zenda Florida Canyon Property is located on the range front of the Humboldt Mountain range at the western end of the Getchell Trend. The new property is located one mile from the 200,000 ounce per year Florida Canyon Mine owned by Pegasus Gold.

The Zenda Gold property is structurally located on the north-east extension of the range front fault which hosts the Florida Canyon Mine. Range front faulting of sedimentary rocks (Geol.) See Aqueous rocks, under Aqueous.

See also: Sedimentary
 are identified at surface. Grab samples 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
 taken from two prospective rock packages on the property are reported at .04 and .06 ounces gold per ton.

Reserves at the Pegasus mine are 1,400,000 ounces of gold and increasing. Pegasus has been expanding the mine to the north- east in the direction of the new Zenda property. Several mining analysts have suggested that the Pegasus reserves could double or triple. Continued exploration by Pegasus is focusing on mineralized min·er·al·ize  
v. min·er·al·ized, min·er·al·iz·ing, min·er·al·iz·es

v.tr.
1. To convert to a mineral substance; petrify.

2. To transform a metal into a mineral by oxidation.

3.
 structures along the range front trending towards the Zenda property. Pegasus holds the property around three sides of the new Zenda property.

The Grass Valley formation underlies the property and the neighbouring Pegasus mine. Examination of old prospect pits along the range front fault shows distorted and altered shales with quartzite quartzite, usually metamorphic rock composed of firmly cemented quartz grains. Most often it is white, light gray, yellowish, or light brown, but is sometimes colored blue, green, purple, or black by included minerals.  beds, quartz veining vein·ing  
n.
Distribution or arrangement of veins or veinlike markings.
 and brecciation brec·ci·ate  
tr.v. brec·ci·at·ed, brec·ci·at·ing, brec·ci·ates
To form (rock) into breccia.



brec
 on the Zenda property. Calcarious sandstone beds were also noted close to the southern portion of the claims.

The new eight claim property is a two hour drive, 100 miles east of Reno, Nevada on the south side of US Interstate 80. Zenda has acquired a 100 percent interest in the mineral claims for annual lease payments of US$15,000 and 100,000 common shares of Zenda Gold Corp. to be issued over a period of 18 months. The property is subject to a 3 percent Net Smelter Royalty which can be bought out at the rate of US$250,000 per percentage point.

The Florida Canyon property acquisition is the most recent in the Company's plan to acquire new properties with attractive exploration potential. Property acquisitions and early stage exploration programs are to be funded by the company's royalty interest royalty interest

The proportional ownership interest by the owner of oil and gas rights in income produced by the asset. See also overriding royalty interest.
 in the Zenda Mine, where gold production is scheduled to begin in November 1997.

Zenda's Paramount property, located in the Aurora Trend south of Reno, Nevada, will be drilled this summer to increase the 280,000 ounce gold resource delineated de·lin·e·ate  
tr.v. de·lin·e·at·ed, de·lin·e·at·ing, de·lin·e·ates
1. To draw or trace the outline of; sketch out.

2. To represent pictorially; depict.

3.
 to date. Located in the Aurora Trend, the Paramount property is in close proximity to neighbouring multi-million ounce deposits such as the Bodic Hills Mines and the Aurora Mines. First stage exploration work is scheduled to begin this April on the recently acquired Dutch Flats property, situated on the Getchell Trend in north central Nevada.

A preliminary exploration program of the Florida Canyon property consisting of mapping, sampling and trenching is planned to begin during the summer of 1997 to identify drill targets.

CONTACT: Zenda Gold Corp

Tim Campbell, 416/368-9512
COPYRIGHT 1997 Business Wire
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1997, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

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Publication:Business Wire
Date:Mar 10, 1997
Words:488
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