Stakeholder Gold Commences Drilling at Goldstorm Project
TSX VENTURE: SRC
Toronto, Ontario--(Newsfile Corp. - December 5, 2017) - Stakeholder Gold Corp. (TSXV: SRC) ("Stakeholder Gold" or the "Company") is pleased to announce commencement of its Phase 1 program of core drilling on the Goldstorm property in Nevada.
The Company has completed preparation of three drill site pads on the Clayton and Prochnau Midas-style gold-silver targets at Goldstorm. Stakeholder has now mobilized a core rig capable of drilling 600 metre deep, HQ wireline core holes.
The first drillhole will test the 100 m wide Clayton zone and transect seven discrete fault zones that could host Midas-style, epithermal, low sulphidation gold-silver mineralization, including the first test ever of the "Collar Vein" fault zone that was discovered in 2010 during drill site preparation for hole G-2010-1.
The first hole is planned to intersect the gold-mineralized Clayton Vein at an elevation below the 1830 MSL (Mean Sea Level) elevation that appears to be the approximate top of the zone of ore continuity at the Midas Mine, and perhaps also at the Fire Creek and Hollister mines. This may represent an ancient paleo ground water table present in the region at the 15.4 Ma age of mineralization for all of these mines.
The location of the second and third drillholes will depend on the visual results of the first core hole. A second hole is currently planned to test the southeast extension of the Clayton zone. The third hole will test the 90 m wide Prochnau zone that lies northeast of, and sub-parallel to, the Clayton Vein system. The Prochnau Veins system has never previously been drill tested.
The Company's combined ground position now encompasses 3,806 contiguous acres. The enhanced land position surrounds both the Clayton Veins and the Prochnau Veins systems, and includes their respective strike extensions. Success with early drilling would open up the prospect of considerable expansion on strike and depth extensions.
"This initial drill program will be executed quickly. It is designed to provide us with confirmation of the Clayton Vein and Prochnau Vein systems. Our target is mineralization similar to a Midas Mine type, high grade low sulphidation epithermal gold system. Success with this program will have a meaningful impact on our prospects for an economic gold discovery at Goldstorm." stated Chris Berlet, President and CEO.
The Property is situated in the Snowstorm Mountains Mining District in the western part of Elko County, Nevada. The Property is located approximately 17 km northwest of Klondex's Ken Snyder ("Midas") underground gold mine, approximately 18 km east-northeast of Newmont's Twin Creeks gold mine and approximately 25 km northeast of Barrick Gold's Turquoise Ridge mine.
A National Instrument 43-101 technical report on the property has been filed on SEDAR and is available on the Stakeholder Gold website at: Click Here
In 2010, West Kirkland Mining drilled two core holes on the Property. Drill hole WG-1001 is located on the Clayton Veins system, situated about 1 km south-southwest of the more extensively explored northern vein zones. Beginning at 64.4 m depth, the hole intercepted a 2 m vein zone that assayed 5.5 g/t Au, including a 1 m interval @ 9.29 g/t Au and 73 g/t Ag. The Clayton Veins system trends NW-SE and has been tested by only this one drill hole. The parallel Prochnau Veins system, located about 300 m to the NE, has not yet been drill-tested below 42 metres from the surface. Both these vein systems are open along strike and to depth.
Evidence of veining has been traced over 2,000 m strike length, and these veins will be the subject of exploration drilling planned to be undertaken by Stakeholder in the coming months.
The exploration target/model for the Property is based on the high-grade Midas Au-Ag mine located about 17 km (11 miles) to the southeast. Goldstorm sits near the intersection of three important gold-bearing structural corridors: the Getchell Trend; the Carlin/Midas Trend and the Northern Nevada Rift.
Figure 1. SRC exploration ground position covering 3,806 contiguous acres
Figure 2. SRC exploration ground relative to Nevada Gold Trends & Snowstorm
John Nebocat, BSc (Geological Engineering), P.Eng, Vice President Exploration for Stakeholder, is the Qualified Person for the Company, as defined by NI 43-101, and has reviewed and approved the contents of this press release.
About Stakeholder Gold
Stakeholder Gold Corporation is a Canadian mineral exploration company headquartered in Toronto, Canada. The primary focus of the Corporation during 2017 is to explore the Goldstorm property in Elko County, Nevada (USA). Stakeholder is also exploring on its 100% owned Ballarat Gold Project located in the White Gold District of the Yukon Territory, Canada.