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Underworld Identifies Drill Targets Within New 40 km Trend of Anomalous Gold Mineralization North of White Gold Deposits VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 27, 2010) - Underworld Resources Inc. (TSX VENTURE:UW) is pleased to announce the discovery of a 40 kilometer long trend of gold prospects and anomalous gold in soil geochemistry at the JP Ross and Maisy May Property. This trend exhibits similar geologic and geochemical characteristics to the White Gold Trend, which hosts the Golden Saddle and Arc Deposits. Within the trend, Underworld has identified a "Golden Saddle" style geochemical signature that is underlain by similar host rocks. The company intends to aggressively drill test this area. Underworld recently announced the initial resource estimation for the Golden Saddle and Arc Deposits. The resource at Golden Saddle includes 1,004,570 ounces at a grade of 3.2 g/t Au in an indicated category, with an additional 407,413 ounces of inferred resources at an average grade of 2.5 g/t Au. At the Arc Zone, the initial resource includes 170,470 ounces at an average grade of 1.2 g/t Au in the inferred category (see UW 2010-NR #03). The JP Ross trend is road accessible, located approximately 65 kilometers south of Dawson City, Yukon, and 35 kilometers north of the White Gold Trend. Underworld recently completed additional claim staking, expanding this claim group to 312 square kilometers. The JP Ross trend includes the headwaters to multiple active, and past producing placer operations, including: Henderson, Maisy May and Black Hills creeks. Production records from the Yukon Geological Survey (2009) report over 177,689 ounces of gold mined from these operations. During 2009, Underworld collected over 6,200 soil samples on the Property, primarily 'ridge and spur' reconnaissance lines. Four soil grids were completed over select target areas, including the Frenzy, Marnie, Vertigo and Spellbound prospects. This work has identified a 40 kilometer long, and up to 12 km wide area of anomalous gold and pathfinder elements. The northwest trend at JP Ross is a parallel orientation to the 9.5 kilometer by 3.5 kilometer trend at White Gold. The Frenzy Au-in-soil anomaly measures 2.7 by 1.0 km and consists of 459 samples with an average grade of 18 ppb Au, ranging from trace to 1,142ppb Au. The prospect is underlain by similar host rocks to the Golden Saddle Deposit, with a similar geochemical signature. As a comparison, the Golden Saddle soil anomaly measures 1.8 by 0.9 km and consists of 348 samples which outlines an u-shaped anomaly with an average grade of 22 ppb Au, ranging from trace to 364 ppb Au. The ridge and spur sampling has identified numerous areas for additional grid soil sampling, including Sabotage Ridge, which is a 1,600 meter long, single ridge line gold with soil samples ranging from trace to 132 ppb Au averaging 23 ppb. Samples for the entire Property range from trace to 2,200 ppb Au, averaging 5 ppb. The JP Ross and Maisy May area is underlain by a similar rock types and structures to the White Gold property, including metamorphosed mafic volcanic, intermediate intrusive and sedimentary rocks, as well as mid-Cretaceous to Early Tertiary plutons and volcanics. At the White Gold Property, the Golden Saddle deposit is hosted within a metavolcanic sequence, and the Arc Deposit is hosted with sedimentary rocks. Adrian Fleming, President of Underworld, said, "The new soil geochemical results for JP Ross vindicate the exploration approach we have used, are similar or of larger magnitude to the footprint of the Golden Saddle Deposit and confirm the potential of the White Gold District to host multiple occurrences of gold mineralization. We look forward to the results of our proposed aggressive 2010 regional drill program." Due to poor exposure of bedrock in the White Gold District, soil sampling is the primary reconnaissance exploration tool utilized by Underworld. Underworld plans to set up an additional exploration camp at JP Ross to complete further soil sampling, trenching and diamond drilling during the 2010 field season. Quality Assurance SRK Consulting (Canada) Inc ("SRK") was engaged by Underworld in September 2009 to evaluate the mineral resources for the White Gold Project discovered and identified by drill programmes carried out in 2008 and 2009. Underworld has implemented a rigorous QA/QC program at the White Gold Property using best industry practice. Elements of the program include: chain of custody of samples, insertion of standard and blank samples, and check assays. Soil and rock samples were collected by experienced and well trained geologists and geological technicians, and shipped in sealed bags to Acme Laboratories in Vancouver, B.C. The Company's Exploration Program is being directed by Adrian Fleming, M.A.I.G, RPGeo, M.Aus.I.M.M., President of Underworld Resources and a Qualified Person as defined by NI 43-101. Mr. Fleming prepared, and approves of the content of this release. Underworld Resources is a well-structured junior exploration company focused on expanding its new gold discovery in the Yukon. ON BEHALF OF THE BOARD OF DIRECTORS Adrian Fleming, President Forward Looking Statement Some of the statements contained in this press release are forward-looking statements. Forward-looking statements are not historical facts and are subject to a number of risks and uncertainties beyond the Company's control, including, but not exclusively, statements regarding potential mineralization, exploration results, completion of work program and studies, and future plans and objectives of the Company. Resource exploration, development and operations are highly speculative, characterized by a number of significant risks, which even a combination of careful evaluation, experience and knowledge may not eliminate, including, among other things, unprofitable efforts resulting not only from the failure to discover mineral resources but from finding mineral deposits which, though present, are insufficient in quantity and quality to return a profit from production. The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release. For more information, please contact Underworld Resources Inc. Jeff Sundar Investor Relations 604-684-4001 604-484-7155 (FAX) www.underworldresources.com Click here to see all recent news from this company |
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| aus der Diskussion: | Underworld Resources großes Potential in Canada |
| Autor (Datum des Eintrages): | grasgruener (27.01.10 15:11:22) |
| Beitrag: | 29 von 36 (ID:38823030) |
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