Deeper Drilling Finds Feeder Fault at Toiyabe Project, Nevada - Drill Hole T-0902 Intersects 5 feet averaging 0.473 oz/ton Gold
The Company drilled T-0901 toward the northeast at a dip of 67 degrees to a depth of 1,497 feet (456 m) to cross the West Graben Fault and test for sediment hosted mineralization along its hanging wall. Current interpretation is that drill hole T-0901 was apparently collared in the hanging wall of the West Graben fault and remained in the hanging wall. It did not reach postulated Roberts Mountains Formation, a favorable host rock, and instead remained in transition assemblage rocks, which may be repeated by thrust faulting. Hole T-0901 did cut significant intercepts of sediment hosted gold mineralization including 40 feet (38 ft. or 11.6 m true width) averaging 0.029 oz/ton gold (1.00 g/t) between 170 and 210 feet (52 to 64 m).
Drill hole T-0902 was drilled to the northeast at a dip of 82 degrees to a depth of 1089 feet (332 m). Initial interpretation is that the hole was collared on the hanging wall of the 805 Fault, crossed the fault from 875 to 924 feet (267 to 282 m) and then drilled footwall rocks until lost at 1089 feet due to lost circulation. This hole also remained in transition assemblage rocks. The sediments were mineralized for 44 feet (13.4 m) below the high-grade fault intercept (see above) but this gold zone is thought to be related to structural preparation of the sediments. Two additional narrow low-grade intercepts occur deeper in the hole. All results for intercepts of 0.029 oz/ton gold (1.00 g/t) are listed below and a map of drill hole locations is posted on the company website.
Toiyabe Summary Drilling Results ≥ 5 feet @ ≥0.01 oz/ton Gold) |
||||||||||
Hole No. |
From |
To |
Interval |
True |
Gold |
Silver |
True |
Gold |
Silver |
Target |
|
(feet) |
(feet) |
(feet) |
Width |
(oz/ton) |
(oz/ton) |
Width (m) |
(g/t) |
(g/t) |
Area |
T-0901 |
170 |
210 |
40 |
38.0 |
0.029 |
0.01 |
11.6 |
1.00 |
0.38 |
W. Graben Fault |
|
250 |
265 |
15 |
14.5 |
0.015 |
0.01 |
4.4 |
0.50 |
0.5 |
W. Graben Fault |
|
270 |
280 |
10 |
9.7 |
0.015 |
0.01 |
3.0 |
0.50 |
0.5 |
W. Graben Fault |
|
370 |
375 |
5 |
4.0 |
0.013 |
0.02 |
1.2 |
0.45 |
0.85 |
W. Graben Fault |
|
525 |
535 |
10 |
9.7 |
0.013 |
0.02 |
3.0 |
0.45 |
0.85 |
W. Graben Fault |
T-0902 |
198 |
210.5 |
12.5 |
10.0 |
0.029 |
0.03 |
3.0 |
0.98 |
1 |
805 Fault |
|
875 |
924 |
49 |
29.4 |
0.106 |
0.06 |
9.0 |
3.62 |
2.1 |
805 Fault |
Including |
875 |
880 |
5 |
3.0 |
0.473 |
0.09 |
0.9 |
16.19 |
3.0 |
805 Fault |
|
1043 |
1052 |
9 |
8.1 |
0.048 |
0.02 |
2.5 |
1.63 |
0.7 |
805 Fault |
|
1057 |
1067 |
10 |
9.0 |
0.010 |
<0.01 |
2.7 |
0.33 |
<0.5 |
805 Fault |
The company is very encouraged by these results and plans an aggressive deep drilling program along the two feeder faults identified to date with the primary target being a bulk minable Pipeline or Cortez Hills style deposit. Also, because only a small portion of the 3,300 acre property has been explored to date, additional surface geochemistry and geophysical surveys are also planned. This work is scheduled to begin in the spring of 2010.
"We are very pleased with the results of our work at our Toiyabe Project and are looking forward to the exploration work planned for 2010," said President Al Fabbro. "We would like to take this opportunity wish all of our friends and shareholders a safe and happy holiday season. We very much appreciate and are thankful for your continued support and hope to share a very prosperous New Year in 2010."
Richard Kern (P.Geo), a director of American Consolidated, is the Company's qualified person on the project. Richard Kern and Paul Noland have prepared the technical information contained in this press release.
American Consolidated is dedicated to the principles of environmentally sound mining practices and believes that environmental stewardship and mining can co-exist.
For details on the Company and its properties, visit the Company's website at www.americanconsolidatedminerals.com.
ON BEHALF OF THE BOARD:
Signed "Al Fabbro"
Al Fabbro, President & Director
For further information, please contact: Al Fabbro
Telephone: 1-604-602-4935 / Toll Free: 1-866-602-4935
Facsimile: 1-604-602-4936 / Website: www.americanconsolidatedminerals.com
American Consolidated Settles Debt
The shares issued in connection with the debt settlement are subject to a hold period expiring on March 1, 2010.
ON BEHALF OF THE BOARD:
Signed "Al Fabbro"
Al Fabbro, President & Director
For further information, please contact: Al Fabbro
Telephone: 1-604-602-4935 / Toll Free: 1-866-602-4935
Facsimile: 1-604-602-4936 / Website: www.americanconsolidatedminerals.com
American Consolidated Commences Drilling Program at Toiyabe Project
The Toiyabe Project is located 78 miles south-southwest of Elko, Nevada. The property lies 10 miles south of Barrick's Cortez Hills, 12 miles southwest of their ET Blue discovery, 10 miles west-southwest of their Red Hill discovery and about 6 miles west of US Gold's large property package. The indicated mineral resource is 173,000 ounces at a grade of 0.0349 opt and the bulk of this resource is shallow and only comprises a small portion of the entire Toiyabe property. The project area contains five additional targets defined by geology, geochemical and geophysical surveys, and drilling. (See the Technical Report entitled "Summary Report and Mineral Resource Estimate on the Toiyabe Gold Property, Lander County, Nevada" dated May 27, 2009 and filed on SEDAR (www.sedar.com) on June 4, 2009.)
Richard Kern (P.Geo), a director of the Company, is the Company's qualified person on the project as required under NI 43-101and has reviewed and approved the technical information contained in this press release.
American Consolidated is dedicated to the principles of environmentally sound mining practices and believes that environmental stewardship and mining can co-exist.
For details on the Company and its properties, visit the Company's website at www.americanconsolidatedminerals.com.
ON BEHALF OF THE BOARD:
Signed "Al Fabbro"
Al Fabbro, President & Director
For further information, please contact: Al Fabbro
Telephone: 1-604-602-4935 / Toll Free: 1-866-602-4935
Facsimile: 1-604-602-4936 / Website: www.americanconsolidatedminerals.com
American Consolidated Agrees to Settlement of Debt
Shares issued in connection with the debt settlement will be subject to a four month hold period.
In addition, pursuant to Exchange policies and the Company's Stock Option Plan, an aggregate of 4,100,000 shares have been granted as incentive stock options at an exercise price of $0.11 per share. The options are exercisable for a period of five years, ending on October 9, 2014, and are subject to the requirements of the TSX Venture Exchange.
ON BEHALF OF THE BOARD:
Signed "Al Fabbro"
Al Fabbro, President & Director
For further information, please contact: Al Fabbro
Telephone: 1-604-602-4935 / Toll Free: 1-866-602-4935
Facsimile: 1-604-602-4936 / Website: www.americanconsolidatedminerals.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
American Consolidated Closes Private Placement
Each Unit consists of one common share of the Company and one share purchase warrant, each warrant entitling the holder to purchase one additional common share of the Company at a price of $0.10 for a period of two years.
The net proceeds of the private placement will be added to working capital and will be used to finance the 2009 gold exploration programs for Toiyabe in the Cortez Trend in Nevada and the Lone Ranch Project in Washington State.
All of the securities issued pursuant to this offering have a hold period expiring on February 2, 2010.
An aggregate of $54,425 was paid as finder's fees to various firms with 2,177,000 warrants issued exercisable at $0.10 over a period of twelve months.
American Consolidated is dedicated to the principles of environmentally sound mining practices and believes that environmental stewardship and mining can co-exist.
For details on the Company and its properties, visit the Company's website at www.americanconsolidatedminerals.com.
ON BEHALF OF THE BOARD:
Signed "Al Fabbro"
Al Fabbro, President & Director
For further information, please contact: Al Fabbro
Telephone: 1-604-602-4935 / Toll Free: 1-866-602-4935
Facsimile: 1-604-602-4936 / Website: www.americanconsolidatedminerals.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.