Jan 20 2016
Golden Phoenix Minerals, Inc. is pleased to announce that it has renewed its exploration efforts in the Mineral Ridge District near Tonopah, Nevada.
The Company’s technical team has conducted geological mapping and sampling in and around its extensive land position, much of which is on trend with the nearby Mineral Ridge Mine (70% Scorpio Gold and 30% Waterton Global Value L. P.). Recent initial results include rock samples containing up to 1.1 oz/ton of gold (36.9 grams per tonne). Based in part on this new information, Golden Phoenix has acquired several hundred acres of new mineral claims in the Silver Peak Range. This project is at an early stage; additional exploration will be required to further these results.
The Company’s geologists staked a total of 21 new mineral claims on U.S. Bureau of Land Management land in the Silver Peak Range covering approximately 420 acres (170 hectares). These new claims include the historic North Star Mine and surrounding areas that adjoin the Coyote Fault and Silver Peak claim groups, which have been optioned from Mhakari Gold Corp. This new acquisition brings the Company’s total land position in the district to more than 4,000 acres (1,620 hectares).
Golden Phoenix’s technical team includes senior geoscientists with more than 60 years of combined relevant experience in mineral exploration and development. In fact, a lead consultant for the Company is a senior geologist with considerable experience in Esmerelda County gold systems, including the mineralization found at the Mineral Ridge Mine. The team recognized a trend of alteration, favorable structure, and appropriate host rocks trending northwest from the nearby mine across the Company’s claims. As the Company’s understanding of the geological model improved, this targeted rock sampling confirmed the presence of potentially significant gold mineralization on pre-existing claims and the newly acquired property.
Geologists collected a total of 37 samples from outcrops, prospect pits, and historic mines and rock dumps. The recent program identified gold and multi-element geochemical anomalies spanning more than 2.8 miles (4.6 kilometres) of the trend. The Company believes that the gold content, geochemistry, scale, and structural geology of these targets suggest the presence of a potentially significant mineral system that appears to be separate from the mineralization at the Mineral Ridge Mine. The following table summarizes the highest-grade gold samples collected in this program to date.