Oct 21 2010
Valdez Gold Inc. (TSX VENTURE:VAZ) along with its partner Millrock Resources Inc. (MRO-TSXV) has announced the results of a drilling program at their Bluff gold project on the Seward Peninsula of western Alaska.
Mineralisation at the Bluff project is structurally controlled within a 6.4 km long, arcuate band of schistose rocks in close contact with marble. Previous exploration and drilling had defined three zones of mineralisation, Daniel's Creek, Saddle and Koyana. The main focus of this year's drilling was to confirm the mineralisation at Daniel's Creek.
A total of 2,800 m from 24 reverse circulation holes were drilled by Millrock. Drill holes were drilled to an average depth of 130 m. The Daniel's Creek mineralisation was confirmed and extended in a westerly direction by 375 m and easterly direction by 250 m, for a now known strike extend of approximately 900 m.
The best intersection of the program was in hole BLF2021, which consisted of 32.0 m grading 3.8 g/t Au, including a section grading 9.0 g/t Au over 12.2 m. This intersection appears to be from a previously undiscovered, parallel zone situated at a lower stratigraphic level than the known Daniel's Creek zone. In addition drill hole BLF2015 intersected 32 m at 1.93 g/t Au including 18.3 m at 3.03 g/t Au. The reported intersection widths are believed to be approximate true widths. However, as drilling was conducted using the reverse circulation method there is little geological control on the true widths of the mineralised intersections.
The Bluff property is comprised of a land tract covering a total of 142 km2 approximately 80 km east of the town of Nome and 24 km east of the Big Hurrah gold deposit, which NovaGold Resources Inc. is considering for production and processing at the Rock Creek Mine. The land is owned by the Bering Straits Native Corporation and the White Mountain Native Corporation. Millrock has an option to lease the lands for mining. Valdez is funding exploration work on the property to earn up to a 75% interest in the project under the terms of an agreement announced originally on April 30, 2010. Millrock is presently the operator for exploration activities on the project.
Drill cutting samples from the Bluff drilling program were collected at the drill site, sealed in bags and shipped to Fairbanks, Alaska for assay at ALS Chemex, an international laboratory with stringent quality control and quality assurance programs. Millrock also had its own quality control / quality assurance programs in place.
The technical information in this news release was reviewed by Gregory Beischer, Millrock's President and CEO, a Qualified Person as defined in NI 43-101.