SRC Announces Expansion of Land Position in Nevada and Drilling Timeline
Stakeholder Gold Corp. (TSX-V: SRC) is pleased to announce expansion of its ground position at the Goldstorm Project, Elko County, Nevada. This addition includes 1,160 acres located on the Crawford Ranch which is contiguous to existing claims.
The Company’s combined ground position now encompasses 3,806 contiguous acres of exploration leases as outlined below (Figure 1). This enhanced land position surrounds both the Clayton Veins system and the Prochnau Veins system and covers their respective strike extensions. The combined project now includes: 828 acres first optioned from Mountainview; 1,818 acres of additional claims acquired by staking and the additional land now under option on the Crawford Ranch.
“We anticipate drilling on Goldstorm in October. The addition of this ground along trend consolidates Stakeholder’s position on the key gold bearing structures confirmed first during 2010 in drill hole WG-1001 on the Clayton Veins system. Our objective is to confirm the Clayton and Prochnau Vein systems as low sulphidation epithermal gold bearing structures before year end. The intent is to confirm a Midas type, high grade gold system in a developed mining jurisdiction which, if successful, we believe could be highly accretive to shareholder value. The consolidation of prospective exploration ground prior to drilling has been an important component of our value development strategy.” stated Chris Berlet, President and CEO.
Goldstorm Property
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:
http://stakeholdergold.com/goldstorm-project/ni-43-101-technical-report/
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 zone. 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. 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 Midas 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 (TSX: SEA)
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.