Business
Drilling Suspended at Ocelot Gold Project
Drilling Suspended at Ocelot Gold Project.
About this update from Gamma Resources Ltd.
[{"type":"text","content":"\n\n\n\n\nTSX-V: MDL\n\nVANCOUVER, Sept. 6 /CNW/ - Medallion Resources Ltd (TSX-V: MDL) announces\nthat core drilling operations have been suspended at Ocelot, Nevada.\nMedallion's drilling contractor, Frontier Drilling, is in the process of\nlocating and mobilizing a larger core drill, which is more suited to the rock\nconditions at site MDL1-06, where heavily silicified and fractured hot-springs\nsinter rocks were encountered from just below the surface to a depth of over\n200 feet. Geologically, these deposits are encouraging and, as caps over\npossible deep gold mineralization, they are key elements of the epithermal\nquartz-adularia gold-exploration model; however, the type of core drill\ninitially in use was not designed to economically deal with significant\nthicknesses of this type of rock. Mobilizing the new drill will take\nadditional time but its capabilities will reduce overall costs.\nMedallion Resources Ltd (TSX-V: MDL) is exploring the Ocelot gold\nproperty, which is located 40 kilometres northwest of Austin, Nevada.\nExploration targets potentially deep, high-grade mineralization of the\nepithermal quartz-adularia gold-exploration model. This model is exemplified\nby gold deposits such as Midas, Silver Cloud, and deeper portions of Sleeper\nand Grassy Mountain. Typical of the epithermal quartz-adularia gold model, the\nOcelot property contains widespread occurrences of silicification, anomalous\ngold values and a quartz-adularia hot-springs system.\nThe Ocelot property lies at the intersection of two major Nevada gold\ntrends, the Independence - Crescent Valley Lineament and the Austin-Lovelock\nmineral belt. Both trends host significant gold deposits and the intersection\nof the two trends creates an excellent gold-exploration target. The\nAustin-Lovelock mineral belt is parallel to, and west of the Battle Mountain\ntrend.\n\nON BEHALF OF THE BOARD OF DIRECTORS\n\n\"William H Bird\", PhD, PGeo\n\nPresident & CEO\n\nWilliam H. Bird, PhD, PGeo, serves the Board of Directors of the Company\nas an internal, technically Qualified Person. Technical information in this\nnews release has been reviewed by Dr Bird and prepared in accordance with\nCanadian regulatory requirements as set out in National Instrument 43-101.\nThis news release was prepared by Company management, who take full\nresponsibility for content. T...