Business
Expanded Ocelot Gold Project Drilling Program Planned for Spring
Expanded Ocelot Gold Project Drilling Program Planned for Spring.
About this update from Gamma Resources Ltd.
[{"type":"text","content":"\n\n\n\nTSX-V: MDL\n\n\nVANCOUVER, Dec. 5 /CNW/ - Medallion Resources Ltd (TSX-V: MDL) announces\nthat core-drilling plans for the Ocelot, Nevada gold project have been\nreconstituted to combine the property work commitments for 2006 and 2007. This\nresults in an 11-hole, 11,000-foot drilling program, which must be completed\nby 26 September 2007. Based on conditions encountered in the August drilling,\nthe program will employ a more robust drill rig such as a Longyear 44.\n\n\nThe Ocelot property vendors have approved this combined work commitment.\nThe main permitting document, the Notice of Intent, which is submitted to the\nUS Bureau of Land Management, has also been updated to include the new plan.\nMedallion will add approximately US$2,000 to its present reclamation bond to\ncover the larger project. Medallion's Ocelot work and findings to date,\nalthough abbreviated by a premature shutdown of the past season's drilling,\nsupport the goals of the program and the continued gold exploration of the\nproperty. Company management and field personnel remain convinced that the\nOcelot gold target is well above average in potential.\n\n\nMedallion continues to evaluate and negotiate for additional potential\nproperty acquisitions in Nevada, British Columbia and Ecuador.\n\n\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.\n\n\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\n\nON BEHALF OF THE BOARD OF DIRECTORS\n\n\n\"William H Bird\", PhD, PGeo, President & CEO\n\n\nWilliam H...