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Buchans & Benton announce additional high-grade gold in float at Goldquest South - 123.81 g/t gold & 414.2 g/t silver - Drilling planned
Trading Symbol: TSXV: BMC Shares Outstanding: 150,898,545 WINDSOR, NS, Aug. 18, 2011 /CN...
About this update from Silver Valley Metals Corp
[{"type":"text","content":"\n\n\n\n\n\nTrading Symbol: TSXV: BMC\nShares Outstanding: 150,898,545\n\n\nWINDSOR, NS, Aug. 18, 2011 /CNW/ - Buchans Minerals Corporation (TSXV: BMC) (\"Buchans Minerals\") and Benton Resources Corp. (TSXV: BTC) (\"Benton\") or the \"Companies\" are pleased to announce\n additional results from the \"Goldquest\" gold prospect within their Long Range 50/50 Joint Venture property in\n central Newfoundland. Trenching has identified additional mineralized\n quartz material in bedrock and float, enhancing the Companies'\n understanding of the mineralized system and its potential to host\n high-grade gold mineralization over an open-ended, 750 metre long\n trend. Based on these results, the Companies have submitted permit\n applications and are currently seeking tenders to undertake an initial\n eight-hole (875 m) drilling program to commence in September.\n\n\nThe program will test two key locations along the Goldquest Trend: the\n Goldquest South area, where prospecting and trenching have identified\n additional high-grade mineralized float 50 metres east of high-grade\n float discovered in late 2010; and the Goldquest North area, where\n mineralization has been located in bedrock.\n\n\nAt the Goldquest South area, trenching unearthed abundant gold-bearing\n quartz float in till, including partially disaggregated slabs measuring\n up to 10 m x 0.5 m, with smaller angular blocks measuring up to 25 cm\n in diameter. Samples collected from this float material returned assays\n of up to 123.81 g/t gold and 414.2 g/t silver as well as 104.10 g/t gold and 425.7 g/t silver. These newly discovered quartz float samples were identified\n approximately 50 metres east of previously discovered surface float\n samples in till that returned assays up to 106.38 g/t gold and 364.3\n g/t silver (announced January 10, 2011). Glacial transport directions\n recently identified in trenched bedrock exposures in the Goldquest\n South area suggest the float was likely transported from east to west.\n Given the abundance, size and angularity of the float, the Companies\n believe the bedrock source may lie immediately east of existing\n trenches, where thick overburden prevented  testing by trenching. The\n Companies further believe this location represents a high priority\n target for discovery of a significant, high-grade, vein-hosted, gold\n deposit...