Deliniation drilling commences on polymetallic
gold-silver-copper-lead-zinc discovery at Elephant Project, Battle
Mountain, Nevada
Trading Symbol: TSX-V: RGZ
TORONTO, Sept. 26 /CNW/ - Randsburg International Gold Corporation
(TSX-V: RGZ) announced today that an expanded Phase 2 drilling program has
commenced at its Elephant Gold and Silver joint venture project located in the
heart of the Battle Mountain mining district of Nevada.
The property abuts Newmont Mining Corporation's (NYSE: NEM) Phoenix
Project. Newmont recently commenced construction of a new open pit mine
complex at Phoenix, located approximately 3 kilometres northwest of the
Elephant project. Phoenix currently has 6 million ounces of gold reserves.
Randsburg has a 37% interest in the joint venture and has advised its
joint venture partner, Duncan Park Holdings Corporation (TSX-V: DPH), of its
intention to exercise its option to earn up to 50% of the project. The work
program is being conducted in connection with a joint venture agreement with
Duncan Park.
On September 7, 2005, Randsburg announced the discovery of polymetallic
gold-silver-copper-lead-zinc mineralization on the property.
Based on these results, the joint venture partners have initiated a
5000 foot drill program which is intended to increase and verify the width and
strike length (north to south) of the mineralized zone.
As previously announced, three holes, P-3C, P-4C and P-5C, were drilled
to test the eastern edge of a large induced polarization (IP) anomaly which
occurs in Section 12 of the Company's joint venture claims at Elephant.
Integrated ground gravity data was also utilized for drill locations.
According to geophysical surveys conducted by Zonge Geophysics in 2004, the IP
anomaly is 800-1200 feet wide and 5000 feet long. Drill holes P-3C, P-4C and
P-5C were located in a block that trends north-northwest in the general
direction of the Phoenix mine project.
Drill holes P-3C, P-4C and P-5C intersected polymetallic mineralization.
Drill hole P-5C contained 60 feet of mineralized intersections grading from
0.44 to 4.4 grams of gold per tonne (0.155 ounces per tonne) and 0.25 to
81 grams (2.85 ounces per tonne) of silver per tonne. Copper, lead and zinc
were also present. For complete results, see the Company's news release of
September 7, 2005.
Drilling has commenced with drill hole P-05-B, located approximately
1000 feet south of drill hole P-5C. Drill hole numbers follow numbering of
proposed holes and not according to chronological sequence of actual drilling.
Michael Opara, Randsburg President and CEO, stated, "We are very
enthusiastic about the Elephant Project. Based on our analysis of the recent
discovery, the other targets on the property, and the comparables in the
Battle Mountain mining camp, we have decided to increase Randsburg's ownership
of Elephant from 37% to 50%. I believe that Elephant offers an outstanding
risk-reward profile, and that Randsburg shareholders will significantly
benefit from a stronger ownership position."
Ken Germundson, Ph.D, Professional Geoscientist is the Company's
Qualified Person on the Elephant Project under the meaning of National
Instrument 43-101. Dr. Germundson has reviewed and approved the contents of
this news release.
ABOUT RANDSBURG INTERNATIONAL GOLD CORPORATION
----------------------------------------------
Randsburg International Gold Corporation is a Canadian exploration
company listed on the TSX Venture Exchange (Symbol TSX-V:RGZ). The Company is
engaged in exploring for diamonds, titanium, iron, precious and base metals,
and platinum group metals (PGMs) in Brazil, Canada and Nevada. The Company has
three active exploration projects:
1. Victory Strike diamond project in Brazil - 85% owned
2. Titan Project (iron-titanium-vanadium) in Northern Ontario - 100%
owned
3. Elephant Gold and Silver Joint Venture Project, Nevada
To find out more about Randsburg International Gold Corporation
(TSX-V: RGZ), visit our website at www.randsburgdiamonds.com
Investor Relations:
For all future Randsburg investor relations needs, investors are asked to
visit the Randsburg IR Hub at http://www.agoracom.com/IR/Randsburg where they
can post questions and receive answers within the same day, or simply review
questions and answers posted by other investors. Alternatively, investors are
able to e-mail all questions and correspondence to RGZ(at)agoracom.com where
they can also request addition to the investor e-mail list to receive all
future press releases and updates in real time.
FORWARD-LOOKING STATEMENTS: Except for statements of historical fact, all
statements in this news release - including, without limitation, statements
regarding forecasts, plans and objectives of Randsburg International Gold
Corp. - are forward-looking statements that involve various risks and
uncertainties. There can be no assurance that such statements will prove to be
accurate; actual results and future events could differ materially from those
anticipated in such statements.
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.
Randsburg announces expanded drill program at Elephant
Randsburg International Gold Corp on 6ix
Story so far
Earlier from Randsburg International Gold
- Randsburg announces non-brokered private placement for $900,000
- Titan Drill Results - Continuous Mineralization of Iron-Titanium-Vanadium In 1,119 Metres of Drill Core from Five New Drill Holes
- Randsburg announces polymetallic gold-silver-copper-lead-zinc discovery at Elephant Project, Battle Mountain, Nevada
- Randsburg Acquires Option On Claim Block in Kirkland Lake Gold Mining Camp Project to be Known as Lightning Project
- Randsburg announces successful preliminary raw material evaluation of Titan Project mineralization - Altairnano Hydrochloride Pigment (AHP) process extracts greater than 95% titanium
Later from Randsburg International Gold
- Randsburg increases interest in Elephant Project to 50%
- Titan Drill Results - Continuous Mineralization of Iron-Titanium-Vanadium In 927 Metres of Drill Core from Three New Drill Holes - Mineralization Present to a Depth of 535 Metres
- Diamonds Discovered at Lightning Strike Project - Northern Ontario
- Randsburg completes private placement for gross proceeds of $1,154,325- Placement oversubscribed
- Randsburg Announces Titan Drill Results - 589 Metres of Continuous Mineralization of Iron-Titanium-Vanadium From Four New Drill Holes
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