Midway Gold Corp. ("Midway" or the "Company") (MDW:TSX-V; MDW:NYSE-AMEX) announces first quarter drill results calculated from data provided by Barrick Gold Exploration Inc. ("Barrick"), who is earning into Midway's Spring Valley Project, Nevada.
- 136 meters of 0.75 grams per tonne (gpt) gold in SV11-516c
- 61 meters of 1.03 gpt gold in SV12-562
- 108 meters of 0.93 gpt gold in SV12-564
Higher Grade Intercepts
- 0.9 meters of 32.91 gpt gold in SV11-516c
- 1.5 meters of 12.34 gpt gold in SV12-558c
- 1.5 meters of 11.01 gpt gold in SV12-564
These 2012 drill results are from both exploration and development programs. Barrick has two drill rigs operating on the property, and in 2012 has completed 2,732 meters of reverse circulation and 883 meters of large diameter PQ (85mm) core drilling. Exploration work is focused on step-out drilling to the south of the defined resource and infill drilling in the resource area to convert and expand lower confidence resource areas into higher confidence categories. Development drilling is gathering information for metallurgical, hydrological, and geotechnical studies which are required for a scoping study economic evaluation.Barrick has budgeted $11.5 million in 2012 for work at Spring Valley. This amount is $3.5 million, or more than 43%, above their minimum expenditure level that must spent to maintain their earn-in schedule. Barrick's total expenditure through the end of 2011 was approximately $17.7 million which exceeded the cumulative $16 million expenditure required under terms of the March 9th, 2009 agreement between Midway and Barrick. Barrick will earn a 60% interest in the project by completing expenditures totaling US$30 million before December 31, 2013. Ken Brunk, Midway’s President and CEO said "We are pleased that Barrick’s development work and in-fill drilling continue to confirm the quality and strength of the Spring Valley project. We look forward to continued development of Spring Valley and feel it is an important part of the greater Midway story."
|Significant New Drill Hole Gold Intercepts from Q1 Report Spring Valley Project, Nevada (Calculated by Midway from data provided by Barrick)|
|Hole ID||Assay Type||From (m)||To (m)||Interval (m)||Gold grade (gpt)|
|Additional assays pending|
|Additional assays pending|
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