Miranda Gold Corp. (“Miranda”) (TSX-V: MAD )
is pleased to announce its exploration funding partner at Red Canyon, Montezuma Mines Inc. ("Montezuma"), a wholly owned subsidiary of CMQ Resources Inc. (TSX-V:NV), has started its 2012 drill program at Red Canyon. Montezuma expects to test three target areas with a total of six to seven reverse circulation (RC) drill holes totaling about 9,300 feet (2835 m).
The target areas to be drill tested include the following:
: Two holes will further test for mineralization encountered in 2011 RC hole MR11-01 that intersects 20 ft (6.1 m) of 0.205 oz Au/ton (7.025 g Au/t) from 110-130 ft (33.5-39.6 m).
: This target name derives from a pronounced controlled source audio-frequency magnetotelluric (CSAMT) resistivity low with approximate plan dimensions of 2,000 x 2,600 ft (610 x 790 m). Montezuma interprets the resistivity low as permissive for a fault-bounded decalcified and clay-altered gold mineralized pipe-like body. Up to three holes to about 2,300 ft (700 m) deep will test the target.
: At Wall rock chip samples with up to 0.070 oz Au/ton (2.4 g Au/t) coincide with a geophysically defined fault-bounded horst block that extends 5,000 ft (1,500 m) from Wall northwest through the Ice target area. One drill hole to about 900 ft (270 m) deep will test favorable carbonate stratigraphy along the western margin of the horst.
Since 2009 Montezuma has completed geologic mapping, revised stratigraphic interpretations, and run soil and rock-chip geochemical, CSAMT resistivity, ground magnetic, and gravity surveys. Montezuma has drilled a total of 26 RC and three core holes for a total of 25,607 ft (7,805 m). Montezuma conducts its drilling under the Bureau of Land Management approved Red Canyon Plan of Operations (“PoO”) that permits up to 125 acres (50 hectares) of total disturbance.