COEUR D'ALENE, Idaho, Feb. 5, 2013 /PRNewswire/ -- Star Gold Corp. (" Star Gold" or the "Company") (OTCQB: SRGZ) announced today that the Company released a new Technical Report for its flagship property, the Longstreet Gold Property, located near Tonopah, Nevada. The Technical Report was produced under the National Instrument (NI) 43-101 standards; please refer to the Cautionary Statement Regarding Mineral Resources set forth at the end of this Press Release.
The independent Technical Report entitled "Technical Report on the Longstreet Gold-Silver Property" (the "Technical Report"), dated December 28, 2012, was prepared for Star Gold by Agnerian Consulting Ltd. The Technical Report is available on the Company's website at:
The Longstreet property has tested several targets via 422 drill holes completed to date. This Technical Report examines the drilling at the Main Zone. Most of the historical drilling, however, comprised relatively shallow (approximately 100 ft. deep) air track or reverse circulation (RC) holes, with only fifteen diamond drill holes completed by former operators and four diamond drill holes completed by Star Gold during its 2012 exploration program. This Technical Report was based on a review of: previously produced technical reports covering earlier exploration; publications on regional geology and types of gold mineralization; and recent drill results."This updated Technical Report including the pit design, low strip-ratio and the low operating costs demonstrates the potential for a starter mine at the Main Zone. Going forward, Star Gold intends to complete metallurgical testing and then proceed to a Preliminary Economic Assessment as a result of this Report," said David Segelov, President and CEO of Star Gold Corporation. The Technical Report concludes that:
- At a pit discard cut-off grade of 0.17 g/t Au, the Mineral Resources of the Main Zone of the Longstreet property total approximately 4.6 million tonnes of Indicated Mineral Resources at an average grade of 0.65 g/t Au and 15.7 g/t Ag, containing approximately 96,500 ounces of gold and 2.3 million ounces of silver, and 753,000 tonnes of Inferred Mineral Resources at an average grade of 0.58 g/t Au and 16.8 g/t Ag, containing approximately 14,000 ounces of gold and 407,000 ounces of silver.
- The Longstreet Mineral Resources are contained in a conceptual open pit, and comprise approximately 92% of the global Mineral Resources, with an ore-to-waste strip ratio of 1:0.82.
- Of the 422 drill holes completed by Star Gold and earlier operators on the Main Zone from the 1980s to 2012, 383 holes encountered gold and silver mineralization of more than 0.2 g/t Au and 10 g/t Ag over intervals ranging from 3 m to approximately 60 m;
- The style of gold and silver mineralization on the Longstreet property has features similar to other epithermal low sulphidation gold-silver deposits within the Walker Lane district and the Basin and Range province of western Nevada.
- Exploration data also suggest that the likely environment of gold and silver mineralization (at the Main Zone) is the set of veins and fractures peripheral to a collapsed caldera, which has undergone pervasive hydrothermal alteration
- Phase One: A program of induced polarization (IP) survey, trenching, and in-fill diamond drilling to better outline the zones of known Au-Ag mineralization at the Main Zone target area. This would consist of approximately 1,110 m of diamond drilling in 17 drill holes designed to convert Inferred Mineral Resources into Indicated Mineral Resources.
- Phase Two: A program of diamond drilling to extend the zones of known Au-Ag mineralization at the Opal Ridge and Cyprus Ridge target areas. This would consist of 6,000 m of diamond drilling in 30 drill holes, or a combination of RC and diamond drill holes.
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