VANCOUVER, BRITISH COLUMBIA--(Marketwired - Apr 8, 2015) - Meadow Bay Gold Corporation ("Meadow Bay Gold" or the "Company") (MAY.TO)(MAYGF)(20M.F)(WKN A1C3DN) is pleased to report that it has resumed field activities at its Atlanta Gold Mine Project in Lincoln County, Nevada. The Atlanta Gold Mine is a former producer and has been the Company's flagship project since its acquisition in early 2011.
Since taking over the project, the Company has conducted extensive geologic, geochemical and geophysical surveys across the district. In addition to identifying new target areas, the Company has conducted an extensive drilling program around the former pit area. In addition to confirming a resource on the Atlanta Shear Zone, the drilling discovered disseminated mineralization in the Atlanta Porphyry. The results of a NI 43-101 compliant resource estimate prepared by Gustavson Associates is presented below using a 0.015 opt Au cut-off.
Category
Tons
Au (opt)
Au Ounces
Ag (opt)
Ag Ounces
eAu Ounces
Measured Resource
5,527,000
0.040
219,600
0.444
2,451,800
265,900
Indicated Resource
9,976,000
0.035
352,500
0.345
3,441,800
417,700
Measured + Indicated Resource
15,503,000
0.037
572,100
0.380
5,893,500
683,600
Inferred Resource
18,538,000
0.029
544,300
0.213
3,955,400
618,700
Note - eAu calculated at an Au:Ag ratio of 1:53
Since the end of the 2014 field season, the Company has been actively advancing the project. Environmentally friendly forest mulching was used to put in a network of drill roads and pads at the Western Knolls target area. Additional geologic mapping and synthesis was also conducted at the Western Knolls. Improvements were made to the camp infrastructure. Finally, discussions have been ongoing with the Bureau of Land Management (BLM) regarding renewal of the power line right-of-way and modifications to the existing Plan of Operation (PoO).
Geologic, geochemical and geophysical surveys across the district identified two untested areas with positive results where drill testing is planned in the summer of 2015.
The Atlanta Fault Zone extends two (2) miles to the north of the pit area where prior drilling outlined the NI 43-101 compliant resource estimated by Gustavson Associates. See chart above.
This two (2) mile long zone extends north under thin gravel cover where geophysical surveys [gravity and ground magnetics] have identified drill targets with similar characteristics to the mineralized zone which hosts the resource. Eight RC holes are planned to test these targets.
The other area of interest is the Western Knolls located about 3 miles west of the Pit area which contains numerous geochemical [Au, Ag, As, Te] and geophysical [chargeability and resistivity anomalies] of argillized and silicified rhyolitic volcanic units over a +2 square mile area.
The Company plans to drill test up to 10 of these anomalies with RC drill holes.
"Meadow Bay Gold is one of a select number of exploration juniors with a gold resource in excess of one million ounces," states Robert Dinning, President and CEO of Meadow Bay Gold. "We are located in Nevada, which is one of the premier mining jurisdictions in the world. We have existing infrastructure and fully permitted for proposed drill test. Our goal for 2015 is to expand our resource significantly."
Bill Reed, a Qualified Person as defined by National Instrument 43-101 and Director of the Company, has reviewed the contents of this press release.
Forward-looking information
This release contains "forward-looking information" within the meaning of applicable Canadian securities legislation, including predictions, projections and forecasts. Forward-looking information includes, but is not limited to, statements that address activities, events or developments that the Company expects or anticipates will or may occur in the future, including such things as the calculation of a new mineral resource estimate.
Often, but not always, forward-looking information can be identified by the use of words such as "plans", "planning", "planned", "expects" or "looking forward", "does not expect", "continues", "scheduled", "estimates", "forecasts", "intends", "potential", "anticipates", "does not anticipate" or "belief" or describes a "goal" or variation of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved.
Forward-looking information is based on a number of material factors and assumptions, including, the result of drilling and exploration activities, that contracted parties provide goods and/or services on the agreed timeframes, that equipment necessary for exploration is available as scheduled and does not incur unforeseen breakdowns, that no labor shortages or delays are incurred, that plant and equipment function as specified, that no unusual geological or technical problems occur, and that laboratory and other related services are available and perform as contracted. Forward-looking information involves known and unknown risks, future events, conditions, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, prediction, projection, forecast, performance or achievements expressed or implied by the forward-looking information. Such factors include, among others, the interpretation and actual results of current exploration activities; changes in project parameters as plans continue to be refined; future prices of gold and silver; possible variations in grade or recovery rates; failure of equipment or processes to operate as anticipated; the failure of contracted parties to perform; labor disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing or in the completion of exploration, as well as those factors disclosed in the company's publicly filed documents. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. Except as required under applicable securities legislation, the Company undertakes no obligation to publicly update or revise forward-looking information.
