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News
Highway 50 Announces Drilling Finds Gold in Alluvium at Porter Canyon
March 5, 2012
Vancouver, British Columbia — Highway 50 Gold Corp. (HWY-TSX.V) March 5, 2012
Highway 50 Gold Corp. (the “Company”) announces results of alluvium sampling from two previously drilled reverse circulation holes on its 100% owned Porter Canyon project located in Lander County, Nevada.
Holes PCT-11-01 and PCT-11-02 were drilled to depths of 451 metres and 528 metres respectively, and lost in alluvium prior to encountering bedrock. The holes are located approximately 1 kilometre apart in the north-south direction with PCT-11-01 being the northernmost.
The bottom 40 metres (130 feet) of PCT-11-01 exhibits significant enrichment in Carlin- type pathfinder elements, arsenic and antimony, as well as substantially elevated gold values. This is in contrast to PCT-11-02 which shows no such anomalous values. The 35 metre section in PCT-11-01 from 410 metres to 445 metres (110 feet) averaged 61 ppb Au with the two highest 1.5 metre (5 feet) samples returning 174 ppb Au and 83 ppb Au. Corresponding average arsenic and antimony values are 100 ppm As and 30 ppm Sb (up to 44 ppm Sb) over the same interval.
Drillhole PCT-11-01 is located in the projected south-west corner of the Quito Lower- plate window, 1.5 kilometres outboard of the edge of the Toiyabe Range along the western extension of a series of north-west trending structures that bracket the past producing Quito gold mine (176,000 ounces of gold), four kilometres to the south east and the former Antimony King Mine, 3 kilometres to the south east. A number of auriferous jasperoids and antimony occurrences are located within this structural zone.
Given the level of gold values in alluvium immediately above buried major known Carlin- type gold deposits in Nevada, management considers these results to be evidence of mineralized material shedding from a possible bedrock source nearby and provides impetus for follow-up drilling. The Company will proceed with permitting additional drill sites.
This news release has been reviewed by Gordon P. Leask, P.Eng., President and CEO of the Company, and a Qualified Person (“QP”) as defined by National Instrument 43- 101 (Standards of Disclosure for Mineral Projects).
ON BEHALF OF THE BOARD OF DIRECTORS,
“Gordon P. Leask”
Gordon P. Leask, P. Eng. President and CEO
Additional Information – For more information please contact us at (604) 681-4462. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note This news release contains certain forward-looking statements, including statements regarding the business and anticipated financial performance of the Company. These statements are subject to a number of risks and uncertainties. Actual results may differ materially from results contemplated by the forward-looking statements. Factors that could cause actual results to differ martially from those in forward- looking statements include changes in metal prices, changes in the availability of funding, unanticipated changes in key management personnel and general economic conditions. Mining is an inherently risky business. Accordingly the actual events may differ martially from those projected in the forward-looking statements. When relying on forward-looking statements to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and should not place undue reliance on such forward-looking statements. The Company does not undertake to update any forward looking statements, oral or written, made by itself or on its behalf.