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News
Highway 50 Gold Announces Completion of Drilling at Monroe
August 2, 2016
Vancouver, British Columbia — Highway 50 Gold Corp. (TSX.V — HWY)
Highway 50 Gold Corp. (“Highway 50” or the “Company”) announces the completion of a drilling program on the Monroe project located in southeastern British Columbia. Two drill holes were drilled to a depth of 810 metres and 544 metres, respectively.
The holes, HWY 16-1 and HWY 16-2, were successful in instersecting the Sullivan Time Horizon within a third order basin which comprises the Eastern Structural Domain. These holes constitute only the second and third pierce points within the Eastern Domain. Evidence from the drill holes strongly supports the existence of a strong hydrothermal convective cell operating at Sullivan Time within the Eastern Domain. Specifically, HWY 16-1 intersected abundant carbonate beds and pyrrhotite-biotite-chlorite-albite±chalcopyrite veins in the 150 metre thick section immediately above the Sullivan Time Horizon. These were accompanied by intense sericitization and chloritization of the Sullivan in-fill sequence including multiple stacked sulphide clast fragmental units. Some of these fragmentals are graded, similar to those described within the Sullivan Mine section, 40 kilometres to the north. Massive chlorite-pyrrhotite alteration occurs over a 40 metre interval in the immediate hanging wall of the STH, providing evidence for seawater entrainment into the hydrothermal system. This alteration, together with the preponderance of large angular pyrrhotite clasts in the fragmental, support the existence of an upflow zone nearby. The upflow zone is the expected location for the development of ore-stage lead-zinc-silver mineralization.
HWY 16-2, located 800 metres east of HWY 16-1, intersected a similar interval to the first hole, minus the massive chlorite alteration. Noteworthy to HWY 16-2 was the existence of a 3 metre thick section of pyrrhotite laminated muds overlain by a thin interval of bedded pyrrhotite-sphalerite (5 cm thick). This may be analogous to the Concentrator Hill Horizon which constitutes the distal manifestation of the Sullivan Deposit, 4 kilometres southeast of the Sullivan Mine.
Based on vectors from the above mentioned evidence, the Company intends to permit an additional four sites in the south-western corner of the eastern domain. Drilling is planned to re-commence upon receipt of permits. The target area covers a region of the Monroe property where the Sullivan Time Horizon is the shallowest (300 metres to 500 metres).
Gordon P. Leask, President and CEO of Highway 50, stated: “From a lay person’s perspective, we drilled very strange rocks in an area where the geology changes dramatically from hole to hole. This is what happens around mines.”
The Company has an option to earn a 50% interest in the Monroe project by spending annual optional exploration expenditures totalling $3.0 million over the next four years.
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).
For additional information:
Gordon P. Leask, P.Eng. or John M. Leask, P.Eng.
Tel: 604.681.4462
Email: gord@highway50gold.com or jml@highway50gold.com
About Highway 50 Gold Corp.
Highway 50 Gold Corp. is a mineral exploration stage company led by a team of experienced explorers and deal-makers. The Company is executing an exploration plan refined over 25 years of experience in Nevada. The exploration focus on its projects are a result of what management believes to be proprietary breakthroughs in the understanding of north-central Nevada’s crustal architecture.
Neither the TSX Venture Exchange, nor its Regulation Services Provider 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.