Silverado Gold Mines Ltd.
Silverado Gold Mines initiates a Winter Test Mining Project
Corporate-news transmitted by DGAP.
The issuer is solely responsible for the content of this announcement.
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November 22, 2005 – Fairbanks, Alaska – USA – Vancouver, BC – Canada
SILVERADO – OTCBB: SLGLF / Frankfurt: SLGL / Berlin: SLGL
Visit this URL to view supplementary images to this press release:
http://www.silverado.com/november2005
With gold prices holding near an 18 year high, Silverado is continuing its
work at the 100% owned Nolan Gold Project, located 280 road miles north of
Fairbanks in the Brooks Range of Alaska. A crew of experienced miners will be
onsite through much of the winter to drive a drift into an area known as the
Swede Channel that has shown very promising results from prior drilling and
bulk sampling. During 1999, a 7625 bank cubic yard bulk sample from the
channel yielded 623 ounces of gold. Throughout the past two years,
geophysical and geochemical surveys, followed up by drilling and trenching
have continued to explore lode gold targets, and to define areas of placer
gold concentration, known as “pay streaks”. Placer gold pay streaks are
created by the erosion of hard rock gold bearing formations. The
disintegrated mineral rubble and particles are then transported by wind,
water, and gravity processes.
In the Nolan area, multiple glacial events also act to re-erode and re-form
secondary placer pay streaks. During transportation, natural sorting occurs
to separate lighter minerals such as quartz and feldspars from heavier
particles such as gold, silver, and other metallic particles. These pay
streaks are anomalies which collectively form in a spatial relationship to the
lode gold source.
The Swede Channel is one of those secondary pay streaks which has been formed
as a result of glacial down-cutting. High bench placers, including Mary’s
Bench, and Eureka Bench, which were previously test mined by Silverado, were
cross cut by the channel during an inter-glacial erosion as the main glaciers
in the area retreated. Gold from the benches was transported and re-deposited
in the Swede Channel.
Nolan gold is unusually coarse, occurring as large nuggets. About half of all
of the gold produced from the Nolan project is suitable for nugget jewelry
manufacturing. Numerous exceptionally large nuggets have been produced by
Silverado, including a 42 troy ounce, 31 troy ounce, 24 troy ounce, as well as
thousands of smaller nuggets ranging from pennyweight size up to the larger
nuggets mentioned above. Very small grains or dust sized particles are
smelted, or retailed in small vials to collectors or in larger lots to
investors.
Recorded gold production from the Nolan Creek/Hammond River area placer
deposits, since discovery in 1901, totals almost 200,000 ounces. The largest
portion of this production was from Nolan Creek, its tributaries and benches;
ground now held by Silverado.
Silverado has recovered 18,507 ounces of placer gold from channel and bench
deposits in the Nolan Valley during test mining, most of which occurred
between 1993 and 1995. The largest nugget recovered to date weighed 41.35
ounces and was valued at US$ 16,000 by weight. It sold for US $50,000, a
premium of 212%. Most nuggets produced are jewelry grade and sell at an
average premium of 66%. When included with the gold dust recovered, the
Company’s sales on its total gold recovered from exploration test mining to
date has averaged 33% over gold price.
Contact Europe:
Value Relations GmbH
SLGL@vrir.de
Tel.: +49 (69) 959246-13
End of announcement (c)DGAP 22.11.2005
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WKN: 867737; ISIN: CA8279062076; Index:
Listed: Freiverkehr in Berlin-Bremen, Frankfurt; NASDAQ
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