Silverado Gold Mines Ltd.
Silverado Gold Mines Ltd.: MAKES SIGNIFICANT GAINS FOR A LARGE AND RICH LODE GOLD DEPOSIT
Corporate news transmitted by DGAP – a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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NOVEMBER 1, 2006 – Fairbanks , Alaska – USA – Vancouver, BC – Canada
SILVERADO – OTCBB: SLGLF / Frankfurt : SLGL / Berlin : SLGL
Silverado Gold Mines Ltd. announced that the results of its 2006 mining,
gold recovery, drilling and geological work indicate the close proximity of
a potentially large and rich lode gold deposit. The just-completed work
has yielded an abundance of evidence which points to the location of such a
deposit at the company’s Nolan Placer Gold Mine, located 280 miles north of
Fairbanks, Alaska in the historic Koyukuk Mining District. In all,
Silverado has invested $40 million in exploring, developing and test mining
this 11 square mile property where all the mountain drainages contain gold.
‘Silverado is privileged to be mining Nolan Creek,” commented Silverado
Gold Mines Ltd. CEO, Garry Anselmo. ‘The Nolan property has yielded many
treasures not only this year, but historically as well. Silverado has
removed and sold over $10 million in gold from the mine over the past
several years and now has another $1,000,000 worth of placer gold nuggets
and dust in hand.”
Silverado has engaged in extensive property acquisition, exploration,
infrastructure construction, development and test mining on the Nolan
property for the past twenty eight years. The Company’s activity on this
site is only the most recent mining pursuit on the property. The first
prospectors began their search for gold on Nolan in 1897, and the first
actual mining began in 1902. ‘This Arctic Alaska project presents some
unique challenges with permanently frozen ground and air temperatures
ranging from +80°F in the 24 hour daylight summer and -87°F in the 24 hour
dark winter. We work year round.”
‘We’ve remained at the Nolan property and all indications are that we will
be rewarded for our persistence with the discovery of the source of Nolan’s
treasures,” Anselmo continued.
There are several indicators in the company’s 2006 discoveries that suggest
the current mining activities are near the source. A key guide to the
proximity of a rich lode deposit is the character of recovered gold. For
example, sharp-edged nuggets demonstrate a lack of extensive rounding from
travel, suggesting the gold is near the source. Also, quartz from veins
and ‘country-rock’ attached to gold, indicates a near-source parent system.
Likewise, the presence of an abundance of stibnite (antimony sulfide)
indicates primary-source gold deposits. Antimony, if present in a
mineralized system, is typically found at the top of the system and thus is
an indicator that the system has a good likelihood of down dip extension or
good depth potential. The abundant antimony found at Nolan therefore
indicates good depth potential, (suggests large body in the vertical axis).
Antimony is widely used in industry and would be a pay mineral to the
Company from mining the lode gold deposits.
The character of the gold recovered at the Nolan mine this past year has
all the right indicators. Further, numerous geophysical patterns,
geochemical readings and electromagnetic signatures in the surrounding soil
and rock all indicate the nearness of a lode source. This data points to
the probable existence of high-grade gold within the confines of the Nolan
property.
Based on the geology and other evidence, Silverado is now drilling
intermittently for placer and lode gold samples in this area to find the
source of these exceptionally large, high-grade nuggets which have been
found over a distance of five lineal miles and to expand its placer gold
resource base. Additionally, Silverado has now opened the tunnel entries to
the remaining underground portion of the Swede Channel. The infrastructure
to allow unhindered recovery was put in place last year to enable the
company to focus exclusively on mining the remainder of the channel this
year. The channel yielded 939 ounces in 2006 of which 785 were beautiful
nugget gold. Based on the measurements of the remaining portion of the
channel, the company expects to see a 2007 recovery from this area alone of
two-to-three times or more the amount of gold that was recovered this past
season.
Many New Placer Gold Mining Areas Are Indicated. Mary’s East Is Now Ready
For Mining.
Visit this web link to view map and photos of gold recovered this season as
well as a 3D map showing the Swede Mine, Mary’s Bench Mine and the Mary’s
East Gold Deposit.:
http://www.silverado.com/nolancreek2006
Should time allow during the 2007 mining period, Silverado will begin
mining the adjacent ‘Mary’s East” ore body where the most consistent high
grade drill holes have been encountered to date. (see link above)
Anselmo concluded, ‘although the ‘05-‘06 season saw the recovery of
beautiful, high-quality, large gold nuggets, the real story is that we
believe we are very near the source of these exceptional gold nuggets. We
look to 2006-2007 to be our most exciting season yet.”
Investor Relations Deutschland:
Value Relations GmbH
(069) 95 92 46-13
E-Mail: SLGL@vrir.de
(c)DGAP 01.11.2006
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Language: English
Issuer: Silverado Gold Mines Ltd.
505-1111 West Georgis Street
V6E 4M3 Vancouver, BC Kanada
Phone: 1-800-665-4646
Fax: 604-682-3519
E-mail: pr@silverado.com
WWW: www.silverado.com
ISIN: CA8279062076
WKN: 867737
Indices:
Listed: Freiverkehr in Berlin-Bremen; Open Market in Frankfurt;
Foreign Exchange(s) Nasdaq
End of News DGAP News-Service
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