Silverado Gold Mines Ltd.
Silverado Gold Mines Ltd.: NEW HIGH GRADE GOLD DISCOVERY AT SILVERADO’S NOLAN GOLD PROPERTY
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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OCTOBER 2, 2006 – Fairbanks, Alaska – USA – Vancouver, BC – Canada
SILVERADO – OTCBB: SLGLF / Frankfurt: SLGL / Berlin: SLGL
Recent drilling on a portion of the Slisco Bench, located on the Hammond
River portion (Fig. 1 – shown here:
http://www.silverado.com/slisco-fig1.htm ) of the Nolan Property has
disclosed very high grade placer gold results. A total of 39 drillholes
were completed at Slisco Bench during this summers’ exploration program.
These holes were drilled with a Schramm “all terrain” reverse circulation
drill rig. All holes penetrated bedrock for a total of 4,782 feet drilled
with sample intervals ranging from 5 to 10 feet in length. The entire
sample was processed through an on-site Denver Gold saver to produce a
mineral concentrate (sulfides, heavy rock particles +/- gold). This
concentrate was bagged, labeled, and transported to our onsite lab for
panning and assay turn around. All gold particles and nuggets observed
were weighed.
Drill results confirm the presence of gold in areas of previous drilling
and have identified a channel containing placer gold that extends for a
length of over 1,800 feet (Fig. 2 – shown here:
http://www.silverado.com/slisco-fig2.htm ). The channel remains open to the
southeast and there is evidence of one or more tributary channels that
remain to be explored next season. Within the Slisco Channel, the placer
gold occurs on bedrock and on a second horizon about 20 feet above the
bedrock channel. Paylayer thicknesses range from 5 to 10 feet. To date, 20
out of 39 drillholes have been processed and analyzed for placer gold. Out
of these 20, 11 drillholes show visible gold with values ranging from 0.009
to 0.495 TOz/cyd. Table 1 presents results of 0.01 troy ounces or better
per bank (in place) cubic yard.
Rotary Drillhole # Intersection Depth From Surface Sample Width Troy Ounces
Gold Per Bank Cubic Yard
06SB-68 160 – 165 ft 5 ft 0.091
06SB-73 126 – 130 ft 4 ft 0.010
06SB-77 140 – 145 ft 5 ft 0.033
06SB-77 145 – 150 ft 5 ft 0.025
06SB-77 150 – 155 ft 5 ft 0.025
06SB-77 165 – 170 ft 5 ft 0.025
06SB-78 120 – 130 ft 10 ft 0.033
06SB-78 170 – 175 ft 5 ft 0.157
06SB-82 110 – 120 ft 10 ft 0.012
06SB-83 110 – 115 ft 5 ft 0.025
06SB-83 115 – 120 ft 5 ft 0.495
06SB-84 10 – 20 ft 10 ft 0.062
06SB-84 20 – 30 ft 10 ft 0.021
Table. 1: 2006 Slisco Bench drill results to date of 0.01 troy ounces or
better per bank ( in place ) cubic yard to date.
Gold analysis for the remaining drillholes are in progress and results will
be released as soon they become available.
The higher placer gold values in both paylayers are located within the left
limit of the Slisco Channel. In addition to the encouraging drill results
to date, the potential of extending the channel to the southeast plus the
possibility of discovering gold bearing tributary channels, make this an
exciting prospect for additional discoveries next year.
As the weather now permits us to work on our Nolan area of our property, we
will continue our busy 2006 exploration program with the focus on the
northward and southward extension of the Mary’s East prospect and our newly
acquired placer properties. A first phase lode gold drilling program on
Solomon’s Shear (Fig. 1) is also planned for this year, and we are
expecting exciting news from both our placer and lode gold drilling
programs.
To learn more about Silverado Gold Mines Ltd., visit us online at
http://www.silverado.com or contact Bob Dynes, Investor relations, toll
free at 1-800-665-4646.
Investor Relations Germany:
Value Relations GmbH
Guido Pickert
+49 (69) 959246-13
E-Mail: SLGL@vrir.de
(c)DGAP 02.10.2006
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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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