Silverado Gold Mines Ltd.
Silverado Gold Mines Ltd.: Nolan Gold Project Lode Exploration Progress Report
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Nolan Gold Project Lode Exploration Progress Report #2
February 1, 2005 – Vancouver, BC – Canada – Fairbanks, Alaska – USA
SILVERADO GOLD MINES LTD. OTCBB: SLGLF / Frankfurt: SLGL / Berlin: SLGL
The exploration program to locate lode sources for the Nolan Placer Gold
nuggets has been, and will be, carried out as weather permits. The Nolan
Project is located north of the Arctic Circle, 280 road miles from Fairbanks,
Alaska.
The first two trenches cut to investigate anomalies from a 2004 ground VLF-EM
(very low frequency-electromagnetic) survey have intersected gold
mineralization. The survey was conducted on the slopes above the placer mined
areas to assist in locating lode sources for the placer nuggets. Project
geologists had previously identified the “Solomon Shear Trend”, an airborne
resistivity low trending northeasterly and coincident with gold – arsenic –
antimony soil geochemical anomalies as a probable source area. (See Sept 27,
2004 Press Release). The accompanying map shows VLF-EM conductors within the
Solomon Shear Trend. To view this map go to
http://www.silverado.com/maps/feb0105.htm
Trench A showed four zones of quartz – carbonate – stibnite veinlets (stibnite
is an ore of antimony) over a 90 foot section of trench. Values from grab
and select chip sampling in the mineralized section were: gold 0.1 to 1.7 ppm
(parts per million), (0.003 – 0.05oz/ton), arsenic 100 to >3000 ppm, and
antimony 100 to >10,000ppm.
Trench B was cut about 800 feet along the strike of the mineralization
northeast of Trench A. Two vein bearing anomalous zones, 70 and 100 feet
wide, separated by 30 feet of unmineralized rock, were encountered. Values
were: gold 0.1 to 1.0 ppm (0.003 – 0.03oz/ton), arsenic 200 to >4000ppm, and
antimony 100 to >10,000ppm. A one to two foot wide sheared vein with massive
stibnite was found, coincident with the axis of an electromagnetic conductor.
Work on further exposing this zone stopped due to adverse conditions and will
resume when weather permits.
Test pitting on a vein on Workman’s Bench in 2003, a mile southwest of the
above trenching, recovered gold nuggets with stibnite attached, showing that
there is a strong spatial relationship between gold and antimony.
Trench C was cut west of Trench A, but did not reach bedrock for most of its
length. Samples of gravel were anomalous in antimony (103 – 236ppm average
161 ppm) along a 100ft section of the trench pointing to a source uphill.
Some additional power operated sampling tools will be taken to the project to
enhance sampling of the frozen ground.
The Company is very encouraged by the success of the VLF-EM survey, given that
gold mineralization was encountered in the initial tests, there are many more
conductors to investigate, and the stibnite bearing vein in Trench B shows
multiple episodes of mineralization which is an important feature in the
search for economic lode gold deposits. Arsenic and antimony are commonly
associated with gold deposits therefore the strongly anomalous results for
those elements from the trenching and drilling are also very positive.
Samples were submitted to ALS Chemex and subjected to standard analytical
procedures. Sample blank and follow-up metallics assays provided quality
control. All work was carried out under the management of Mr. E. Armstrong,
CPG, President of Silverado’s Alaskan Subsidiary and a qualified person under
NI 43-101.
end of message, (c)DGAP 01.02.2005
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WKN: 867737; ISIN: CA8279062076; Index:
Listed: Freiverkehr in Berlin-Bremen, Frankfurt; NASDAQ
011837 Feb 05
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