Miranda Gold Corp
Unit 1 - 15782 Marine Drive
White Rock, B.C. V4B 1E6
Tel: (604) 536-2711
Fax: (604) 536-2788
TSX Venture Exchange Symbol: MAD
Frankfurt and Berlin Stock Exchange Symbol: MRG
NASD OTC Bulletin Board Exchange Symbol: MRDDF
|Dec 21, 2011|
Phase Two Drilling Completed at Miranda Gold's Big Blue Project
Vancouver, BC, Canada --December 21, 2011 - Miranda Gold Corp. ("Miranda") (TSX-V: MAD) is pleased to announce that Ramelius Resources Ltd. ("Ramelius") (ASX: RMS) our funding partner at Big Blue, has completed a Phase II drilling and received all analyses. Big Blue is a sediment-hosted gold project located in Lander County, Nevada. The Phase II drilling consisted of three angle reverse circulation holes totaling 1,905 ft (580.6 m).
The Phase II drilling continued to test the area of Phase I drilling that contains surface samples containing up to 0.025 oz Au/ton (0.850 g Au/t) in soils and up to 1.70 oz Au/ton (58.2 g Au/t) in rocks. Phase I drilling was suspended last March due to snow and mud covered access roads preventing access. Drill holes in both phases of drilling were designed to cross dominantly northerly trends of structure and alteration. All holes were terminated due to caving above their target depth of about 1,500 ft (460 m). Total combined drilling in Phases I and II is 4,350 ft (1325.9 m).
The following table summarizes significant drill intersections (defined as those gold grades of 0.01 oz Au/ton or higher over intercepts of 5 ft or longer) for all the 2011 drilling.
Pathfinder elements in hole BBR11-05, from 600 ft (182.9 m) to the bottom of the hole at 835 ft (254.5 m), show a general increase to highly anomalous values: As from 109 to 1360 ppm, Sb from 9.95 to 116 ppm, Hg from 0.52 to 5.54 ppm, and Tl from 0.17 to 0.91 ppm (maximum = 1.92 ppm). In this same interval gold shows a general increase from 0.008 to 0.055 g Au/t (maximum = 0.074 g Au/t).
Miranda and Ramelius geologists are encouraged that the approximately 10-fold increase in pathfinder elements in the bottom of BBR11-05 may be an indication of better gold grades at depth.
Quality Assurance / Quality Control procedures utilized by Ramelius during the analyses of drill samples include collection of duplicate samples and insertion of blanks and analytical standards into the sample sequence. Control samples constitute about 10 percent of each batch of samples. All drill samples were analyzed by ALS Minerals with gold analyses by fire assay of a 30 g charge and AAS finish and trace-element analyses by ICP-MS.
Data disclosed in this press release, including sampling, analytical and test data, have been reviewed and verified by Vice President of Exploration Joseph Hebert, C.P.G., B.Sc. Geology and Qualified Person as defined by National Instrument 43-101.
The Big Blue Project consists of 255 unpatented lode mining claims covering 8.2 sq mi (21.2 sq km) located in the Toiyabe Range, 13 mi (21 km) north of Austin, Nevada. The project is on the south margin of the Callaghan Window, a large area exposing Cambrian- through Silurian-age lower-plate carbonate rocks in the footwall of the Roberts Mountains Thrust. The lower-plate sequence includes the Roberts Mountains and Hanson Creek Formations and the Pogonip Group, of which all are known to be favorable hosts for large, sediment-hosted gold systems in Nevada.
Miranda Gold Corp. is a gold exploration company active in Nevada, Alaska and Colombia and whose emphasis is on generating gold exploration projects with world-class discovery potential. Miranda performs its own grass roots exploration and then employs a joint venture business model on its projects in order to maximize exposure to discovery while minimizing exploration risk. Miranda has ongoing partnerships with Agnico-Eagle (USA) Inc., Montezuma Mines Inc., Navaho Gold Ltd., NuLegacy Corporation, Ramelius Resources Ltd., and Red Eagle Mining Corporation.
ON BEHALF OF THE BOARD
President and CEO
For more information visit the Company's web site at www.mirandagold.com or contact Joe Hebert, Vice President, Exploration at 775-738-1877.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
U.S. investors are cautioned that mineral deposits on adjacent properties are not indicative of mineral deposits on our properties. We advise U.S. investors that the SEC's mining guidelines strictly prohibit information of this type in documents filed with the SEC.
This news release contains forward-looking statements that are based on the Company's current expectations and estimates. Forward-looking statements are frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "suggest", "indicate" and other similar words or statements that certain events or conditions "may" or "will" occur. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause actual events or results to differ materially from estimated or anticipated events or results implied or expressed in such forward-looking statements. Such factors include, among others: the actual results of current exploration activities; conclusions of economic evaluations; changes in project parameters as plans to continue to be refined; possible variations in ore grade or recovery rates; accidents, labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing; and fluctuations in metal prices. There may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.
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