Altan Nevada Announces Partner Commences Drilling at the North Star Gold Project in Nevada
VANCOUVER, Oct. 7, 2014 /CNW/ - Altan Nevada Minerals Ltd. (TSX.V: ANE) ("Altan Nevada" or the "Company") is pleased to announce that a wholly owned subsidiary of Teck Resources Ltd. ("Teck"), Canada's largest diversified resource company, has commenced drilling on the North Star gold property ("North Star" or the "Property") located in Elko County, Nevada.
The program is designed to test for favorable Lower Plate host rocks and Carlin-style gold mineralization and alteration at North Star, which lies on the northern extension of the prolific Carlin Trend mineral belt.
Brion Theriault, Altan Nevada's Exploration Manager stated, "Teck's drill program will be the highlight of the first integrated exploration program at North Star designed to test the same regional stratigraphic section which hosts Newmont's and Barrick's multimillion ounce gold deposits located to the south on the Carlin Trend. Intersecting Lower Plate strata in a setting with such pronounced geologic, geochemical and geophysical similarities to the Carlin gold systems would open the door to the possibility of a discovery of exceptional significance."
Evan Jones, Altan Nevada's President & CEO, commented, "I am pleased that our pivot towards attracting partners on a project level has afforded our shareholders exploration upside on a project that we otherwise may not have been in a position to evaluate for some time."
North Star is an underexplored gold project located at the northern extent of prospective Paleozoic rock exposures along the strike of the Carlin Trend. The Property is 55 km north-northwest of Barrick's Goldstrike operation (52 Moz past production plus current reserves).
Gravity data compiled by Altan Nevada shows that North Star occupies part of an upthrown block of Paleozoic sedimentary rocks. The gravity field displays steep gradients within and on the margins of the horst block, suggesting the presence of large structures similar to those which act as major ore controlling features in Carlin-type ore bodies. Previous explorers conducted significant geochemical and geophysical surveys, including four lines of CSAMT profiling. Historic drilling focused on near-surface targets, and the critical Lower Plate stratigraphic section which hosts major gold ore bodies on the Carlin Trend, the target of the current drilling, has not previously been tested. Drilling south of North Star, however, intersected interpreted Lower Plate host rocks at 490 meters. Hydrothermal alteration including structurally controlled jasperoids, is present at surface and accompanied by a coincident 2 kilometer long NNE-striking anomalous Au-As-Sb-Hg geochemical signature associated with the Separator Fault. Trenching by Altan Nevada in 2012 exposed up to 3 meters at 1.06 g/t gold.
As such, North Star is considered by Altan Nevada to be a compelling target.
Under the terms of the December 2013 Option / JV Agreement Teck can earn an undivided 70% interest in the Property by incurring $5,000,000 in expenditures on the project. The Property consists of 163 lode mining claims, comprising 1276 hectares, 44 claims 100% owned by Altan Nevada with the balance held under option from Genesis Gold Corp, a private Utah Corporation.
About Altan Nevada
Altan Nevada is a leading exploration innovator focused on the discovery of large-scale ore systems in under-explored districts of Nevada, USA. The Company's holdings in Nevada currently total approximately 8,350 hectares. Projects include two potential district-scale extensions to the north Carlin Gold Trend, three Yerington District copper-gold targets and three large-scale gold alteration systems along the Walker Lane lineament in central Nevada.
Competent Person Statement
Altan Nevada's Exploration Director, Brion Theriault, a Certified Professional Geologist (AIPG) and a Qualified Person as defined by National Instrument 43-101, has reviewed the preparation of the scientific and technical information in this press release in respect to the Property.
On behalf of Altan Nevada Minerals Ltd.,
Evan Jones, President & CEO
This press release may contain forward looking statements including those describing Altan Nevada's future plans and the expectations of management that a stated result or condition will occur. Any statement addressing future events or conditions necessarily involves inherent risk and uncertainty. Actual results can differ materially from those anticipated by management at the time of writing due to many factors, the majority of which are beyond the control of Altan Nevada and its management.
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.
SOURCE Altan Nevada Minerals Ltd.
Evan Jones, Altan Nevada Minerals Ltd., Tel: +1 604 495 8374, Email: email@example.com, Web: www.altnev.com