Star Gold Corp - SRGZD.OB
2/22/2012
Stock symbol will revert to SRGZ.OB. The "D" denotes the split occurred.
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Coeur d’Alene, Idaho – January 9, 2012 – Star Gold Corp. “(Star Gold” or the “Company”) (OTC Markets: SRGZ) is pleased to announce the completion of Phase 1 drilling at its Longstreet property located 25 miles southeast of the Round Mountain mine in south-central Nevada. A total of 16 infill and expansion holes were drilled at Main, where the Company is attempting to enlarge the current resource. Star Gold drilled these holes at 45 degree angles for greater penetration of high angle veins when compared to the vertical holes completed in the 1980’s. A total of 5,270 feet of angled Reverse Circulation (RC) drilling was completed just before Christmas.
Drill cuttings samples were collected on five foot sections and securely transported to ALS Chemex in Reno, Nevada for analysis. Blanks, standards and repeat samples have been added to each drill-hole sample set to insure quality control. Testing results are expected by the end of January, 2012. The Company plans to have a new resource determined by an independent consultant once all testing results are in and drilling cross sections completed.
In the 1980’s Naneco Resources Ltd. and its joint venture partners drilled numerous vertical RC holes at Main and in 1985, announced an oxidized drill inferred resource of 850,000 tons averaging 0.079 oz/ton (2.7 g/t) gold and 1.1 oz/ton (38 g/t) silver along with an additional low grade reserve of 1.5 million tons averaging 0.021 oz/ton (0.72 g/t) Au and 0.4 oz/ton (14 g/t) Ag. This resource has not been verified by Star Gold and is only of historic interest. Naneco conducted significant metallurgy including bulk sampling and column leach testing. In 1988 a pre-feasibility study was conducted by Mine Development Associates of Reno who determined the project was economical at gold prices of $350 per ounce. Unfortunately, the price of gold, which was near $450 per ounce when the study was done continued to decline for the next several years and Naneco was unable to raise sufficient capital to initiate production and abandoned the property in the 1990’s. Star Gold plans to complete drilling at Main and several other targets at Longstreet and then complete an updated economic evaluation.
The target at Longstreet is a Round Mountain style open pit heap leach gold/silver deposit. Additional drilling at Main and at the North Target is scheduled for the spring/summer of 2012. Mapping and geochemical sampling at North indicates a target very similar to Main which the Company has not yet drill tested.. A map showing the various targets at Longstreet can be found on the Company’s website www.stargoldcorp.com.
Investor Contact
Kelly Stopher
info@stargoldcorp.com
About Star Gold Corp.
Star Gold Corp. is a gold exploration company with the purpose of acquiring, evaluating and developing gold projects of merit with a focus on the United States, Canada and Mexico. At present, Star Gold is focused on the exploration and development of its Excalibur Project and Longstreet Project, in Nevada, USA. For more information please visit www.stargoldcorp.com.
Certain statements in this press release that are not historical facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements may be identified by the use of words such as "anticipate," "believe," "expect," "future," "may," "will," "would," "should," "plan," "projected," "intend," and similar expressions. Such forward-looking statements, involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Star Gold Corp (the Company) to be materially different from those expressed or implied by such forward-looking statements. The Company's future operating results are dependent upon many factors, including but not limited to the Company's ability to: (i) obtain sufficient capital or a strategic business arrangement to fund its expansion plans; (ii) build the management and human resources and infrastructure necessary to support the growth of its business; (iii) competitive factors and developments beyond the Company's control; and (iv) other risk factors discussed in the Company's periodic filings with the Securities and Exchange Commission, which are available for review at www.sec.gov under "Search for Company Filings."