COEUR D'ALENE, Idaho, Oct. 5, 2012 /PRNewswire/ -- Star Gold Corp. ("Star Gold" or the "Company") (OTC Markets: SRGZ) announces that a drill rig has been brought back to Longstreet after modeling analysis revealed a possible anomaly around previously released hole LS-1212.
Scott Jenkins, Director of Exploration for Star Gold, explains why the decision to bring a rig back on site was considered immediate. "LS-1212 is 500 feet total depth drilled at 45 degrees and was oxidized from surface to 390 feet with pyrite occurring at 390 feet to bottom of hole. In those first 390 feet are zones that are high grade (up to 5 times) compared to the average grade at Main which is around 0.026oz/t. The new drilling will concentrate on the area around LS-1212. More particularly, the area to the west of the hole – distance of 200 feet by 200 feet has never been drilled. All drilling will be reverse circulation."
In order to frame the opportunity for investors, Scott Jenkins adds, "Be mindful that past holes LS1114 and LS1110 are 300 feet north of LS-1212 and 80 feet lower in elevation. Both LS1114 (400 feet TD @ -70 degrees, with very thin zones of pyrite, and LS1110 (350 feet TD @ -45 degrees) are oxidized and mineralized to depth The extension of mineralization, north and east, would increase the surface area of mineralization, approximately 300 feet north (to LS1114/LS1110) and 400 feet west of LS1212. If LS1209 and LS1206 (both north of LS1212) are included, the expanded surface area of potential additional mineralized zone, would be approximately 500 feet east-west by 400 feet north-south."
About Star Gold Corp.
Star Gold is a gold exploration/development company formed in 2006 for the purpose of evaluating, acquiring and developing Gold projects in United States with a focus on Nevada. Star Gold is currently focused on exploration and development of its Longstreet Property. The project is located 48 kilometers southeast of the Round Mountain Mine in Tonopah, Nevada. The Longstreet Property is a Round Mountain style volcanic-hosted gold deposit.
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."
David Segelov, President
Office: 208 664 5066
Cell: 646 626 3356
CAUTIONARY STATEMENT REGARDING MINERAL RESOURCES
This Press Release and/or other information that may be released by the Company in the future uses the terms "resources", "measured resources", "indicated resources" and "inferred resources". United States investors are advised that, while such terms are recognized and required by Canadian securities laws, the SEC does not recognize them. Under United States standards, mineralization may not be classified as a "reserve" unless the determination has been made that the mineralization could be economically and legally produced or extracted at the time the reserve determination is made. Mineral resources that are not mineral reserves do not have demonstrated economic viability. United States investors are cautioned not to assume that all or any part of measured or indicated resources will ever be converted into reserves. Inferred resources are in addition to measured and indicated resources. Further, inferred resources have a great amount of uncertainty as to their existence and as to whether they can be mined legally or economically. It cannot be assumed that all or any part of the inferred resources will ever be upgraded to a higher category. Therefore, United States investors are also cautioned not to assume that all or any part of the inferred resources exist, or that they can be mined legally or economically. National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101") is a rule developed by the Canadian Securities Administrators, which established standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. Unless otherwise indicated, all resource estimates contained in this Press Release and in press releases by the Company in the future, have been or will be prepared in accordance with NI 43-101 and the Canadian Institute of Mining, Metallurgy and Petroleum Classification System. The requirements of NI 43-101 are not the same as those of the SEC.
SOURCE Star Gold Corp.