RC Drilling Commences At Green Springs Nevada
Vancouver, BC / TheNewswire / October 13, 2015 - Ely Gold & Minerals Inc. (the "Company") is pleased to announce the commencement of a $400,000 reverse circulation ("RC") drilling program at its 100% owned Green Springs Property, located in White Pine County, Nevada. The property consists of 76 unpatented mineral claims and 2 mining claims covering an area of 1,500 acres; the Company also has an option to acquire a 100% interest in the Cathedral Well Property, which is contiguous with Green Springs to the east and west.
Green Springs is prospective for Carlin-style gold and silver mineralization, and was originally explored and developed by U.S. Minerals Exploration Company ("USMX") from 1980-1990, who ultimately produced 1.1 million metric tons of ore averaging 2.1 g/t gold between 1988 and 1990. During this time, USMX drilled about 600 RC holes, outlining six mineralized deposits throughout the property currently owned by the Company. USMX initiated a heap leach mining operation on portions of three of these deposits in 1988; operations were shut down in 1990. Three of the deposits were left un-mined and all six mineralized deposits remain open for further delineation. The Company plans to test four of the mineralized zones identified by USMX by performing about 6,800 feet of RC drilling to confirm and expand on results by USMX.
Mineralization at Green Springs is Carlin style, hosted in Devonian to Mississippian sedimentary rocks. The bulk of gold mineralization outlined by USMX is hosted in the Lower Chainman Shale and upper Joanna limestone units. Of regional significance is the Pilot Shale, which lies stratigraphically beneath the Joanna Limestone and has been noted in mineralized drill holes at the north end of the Green Springs property. The Pilot Shale hosts other gold deposits in the region and this unit remains relatively underexplored throughout the Green Springs property. The current program will test the Pilot Shale beneath the historic pits and other mineralized areas in the southern portion of the property.
John Brownlie, Executive Chairman of the Company, will be overseeing the drill campaign. Mr. Brownlie commented on the drill program, "Having closed the sale of our Mt. Hamilton project, we can now direct our resources to advance Green Springs. We will be confirming historical drill data with an additional focus on the deeper Pilot Shale formation."
Stephen Kenwood, P. Geo, is director of the Company and a Qualified Person as defined by NI 43-101. Mr. Kenwood has reviewed and approved the technical information in this press release.
About Ely Gold
Ely Gold is focused on the acquisition and development of gold resources in North America. The Company is currently focused on its Green Springs Project, located in White Pine County, Nevada. Ely Gold is traded on the TSX Venture Exchange ("ELY"). Additional information about Ely Gold is available online at www.elygoldandminerals.com
On Behalf of the Board of Directors
Signed "Trey Wasser"
Trey Wasser, President & CEO
For further information, please contact Ely Gold & Minerals Inc. at 604-488-1104.
E-mail: trey@elygoldandminerals.com; Website: www.elygoldandminerals.com
Neither 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. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.
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