RECENT VTEM SURVEY GENERATES NEW EXPLORATION TARGETS
ASSAYS AWAITED FROM HISTORIC NICKEL-COPPER ZONE
WINTER DRILLING PROGRAM IN PLANNING STAGES
GOLD DISCOVERY ADDS NEW DIMENSION TO LOVELAND
VANCOUVER – Amador Gold Corp. (the “Company”) is pleased to announce that it is planning a winter drilling program to test newly generated VTEM geophysical targets at its Loveland
Project, 35 km northwest of Timmins, Ontario. The property also hosts two previously drilled nickel-copper zones that will be further tested in the proposed winter program, as well as a recently discovered gold prospect at depth.
“We’re pleased by the quality and geological diversity of exploration targets at the Loveland Property,” said John Keating, Vice-President of Exploration. “The presence of significant goldmineralization at depth below known nickel-copper mineralization confirms the property’s potential for hosting both base and precious metals.”
The most advanced exploration targets at the Company’s wholly owned Loveland Property are the historic Cominco and Hollinger Zones, situated 1.5 km apart.
• The Cominco Zone, drilled in the 1970s by Cominco (now Teck), contains a historic resource of 130,000 tons grading 0.73% nickel and 0.68% copper that is non-compliant with NI 43-101 disclosure standards.
• The Hollinger Zone, drilled by Hollinger Mines prior to 1975, hosts a historic resource of 442,000 tons grading 0.71% nickel and 0.42% copper that is also non-compliant with NI 43-101 disclosure standards.
Amador has received data from its 2008 VTEM survey completed over the Byers and Loveland Township portions of the Loveland Property. Initial analysis of the data shows the system
clearly outlining the two historical mineralized zones as well as additional clusters of conductors in areas where the underlying rock types are unknown due to lack of outcrop. The area around
and between the two occurrences is relatively flat, poorly drained and covered by overburden.
The VTEM system is a powerful, cutting-edge geophysical system that can penetrate several hundred metres of overburden and rock, revealing possible base metal mineralization at depth.
In November of 2007, Amador drilled three holes spanning a strike length of 100 metres below
the Cominco Zone to test the down-plunge extension of the known mineralization. (See news
release of March 13, 2008, for complete results.)
• All three holes intersected significant copper and nickel mineralization, with the third hole (AMDG-03) intersecting three higher grade intersections within a 45.0-meter wide zone averaging 0.70% nickel and 0.75% copper from 120.6 to 165.6 metres.
• The higher grade intersections from Hole AMDG-3 are: 1.48% nickel and 0.9% copper over 9.4 meters; 1.15% nickel and 1.11% copper over 3.9 meters; and 0.70% nickel and 1.06% copper over 13.6 meters, which includes a 4.6-meter interval grading
1.24% nickel and 1.72% copper.
Assay results for the first twelve holes drilled at the Loveland Property confirmed the presence of mineralization to 400 meters vertically below surface, open at depth, along a strike extent of about 175 meters. (See news release of September 4, 2008.) The style of mineralization comprises disseminated to semi-massive patchy and interstitial pyrrhotite-chalcopyritepentlandite within gabbros extending to surface.
• Highlights from this drilling include: 0.53% nickel and 0.88% copper over a drilled width of 22.80 meters, including 0.65% nickel and 1.0% copper over 11.2 meters; and 1.0% nickel and 1.92% copper over 2.70 meters. Additional results from this drilling as well as assay results from the sampling of the drill core
are pending.
Once the remaining drill results are received and analyzed, the data will be compiled and incorporated with all previous drilling and exploration results. The results of the data compilation initiative and data from the recent VTEM survey will be used to guide a winter drilling program designed to advance the Cominco and Hollinger Zones and test the newly revealed conductors.
The known zones at Loveland have excellent potential for expansion as historic drilling was relatively shallow. As an example, Cominco’s tightly spaced drilling traced mineralization for
about 50 meters below surface at the Cominco Zone. During the 2008 exploration program, Amador drilled several deeper holes below the known mineralization at the Cominco Zone, resulting in a new gold discovery. (See press release dated September 24, 2008.)
• Hole LL08-13 intersected gold mineralization near the bottom of the hole and returned 6.37 g/t (grams per tonne) gold over a drilled width of 8.55 meters from 383.25 to 391.80 meters.
• Additional intercepts from Hole LL08-13 include: 6.17 g/t gold over 3.0 meters from 403.0 to 406.0 meters; and 10.39 g/t gold over 3.1 meters from 410.30 to 413.40 meters drilled width.
The presence of significant gold mineralization below the nickel-copper mineralization has enhanced the stature of the Loveland Property as an exploration target. The gold mineralization occurs within a sheared and silicified granodiorite as a stockwork of low-angle quartz stringers associated with disseminated pyrite and arsenopyrite.
Ongoing programs, including additional geophysical surveys, have potential to generate other new gold and base metal targets as much of the Loveland Property remains unexplored using advanced exploration methods and technologies.
The Loveland property consists of 1,421 claim units covering 22,736 hectares in parts of seven townships. The land package is easily accessible and near extensive mining infrastructure in Timmins, one of the largest gold camps in the world with total combined production exceeding 68 million ounces since 1910.
The Timmins district also hosts the world-class Kidd Creek volcanogenic massive sulphide copper-zinc deposit, situated just 25 km east of the Loveland Property. The Montcalm nickelcopper
deposit currently being mined by nickel giant Xstrata is located 35 km to the west of the Loveland Property. The Company has completed an evaluation of the Savard Sharpe, Anderson Lake and Mennin Lake properties and decided to terminate these option agreements in order to concentrate its efforts on current properties of greater merit.
About Amador Gold
Amador has assembled a portfolio of more than 20 properties of exceptional merit in established mining camps and emerging mineral districts of Canada. For further information and maps of the Loveland Property and other active projects please visit the Company website at
www.amadorgoldcorp.com.
Contact Information
Corporate Inquiries: Alan Campbell or Kevin Hull, Investor Relations
Phone: (604) 685-2222
Email: info@amadorgold.com
Website: www.amadorgoldcorp.com
AGORACOM Investor Relations: Email: AGX@agoracom.com
Website: http://www.agoracom.com/ir/Amador
The statements made in this Press Release may contain forward-looking statements that may involve a number of risks and uncertainties. Actual events or results could differ materially from the Company's expectations and projections.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this news release.
