MINERALIZATION OCCURS APPROXIMATELY 30 METERS VERTICALLY BELOW SURFACE - DRILL TESTING TO BE DONE ON STRIKE AND DOWNDIP OF NEW INTERCEPT - 3 OF 33 VTEM TARGETS TESTED IN RECENT DRILL PROGRAM - MINERALIZATION SIMILAR TO COMINCO ZONE
11:14 EDT Thursday, May 21, 2009
VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 21, 2009) - Amador Gold Corp. (TSX VENTURE:AGX) (the 'Company') is pleased to announce a new Ni-Cu discovery on its wholly owned Loveland property approximately 35 kilometers northwest of Timmins, Ontario. Drill hole LL09-07 intersected 1.02% combined Ni-Cu over 5.4 meters drilled width from 36.90 to 42.30 meters. This includes a section which assayed 2.12% combined Ni-Cu over 1.5 meters from 36.90 to 38.40 meters drilled width.
Only 3 of the current 33 VTEM conductors have been tested in this drill program; A, B and C on the attached map.
Link to map: http://www.amadorgoldcorp.com/i/pdf/...
The discovery drill hole, which tested the weakest of four VTEM anomalies in cluster B, was collared on a north-south trending array of VTEM conductors, and represents a new nickel-copper discovery in the Loveland Township. The remaining 3 anomalies are on strike and yet to be tested. No drill testing has been done on strike or downdip of this new intercept.
The intercept occurred approximately 30 meters vertically below surface and approximately 400 meters north of the Cominco Zone and 2 km north of the Hollinger Zone.(i) Mineralization is similar to the Cominco Zone consisting of interstitial chalcopyrite-pyhrrhotite-pentlandite hosted within gabbros.
"This new discovery affirms our strategy of drill testing VTEM conductors similar to those above the historic Cominco and Hollinger Zones. We are excited by these latest results as they confirm the potential for additional new nickel-copper zones on the property. We are currently in the planning stage of a follow-up drilling program to further test this new zone as well as other VTEM conductor targets." comments Company president, Richard Hughes.
Exploration activity and drilling to date has focused on 3 objectives; expanding the historic Cominco Zone, testing the gold zone discovered beneath the Cominco Zone for continuity at depth and along strike, and exploring newly defined airborne VTEM targets for nickel-copper and gold potential. More results are currently being reviewed and are forthcoming.
Past copper-nickel results from Cominco Zone drilling include:
- 0.70% Ni/0.75% Cu over 45 m
- 0.40% Ni/0.55% Cu over 35.5 m
- 0.53% Ni/0.88% Cu over 22.80 m
Previous gold results include:
- 6.37 g/t Au over 8.55 m
- 6.17 g/t Au over 3.0 m
- 10.39 g/t Au over 3.1 m
Drill hole LL09-06 tested Conductor C also encountered anomalous nickel copper mineralization close to surface. Drill hole LL09-05 tested Conductor A but returned no significant values. Similar clusters of VTEM conductors also occur on the Cominco and Hollinger showings. The Company plans to continue drill testing on Conductors B and C as well as the remaining clusters of VTEM conductors.
(i)The Cominco Zone contains a historic non-compliant NI 43-101 resource of 130,000 tons grading 0.68% Ni and 0.73% Cu and the Hollinger Zone contains a historic non-compliant NI 43-101 resource of 422,000 tons grading 0.71% Ni and 0.42% Cu. A qualified person has not done sufficient work to classify these historical estimates as current mineral resources. The Company is not treating the historical estimates as current mineral resources and the historical estimates should not be relied upon.
Charles Hartley, P.Geo and Peter Caldbick, P.Geo. are the qualified persons for the purposes of National Instrument 43-101 for the Company's Loveland Project. Project supervision is by Charles Hartley and the contents of this news release has been reviewed and approved by Peter Caldbick.
Link to Loveland Map - http://www.amadorgoldcorp.com/i/pdf/...
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 information on active projects and to see Smartstox interviews with Company president, Richard Hughes, please visit the Company's website at www.amadorgoldcorp.com.
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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Corporate Inquiries:
Kevin Hull
Investor Relations
(604) 685-2222
info@amadorgold.com
www.amadorgoldcorp.com
or
AGORACOM Investor Relations:
AGX@agoracom.com
http://www.agoracom.com/ir/Amador
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this news release.
