Midway Reports Additional Long and High Grade Gold Intercepts at Spring Valley, Nevada
Midway Gold Corp. ("Midway" or the "Company") (MDW:TSX-V; MDW:NYSE-MKT) announces continuing progress by Barrick Gold Exploration Inc. ("Barrick"), which is earning into Midway's Spring Valley Project, Nevada. Second quarter drill results calculated by Midway from data provided by Barrick are shown in Table 1. Multiple holes have long intercepts with good grades which include shorter sections with higher grades.
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SV12-561c | 157 meters of 1.75 grams per tonne (gpt) gold including | |||
| 17.1 meters of 8.06 gpt | |||||
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SV12-565c | 144.9 meters of 1.65 gpt gold including | |||
| 1.5 meters of 113.52 gpt | |||||
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SV12-570 | 80.8 meters of 1.61 gpt gold including | |||
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1.5 meters of 45.60 gpt gold | ||||
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SV12-568 | 30.5 meters of 1.20 gpt gold including 1.5 meters of 8.33 gpt | |||
| 13.7 meters of 5.38 gpt gold including 3.0 meters of 15.05 gpt | |||||
| 80.8 meters of 1.10 gpt gold including 1.5 meters of 5.21 gpt |
Other higher grade intercepts include
- 1.2 meters of 14.16 gpt gold in SV12-571c
- 1.5 meters of 8.30 gpt gold in SV12-572c
- 1.5 meters of 12.14 gpt gold in SV12-579
- 3.0 meters of 10.39 gpt gold in SV12-589
Ken Brunk, Midway's President and CEO said "We are very pleased with Barrick's continued progress at our Spring Valley project. The exploration phase of this year's program continues to show growth potential, particularly in the north, as well as identifying new targets. Emphasis is now shifting to complete this year's Project Development program in support of an initial economic evaluation. Barrick continues to fund its earn-in requirement ahead of schedule. "
Barrick has two drill rigs operating on the property and has completed 6,035 meters of reverse circulation and 2,970 meters of core drilling during the second quarter. The map below shows locations for drill holes included in Table 1. Exploration drilling is focused on step-out drilling to the south of the defined resource and in-fill drilling in the resource area to convert and expand resource areas into higher confidence categories. Additional surface work continues to identify exploration targets beyond known resource areas.
Development drilling is gathering metallurgical, hydrological and geotechnical data for a scoping-level economic evaluation. Hydrology studies are underway and geotechnical drilling will follow. A second round of metallurgical testwork is expected to begin later this year.
Barrick budgeted $11.5 million in 2012 for work at Spring Valley. This amount is $3.5 million, or more than 43%, above the minimum expenditure level that Barrick must spend to maintain its earn-in schedule. Barrick has the right to earn a 60% interest in the project by completing expenditures totaling US$30 million before December 31, 2013.
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Table 1. Significant New Drill Hole Gold Intercepts from Q2 Report 2012 Spring Valley Project, Nevada (Calculated by Midway from data provided by Barrick) |
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| Hole ID |
Assay Type |
From (m) | To (m) | Interval (m) | Gold grade (gpt) | |||||
| SV12-557c | MS | 103.9 | 183.2 | 79.2 | 0.79 | |||||
| includes | MS | 1.5 | 8.02 | |||||||
| SV12-559c | MS | 151.5 | 184.7 | 33.2 | 0.34 | |||||
| MS | 245.7 | 251.8 | 6.1 | 1.23 | ||||||
| MS | 289.0 | 341.7 | 52.7 | 0.31 | ||||||
| MS | 349.6 | 364.5 | 14.9 | 0.75 | ||||||
| MS | 407.2 | 444.1 | 36.9 | 0.31 | ||||||
| SV12-560c | MS | 54.9 | 73.2 | 18.3 | 0.24 | |||||
| Additional Assays Pending | ||||||||||
| SV12-561c | MS | 334.7 | 492.3 | 157.6 | 1.75 | |||||
| includes | MS | 17.1 | 8.06 | |||||||
| Additional Assays Pending | ||||||||||
| SV12-563 | MS | 123.4 | 131.1 | 7.6 | 0.48 | |||||
| MS | 193.5 | 207.3 | 13.7 | 0.75 | ||||||
| MS | 221.0 | 254.5 | 33.5 | 0.75 | ||||||
| MS | 285.0 | 301.8 | 16.8 | 0.51 | ||||||
| MS | 310.9 | 336.8 | 25.9 | 0.51 | ||||||
| SV12-565c | MS | 187.8 | 199.9 | 12.2 | 0.79 | |||||
| MS | 219.9 | 273.1 | 53.2 | 0.75 | ||||||
| includes | MS | 2.3 | 10.59 | |||||||
| MS | 288.5 | 433.4 | 144.9 | 1.65 | ||||||
| includes | MS | 1.5 | 113.52 | |||||||
| and | MS | 1.5 | 3.70 | |||||||
| MS | 448.1 | 463.1 | 15.1 | 0.45 | ||||||
| SV12-568 | MS | 131.1 | 143.3 | 12.2 | 0.89 | |||||
| includes | MS | 1.5 | 6.07 | |||||||
| MS | 155.4 | 158.5 | 3.0 | 0.62 | ||||||
| MS | 170.7 | 201.2 | 30.5 | 1.20 | ||||||
| includes | MS | 1.5 | 3.94 | |||||||
| and | MS | 1.5 | 8.33 | |||||||
| MS | 219.5 | 233.2 | 13.7 | 5.38 | ||||||
| includes | MS | 1.5 | 15.15 | |||||||
| and | MS | 3.0 | 15.05 | |||||||
| MS | 266.7 | 292.6 | 25.9 | 0.82 | ||||||
| includes | MS | 1.5 | 5.59 | |||||||
| MS | 312.4 | 393.2 | 80.8 | 1.10 | ||||||
| includes | MS | 1.5 | 4.94 | |||||||
| and | MS | 1.5 | 5.21 | |||||||
| and | MS | 1.5 | 5.18 | |||||||
| MS | 406.9 | 414.5 | 7.6 | 0.48 | ||||||
| SV12-569 | MS | 80.8 | 88.4 | 7.6 | 0.72 | |||||
| MS | 170.7 | 179.8 | 9.1 | 0.72 | ||||||
| SV12-570 | MS | 150.9 | 231.6 | 80.8 | 1.61 | |||||
| includes | MS | 1.5 | 3.87 | |||||||
| and | MS | 1.5 | 4.35 | |||||||
| and | MS | 1.5 | 4.66 | |||||||
| and | MS | 1.5 | 3.77 | |||||||
| and | MS | 1.5 | 45.60 | |||||||
| MS | 248.4 | 256.0 | 7.6 | 0.82 | ||||||
| MS | 275.8 | 278.9 | 3.0 | 3.39 | ||||||
| MS | 289.6 | 301.8 | 12.2 | 0.38 | ||||||
| SV12-571c | MS | 143.6 | 167.9 | 24.4 | 0.58 | |||||
| includes | MS | 1.5 | 4.42 | |||||||
| MS | 182.9 | 184.1 | 1.2 | 14.16 | ||||||
| SV12-572c | MS | 182.3 | 191.3 | 9.0 | 0.38 | |||||
| MS | 207.4 | 208.9 | 1.5 | 8.30 | ||||||
| SV12-573c | MS | 29.0 | 30.5 | 1.5 | 0.58 | |||||
| MS | 185.9 | 190.5 | 4.6 | 0.41 | ||||||
| Additional Assays Pending | ||||||||||
| SV12-574 | MS | 185.9 | 190.5 | 4.6 | 0.41 | |||||
| SV12-575 | MS | No significant intercept | ||||||||
| SV12-576 | MS | 42.7 | 44.2 | 1.5 | 3.53 | |||||
| MS | 62.5 | 77.7 | 15.2 | 0.38 | ||||||
| SV12-577c | MS | 26.5 | 35.7 | 9.4 | 0.96 | |||||
| includes | MS | 1.5 | 3.50 | |||||||
| SV12-578 | FA | 38.1 | 39.6 | 1.5 | 0.45 | |||||
| FA | 140.2 | 141.7 | 1.5 | 0.79 | ||||||
| MS | 185.9 | 187.5 | 1.5 | 3.87 | ||||||
| SV12-579 | FA | 172.2 | 173.7 | 1.5 | 0.75 | |||||
| FA | 198.1 | 199.6 | 1.5 | 2.71 | ||||||
| FA | 269.7 | 271.3 | 1.5 | 12.14 | ||||||
| SV12-580 | FA | No significant intercept | ||||||||
| SV12-581 | MS | 179.8 | 181.4 | 1.5 | 1.03 | |||||
| FA | 211.8 | 213.4 | 1.5 | 1.68 | ||||||
| SV12-582c | FA | No significant intercept | ||||||||
| SV12-583c | FA | 30.5 | 38.1 | 7.6 | 0.51 | |||||
| Additional Assays Pending | ||||||||||
| SV12-584c | FA | 86.9 | 88.4 | 1.5 | 1.44 | |||||
| Additional Assays Pending | ||||||||||
| SV12-585c | FA | 13.7 | 15.2 | 1.5 | 0.45 | |||||
| FA | 39.6 | 41.1 | 1.5 | 0.72 | ||||||
| FA | 341.7 | 376.4 | 34.7 | 1.20 | ||||||
| includes | FA | 3.0 | 6.65 | |||||||
| and | FA | 1.5 | 6.65 | |||||||
| SV12-586c | Pending | |||||||||
| SV12-589 | MS | 333.8 | 358.1 | 24.4 | 1.92 | |||||
| includes | MS | 1.5 | 5.97 | |||||||
| and | MS | 3.0 | 10.39 | |||||||
| MS | 370.3 | 416.1 | 45.7 | 1.03 | ||||||
| includes | MS | 1.5 | 3.46 | |||||||
| and | MS | 1.5 | 4.56 | |||||||
| SV12-590 | FA | 7.6 | 10.7 | 3.0 | 1.44 | |||||
| FA | 150.9 | 152.4 | 1.5 | 0.34 | ||||||
| FA | 303.3 | 304.8 | 1.5 | 0.86 | ||||||
| FA | 320.0 | 321.6 | 1.5 | 2.71 | ||||||
| FA | 352.0 | 353.6 | 1.5 | 0.89 | ||||||
| SV12-591 | FA | 132.6 | 134.1 | 1.5 | 0.75 | |||||
| FA | 140.2 | 141.7 | 1.5 | 0.55 | ||||||
| FA | 178.3 | 184.4 | 6.1 | 1.03 | ||||||
| FA | 198.1 | 199.6 | 1.5 | 0.51 | ||||||
| FA | 257.6 | 266.7 | 9.1 | 0.31 | ||||||
| FA | 385.6 | 387.1 | 1.5 | 1.30 | ||||||
| FA | 405.4 | 406.9 | 1.5 | 0.69 | ||||||
| FA | 420.6 | 423.7 | 3.0 | 0.58 | ||||||
| FA | 445.0 | 446.5 | 1.5 | 0.99 | ||||||
| SV12-592 | FA | 164.6 | 166.1 | 1.5 | 0.38 | |||||
| MS | 307.8 | 310.9 | 3.0 | 0.86 | ||||||
| MS | 320.0 | 332.2 | 12.2 | 0.69 | ||||||
| MS | 356.6 | 358.1 | 1.5 | 2.64 | ||||||
| MS | 411.5 | 414.5 | 3.0 | 0.86 | ||||||
Reverse circulation drilling was conducted by Hard Rock Drilling of Elko, Nevada. Core drilling was conducted by TonaTec Exploration of Mapleton, Utah. Drill hole numbers ending with a "C" indicate core holes. Samples were assayed by ALS-Chemex Labs, in Sparks, Nevada using 30 gram fire assay methods (FA) and by metallic screen assay methods (MS). Results reported represent thickness along the trace of the drill hole and do not necessarily represent true thickness. Intervals may not match to the nearest tenth due to arithmetic rounding.
To view the graphics titled Spring Valley Project Q2 2012 Drill Results, please click on the following link:
http://www.usetdas.com/pr/midway08132012.jpg
Spring Valley is a large, porphyry-hosted gold system, located about 20 miles northeast of Lovelock in Pershing County, Nevada. A May, 2011 updated resource estimate released by Midway reported 2.16 million ounces of gold in the combined Measured and Indicated categories at a cut-off grade of 0.14 gpt. There is an additional Inferred resource of 1.97 million ounces of gold at the same cut-off grade. The Measured resource is 0.93 million ounces contained within 59.0 million tonnes grading 0.49 gpt, the Indicated resource is 1.23 million ounces contained within 85.8 million tonnes grading 0.45 gpt, and the Inferred resource is contained within 103.9 million tonnes grading 0.59 gpt. The estimate was prepared for Midway by Gustavson Associates, LLC of Lakewood, Colorado (Midway press release dated May 2, 2011). The updated resource includes Barrick's 2009 and 2010 drill results and significantly increased the resource in the Measured and Indicated categories and added additional Inferred resources.
To read the entire press release follow the link below)
August 13, 2012 (Source: Midway Gold Corp.)
http://www.midwaygold.com/s/NewsReleases.asp?ReportID=541685
