VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 02/21/13 -- Expedition Mining Inc. (TSX VENTURE: EXU) (the "Company") is pleased to provide this update on the 2013 exploration programs on their four properties within the Walker Lane Mineral Belt, Nevada. These properties are Long Canyon, Black Hills and Jenny Hill, all located in Mineral County and Slate Mountain located in Churchill County.
LONG CANYON PROPERTY
This property consists of 37 unpatented lode claims located 200 kms southeast of Reno and 16 kms southeast of the community of Mina, Nevada. Historical rock sampling has returned gold values up to 1.7g/t over 3 m, and up to 9.7g/t gold and 529g/t silver in grab samples. The property hosts an extensive siliceous zone containing strongly anomalous mercury (to 155,000ppm), antimony (to 987ppm) and arsenic (to 2,790ppm) values. A soil geochemical survey was carried out over the Long Canyon South block in January, coincident with a preliminary mapping and rock sampling program. The exploration target on the Long Canyon project is high grade structurally controlled mineralization.
This work has identified several structural trends associated with multi-element soil anomalies. These structural zones trend dominantly north-northeast and northwest, and intersect beneath the extensive siliceous zone which occupies the central portion of the property. This siliceous cap contains generally low gold values, and is believed to represent the uppermost level of the hydrothermal system. The gold bearing veins are only exposed at lower stratigraphic levels in the drainages.
The north-northeast trend is characterized by swarms of narrow quartz veins with a general northerly orientation and sub-vertical dip. These veins range from less than 1 cm to greater than 1 m in thickness. At least two of these NNE zones have been identified to date. Veins within the NW trending zone show a greater variation in dip attitude from -45 to vertical, and are generally oriented sub-parallel to the overall Walker Lane Belt. The vein widths within the northwest trend are similar to those in the NNE set.
Structurally the Long Canyon project area is dominated by strands of the northwest trending Walker Lane Fault Zone. Walker Lane structures, and arcuate splays from the main faults, trend across the property and are exposed in many of the drainages. The northerly trending structures extend through the Pilot Mountains to the north, and are covered by pediment fans to the south. The intersections of these structural zones are believed to be important localizing features for the mineralization encountered at the Belleville Mine and the deposits in the Douglas Camp.
Rock sampling from the current program has confirmed the values reported by earlier sampling and includes up to 1.16g/t gold over 5 m within a shear zone. Final assays are expected from the soil survey by the end of February. Compilation of the mapping, geophysical data and rock sampling information, is expected to provide targets for the next phase of work which will require mechanical trenching to expose the anomalous zones for systematic channel sampling.
BLACK HILLS, JENNY HILL and SLATE MOUNTAIN
A total of 2,041 samples were collected during the recently completed soil geochemical survey on Black Hills. The Jenny Hill soil grid is located 2 kms to the northeast of the Black Hills project and consisted of 478 soil samples. The Slate Mountain soil grid consisted of 705 samples on the east flank of Slate Mountain, approximately 10 kms north of Black Hills. The Company is still awaiting final gold assays, however several significant areas of multi-element anomalies have been outlined on all grids. These projects are all located within the Walker Lane Belt and in proximity to the operating Rawhide Mine.
"The Company continues to be encouraged by the results we are receiving from our four Nevada gold properties. We look forward to the completion of our mapping, rock and soil sampling programs and moving forward with further exploration to bring one or more of these properties to the drill-ready stage in the very near future. The Company is sufficiently funded for further 2013 exploration and a phase one drill program should the Company deem it prudent," states Ron Atlas, President and Chief Executive Officer.
Expedition's disclosure of a technical or scientific nature in this press release has been reviewed and approved by James Chapman, P.Geo, who serves as a qualified person under the definition of National Instrument 43-101.
Expedition Mining Inc. (TSX VENTURE: EXU) is a publicly held Canadian exploration company focused on acquiring, exploring and developing gold properties located in favourable geo-political climates. The Company is led by a highly skilled, experienced board and management team with significant successes in managing early stage mineral exploration companies. For additional information concerning Expedition Mining Inc. or its various exploration projects please visit Expedition's website at www.expeditionmining.com.
CAUTION REGARDING FORWARD-LOOKING STATEMENTS:
This news release contains "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities legislation. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "can", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Expedition Mining to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: risks related to the exploration and potential development of the properties, the actual results of current exploration activities, conclusions of economic evaluations, changes in project parameters as plans continue to be refined, future prices of gold. Although Expedition Mining has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Expedition Mining does not undertake to update any forward-looking statements that are incorporated by reference herein, except in accordance with applicable securities laws.
ON BEHALF OF THE BOARD:
Ronald Atlas, President & Chairman of the Board Expedition Mining Inc.
Standard & Poor's Listed
Issued Share Capital: 58,236,789
Neither the 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.
Expedition Mining Inc.
(604) 662-3903,ext 106
(604) 662-3904 (FAX)
Most Popular Stories
- Chinese May Have Spotted Malaysia Airlines Debris
- Social Media Causee Sleep Deprivation in Students
- Obama, Ukraine Discuss Russian Incursion in Crimea
- First-time Jobless Claims Drop Unexpectedly
- General Electric Plans IPO of Credit Card Unit
- U.S. Business Inventories Up, Retail Sales Down
- 'Candy Crush' Maker Files IPO
- First-time U.S. Jobless Claims Hit 3-month Low
- Why Buffett Bets Big on Green Energy
- SXSW Crash Kills 2, Injures 23