TSX.V: ANE
VANCOUVER, Oct. 7, 2014 /CNW/ - Altan Nevada Minerals Ltd.
(TSX.V: ANE) ("Altan Nevada" or the "Company") is
pleased to announce that a wholly owned subsidiary of Teck
Resources Limited ("Teck"), Canada's largest diversified resource company,
has commenced drilling on the North
Star gold property ("North
Star" or the "Property") located in Elko County, Nevada.
The program is designed to test for favorable Lower Plate host
rocks and Carlin-style gold mineralization and alteration at
North Star, which lies on the
northern extension of the prolific Carlin Trend mineral belt.
Brion Theriault, Altan Nevada's
Exploration Manager stated, "Teck's drill program will be the
highlight of the first integrated exploration program at
North Star designed to test the
same regional stratigraphic section which hosts Newmont's and
Barrick's multimillion ounce gold deposits located to the south on
the Carlin Trend. Intersecting Lower Plate strata in a
setting with such pronounced geologic, geochemical and geophysical
similarities to the Carlin gold systems would open the door to the
possibility of a discovery of exceptional significance."
Evan Jones, Altan Nevada's
President & CEO, commented, "I am pleased that our pivot
towards attracting partners on a project level has afforded our
shareholders exploration upside on a project that we otherwise may
not have been in a position to evaluate for some time."
North Star
North Star is an underexplored
gold project located at the northern extent of prospective
Paleozoic rock exposures along the strike of the Carlin
Trend. The Property is 55 km north-northwest of Barrick's
Goldstrike operation (52 Moz past production plus current
reserves).
Gravity data compiled by Altan Nevada shows that North Star occupies part of an upthrown block
of Paleozoic sedimentary rocks. The gravity field displays steep
gradients within and on the margins of the horst block, suggesting
the presence of large structures similar to those which act as
major ore controlling features in Carlin-type ore bodies. Previous explorers
conducted significant geochemical and geophysical surveys,
including four lines of CSAMT profiling. Historic drilling focused
on near-surface targets, and the critical Lower Plate stratigraphic
section which hosts major gold ore bodies on the Carlin Trend, the
target of the current drilling, has not previously been tested.
Drilling south of North Star,
however, intersected interpreted Lower Plate host rocks at 490
meters. Hydrothermal alteration including structurally controlled
jasperoids, is present at surface and accompanied by a coincident 2
kilometer long NNE-striking anomalous Au-As-Sb-Hg geochemical
signature associated with the Separator Fault. Trenching by Altan
Nevada in 2012 exposed up to 3 meters at 1.06 g/t gold.
As such, North Star is
considered by Altan Nevada to be a compelling target.
Under the terms of the December
2013 Option / JV Agreement Teck can earn an undivided 70%
interest in the Property by incurring $5,000,000 in expenditures on the project.
The Property consists of 163 lode mining claims, comprising 1276
hectares, 44 claims 100% owned by Altan Nevada with the balance
held under option from Genesis Gold Corp, a private Utah
Corporation.
About Altan Nevada
Altan Nevada is a leading exploration innovator focused on the
discovery of large-scale ore systems in under-explored districts of
Nevada, USA. The Company's
holdings in Nevada currently total
approximately 8,350 hectares. Projects include two potential
district-scale extensions to the north Carlin Gold Trend, three Yerington District copper-gold targets and
three large-scale gold alteration systems along the Walker Lane
lineament in central Nevada.
Competent Person Statement
Altan Nevada's Exploration Director, Brion Theriault, a Certified Professional
Geologist (AIPG) and a Qualified Person as defined by National
Instrument 43-101, has reviewed the preparation of the scientific
and technical information in this press release in respect to the
Property.
On behalf of Altan Nevada Minerals Limited,
"Evan Jones"
Evan Jones, President &
CEO
This press release may contain forward looking statements
including those describing Altan Nevada's future plans and the
expectations of management that a stated result or condition will
occur. Any statement addressing future events or conditions
necessarily involves inherent risk and uncertainty. Actual results
can differ materially from those anticipated by management at the
time of writing due to many factors, the majority of which are
beyond the control of Altan Nevada and its management.
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.
SOURCE Altan Nevada Minerals Limited
