VANCOUVER, May 22, 2015 /CNW/ - Altan Nevada Minerals
Ltd. (TSX.V: ANE) ("Altan Nevada" or the "Company")
announces that Teck American Incorporated ("Teck") has
withdrawn from North Star project
("North Star" or the
"Property") located in Elko
County, Nevada. Teck has transmitted a report and all
pertinent data to the Company subsequent to the completion of the
2014 exploration program. A brief summary of the project and
results follows.
Altan Nevada's management is strongly encouraged by the results
of this first round of deep exploration drilling at North Star, which we believe reinforces our
view that the entire southeastern half of the uplifted horst block
is prospective for the discovery of a major Carlin-type ore
body.
The Company is currently evaluating the data from drilling in
detail. As a part of this effort, the Company is scheduling a
third-party review of the core and data by an independent
consultant with demonstrated expertise in Carlin Trend exploration
geology.
Provisions for carrying the project forward will be formed
subsequent to receipt of the results from the third-party review,
which we expect before the end of the second quarter or early in
the third quarter.
Program Summary
During the autumn of 2104, Teck drilled a single vertical core
hole at the project. A key objective of the drill program was to
test for favorable Lower Plate strata at reasonable depths. The
hole was collared in the Upper Plate Vinini Formation. At a depth
of 559 meters, the hole passed through a 10 meter thick shear zone
and into a distinctly different lithologic unit consisting of
mudstone, siltstone, calcareous siltstone, chert, laminated
siliceous mudstone, and dolomitic siltstone. Teck's geologic staff
logged these strata as Devonian Rodeo Creek Formation, an important
Lower Plate unit on the Carlin Trend, after recognizing
similarities between rocks intersected below 559 meters and
published descriptions of the unit on the Carlin Trend. Their
logging of the core indicates that zones of silicification and
decalcification are present in this rock package. This lower rock
unit contains several zones strongly anomalous in mercury (+1 ppm),
an important pathfinder element in Carlin-type gold systems. These anomalous
zones included a continuous interval of 1 to 3.9 ppm mercury from
614.5 meters to 654.5 meters. The hole terminated at 902 meters in
siliceous mudstone after passing through a 58.7 meter interval of
breccia, calcareous siltstone and dolomitic siltstone.
Teck conducted a program of micropaleontology sampling in an
effort to corroborate their preliminary stratigraphic
interpretation, however it proved impossible to obtain fossils
which would yield any conclusive information on the age of the
lower rock package.
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 project is 55 km north-northwest of Barrick's
Goldstrike operation (52 Moz past production plus current
reserves).
Gravity data compiled by Altan Nevada's geophysical consultant
indicates that North Star occupies
part of an upthrown block of Paleozoic sedimentary rocks. Previous
explorers conducted important geochemical and geophysical surveys,
including four lines of CSAMT profiling and a number of shallow
reverse circulation holes which bottomed in Upper Plate strata of
the Roberts Mountains Thrust projected to overlie favorable Carlin
Trend host rocks (Lower Plate). Hydrothermal alteration at surface
is characteristic of Carlin-type deposits, with local jasperoidal
silicification and anomalous gold and other associated elements.
Altered rocks carry up to 1059 ppb Au, 457 ppm As, 14 ppm Sb and
3.6 ppm Hg. Geochemical sampling and trenching delineated a 2
kilometer long NNE-striking Au-As-Sb anomaly associated with a
major fault. These anomalies are typical of the geochemical
signature of Carlin-type gold deposits.
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
