VANCOUVER, BC, Canada (August 20, 2019) – Altan Nevada Minerals Limited (TSXV: ANE) (the “Company”) is pleased to confirm the commencement of the company’s maiden drill program on the Venus copper gold target, Yerington District, Nevada, USA. All permitting and earthworks have now been completed and the rig is operational (See figure 1).
Figure 1: Falcon Drilling contract Rig on site at Venus Copper Gold project.
The Venus copper gold project has never been drilled before and is considered to have good potential for the discovery of new deposits of similar size and grade to the adjacent Pumpkin Hollow copper gold mine (see Figure 2).
Figure 2: Altan Nevada Drilling contractor commences operations approximately 1 mile from the Pumpkin Hollow headframe.
This program represents the first drilling program into the project that has been subject to extensive review by leading geo-scientific exploration consultants, Terra Resources Pty Ltd identifying a total of 7 high priority targets to test the potential of Venus to host copper gold mineralisation. Surface geology/ geochemistry, ground magnetics, gravity and induced polarization (IP) surveys have been used to plan and prioritize drilling (Figure 3).
In addition the project is considered to have the potential for discovery of buried porphyry-style copper mineralization with characteristics similar to the Yerington (Anaconda) Mine.
The Venus Project, which is 100% owned by Altan Nevada, is located within the Yerington copper porphyry district in the Walker Lane mineralized belt in Nevada. It is approximately six miles east-south-east of the Yerington township, and easily accessible by both paved and dirt roads. Altan Nevada’s decision to advance exploration at the Venus Project coincides with the recommencement of development at Nevada Copper Corp.’s (TSX:NCU) (“Nevada Copper”) Pumpkin Hollow Copper Mine immediately to the north and less than one mile from the tenement boundary. (Figure 4).
Pumpkin Hollow, 100%-owned by Nevada Copper, is a fully permitted project, encompassing both underground and open cut mines, and is expected to produce an average 50 million pounds of copper annually over 23 years commencing mid-2019. Located on-strike from Pumpkin Hollow, Altan Nevada’s Venus Project now consists of 208 unpatented mining claims covering approximately 4,169 acres (~16.9 km²), all situated on Bureau of Land Management (Federal) land.
On behalf of Altan Nevada Minerals Limited
For more information contact:
John L C Jones AM – Chairman
+61 9322 1788
Paul Stephen – CEO
+61 9322 1788
Neither the TSX Venture Exchange Inc. nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange Inc.) accepts responsibility for the adequacy or accuracy of this press release
The technical and scientific information in this news release has been reviewed and approved by Barry Bourne, the Company’s VP Exploration, Mr. Bourne is a Qualified Person as defined in National Instrument 43-101 of the Canadian Securities Administrators, and a Competent Person as defined in the 2012 Edition of the Joint Ore Reserves Committee (JORC) Australasian Code of Reporting of Exploration Results, Mineral Resources and Ore Reserves.