April 10th, 2012 – Vancouver, British Columbia – Altan Nevada Minerals Limited, TSX.V: ANE (“Altan Nevada” or the “Company”) is pleased to report the initiation of the first ever drilling campaign, approximately 3,000 m of reverse circulation drilling scheduled to begin in early May, at the Company’s Black Top gold project (100%) (“Black Top”), located in Nye County, Nevada. The Company is also pleased to announce the staking of the Yellow Cone copper-gold-silver project (100%) (“Yellow Cone”), also located in Nye County.
- · Black Top is dominated by Miocene volcanic geology that is very similar to Round Mountain, a 20 Moz gold giant operated jointly by Kinross and Barrick, located some 140 km to the north-west
- · The alteration is anomalous in gold (from 0.1 g/t up to 3 g/t), silver and epithermal pathfinder elements (As, Hg, S, Tl, Sb) typical of Round Mountain-type systems
- · The main targets are large and have never been drilled
Three main targets for Phase I drilling have been identified based on geophysics and multi-element soil anomalies (Figure 1).
Oswald East – Recent soil results highlight a near-surface, robust Au-As-Sb anomaly, 1 km in diameter, that coincides with a strong gradient array IP anomaly. Follow-up detailed IP shows very interesting structural and possible alteration features typical of epithermal gold systems. Because the zone is shallow, it is a first priority target.
Middle Domain – Rock chip and soil geochemical sampling delineate a well-developed Au-As-S-Tl anomaly, 1+ km long, in an area with numerous shallow prospect shafts and pits, locally with high mercury values. This anomaly coincides with strong IP chargeability features at depth. The zone is relatively shallow and represents a solid target with high tonnage potential.
Rachel Grade – The large gradient array IP survey also identified a large (1.5 km long), high-amplitude chargeability feature at depth in the eastern sector of the project which may be a feeder zone to the widespread gold system. The Rachel Grade target has the potential to be very large in size and is only shallowly covered on its western edge, making it a relatively low cost drill target.
Detailed cross-sections and further geological information for Black Top can be found on the Company’s website at www.altnev.com/projects/blacktop/.
Altan Nevada generated the Black Top project in 2009 by combining satellite image interpretation with regional geophysics and targeted rock sampling. It consists of 471 lode mining claims covering 9,430 acres that are 100% owned by the Company. The metal system meets the Company’s criteria for large size and robust alteration zonation. Rock and soil samples over a 3 x 7 km area show anomalous values ranging from 0.1 g/t Au to 3 g/t Au, 0.5 ppm Ag to 10.3 ppm Ag, 100 ppm As to 2,500+ ppm As and 1 ppm Hg to >1,000 ppm Hg.
Mr. John Jones, Altan Nevada’s Chairman, has said of the Black Top project: “It is our firm belief that future large gold deposits in Nevada will be delivered by seamless exploration-finance-management teams like Altan Nevada’s that can quickly identify and evaluate concealed metal systems using the Company’s unique blend of leading edge technology and Nevada-based discovery experience, and that important new discoveries will be achieved by explorers like us that are driven to succeed.”
YELLOW CONE PROJECT
Altan Nevada is also pleased to announce the staking of a new project. The Yellow Cone project is a large volcanic hosted copper-gold-silver system that has seen very little modern-era exploration. It consists of approximately 500 newly located mining claims, 100% owned by the Company, and covers an area of approximately 10,000 acres.
Yellow Cone was identified through regional geophysics as a structurally-controlled magnetic low astride a regional gravity high. An extensive quartz vein system was historically developed through a number of shafts and produced several thousand ounces of gold early in the 20th century. Recent rock sampling showed anomalies ranging from 1 g/t Au to 26 g/t Au, 10 g/t Ag to 880 g/t Ag, and 0.1% Cu to +5% Cu.
Preliminary deep-looking IP-Resistivity profiles have produced very interesting results, and the company is quite excited to further the exploration program in the 2012 season with additional geophysical and geochemical surveys. For more information on Yellow Cone please visit the Company’s website at www.altnev.com/projects/yellowcone/.
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 is actively exploring holdings in Nevada totaling more than 43,000 acres. 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. To date, over US$4.8M has been spent acquiring and exploring highly prospective projects and identifying targets.
Competent Person Statement
Altan Nevada’s Exploration Director, J. Kelly Cluer, 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 Black Top and Yellow Cone projects.
All sample preparation and assay work was completed by American Assay Labs and Inspectorate, both located in Sparks, Nevada. Gold was analyzed by fire assay. Silver and other elements were analyzed using aqua regia digestion and ICPMS measurement. The Company maintains a QA-QC program regarding the preparation, shipping, and checking of all samples, including the use of certified standard reference materials, blanks, as well as field and pulp duplicates.
On behalf of Altan Nevada Minerals Limited,
Evan Jones, President & CEO
For more information please contact:
Kelly Earle, Corporate Communications Manager
Altan Nevada Minerals Limited
Tel: +1 604 495 8374 x 220
Email: [email protected]