March, 30th, 2012 – Vancouver, British Columbia – Altan Nevada Minerals Limited, TSX.V: ANE (“Altan Nevada” or the “Company”) is pleased to report that the current drilling program has been completed at the Radar gold-silver project (100%) (“Radar”), located in Nye and Mineral Counties, Nevada, and that all assays have been received. The Company also reports initiation of a trenching program at the Montelle gold project (100%) (“Montelle”) in Lyon County, Nevada.
RADAR DRILL RESULTS
The Phase I Drill Program at Radar consisted of four holes for 1,949 m of diamond drilling. The four drill holes tested geophysical anomalies in a relatively small area (1 x 1.5 km) near the center of the project. All precious metal and major pathfinder element assay results have been received.
Precious metal values were lower than anticipated, but suggestively anomalous in holes RA-003 and RA-004 (see table below).
Table 1. Summary of Radar Phase I exploration drilling gold and silver results
Pyrite mineralization elevated in precious metals and pathfinder elements such as arsenic, copper, and molybdenum was encountered in RA-003 below 261.82 m. Pyrite in this geochemically anomalous zone occurs in concentrations that are frequently greater than 5% to as much as 15%. Most of the sulfide is disseminated but also occurs in wispy concentrations, thin veinlets, and hydrothermal breccias. The elevated precious metal and pathfinder elements (50-60 ppb Au, 4 ppm Ag, 80 ppm As, 100+ ppm Cu, and 30-70 ppm Mo) intersected at the bottom of RA-003 are strongly indicative of proximity to precious metal concentrations in high sulfidation epithermal systems.
Figure 1. The major drill targets and drill hole locations on the Radar project, based on geochemistry, geophysics and geology
Altan Nevada’s Exploration Director, J. K. Cluer has observed “The fact that we have intersected elevated gold, silver and associated elements at depth is encouraging as we started this hole in essentially barren volcanic – targeting only geophysical features at depth. This is a positive upgrade to the overall target concept. We remain bullish on Radar’s ability to produce commercial intersections with further targeted drilling.”
Drill samples were logged and marked by Altan Nevada geologists and submitted to American Assay Labs (Sparks, Nevada) for core cutting, sample preparation and assay work. American Assay Labs performed all silver and gold assays pertaining to the drill-core samples highlighted in the text and table above. 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.
Radar Project – Further Evaluation
The geophysical targets that have been upgraded by drill-indicated geochemical halos need to be pursued with further drilling. Additionally, there are at least five prospective targets that were not tested in this initial drill campaign. These targets comprise geochemical anomalies associated with low level Au + Ag along the eastern side of the project and structural/geochemical targets north of the Phase I drilling array (see map above). Targeted geophysics may be used to further refine any future drilling plans. Future drilling at Radar will be prioritized with respect to the Company’s other seven projects in Nevada, two of which are scheduled for drilling in 2012.
MONTELLE TRENCHING PROGRAM
A trenching program designed to expose high grade gold-controlling structures was initiated in early March. The plan is for approximately eight trenches for an aggregate 670 m over a strike length of 1.2 km to be completed by end of March. The highest priority trenches are being cut across zones that have yielded numerous assays greater than 5 g/t Au (up 23.7 g/t Au) from surface grab samples of quartz veins and quartz vein gouge during recent reconnaissance efforts by Altan Nevada.
The information obtained from the trenching and sampling program is designed to deliver a number of new drill targets.
About the Montelle Project
Montelle is a reconnaissance-generated project with high grade copper-gold bearing quartz veins and shear zones in a Yerington stage granitoid that has been largely overlooked in the modern era of Nevada exploration. The project is 100% owned by the Company.
Figure 4. Oblique photo of the Montelle project area, looking south, showing projection of main alteration zone and bounding shear structures with selected (1+ g/t Au) samples and planned trenches (not all are visible as they trend off the photo to right). Note old underground workings visible in lower right
About Altan Nevada
Altan Nevada is a grassroots exploration company focused on the discovery of large-scale ore systems in under-explored districts of Nevada, USA. The Company is currently exploring holdings in Nevada totaling more than 15,710 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. 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 Radar and Montelle Project.
On behalf of Altan Nevada Minerals Limited,
President & CEO
For more information please contact:
Corporate Communications Manager
Altan Nevada Minerals Limited
Tel: +1 604 495 8374 x 220
Email: [email protected]