July 31st, 2012 – Vancouver, British Columbia – Altan Nevada Minerals Limited, TSX.V: ANE (“Altan Nevada” or the “Company”) is pleased to announce results from a recently completed rock sampling campaign at the Venus copper-gold project (“Venus”) and from the inaugural trenching program at the Montelle gold project (“Montelle”), both of which are located in the Yerington District of western Nevada and are 100%-owned. Targets at both Venus and Montelle have been upgraded, with field work to continue throughout the summer. The Company is also pleased to announce that the inaugural drilling program at the Company’s 100%-owned Black Top gold project (“Black Top”) has been completed, with results expected in coming weeks.
Altan Nevada’s projects in Nevada with Venus, Montelle & Black Top highlighted
- New zone of copper mineralization discovered at Venus with grab sample assay results of up to 6 g/t Au and 0.86% Cu in a large altered granite dike swarm, considered a prime target for initial drilling, being adjacent to Nevada Copper’s Pumpkin Hollow project.
- Trench sampling at Montelle assayed up to 26 g/t Au and 9.7 g/t Ag in a 0.6 m wide interval in trench T-12, confirming the project’s potential for high grade gold mineralization.
VENUS PROJECT – ROCK SAMPLING RESULTS
18 rock samples were recently collected over the Venus project in an area of known gold-telluride veins along the northern border, and to the south in the central part of the project where a new zone of copper-stained granite dikes was discovered (Figure 1). Assays confirmed previous high gold, copper and tellurium results, and highlighted silver values up to 193 g/t along the northern border from grab samples. Moreover, a newly discovered altered granite dike zone was assayed with high copper (up to 0.86%) and gold (up to 6 g/t) in grab samples. These results confirm that robust mineralization extends southward from the rapidly developing Pumpkin Hollow deposits, rendering Altan Nevada’s ground a prime target for an initial drilling program.
About the Venus Project
The Venus project consists of 111 unpatented mining claims, covering an area of 876 hectares. The project is adjacent to the southern boundary of Nevada Copper’s cluster of Cu-Fe-Ag-Au skarn deposits known as Pumpkin Hollow, for which proven and probable reserves include 4.29 billion pounds of contained copper and approximately 1 million ounces of gold. Since 2007, Altan Nevada has completed rock chip and soil sampling, mapping and ground geophysical surveys on the property, exploring for copper-iron (Au, Ag) skarns and copper porphyry intrusion targets. The project is fully permitted for drilling and the recent positive rock sampling results have further defined drill targets.
MONTELLE PROJECT – TRENCHING RESULTS
All assay data from the trenching program completed at Montelle earlier this year has now been received. Approximately 732 linear meters were excavated and 237 channel samples were collected and assayed over two main target zones. Complexly faulted zones with strong alteration, favorable geochemistry and locally elevated gold contents were revealed by trenching. Sericitic alteration and mesothermal-style veining and mineral associations were also noted, all of which are indicative of orogenic-style precious metal mineralization. Mineral grades of up to 26 g/t Au and 9.7 g/t Ag were received from a 0.6 m wide interval in trench T-12, within a 7.5 m wide anomalous zone (Au-Ag-Cu-Bi assemblage) (Figure 2).
These initial results from a modest trenching program are quite encouraging, confirming the source of previously announced high grade gold values from grab samples (at surface). With the feature having an apparent strike length of approximately 1 km and with local gold grades exceeding 20 g/t, the Company believes that a geophysics program aimed at identifying additional mineralization in coalescing structural zones is warranted.
For a complete table of Montelle trenching results, please visit the Company’s website at www.altnev.com/projects/montelle/.
About the Montelle Project
Montelle is a reconnaissance-generated project covered by 60 unpatented mining claims encompassing 490 hectares with high grade gold bearing quartz veins and shear zones in a Yerington stage granitoid. The high grade veins have been largely overlooked in the modern era of Nevada exploration. The project is 100%-owned by the Company.
Rock and trench samples were collected, recorded and marked by Altan Nevada geologists and submitted to American Assay Labs (Sparks, Nevada) for sample preparation and assay work. American Assay Labs performed all silver, gold and copper assays pertaining to the samples highlighted in the text 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.
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’s holdings in Nevada currently total more than 17,500 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 Venus, Montelle and Black Top Projects.
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]