American Consolidated Minerals Corporation (TSX VENTURE: AJC) -
Toiyabe Highlights
-- 800 meters of strike length added to the 805 Fault Target
-- 805 Fault Target identified as a major feeder structure that extends the
related mineralization to depth
-- North and south extensions of the 805 Fault related gold zone are
primary drilling targets
-- Hanging wall of the 805 Fault identified as primary target for future
drilling
-- 250 meters of prospective host rock identified at depth
Lone Ranch Highlights
-- Eight of 12 drill holes confirm the existence of gold mineralization
within two of the three zones tested
-- Gold values from 0.3 g/t to 2.15 g/t were intersected in all three holes
located in the Middle Ranch Zone
-- The gold values in drilling occur over an interval of 20 to 40 feet (6
to 12 m)
American Consolidated Minerals Corporation (the "Company") is
pleased to provide a review of its 2010 Exploration Program at the
Toiyabe and the Lone Ranch properties located in Nevada and
Washington respectively.
The drilling program at Toiyabe identified the 805 Fault as the
principal feeder structure in the area tested and extended 805
related mineralization to depth with the intercept of 60 feet (48.0
ft. or 14.6 m true width) averaging 0.059 oz/ton gold (2.03 g/t)
from 973 to 1,033 feet (297 to 315 m). Included within this
interval is 15 feet (12.0 ft. or 3.7 m true width) of 0.149 oz/ton
gold (5.11 g/t) in hole T-1002BC.
Toiyabe - Detailed Project Review
Deep drilling by the Company targeted favorable host rocks in
the hanging wall and footwall of the 805 Fault, previously thought
to be a high-angle feeder structure. Drilling indicates the 805
Fault has a shallower dip (60 degrees versus 75 degrees). This
makes the hanging wall of the 805 Fault and the fault itself a
primary target for future drilling. The revised cross section is
shown on the Company's website,
http://www.americanconsolidatedminerals.com.
The 805 Fault is now thought to be the equivalent of the
Courtney A Fault near the surface. This revelation creates a west
dipping 805 Fault and hanging wall target extending from the
surface to a depth of around 1,000 feet (330 m) to 1,300 (400 m) to
the west. West of this, deep drilling would be needed to further
test the target. The north and south extensions of the 805 Fault
related gold zone defined to date will be a primary drilling target
at Toiyabe for 2011.
In the fall of 2010 four angled reverse circulation (RC) holes
were drilled to determine if several northeast trending faults that
offset the northwest trending 805 Fault are mineralized. The first
hole drilled was T-1004, located 1,500 feet (450 m) to the NW of
the T-1001/1002 holes. The hole is all in upper plate Valmy, but
intersects a dike that could be the northeast fault targeted. No
significant mineralization was encountered. The drill hole appears
to be well above the Horse Canyon favorable stratigraphy.
Holes T-1003, 1005 and 1006 were fanned to the NW from a site
500 feet (150 m) north of 1002 and are all in the Horse Canyon
formation. All three holes hit voids believed to be indicative of a
major northeast trending fault. Although one hole contained
anomalous gold (0.3-0.7 g/t), it does not appear related to the
northeast trending fault. The conclusion is that the northeast
faults are major offsetting features, but they are post-mineral and
therefore unmineralized.
In the fall of 2010 the Company conducted an additional
geophysical survey to the southeast of this year's deep drilling.
The results of this survey are being combined with previous surveys
and a new interpretation is being processed. Management can now
conclude that 2600 feet (800 m) of strike length has been added to
the 805 target.
The Company is currently formulating its 2011 Toiyabe
exploration plan. This program will test the north and south
extensions of the 805 fault and untested geophysical anomalies in
the northeastern part of the Courtney area. Extensive RC drilling
of the shallower targets, as well as core drilling of deeper
targets, is also planned.
Lone Ranch - Detailed Project Review
Over several years, the company identified an alteration zone
traceable on surface for over 24,000 feet (7,300 m) along strike at
Lone Ranch. Several geophysical anomalies were identified as a
result of an EM survey conducted by the company in 2006. One of
these anomalies is coincident with gold mineralization intersected
by Cyprus Minerals and Kennecott in the late 1980's and early
1990's. This anomaly was named the Adit Zone for an adit near the
center of the anomaly that contains 0.1 opt gold over 100 feet of
length. Drilling of ten core holes around the adit in past years
encountered 0.66 to 1.47 g/t gold over 20 to 51 feet.
The geophysical anomalies are extensive ranging from 1000 feet
wide by 4,500 feet long (300 by 1370 m) for the Adit Zone to 3,100
feet wide by 8,200 feet long (945 by 2,500 m) at the North Forty
Zone. According to the geophysicist's report, the cause of the
anomalies is within the first 330 feet (100 m) of the surface.
The Company's drill program targeted three anomalies. Twelve
wide spaced holes were drilled for a total of 4670 feet (1423 m)
and an average of 389 feet (118.6 m) per hole. Six holes were
spaced roughly 800 feet by 2,500 feet (244 by 762 m) within the
North Forty target. Two holes were spaced about 400 feet (122 m)
apart in the Middle Ranch target while one hole was fanned at a 45
degree angle from the southernmost hole. Two holes were spaced
2,700 feet (823 m) distant from each other at the Adit target with
the third hole fanned at a 45 degree angle from the southernmost
hole.
Partial results for eight of 12 drill holes confirm the
existence of gold mineralization within two of the three zones
tested. Gold values from 0.3 g/t to 2.15 g/t were intersected in
all three holes located in the Middle Ranch zone. Gold
mineralization to 4.5 g/t has also been obtained from select
samples of dump material collected from pits 1000 feet (305 m) to
the south of the southern hole in this area. The gold values in
drilling occur over an interval of 20 to 40 feet (6 to 12 m) thick
and appear to be close to true thickness based on the bedding
attitude in core.
In the Adit Zone one of two holes that have been assayed
encountered a thicker zone of anomalous gold within several sulfide
rich layers from 50 to 85 thick. No gold values greater than 0.11
g/t were found within this hole. The second hole had no gold while
the third of three holes drilled in this area has not been assayed
yet.
The North Forty Target has only two of six holes completely
assayed to date. No significant gold values were intersected in
either of holes LR 10-4 or 10-6. Although drilling encountered
thick intercepts of alteration, none of the alteration and
mineralization noted in the southern target areas were visible in
the northern core holes. However, trace elements are elevated and
will be evaluated for potential proximity to a mineralizing
source.
The Company will fully evaluate the assays results when all data
has been returned in order to determine the next phase of
exploration.
"The 2010 exploration program at Toiyabe has both increased our
understanding of the property and confidence in our targets," said
Company President, Al Fabbro. "The drill targets have become much
larger in size with the 850 Fault extending almost 4000 feet in
length and the new geophysical interpretations defining bona fide
world class drill targets. The work completed so far allows us to
concentrate our efforts moving forward with a greater degree of
confidence and a more focused plan. This year's exploration program
has brought us much closer to unlocking the true potential of
Toiyabe. We look forward to 2011 with great expectations."
Richard Kern (P.Geo), a director of American Consolidated
Minerals, is the Company's Qualified Person on the project. Richard
Kern has prepared the technical information contained in this press
release.
For more information on the Company and its properties please
visit the Company's website at
www.americanconsolidatedminerals.com.
ON BEHALF OF THE BOARD:
Al Fabbro, President & Director
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.
Contacts: American Consolidated Minerals Corporation Al Fabbro
President & Director 1 604 602 4935 / Toll Free: 1 866 602 4935
1 604 602 4936 (FAX) www.americanconsolidatedminerals.com
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