Terraco Announces Moonlight Exploration Underway
07 October 2010 - 10:00PM
Marketwired
Terraco Gold Corp. (TSX VENTURE: TEN) ("Terraco" or the "Company")
wishes to announce that the 2010/2011 exploration program is now
underway at its gold and silver Moonlight Project, Pershing County,
Nevada.
The Moonlight exploration program includes detailed mapping and
sampling that follows up on previous exploration work. The program
will aid in further understanding regional and local faulting and
alteration, and how these important factors may have impacted
potential precious metals mineralization at the Moonlight Project
area. The Black Ridge Fault, a district-scale structural zone, has
long been known to be an important control of the mineralization at
Coeur d'Alene Corp.'s Rochester Mine and Barrick Gold Corp./Midway
Gold Corp.'s Spring Valley deposit, and has been mapped to the
north of the Spring Valley property where it enters the Moonlight
Project area. Activity will also focus on other structures that
control mineralization and alteration at Moonlight. In total, the
exploration program will lead to better potential drill target
definition and a possible selective geophysical program.
Previously announced exploration highlights at Moonlight include:
-- Drilling 1 mile north of the Moonlight Basin returned 24.4 meters (80
feet) of 35.2 grams per tonne ("gpt") (1.03 ounce per ton ("opt"))
silver that included 1.5 meters (5 feet) of 211 gpt (6.14 opt) silver
within a zone of 10.7 meters (35 feet) of 72.8 gpt (2.13 opt) silver.
-- Samples taken from a dump at workings that appear to be along the the
Black Ridge Fault zone, returned values of 11.86 gpt (0.346 opt) gold
and 139 gpt (4.05 opt) silver as well as 5.42 gpt (0.158 opt) gold and
17.7 gpt (0.52 opt) silver. Additionally, a 5 foot chip sample taken
across an outcrop returned 4.77 gpt (0.139 opt) gold and 74.1 gpt (2.16
opt) silver.
The Moonlight Project adjoins and is on strike with Spring
Valley Project. Midway Gold Corp. has announced a National
Instrument 43-101 compliant resource of 1,840,000 ounces of gold at
Spring Valley. Moonlight is also on strike, five miles to the north
of the current and past producing Rochester Mine. As reported by
Coeur d'Alene Corp., Rochester has produced 124 million ounces of
silver and 1.0 million ounces of gold over the last 24 years.
Rochester is in the process of reactivating its mining
activities.
The technical information in this release has been reviewed and
approved by Charles Sulfrian, P.Geo., Vice President, Exploration
of Terraco and a 'qualified person', as defined by NI 43-101,
Standards for Disclosure of Mineral Projects.
Terraco is a mineral exploration company, listed on the TSX
Venture Exchange under the symbol "TEN". Please visit Terraco's
website at www.terracogold.com for additional information.
Certain of the statements made and information contained herein
are "forward-looking statements" within the meaning of Canadian
securities legislation or "forward-looking information" within the
meaning of the Ontario Securities Act and the Alberta Securities
Act. This includes statements concerning the Company's plans at its
mineral properties, which involve known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance or achievements of the Company, or industry results, to
be materially different from any future results, performance or
achievements expressed or implied by such forward-looking
statements or forward-looking information. Forward-looking
statements and forward-looking information are subject to a variety
of risks and uncertainties which could cause actual events or
results to differ from those reflected in the forward-looking
statements or forward-looking information, including, without
limitation, the availability of financing for activities, risks and
uncertainties relating to the interpretation of drill results and
the estimation of mineral resources and reserves, the geology,
grade and continuity of mineral deposits, the possibility that
future exploration, development or mining results will not be
consistent with the Company's expectations, metal price
fluctuations, environmental and regulatory requirements,
availability of permits, escalating costs of remediation and
mitigation, risk of title loss, the effects of accidents, equipment
breakdowns, labour disputes or other unanticipated difficulties
with or interruptions in exploration or development, the potential
for delays in exploration or development activities, the inherent
uncertainty of production and cost estimates and the potential for
unexpected costs and expenses, commodity price fluctuations,
currency fluctuations, expectations and beliefs of management and
other risks and uncertainties. In addition, forward-looking
statements and forward-looking information is based on various
assumptions. Should one or more of these risks and uncertainties
materialize, or should underlying assumptions prove incorrect,
actual results may vary materially from those described in
forward-looking information or forward-looking statements.
Accordingly, readers are advised not to place undue reliance on
forward-looking statements or forward-looking information. Except
as required under applicable securities legislation, the Company
undertakes no obligation to publicly update or revise
forward-looking statements or forward-looking information, whether
as a result of new information, future events or otherwise.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the Exchange)
accepts responsibility for the adequacy or accuracy of this
release.
Contacts: Terraco Gold Corp. Todd Hilditch President and CEO
604.443.3831 or Toll Free: 1.877.792.6688 604.682.3860 (FAX)
www.terracogold.com
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