Elissa Commences Drilling at Sage Creek Gold Project, Idaho
(firmenpresse) - VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 08/10/11 -- Elissa Resources ("Elissa" or the "Company") (TSX VENTURE: ELI) is pleased to announce that core drilling has commenced at its Sage Creek Gold Project in east-central Idaho, USA. The drill program is targeting gold with open-pit potential at depths of up to 150 meters.
"We believe the near-surface, tabular gold-bearing unit at Sage Creek has the potential to contain a large and economically viable gold resource," said Paul McKenzie, President and CEO of Elissa Resources. "Very encouraging near-surface drill results were overlooked by a previous explorer that focussed its limited drill program on deeper, potential gold-bearing structures only."
Sage Creek has widespread gold mineralization on the surface, including gold-bearing rock float that contains up to 30 grams per tonne (g/t) gold throughout the area. Up to 3.0 g/t gold was intersected over 10 meters (not true thickness) during limited historical drilling. Sage Creek and its vicinity host a number of historical open-pit gold mines.
The gold-bearing target at Sage Creek is a Precambrian-age unit consisting of gently dipping interbedded chert and banded iron formation. The unit shallowly underlies the area, sub-parallel to the hill slopes, and for this reason several of the historical gold mines on the property and nearby areas were developed as open-pit operations.
The technical information outlined in this news release, has been reviewed and approved by Mel Klohn, PGeo, a Director of Elissa Resources Ltd. and a Qualified Person under National Instrument 43-101.
On behalf of the Board of Directors of Elissa Resources Ltd.,
Paul McKenzie, President and CEO
About Elissa Resources Ltd.
Elissa Resources is advancing its 100%-owned Thor heavy and light rare earth element project in Nevada, 16 miles (28 km) east of Molycorp Minerals' Mountain Pass deposit and processing facility in California. Strongly represented at the Thor project are four rare earth elements that have been deemed as being in critical short supply by the U.S. Department of Energy: neodymium (Nd), terbium (Tb), dysprosium (Dy), and yttrium (Y). Additionally, Elissa has an option to earn a 100% interest on both the Sage Creek (Idaho) and St. Elmo (Nevada) gold projects. Elissa is also reviewing and aggressively pursuing REE opportunities in other parts of Nevada and neighbouring states.
Statements in this press release other than purely historical information, including statements relating to the Company's future plans, objectives or expected results, constitute forward-looking statements. Forward-looking statements are based on numerous assumptions and are subject to the risks and uncertainties inherent in the Company's business, including risks inherent in mineral exploration and development, and uncertainties in connection with anticipated commodity prices for minerals, growth of worldwide market demand, exploration capital requirements, length of asset life and availability of qualified personnel, among others. As a result, actual results may vary materially from those described in the forward-looking statements.
"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:
Elissa Resources Ltd.
Paul McKenzie
President and CEO
(604) 669-8368 or (604) 662-3692 ext 107
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Datum: 10.08.2011 - 07:00 Uhr
Sprache: Deutsch
News-ID 1029312
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