June 3, 2008
TSX Venture Symbol: DAU
Drilling Program Commences at the Goldbanks Property, Nevada
Vancouver, B.C. – Desert Gold Ventures Inc. ("Desert Gold" or the "Company") is pleased to announce the commencement of a reverse circulation and diamond drilling program on the Goldbanks Property in Nevada (the “Property”). Desert Gold is earning a 50% interest in the Goldbanks Project through an option and joint venture agreement with Kinross Gold Corporation (TSX Symbol: K, NYSE Symbol: KGC).
Since the completion of the last drilling program on the Property, Company geologists have continued to conduct a detailed review of the technical data to identify drill targets to extend and test for the two types of mineralization that occur within the Goldbanks Gold Deposit. These include the high grade “vein” or “feeder” type mineralization and the bulk tonnage lower grade deposit that has been the focus of previous exploration. The commencement of the drilling marks the start of a major exploration program that is planned to be completed in 2008. This includes 30,000 feet of reverse circulation drilling and 25,000 feet of HQ core size diamond drilling. The budget for the 2008 program is $2.89 million.
Historically, most of the over 1180 drill holes that have been completed on the Goldbanks Property were located to outline and define, in detail, a series of lower grade gold deposits. An independent resource calculation published in a Company press release dated March 28, 2006, identified an inferred oxide and sulphide resource of 556,700 ounces gold with 90% as oxide mineralization. The resource calculation at that time was based on much lower gold prices and limited to the area defined by the historic drilling conducted by Kinross. Over the past two years the ongoing surface exploration, data review, and drilling programs has identified large high
priority target areas to the north and west of the historic gold deposits, and most importantly, nearer to surface. These new target areas will be the focus of a planned systematic drilling program to be completed this year. If successful this program will not only expand upon the currently defined resource, but also define a deposit closer to surface and more amenable to open pit development.
The second target of the current drilling program is the high grade “feeder veins” that are evident throughout the lower grade zones of gold mineralization. These veins have a typical association with lower grade epithermal gold deposits throughout Nevada, are the target of most current exploration, and have and will continue to be a significant source of gold production in the state. Previous drill campaigns that focused on the high grade veins were mostly within the lower grade
deposit. Detailed studies by Company geologists have determined that the veins are much better developed and show continuity at the contact between the overlying Tertiary sediments and the pre-Tertiary basement. Because the lower grade deposit is predominantly in the Tertiary sediments, this contact zone has not been properly tested. This contact zone will be the focus of the current diamond drilling program. The drill holes will offset significant higher grade gold intercepts at or near the basement contact to test for lateral and vertical continuity.
Desert Gold is very pleased to have completed the necessary technical review and permitting process to allow for the commencement of this important next phase of operation on the Goldbanks Property. Exploration work is being conducted under the supervision of the Company’s Qualified Person, Timothy J. Percival, PG.
On Behalf of the Board of Directors,
"Eugene Beukman"
Eugene Beukman, President
For further information on Desert Gold Ventures Inc. please visit our website at:
www.desertgold.ca
This release includes certain statements that may be deemed to be "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. All statements in this release, other than statements of historical facts, that address future production, reserve potential, exploration and development activities and events or developments that the Company expects, are forward looking statements. Although management believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploration and development successes, continued availability of capital and financing, and general economic, market or business conditions. Please see our public filings at www.sedar.com for further information.
THE TSX VENTURE EXCHANGE DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE
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