Gateway Gold Intersects 345 Feet Grading 2.39 G/T Gold and 59.9 G/T Silver on Santa Fe Property, Nevada
VANCOUVER, BRITISH COLUMBIA–(Marketwire – Sept. 25, 2008) – Gateway Gold Corp. (TSX:GTQ) (the “Company”) is pleased to report the remaining results from the recent drilling program on the Santa Fe gold property located in south-western Nevada. All of these holes intersected thick intervals of gold and silver mineralization highlighted by Hole SF08-06, which intersected 345 feet grading 2.39 g/t gold and 59.9 g/t silver. The holes were all designed to test the grade and thickness continuity of the mineralized zone below the bottom of the historic drill holes. The results from the Company’s holes confirm that the mineralized zone continues to at least 325 feet below the depth established by the historic holes.
“We are very pleased to have extended the mineralization significantly below the depths of the historic drill holes,” commented M.D. McInnis, President and CEO of Gateway. “In addition, the thickness of the zone appears to be improving with depth. We are looking forward to further drilling to establish the full extent of this promising mineralized zone.”
The results of the drilling program are summarized in the table below. Intervals reported are drilled intercepts which may not represent true widths of the mineralized zone.
__________________________________ Hole______Gold____Silver Hole____________From______To__ Interval____ Grade____ Grade Number________ (feet)__(feet)____ (feet)__(g/t Au)__(g/t Ag) ———————————————————– SF08-05__________470____ 710________240______2.01______43.3 and______________785____ 835________ 50______1.54______37.8 SF08-06__________500____ 965________465______2.06______49.9 including________500____ 845________345______2.39______59.9 and including____845____ 965________120______1.12______21.2 SF08-07__________575____1020________445______2.17______36.7 including________575____ 855________280______2.77______49.5 and including____855____1020________165______1.16______15.0 SF08-08__________565____ 600________ 35______2.85______37.6 and______________655____ 875________220______2.42______10.5
Holes SF08-05 through 07 were drilled as a fence of holes on the southeast side of the mineralized zone (see attached map). Hole SF08- 06 was drilled near historic hole VSF81-64. Hole SF08-06 intersected mineralization over 465 feet, which added 215 feet to the intercept below the bottom of VSF81-64. Hole SF08-07 was an offset of historic hole CSF80-30 which bottomed in mineralization. SF08-07 extends the mineralized zone an additional 325 feet below the bottom of CSF80- 30. Hole SF08-08 was drilled at an angle across the mineralized zone in the vicinity of historic hole VSF81-63 and extended the zone approximately 100 feet below the bottom of the historic hole. The mineralized zone appears to be an irregularly shaped tabular body which ranges in width from 225 to 300 feet and up to 800 feet in strike length. The zone crops out on the side of the historic Santa Fe pit and has been traced for at least 700 feet to depth.
To view accompanying map, please click on the following link: http://media3.marketwire.com/docs/SantaFePlan.jpg
For further information about the Company and its activities, please refer to the Company’s website at www.gatewaygold.com and under the Company’s profile at www.sedar.com.
ON BEHALF OF THE BOARD
Michael D. McInnis, P.Eng., President and CEO
Dr. Giles Peatfield, P. Eng. is an Independent Qualified Person for GTQ and has reviewed and approved the contents of this release.
Certain of the statements made and information contained herein is “forward- looking information” within the meaning of the Ontario Securities Act. and the Alberta Securities Act or “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934 of the United States 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 and forward looking information, including, without limitation, risks and uncertainties relating to the interpretation of drill results and the estimation of mineral resources, the geology, grade and continuity of mineral deposits, the possibility that future exploration results will not be consistent with the Company’s expectations, accidents, equipment breakdowns, title matters and surface access, labour disputes or other unanticipated difficulties with or interruptions in production, the potential for delays in exploration activities and the potential for unexpected costs and expenses, commodity price fluctuations, currency fluctuations, failure to obtain adequate financing on a timely basis and other risks and uncertainties, including those described under Risk Factors Relating to the Company’s Business in the Company’s Annual Information Form and in each management discussion and analysis. Forward-looking information and forward looking statements are in addition based on various assumptions including, without limitation, the expectations and beliefs of management, the assumed long term price of gold, that the Company will receive required permits and access to surface rights, that the Company can access financing, appropriate equipment and sufficient labour and that the political environment within Nevada will continue to support the development of environmentally safe mining projects. 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 statements. Accordingly, readers are advised not to place undue reliance on forward-looking statement.
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