2.15 Meters Averaging 24.45 g/t Au in Drilling at Ketza River, Yukon and Flow Through Private Placement
VANCOUVER, Feb. 22 /PRNewswire/ – Yukon-Nevada Gold Corp. (TSX: YNG) (Frankfurt Xetra Exchange: NG6) is pleased to announce favorable results from its 2010 drilling program
at Ketza River. The Ketza River property is wholly-owned by
Yukon-Nevada Gold Corp., and is a past gold producer located near the
town of Ross River in the Yukon Territory, Canada.
The recently received assay results are from manto-style (limestone
replacement) targets from the Peel and Penguin zones drilled in 2010.
All drill holes referenced in this news release are diamond drill holes
completed by one drill rig between June 13, 2010 and September 8, 2010.
Six drill holes were completed west of the 2008 Peel Zone manto
resource. The results are presented in Table 1. One drill hole,
KR-10-1522, was also drilled within the existing resource. See the Peel
Zone plan map figure on the YNG website here: http://www.yukon-nevadagold.com/i/pdf/KetzaPeelMap2010.pdf.
Table 1. Summary of Significant Intercepts from the Peel Zone*
_________________________________________________________________ | | From | To |True Thickness| Gold Grade | |Hole Number|Meters (m)|Meters (m)| Meters (m) |Gram/tonne (g/t)| | |Feet (ft) |Feet (ft) | Feet (ft) |Troy ounces/ton | | | | | | (opt) | |___________|__________|__________|______________|________________| | | 46.31 m | 48.47 m | 2.15 m | 24.45 g/t | | | 151.9 ft | 159.0 ft | 7.1 ft | 0.786 opt | |KR-10-1522 |__________|__________|______________|________________| | | 51.41 m | 53.13 m | 1.71 m | 2.61 g/t | | | 168.6 ft | 174.3 ft | 5.7 ft | 0.084 opt | |___________|__________|__________|______________|________________| |KR-10-1524 | 33.62 m | 38.09 m | 4.45 m | 3.99 g/t | | | 110.3 ft | 124.9 ft | 14.6 ft | 0.128 opt | |___________|__________|__________|______________|________________| |KR-10-1527 | 55.10 m | 56.75 m | 1.64 m | 4.48 g/t | | | 180.7 ft | 186.1 ft | 5.4 ft | 0.144 opt | |___________|__________|__________|______________|________________| |KR-10-1528 | 76.76 m | 78.14 m | 1.25 m | 1.17 g/t | | | 251.8 ft | 256.3 ft | 4.1 ft | 0.038 opt | |___________|__________|__________|______________|________________| |*Notes: (1) From and To intervals are reported within the drill | |hole; | | (2) True thickness of the Au mineralized zone is | |reported; | | (3) Drill hole numbers KR-10-1523, KR-10-1525 and | |KR-10-1526 from the Peel Zone returned no significant | |intersections | |_________________________________________________________________|
The 2010 Penguin Zone drilling tested several magnetic and VLF anomalies
in the vicinity of the proposed Penguin pit. The results are shown in
Table 2 below. The best intercept was from KR-10-1550, which cut 2.38
meters grading 8.09 g/t Au. See the Penguin Target plan map figure on
the YNG website here: http://www.yukon-nevadagold.com/i/pdf/KetzaPenguinMap2010.pdf.
Table 2. Summary of Significant Intercepts from the Penguin Zone*
__________________________________________________________________ | | From | To |Thickness | Gold Grade | |Hole Number|Meters (m)|Meters (m)|Meters (m)| Gram/tonne (g/t) | | |Feet (ft) |Feet (ft) |Feet (ft) |Troy ounces/ton (opt)| |___________|__________|__________|__________|_____________________| | | 34.09 m | 35.13 m | 1.04 m | 2.52 g/t | | | 111.8 ft | 115.2 ft | 3.4 ft | 0.08 opt | |KR-10-1546 |__________|__________|__________|_____________________| | | 39.75 m | 40.89 m | 1.14 m | 1.13 g/t | | | 130.4 ft | 134.1 ft | 3.7 ft | 0.036 opt | |___________|__________|__________|__________|_____________________| |KR-10-1547 | 35.66 m | 37.14 m | 1.48 m | 2.83 g/t | | | 117.0 ft | 121.8 ft | 4.8 ft | 0.091 opt | |___________|__________|__________|__________|_____________________| |KR-10-1550 | 40.43 m | 42.81 m | 2.38 m | 8.09 g/t | | | 132.6 ft | 140.4 ft | 7.8 ft | 0.260 opt | |___________|__________|__________|__________|_____________________| |*Notes: (1) True thickness is not determined; | | (2) Drill hole numbers KR-10-1539 through KR-10-1545, | |KR-10-1548, KR-10-1549 and KR-10-1551 from the Penguin Zone | |returned no significant intersections. | |__________________________________________________________________|
None of the recent drill intercepts listed above were included in the
data used for the NI 43-101 resource estimate released on April 14,
2008 and therefore could lead to an increase in the resource at the
Ketza River project. A complete table of updated results for the
2009-2010 drilling program can be found on our website: http://www.yukon-nevadagold.com/i/pdf/KetzaDrillResults09_10.pdf. Included in this table are significant assay results that were
recently received from geotechnical and hydrogeology drill holes
completed earlier this summer.
All of the assays were analyzed at ALS Laboratory Group in North
Vancouver. The documentation of the quality control and quality
assurance protocols are described in the NI-43-101 document described
above and can be found on our website here:
Flow Through Private Placement
Robert F. Baldock, President of Yukon-Nevada Gold Corp. (the “Company”),
announces that the Company has negotiated a $8,500,000 non-brokered
flow-through private placement to sell up to 10,000,000 flow-through
common shares (“FT Shares”) at $0.85 per FT Share in the capital stock
of the Company.
Use of proceeds will be for new resource exploration at Ketza River and
Silver Valley. Silver Valley is located approximately 6km east of Ketza
The FT Shares will be subject to a “hold period” of four months plus one
day from the date of issuance.
The information in this news release including the assay results were
compiled by the Chief Geologist for the Ketza River project, Ed Gates
(M.Sc., P.Geo). This news release was reviewed and approved by the Todd
Johnson (M. Sc.), Vice President of Exploration for Yukon-Nevada Gold
Corp. Todd Johnson is the Qualified Person for the purpose of this
Yukon-Nevada Gold Corp. is a North American gold producer in the
business of discovering, developing and operating gold deposits. The
Company holds a diverse portfolio of gold, silver, zinc and copper
properties in the Yukon Territory and British Columbia in Canada and in
Nevada in the United States. The Company’s focus has been on the
acquisition and development of late stage development and operating
properties with gold as the primary target. Continued growth will occur
by increasing or initiating production from the Company’s existing
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WARNING: The Company relies upon litigation protection for
This news release does not constitute an offer to sell or a solicitation
of an offer to buy any of the securities in the United States. The
securities have not been and will not be registered under the United
States Securities Act of 1933, as amended (the “U.S. Securities Act”)
or any state securities laws and may not be offered or sold within the
United States or to U.S. Persons unless registered under the U.S.
Securities Act and applicable state securities laws or an exemption
from such registration is available.
SOURCE Yukon-Nevada Gold Corp.