Midway Reports Excellent Q2 Drill Results at Spring Valley, Nevada

Before you go, we thought you'd like these...
Before you go close icon

Midway Reports Excellent Q2 Drill Results at Spring Valley, Nevada

Including 113 Meters of 4.53 Grams per Tonne Gold


DENVER--(BUSINESS WIRE)-- Midway Gold Corp. ("Midway" or the "Company") (TSX:MDW) (NYSE-MKT:MDW) announces that Barrick has completed their planned 2013 drilling program ahead of schedule at the Spring Valley Project in Nevada. Barrick Gold Exploration Inc. ("Barrick") is earning into the project. Development drilling, designed to upgrade the quality of the resource, continued to produce excellent intercepts. Assay results are still pending for 20 of the holes reported here. Recent drilling highlights include:

SV13-625

  • 113 meters of 4.53 grams per tonne (gpt) gold including 9 meters of 15.81 gpt gold, 18 meters of 9.5 gpt gold and 8 meters of 12.86 gpt
  • 102 meters of 3.15 gpt gold including 1.5 meters of 62.19 gpt gold and 1.5 meters of 46.80 gpt gold

SV13-629

  • 56 meters of 1.51 gpt gold including 1.5 meters of 27.7 gpt gold
  • 55 meters of 1.10 gpt gold including 1.5 meters of 5.45 gpt gold

SV13-630

  • 32 meters of 1.41 gpt gold

SV13-633

  • 53 meters of 0.99 gpt gold including 1.5 meters of 6.03 gpt
  • 21 meters of 1.3 gpt gold including 1.5 meters of 9.43 gpt gold
  • 58 meters of 0.75 gpt gold including 1.5 meters of 9.29 gpt gold

SV13-640

  • 23 meters of 1.41 gpt gold
  • 20 meters of 1.41 gpt gold including 1.5 meters of 9.36 gpt gold

SV13-646

  • 34 meters of 1.03 gpt gold including 1.5 meters of 6.27 gpt gold and 1.5 meters of 6.48 gpt gold
  • 90 meters of 1.41 gpt gold including 1.5 meters of 8.85 gpt gold and 1.5 meters of 8.88 gpt gold

Table 1 lists Spring Valley's drill results for the second quarter as calculated by Midway from Barrick's data. The map below in Figure 1 shows locations for drill holes listed in Table 1.

Development Drilling

The 2013 drilling program is complete for the year with a total of 11,996 meters in 24 RC holes and 8,840 meters in 26 core holes. Development drilling in the resource area is focused on upgrading the quality of the resource for future reserve calculations. Additional expansion potential remains at depth and to the north of the deposit.

Earn-In

Barrick reported in April that they had exceeded the cumulative expenditure requirement of $30M to earn a 60% interest in the property. They also exercised their option to spend an additional $8 million to earn a 70% interest. At the current rate of expenditure, Midway continues to anticipate that Barrick will complete the cumulative expenditure of $38 million to earn a 70% interest in the project by the end of 2013.



Table 1.Gold Intercepts from Drill Holes included in Barrick's Q2 Report 2013
Spring Valley Project, Nevada

(Calculated by Midway from data provided by Barrick)

Hole ID Assay Type From (m) To (m) Interval (m) Gold grade (gpt)
SV13-616c MS 93.0 96.0 3.0 0.75
SV13-617c MS 74.7 76.2 1.5 0.75
MS117.3132.615.20.99
  Additional assays pending    
SV13-618cMS132.6135.63.00.34
FA162.5164.01.50.96
FA179.2183.84.60.38
FA209.7215.25.50.41
FA299.8320.320.60.34
FA342.9372.229.30.45
FA387.4390.43.00.58
  FA 417.9 421.1 3.2 0.55
SV13-619c FA 185.2 193.1 7.9 1.89
  FA 299.6 301.1 1.5 1.20
SV13-622MS125.0129.54.60.55
MS149.4150.91.51.34
MS178.3193.515.21.20
includes1.54.25
MS239.3248.49.10.41
MS285.0286.51.51.17
MS300.2332.232.00.55
  MS 371.9 374.9 3.0 1.54
SV13-625MS114.3120.46.10.82
MS170.7283.5112.84.53
includesMS3.08.40
andMS9.115.81
andMS18.39.50
andMS7.612.86
MS324.6426.7102.13.15
includesMS1.562.19
andMS1.58.78
andMS1.546.80
andMS1.58.06
and MS     1.5 9.19
SV13-626cFA79.280.81.50.69
  Additional assays pending    
SV13-627cFA22.924.41.50.55
  Additional assays pending    
SV13-628MS27.433.56.10.45
MS147.8153.96.10.93
MS181.4192.010.70.34
MS202.7213.410.70.82
MS233.2242.39.10.41
MS256.0260.64.60.72
MS306.3309.43.00.65
MS317.0320.03.02.16
MS345.9362.716.81.58
MS376.4387.110.72.16
  MS 393.2 423.7 30.5 0.96
SV13-629MS96.0106.710.70.41
MS210.3266.756.41.51
includesMS1.527.70
MS275.8349.073.20.65
includesMS1.54.66
andMS1.54.05
MS365.8420.654.91.10
includesMS1.53.91
and MS     1.5 5.45
SV13-630MS166.1169.23.00.55
MS176.8178.31.50.86
MS355.1387.132.01.41
MS396.2403.97.60.38
MS422.1428.26.10.41
  MS 440.4 457.2 16.8 0.79
SV13-631FA140.2153.913.71.06
FA170.7175.34.60.38
  FA 184.4 185.9 1.5 1.17
SV13-632 Assays pending      
SV13-633MS94.596.01.50.82
MS120.4140.219.80.58
MS150.9157.06.10.51
MS166.1169.23.00.75
MS175.3228.653.30.99
includesMS1.54.22
andMS1.56.03
MS236.2257.621.31.30
includesMS1.56.31
andMS1.59.43
MS266.7269.73.01.03
MS278.9289.610.71.85
includesMS1.55.59
MS300.2339.939.60.65
MS347.5353.66.10.51
MS359.7364.24.60.51
MS370.3382.512.20.65
MS391.7449.657.90.75
includesMS1.54.01
and MS     1.5 9.29
SV13-634MS179.8205.725.90.24
MS307.8332.224.40.65
includesMS1.54.01
  MS 420.6 432.8 12.2 0.86
SV13-635 Assays pending      
SV13-636FA74.776.21.54.46
FA82.383.81.55.21
FA102.1103.61.54.22
FA123.4137.213.70.72
FA181.4182.91.544.30
FA192.0219.527.40.75
FA303.3307.84.61.41
Read Full Story

Want more news like this?

Sign up for Finance Report by AOL and get everything from business news to personal finance tips delivered directly to your inbox daily!

Subscribe to our other newsletters

Emails may offer personalized content or ads. Learn more. You may unsubscribe any time.

From Our Partners

Markets

DJIA20,624.054.280.02%
NASDAQ5,838.5823.680.41%
S&P 5002,351.163.940.17%
DAX11,757.02-0.220.00%
NIKKEI 22519,251.0816.460.09%
HANG SENG24,182.93149.190.62%
USD (per EUR)1.060.00-0.02%
USD (per CHF)1.000.000.07%
JPY (per USD)113.160.250.22%
GBP (per USD)1.240.000.02%
More to Explore
Mon, Feb 20
Set Your Location
City, State, or Zip