WHITE PINE, Nev., April 12, 2013 /PRNewswire/
-- Ely Gold & Minerals
Inc. (TSX-V: ELY), ("Ely Gold"
or the "Company") is pleased to provide the following update on its
recently acquired Green Springs property located in White Pine County, Nevada.
Green Springs lies approximately 5 miles south of Ely Gold's Mt. Hamilton project, 14 miles
southeast of Midway Gold's Pan Deposit, 7 miles southeast of
Midway's Goldrock project and 10 miles northwest of Pilot Gold's
Griffon project. The Mt Hamilton Project is being managed by
Solitario Exploration & Royalty Corp., under a joint venture
agreement with Ely Gold whereby
Solitario owns 80% and Ely Gold owns
20%. Mt. Hamilton, Pan and Goldrock are currently in the
permitting process for mine development.
Previous work on the Green Springs property was conducted by
U.S. Minerals Exploration Company ("USMX") during the 1980's. The
work outlined six zones of gold mineralization from approximately
650 reverse circulation drill holes. Using a cut-off grade of
0.7g/t gold, USMX developed and produced from three of these
mineralized zones. Historic production records, from
1988-1990, indicate that 1.1 million metric tons of ore averaging
2.1 g/t gold were mined by open pit mining and heap leaching, and
gold recoveries of approximately 80% were obtained from a
relatively coarse crush. Very little exploration work was
done on peripheral targets after the initial discoveries by
USMX. However in 2004-2008, previous owners conducted
extensive ground sampling, mapping and a CSMAT geophysical
survey. The USMX figures are historical figures obtained
from a 1991 report by the Geological Society of Nevada.
However, a qualified person has not done sufficient work to
classify the historical estimate as current mineral resources or
mineral reserves and the issuer is not treating the
historical estimate as current mineral resources or mineral
reserves. Therefore, the USMX figures should not be
relied upon by investors.
At the Green Springs project Ely
Gold owns 76 unpatented lode mining claims and has an option
to acquire a 100% interest in a further 2 unpatented lode mining
claims that altogether cover an area of 1,498 acres. The
property hosts Carlin style,
epithermal, disseminated, sediment hosted gold-silver
mineralization. The principal target horizon at Green Springs
in the 1980's was the Lower Chainman Shale and Upper Joana
Limestone similar to Midway's Goldrock project. These units
lie stratigraphically above the Pilot Shale, a primary host to
Carlin style gold mineralization
elsewhere in the region, including Midway's Pan deposit.
The Company will initially focus on compilation of historical
data to provide direction to define targets proximal to the
historic pits as well as new exploration targeting the Pilot
Shale. To that end, SRK Consulting has been retained to
compile, review and digitize historic data, and create a modern
geologic and mineralization model for the Property, to ultimately
produce a National Instrument 43-101 Geological Report with
recommendations for future exploration and development. In
addition, Enviroscientists, Inc. has been retained by the Company
to coordinate the permitting and environmental requirements for
exploration and development on the property.
"Ely Gold is focused on
identifying near term production projects in safe operating
jurisdictions, like Nevada. Given the success of the Mt.
Hamilton project we are excited to begin work on a property in
close proximity to three projects currently being permitted for
mining. We have collected significant historical data on the
Green Springs project that allows us to fast track our assessment
of the property and define a development strategy," stated
Trey Wasser, Ely Gold's President & CEO.
This press release has been read and approved by Stephen Kenwood, P. Geo, a director of the
Company and the Company's Qualified Person.
On Behalf of the Board of Directors
Signed "Trey
Wasser"
Trey Wasser,
President & CEO
For further information, please contact Ely Gold & Minerals Inc. at
604-488-1104.
E-mail: trey@elygoldandminerals.com; Website:
www.elygoldandminerals.com
Neither 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. This news release may contain
forward-looking statements including but not limited to comments
regarding the timing and content of upcoming work programs,
geological interpretations, receipt of property titles, potential
mineral recovery processes, etc. Forward-looking statements address
future events and conditions and therefore, involve inherent risks
and uncertainties. Actual results may differ materially from those
currently anticipated in such statements.
SOURCE Ely Gold & Minerals
Inc.