G4G Resources Ltd. (TSX VENTURE: GXG) ("G4G") pursuant to the
announcement of the joint venture agreement with Almaden Minerals
Ltd. ("Almaden") on June 22, 2011, G4G has the option to acquire a
60% legal and beneficial interest in the Yago gold-silver property
and an additional 10% interest in the property by completing a
Bankable Feasibility Study within seven years of the date of the
option agreement.
Historic underground mining at Yago was conducted by a Japanese
firm during the late 1800's and early 1900's (Sandberg, 1999).
These operations are presumed to have been disrupted by the period
of the Mexican revolution from 1910 to 1912 and never resumed. A
Mexican mining company, CIA Minera Nueva Vizcaya S.A.de C.V.
exploited several veins and carried out limited mining in the La
Sarda Vein during the period 1995 to 1999.
The Yago property includes 28 mining claims located in the state
of Nayarit, Mexico on approximately 22,898.2 hectares. Historical
mining of the La Sarda vein was mined approximately 100 vertical
metres and 600 metres along strike. Three high grade ore shoots
were identified:
a. La Sarda Shoot: 140 metres long
b. The San Juan Shoot: 150 metres long
c. The Santo Domingo Shoot: 75 metres long
The average width of these three shoots was 1.64 metres with
average grades of 10.98 g/t gold and 153 g/t silver. Between levels
175 and 185 a small high grade (bonanza type) shoot was mined and
assayed 1 kg/t gold and 20 kg/t silver (Valtierra, GA., February
2000).
"There are a number of positive aspects which make the Yago
property an attractive gold-silver target, which meet G4G's
objectives;
1. The property is road accessible,
2. The ability to work year round,
3. The availability of labour within 3 km of the town of Yago,
4. The property is drill ready.
...and with all the comprehensive work that has already been
completed on the property, this is by no means a grass roots
project. All these positive aspects will help us move quickly
toward our objective for the next 12 months," said Basil Botha,
President & CEO of G4G Resources Ltd.
Project Details
The Yago property is located in the state of Nayarit, on the
Pacific coast of Mexico, approximately 100 km northeast of Puerto
Vallarta, 240 km northwest of Guadalajara, Jalisco and 200 km
southeast of Mazatlan. The town of Yago is located 3 km to the
southeast of the Property on Highway 15. This highway runs along
the west coast of Mexico and is one of the major thoroughfares from
the United States to Mexico. Yago is located roughly 50 kilometres
north of the industrial centre of Tepic on this highway. Numerous
good quality gravel roads provide year round access to the Yago
property.
The Yago project covers a large area of hydrothermal alteration
characterized by "steam heated" acid-sulphate kaolinite-alunite
alteration and spatially associated stratiform replacement silica
alteration. Both these styles of alteration occupy areas of
relatively higher relief on the property and are interpreted to
represent the original surface or paleo water table of the
hydrothermal system.
In areas of erosion beneath these styles of alteration, quartz
veins are exposed that exhibit classic low-sulphidation epithermal
textures such as banded, colloform and crustiform chalcedony and
quartz crystallized from amorphous silica. Based on fluid inclusion
analyses, alteration mineralogy and geochemical data gathered, the
veins identified are interpreted to represent a very shallowly
eroded epithermal gold-silver system. This interpretation is
consistent with the empirical observation that grades appear to
increase with depth. The high-grade, banded quartz-adularia veins
and stockwork veined country rocks recognised in the La Sarda area
bear many similarities to Sleeper, Nevada, McLaughlin, California,
Hishikari, Japan and Golden Cross and Martha Hill, New Zealand, all
of which were or are significant gold producers, and exposed veins
in shallowly eroded hydrothermal alteration systems, similar to
that recognised at La Sarda. Ore shoots in such veins commonly
exhibit strong vertical control. Establishing a shallow depth of
erosion is therefore important in predicting the presence of ore
shoots at depth in quartz-adularia vein systems.
The northern half of the Yago project is underlain by a series
of at least five low-sulphidation epithermal veins named the La
Sarda-San Juan, La Esperanza, La Magnolia, La Cucaracha and El
Dragon. These structures are sub-parallel, southwest-dipping
quartz-adularia veins that occur over an area of 1500 by 1200
metres.
Bonanza grades have been mined to the lowest levels in these
workings, where both widths and grades increase. On the bottom
levels, veining has coalesced into wider, stronger vein structures
and grades become less erratic as consistent grades in mineralized
shoots have been exposed. Surface sampling and inspection of the
limited exploration workings on the other known, parallel banded
quartz-adularia veins indicates that these veins also have the
potential to host high-grade ore-shoots, similar to those of the La
Sarda vein.
The Esperanza vein system is parallel to, and is located roughly
500 meters east of the La Sarda-San Juan vein. This vein structure
was mined selectively following the high grade shoots. Three high
grade shoots were mined, being the average grades 1.12 metres with
8.13 g/t Au and 68.73 g/t Ag.
Four grab rock samples of outcrop have been taken recently by an
independent geologist on the Esperanza vein. These samples average
14.6 g/t Au and 167.1 g/t Ag and range from 4.9 to 23.3 g/t Au and
121.8 to 249.8 g/t Ag. The Esperanza vein has been traced over a
strike length of over a kilometre.
The La Cucaracha vein is exposed in a single adit, about 40
meters in length from which several raises are driven to surface,
10 to 20 meters above. The workings have exposed the stratiform
opaline replacement silicification, and a zone of quartz veining
immediately beneath it.
Mineralization at La Cucaracha is associated with this veining
and with structurally controlled zones of interlayered clay and
pyrite alteration. Grab samples of muck from blasts have returned
gold values up to 20 g/t Au.
The Magnolia vein system is exposed in two levels to a depth of
50 meters and along strike for roughly 200 meters. Erratic but very
high gold and silver grades have been intersected in the limited
workings, being silver grades considerably higher than in La Sarda
or Esperanza veins. The average width of the mined shoot was 0.97m
with 4.44 g/t Au and 546 g/t Ag.
Essentially no work has been done on the El Dragon vein system,
however multi-gram gold grab samples have been taken from surface
outcrop.
An IP geophysical survey has been carried out over this part of
the property. This survey was particularly effective in delineating
these structures as resistivity highs and extended the potential
strike length of the La Sarda-San Juan Vein by 260 metres to the
northeast. The resistivity high representing the vein extended to
the northern boundary of the IP survey area. Subsequent prospecting
identified banded chalcedonic quartz veining 550 metres northwest
of the La Sarda-San Juan Vein workings.
To the southwest, the separate Carretera zone covers an area of
banded quartz veining thought to represent the upper reaches of
another epithermal vein system several kilometres from the other
veins on the property. On January 7th, 2010, Almaden announced
forty-five new rock-chip samples of quartz vein material taken from
surface of float and outcrop at the Carretera Zone which returned
gold values from 0.005 to 18.85 g/t gold and less than detection to
871 g/t silver. Earlier, in 2009, an IP and soil sampling survey
was carried out at the Carretera Zone which helped define the vein
system for the 2010 surface sampling program. A total of 62 samples
have been taken by Almaden from the Carretera zone, and these
average 2 g/t gold, ranging from 0.005 to 104 g/t gold. The
Carretera zone of quartz vein float has a known strike length of
over 2 kilometers.
The geological information in the news release has been verified
by Raul Sanabria, P.Geo., who is the Qualified Person for G4G
Resources Ltd. under NI 43-101.
The Qualified Person states that the above numbers have not
being verified independently. These are only given as historical
data and are believed not to have followed current QA/QC protocols
and NI 43-101 standards.
About G4G Resources Ltd.
G4G Resources Ltd. is a Canadian-based mineral exploration and
development company focused on a number of low cost iron ore
projects and copper-gold properties on Vancouver Island.
Forward-Looking Statement
This document may contain or refer to forward-looking
information based on current expectations, including, but not
limited to timing of mineral resource estimates, future exploration
or project development programs and the impact on the Company of
these events. Forward-looking information is subject to significant
risks and uncertainties, as actual results may differ materially
from forecasted results. Forward-looking information is provided as
of the date hereof and we assume no responsibility to update or
revise them to reflect new events or circumstances. For a detailed
list of risks and uncertainties, as it relates to G4G Resources
Ltd., please refer to the Company's 2010 year end audited financial
statements filed with SEDAR on April 28, 2011.
Neither the 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.
Contacts: G4G Resources Ltd. Basil Botha President and CEO (604)
602-9868 (604) 602-9867 (FAX) ir@g4gresources.com
www.g4gresources.com
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