FAIRBANKS, ALASKA--(Marketwire - Nov. 5, 2009) - Linux Gold Corp. LNXGF, is pleased to announce that it has completed an extensive data compilation for their Dime Creek, Alaska gold-platinum property. The data compilation, produced by Thomas K. Bundtzen ("Bundtzen") of Pacific Rim Geological Consulting, Inc., is to be used to facilitate future lode and placer exploration programs on the property. Bundtzen managed and designed the exploration programs that took place in the 1990s, 2000, and 2001.
The compilation from Dime Creek and nearby gold-bearing stream basins included:
1/ Detailed microprobe analyses of placer platinum and gold recovered from six locations;
2/ Mineralogical analysis of bulk heavy mineral concentrate samples (17 samples);
3/ Rock chip sample program (33 samples);
4/ Detailed motorized auger soil sample program (404 samples);
5/ Ground magnetic survey.
6/ An extensive review of past mineral production and mine activity records from U.S. Geological Survey, the Alaska Territorial Department of Mines, the U.S. Bureau of Mines, and mint return records as found in unpublished Archival records.
Highlights of the overall data analysis are summarized:
- Dime Creek has historically produced an estimated 68,464 ounces of gold and 198 ounces of byproduct platinum. Dime Creek has not been systematically mined with modern mechanized techniques.
- Multiple bench and modern stream gold-platinum placers occur on the Linux property.
- The second tier and higher benches in upper Dime Creek valley are interpreted by Bundtzen to be ancestral marine strandline (beach) gold-platinum placer deposits similar to the placers exploited both onshore and offshore at Cape Nome. This suggests that marine deposits should be explored for gold and PGE along strike for several kilometers.
- Microprobe analysis of the platinum mineralization indicates a rhodium-enriched type of isoferroplatinum that averages 88.59 percent platinum, 8.98 percent iron, about 1.0 percent rhodium, and only minor amounts of other PGE metals. When combined with accompanying gangue mineral identifications; i.e., chrome-rich diopside, the lode source is probably a Ural-Alaska intrusion complex.
- The gold in Dime creek is of exceptionally high fineness, averaging about 960 fine (or 96% gold), even exceeding average high fineness placer gold found in Alaska. It contains traces of quartz, muscovite, and feldspar which suggest an origin in granitic rocks.
- Soils collected during a detailed soil survey on two bench levels of Dime Creek contained up to 160 ppb gold, 174 ppb platinum, and 144 ppb palladium as well as threshold levels of copper, chromium, and nickel.
- Results from the 2000 soil sampling program, coupled with the magnetic signatures of mafic intrusions and granitic signature of gold (as interpreted from microprobe work) suggest lode and placer target locations.
Linux believes that the data compilation constitutes an important information source that will be utilized during the design of a placer and lode exploration program on its Dime Creek claims. A previous report by Thomas K. Bundtzen, recommends a 100 hole, 3000 feet drilling program to begin the due diligence on the placer resource and drill 2 to 4 holes on the Platinum lode targets. (See News Release dated May 5, 2009.)
Qualified Person
The mineral data described above was prepared by Thomas K. Bundtzen, P. Geo., BS, MS, CPG-10912, ABSLN#279639, President of Pacific rim Geological Consulting, Inc., of Fairbanks, Alaska, who is independent of the Company as defined in NI43-101. Bundtzen is a Certified Professional Geologist (CPG) with the American Institute of Professional Geologists (AIPG). Bundtzen is a Qualified Person as defined in NI 43-101 and also qualifies under the rules stated by the U.S. Securities and Exchange Commission ("SEC"), and has verified the data contained in this news release for accuracy.
ABOUT LINUX GOLD CORP
Linux Gold Corp. is involved in exploration of mineral properties. Our current plans are to joint venture and explore our gold properties in Alaska. Linux Gold Corp. owns 247 State of Alaska mining claims at several locations near Granite Mountain on the eastern Seward Peninsula of Alaska. Linux Gold Corp. owns 100% interest in the Dime Creek property in Alaska with gold and platinum values located in the Placer Creek, drilling is recommended this year. Linux Gold Corp. also owns a 50% interest in 30 mineral claims known as the Fish Creek Prospect, located in the Fairbanks Mining Division in Alaska. Linux Gold Corp. optioned a 50% interest in the Fish Creek claims to Teryl Resources Corp. (TRC-V), retaining a 5% net smelter return or may convert into a 25% working interest. Linux has also staked mineral exploration claims covering 6,400 acres in the Livengood-Tolovana Mining District, in the State of Alaska near International Tower Hill's gold property ITH
For more information please visit www.linuxgoldcorp.com.
ON BEHALF OF THE BOARD OF DIRECTORS
John Robertson, President
READER ADVISORY
This news release may contain certain forward-looking statements, including management's assessment of future plans and operations, and capital expenditures and the timing thereof, that involve substantial known and unknown risks and uncertainties, certain of which are beyond the Company's control. There can be no assurance that such statements will prove accurate, and actual results and developments are likely to differ, in some case materially, from those expressed or implied by the forward-looking statements contained in this press release. Readers of this press release are cautioned not to place undue reliance on any such forward-looking statements.
Forward-looking statements contained in this press release are based on a number of assumptions that may prove to be incorrect, including, but not limited to: timely implementation of anticipated drilling and exploration programs; the successful completion of new development projects, planned expansions or other projects within the timelines anticipated; the accuracy of reserve and resource estimates, if any, grades, mine life and cash cost estimates; whether mineral resources can be developed; title to mineral properties; financing requirements; changes in laws, rules and regulations applicable to Linux, and changes in how they are interpreted and enforced, delays resulting from or inability to obtain required regulatory approvals and ability to access sufficient capital from internal and external sources, the impact of general economic conditions in Canada, and the United States, industry conditions, increased competition, the lack of availability of qualified personnel or management, fluctuations in foreign exchange, stock market volatility and market valuations of companies with respect to announced transactions. The Company's actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements, including those described in the Company's Financial Statements, Management Discussion and Analysis and Material Change Reports filed with the Canadian Securities Administrators and available at www.sedar.com, and the Company's 20-F annual report filed with the United States Securities and Exchange Commission at www.sec.gov. Accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits, including the amount of proceeds, that the Company will derive therefrom.
Readers are cautioned that the foregoing list of factors is not exhaustive. All subsequent forward-looking statements, whether written or oral, attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. Furthermore, the forward-looking statements contained in this news release are made as at the date of this news release and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in
