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CEO Blog - Mar 7, 2011
Monday, March 07 2011 01:03
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Question: When can we expect the first assays from the recent drill program to be made public?

Answer: We announced today the results for thirteen additional reverse circulation (RC) holes from the first phase of drilling on the Dayton Resource Area. The results include the highest-grade interval encountered to-date at the Dayton: 10 feet (3.05 m) grading 1.121 ounces per ton (38.39 g/tonne) gold and 2.279 ounces per ton (78.05 g/tonne) silver, contained in an interval of 135 feet (41.15 m) grading 0.218 ounces per ton (7.47 g/tonne) gold and 0.685 ounces per ton (23.46 g/tonne) silver.  Many of the holes also encountered the deeper, silver-only mineralization that was first encountered in D10-01, the first hole in phase one.

All of the holes on the southern fence and the first holes on the central fence were announced in the Company’s February 28, 2011 press release.  The holes announced today include more holes on the central fence, all of the holes on the northern fence, and an additional three holes on an intermediate fence between the central and northern fences.



Dayton Phase 1 Drill Fences

Including the holes reported today, 32 of the 39 holes in the program have been reported.  All 32 holes encountered intervals of significant mineralization with many of the holes encountering the deeper, silver-only mineralization that was first encountered in the first hole in phase one.  The mineralized zone in vertical-hole D11-21 was confirmed by the results for angle-hole D11-25.  However, both holes terminated drilling prematurely due to adverse drilling conditions, both while still in the mineralization.   Since these holes on our northern-most fence encountered adverse drilling conditions and bottomed in the zone, we consider the mineralization to be open laterally and at depth.  Our next drilling phase will include holes designed to test the true thickness and lateral extent of this zone.

The results represent the strongest evidence-to-date for bonanza-grade gold and silver zones at the Dayton.  It is exciting to watch the accelerated development of Dayton as it advances toward our goal of contributing a much larger resource, including the additional, silver-only discoveries that we encountered in our very first hole and continue to encounter.

We are pleased with the exceptional productivity of our Dayton drilling and the pervasive nature of the gold and silver resource we are validating throughout this resource area. We look forward to the remaining Phase One assays and our team has already begun the process for a second mine plan and ultimately a second mine on the Comstock.

I will be attending the PDAC Conference in Toronto this week. And I look forward to announcing further updates on our drill program in early April.


Kindest regards,

Corrado De Gasperis
President and CEO