TORONTO, ONTARIO--(Nov. 7, 2008) - Sage Gold Inc. (TSX VENTURE:SGX) has now located three new gold bearing quartz veins associated with the original Golden Extension discovery located in the Beardmore Geraldton Gold (BGG) camp in Northwestern Ontario. The Golden Extension discovery, reported in a press release of September 2, 2008 with channel results of up to 136.5 g Au/T, is believed to be the northwest extension of Kodiak Exploration Limited's Golden Mile.
Highlights
- Four vein systems discovered to date- Veins 1-4 with an aggregate trenched strike length of 290 metres - veins open along strike.
- New channel results for Vein #1 - up to 35 g Au/T over a channel width of 0.7 metres. Two excavators actively trenching followed by channel sampling of the vein systems.
- A new Vein discovered 1.5 km southeast of the Golden Extension at the property boundary with Kodiak.
New Channel and Grab Results
Description of Vein Systems
1. Vein #1 - the Golden Extension Vein - sampled over 60 metres of strike length and is open both northwest and southeast. There have been 59 channels cut into the vein at a sampling density of one every metre. Visible gold is present within the vein and in the weathered zone immediately above the vein.
2. Vein #2 - Located 8 metres south of the northwestern end of the stripped area of Vein #1. Vein #2 strikes east-west and has been stripped for 78 metres. The vein and veinlets occur within a highly sheared zone up to 6 metres wide with siliceous wall rock and 5-10% disseminated pyrite. Visible gold is present in both the vein material and the weathered zone immediately above the vein. Twenty channel samples have been cut within the veins and the mineralized wall rock. The vein is open to the west and east.
3. Vein #3 - Located 25 metres north of Vein #1. Vein #3 has been trenched for 90 metres and strikes at 100 degrees. Vein #3 consists of up to 5 metres width of sheared and mineralized wall rock, veins and veinlets. Pyrite occurs as subhedral clots within the veins and as disseminated masses within altered and silicified wall rock. Molybdenite and chalcopyrite are also present in the vein and wall rock. Visible gold has been located in the weathered zone immediately over the sheared zone.
4. Vein #4 - Located 57 metres northwest of Vein #1, Vein #4 comprises two parallel vein systems which have been stripped over a strike length of 62 metres and trend northwest-southeast. Visible gold has been identified in one of the veins.
In addition, continued prospecting of the southeastern strike of the Golden Extension vein has located a one metre wide quartz vein 1.5 kilometres southeast of the Golden Extension which may be part of the Golden extension - Golden Mile mineralized corridor. The vein carries pyrite and chalcopyrite and is located at the Sage - Kodiak property boundary and along the projected northwestern extension of the Golden Mile. An excavator has been moved to this site and channel sampling is underway.
Sage will continue to trench and channel sample the Golden Extension and parallel vein systems. The channel results, coupled with the geological interpretation of the vein systems, will be used to define drill targets for a 2009 drill program. A plan map of the trenched areas to date on the Golden Extension vein system with the associated channel locations is available at www.sagegoldinc.com.
Assays reported in this news release were completed by ALS Chemex in Thunder Bay. Sample preparation was completed in the Thunder Bay facility of ALS Chemex and prepared samples were shipped to the ALS facility in Vancouver. The gold samples were assayed using induced coupled plasma (ICP) testing with a fire-assay finish for high grade precious metal samples.
The BGG project is supervised by Exploration Geoscience Associates of Orillia, under the direction of Ulrich Kretschmar, Ph.D, P.Geo (APGO #1160). Dr. Kretschmar has extensive mineral exploration experience in Archean terrain, is a qualified person as defined by NI 43-101 and is responsible for the technical content of this news release.
SAGE is a mineral exploration and development company which has interests in exploration properties in Ontario, Nevada and Arizona. Its main properties are the Jacobus, Paint Lake, Solomon Pillars and Onaman properties in the Beardmore Geraldton Gold camp and the Kerrs property in Ontario; the Pony Spur and Sugarloaf properties situated in Nevada; and the Gold Hill property in Arizona. Technical reports relating to the properties can be obtained from the System for Electronic Document Analysis and Retrieval (SEDAR) website at www.sedar.com.
For all Sage Gold Inc. Investor relations needs, investors are asked to visit the Sage Gold Inc. IR Hub at http://www.agoracom.com/IR/sagegold where they can post questions and receive answers within the same day, or simply review questions and answers posted by other investors. Alternatively, investors are able to e-mail all questions and correspondence to sgx@agoracom.com where they can also request addition to the investor e-mail list to receive all future press releases and updates in real time.
This release was prepared by management of the Company who takes full responsibility for its contents.
Some statements contained in this release are forward-looking and, therefore, involve uncertainties or risks that could cause actual results to differ materially. Such forward-looking statements include comments regarding mining and milling operations, mineral resource statements and exploration program performance. Factors that could cause actual results to differ materially include metal price volatility, economic and political events affecting metal supply and demand, fluctuations in mineralization grade, geological, technical, mining or processing problems, exploration programs and future results of exploration programs, future profitability and production. The Company disclaims any obligation to update forward-looking statements.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release. |
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CONTACT INFORMATION:
Sage Gold Inc.
Nigel Lees
President and C.E.O.
(416) 204-3170
Fax: (416) 260-2243
or
Sage Gold Inc.
Mike O'Brien
Manager/Investor Relations
(416) 204-3170
Fax: (416) 260-2243
Website: www.sagegoldinc.com
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