MANCHESTER, England, July 13, 2011 /PRNewswire/ -- Gunpowder Gold Corporation (Gunpowder or "the Company") (OTC Bulletin Board: GUNP) is pleased to announce completion of the first phase of its exploration program on the Dome Rock property in Arizona.
The Phase one exploration program included sediment sampling wherein multiple sediment samples were taken on several of the washes draining the claims. Sample locations were determined in the field and established by GPS. Samples were submitted for assay. Outcrop sampling was also conducted and chip samples were sent for assay.
Assay results were encouraging, in that several of the samples presented similar metals ratios (Cu to Au) as other deposits in the district (Little Butte and Copperstone). Management considers this important because it indicates that the Dome Rock claim block may be proximal to economic mineralization.
Several samples also contained the abundant hematite that is typical of ore grade mineralization in the Plomosa district.
"Based on the results of the data gathered and analyzed in the first phase (1-A) of our exploration program, we now have enough information to advance the project to its next phase (1-B). We are planning to map some of the geological structures that are present on the Dome Rock property and also take further rock chip samples, which we will submit for assay. Our objective is to delineate drill targets so we can move forward with an aggressive drilling program, as rapidly as possible," said Neil Pestell, President of Gunpowder Gold.
Management apologizes for the delay in results, which occurred due to a backlog at the laboratory and also time needed to review the results by our geological team.
The 1,280 acre Dome Rock property, consists of 62 unpatented mining claims in the Dome Rock Mountains in the northwest area of the State of Arizona, in the fairway of the world famous Walker Lane Gold Trend. The Walker Lane has historically produced over 50 million oz of gold and 400 million oz of silver.
Dome Rock is just 9 miles south of the famous Copperstone mine which is located at the Northern tip of the Dome Rock Mountain chain. To this day, Copperstone lays claim to the largest gold discovery in Arizona in recent history. Cyprus Gold's profitably open pit mined 500,000 oz of gold. American Bonanza Gold Corporation is presently exploring the remaining underground resource, which contains a 0.363 oz/t oxide gold resource with 313,000 ounces of gold in the Measured and Indicated categories and 256,000 ounces of gold in the Proven and Probable Mineral Reserves category.
About The Company
Gunpowder Gold Corporation is a gold exploration Company in pursuit of high impact gold projects in the Walker Lane Trend, as it extends into Arizona. The Company has developed a portfolio of strategically-located claim blocks in the fairway-tract of the trend, known as the Dome Rock Project. Dome Rock is nine miles from American Bonanza's Copperstone mine, the largest gold discovery in Arizona's recent history. The Copperstone open pit and underground workings are located at the northern tip of the Dome Rock Mountains in southwest Arizona.
Shareholders and the public are encouraged to visit www.GunpowderGold.com for more information and to request an Investor Package.
Safe Harbor Statement:
This news release contains "forward-looking statements" as that term is defined in Section 27A of the United States Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, regulatory incentives, the development of new business opportunities, and projected costs, revenue, profits and results operations. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with new projects and development stage companies. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that any beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that any such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our annual report on Form 10-K for the most recent fiscal year, our quarterly reports on Form 10-Q and other periodic reports filed from time-to-time with the Securities and Exchange Commission. More information is included in the company's filings with the Securities and Exchange Commission, and may be accessed through the SEC's website at www.sec.gov.
www.GunpowderGold.com
SOURCE Gunpowder Gold Corporation
