VANCOUVER, BC / ACCESSWIRE / April 18, 2024 / Highway 50 Gold Corp. (TSXV:HWY) ("Highway 50" or the "Company") announces that it has staked 28 unpatented claims located 10 km south of Austin, Central Nevada. The Quito North claims cover the northeast corner of the Quito Lower-plate window and encompasses 3,000 m of the northern projection of the Quito Mine mineralized structure, up to its intersection with the eastern terminus of the Jurassic aged Johnson Canyon laccolith.
The area immediately south of the laccolith is known as Bleach Cliffs. Highly elevated arsenic, antimony, and low-grade gold are known at Bleached Cliffs and have been the impetus for limited exploration in the past. Shallow drilling at this target has intersected up to 0.04 oz/ton Au in Lower-plate limestones, immediately under the Roberts Mountain Thrust. This may constitute leakage above a more substantial gold deposit. The target is outboard of a 200 m wide calc-silicate-hornsfels-skarn thermal areole that surrounds the Johnson Canyon intrusive. The southern portion of the Quito North claim group covers part of the Section 25 target area, where trenching and shallow drilling have encountered low-grade gold mineralization. The southern claim boundary of the Quito North claim group is located 1 km north of the former Quito operating open pit mine.
Management notes the marked similarity between the geology of the Cortez and Quito windows, in particular the north end of the Goldrush deposit (Dorothy) where Barrick Gold has announced the discovery of a new high-grade gold zone, and the Bleached Cliffs target.
Quito hosted significant high-grade mineralization (+1 oz/ton gold) with the pit bottoming in 0.5 oz/ton gold mineralization. The bottom of the high-grade has not been found. Numerous occurrences of ore-grade gold mineralization are present throughout the district, in both Lower- and Upper-plate lithologies. As such, Quito has pedigree and represents a strong Carlin system of district scale. To date, drilling within the district has been mostly shallow and limited to the Quito Mine area. Since the discovery of high-grade gold in 1980, the entire Quito district has been held by FMC Gold and successor companies. The latest company, Yamana Gold, was permitting a substantial exploration program prior to their takeover by Pan American Silver Corp. Subsequent to closing of that acquisition, the claims were allowed to lapse.
Highway 50 is currently digitizing and collating relevant data in its possession prior to permitting a drill program.
The scientific and technical disclosure in this news release has been approved by Gordon P. Leask, P.Eng., President and CEO of the Company, and a Qualified Person as defined by National Instrument 43-101 (Standards of Disclosure for Mineral Projects).
For additional information:
John M. Leask, P.Eng.
Tel: +1 (604)681-4462
Email: jml@highway50gold.com
Gordon P. Leask, P.Eng.
Email: gord@highway50gold.com
About Highway 50 Gold Corp.
Highway 50 Gold Corp. is a mineral exploration stage company led by a team of experienced explorers and deal-makers. The exploration focus on its projects are a result of what management believes to be breakthroughs in the understanding of north-central Nevada's crustal architecture.
Neither the TSX Venture Exchange, nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note This news release contains certain forward-looking statements, including statements regarding the Company's proposed plans for the exploration of the Quito North project; and the business and anticipated financial performance of the Company. These statements are subject to a number of risks and uncertainties. Actual results may differ materially from results contemplated by the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include the Company may not obtain satisfactory results from its drilling program and exploration activities, changes in metal prices, changes in the availability of funding, unanticipated changes in key management personnel and general economic conditions. Mining is an inherently risky business. Accordingly the actual events may differ martially from those projected in the forward-looking statements. When relying on forward-looking statements to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and should not place undue reliance on such forward-looking statements. The Company does not undertake to update any forward looking statements, oral or written, made by itself or on its behalf.
SOURCE: Highway 50 Gold Corp.
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