October 22, 2004
Results from Hercules Project and Corporate Update
Carson City, Nevada – October 22, 2004 - LINCOLN GOLD CORP. (OTCBB: LGCP) wishes to announce that it has received assay results from its drill program on the Hercules project in Lyon County, Nevada.
Lincoln drilled three reverse circulation holes to test the deeper levels of the Hercules vein system for bonanza-grade gold and silver. The holes encountered intervals of low-grade gold values near the surface, but the bonanza-grade values were not present at depth. All three holes were drilled directly towards the main vein system and were 200 to 400 feet apart along strike. Hole H04-1 was drilled at -60˚ and bottomed in black mudstone at 1000 feet. Minor shallow gold mineralization was encountered from 10 to 25 feet in oxidized and silicified lithic tuff (15 feet @ 0.019 opt Au). Hole H04-02 was drilled at -55˚ and bottomed in black mudstone at 900 feet. Shallow oxide gold mineralization was encountered from 15 to 105 feet in oxidized lapilli tuff containing quartz veinlets (90 feet @ 0.017 opt Au). Hole H04-03 was drilled at -60˚ and bottom in crystal ash tuff at 900 feet. Shallow oxide gold mineralization was encountered from 25 to 55 feet in silicified lapilli tuff (30 feet @ 0.016 opt Au) and from 245 to 255 feet in sericitized lapilli tuff (10 feet @ 0.016 opt Au). The shallow gold mineralization encountered in all three drill holes is typical of results from past drilling programs. Projected, deep, bonanza gold-silver mineralization was not encountered.
Lincoln has decided that the Hercules project no longer meets the Company’s criteria for further work and has terminated its option with Miranda Gold Corp.
Lincoln Gold presently retains a 100% interest in six projects in Nevada, all with potential for discovery of large gold deposits including: Buffalo Valley, JDS, Jenny Hill, Hannah, and Lincoln Flat.
The Buffalo Valley project is located 22 miles west of Battle Mountain in the northern portion of the Battle Mountain-Eureka gold trend. Lincoln retains a large land position consisting of 7.5 alternating sections interspersed with Newmont and Barrick ground. Several companies have explored for gold on various parts of the Buffalo Valley property over the past 20 years. Homestake Mining identified three targets on the property that were never drilled. Potential exists for structurally controlled distal disseminated gold deposits and gold skarns. Metallic Ventures recently announced discovery of 4.4 million ozs gold and 17.1 million ozs silver, approximately 5 miles to the northwest of Lincoln’s claims. Major mining companies are reviewing Lincoln’s Buffalo Valley project for possible joint venture.
The JDS property is located in Denay Valley in Eureka County, Nevada in the southern portion of the Battle Mountian-Eureka gold trend (Cortez trend). The recent Cortez Hills and Pediment gold discoveries by the Cortez Joint Venture (Placer/Kennecott) validates the importance and potential of this area. The JDS project adjoins Placer Dome’s Red Hill project and is adjacent to the JD window that exposes favorable lower plate carbonate rocks. A gravity high with intersecting faults is present on the JDS claim block and offers an excellent exploration opportunity in the pediment-covered area. Major mining companies are also reviewing Lincoln’s JDS project for possible joint venture.
Lincoln’s newly acquired Jenny Hill project is located 18 miles west of Gabbs in Mineral County, Nevada. The property lies on trend between the Paradise Peak and Rawhide mines in a remote area of Gabbs Valley. Two styles of gold mineralization are present on the property, Carlin-type and gold skarn. Numerous samples have been collected from the property that indicate the presence of ore-grade gold mineralization. A partial ground magnetic survey reveals major concealed structures which possibly control gold mineralization. The Jenny Hill project has potential for bulk mineable gold mineralization and is one of Lincoln’s best properties.
The Hannah project is located 55 miles northeast of Reno in Churchill County, Nevada. The immediate area has received some exploration in the past by Chevron and Cordex. The exploration target is exposed at the surface and consists of a highly oxidized ductile-brittle shear zone in Permo-Triassic greenstone. The shear zone is at least 2500 feet in length and greater than 100 feet in width and locally contains ore-grade gold mineralization. Potential exists for a bulk mineable deposit subject to heap leach processing. The gold zone has never been drilled.
The Lincoln Flat project is located 8 miles west of the town of Yerington in Lyon County, Nevada. The property adjoins the Ambassador Placer mine (1930s vintage) and is near the Yerington porphyry copper-gold mine. Two types of targets are present on the property; gold-hematite breccia and a gold porphyry. The hematite breccia is exposed in widths up to 70 feet at the surface and locally carries ore-grade gold mineralization (multiple grams Au). The gold porphyry target contains anomalous gold and requires further definition. Both targets offer potential for open-pit mining.
Lincoln Gold Corp. is a gold exploration company focused on Nevada with several gold exploration projects in various stages of development.
LINCOLN GOLD CORP.
/s/ "Jeffrey Wilson"
Jeffrey L. Wilson,
V.P. Exploration and COO
For more information contact:
Investor Relations: 800-689-1659
www.lincolngold.com
 |
|
|
|
 |
 |
 |
|
 |
 |
||
|
|||
 |
 |
||