Underworld Continues to Expand Golden Saddle Discovery, White Gold Property, Yukon
24 Novembro 2008 - 11:00AM
Marketwired Canada
Underworld Resources Inc. (TSX VENTURE:UW) is pleased to announce further assay
results from the final drill holes of its 2008 drilling program at the 100%
owned White Gold Property, Yukon Territory, Canada. To date, Underworld has
discovered two separate near surface mineralizing gold systems at the Golden
Saddle and Arc Zones. Both areas of mineralization are open to expansion and are
potentially amenable to open-pit mining methods. Highlights from Golden Saddle
include:
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Weighted avg.grade
Hole ID (g/t Au) Length (m)
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WD - 004 4.35 g/t Au over 18.08 meters
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WD - 005 4.38 g/t Au over 17.66 meters
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WD - 009 4.20 g/t Au over 16.03 meters
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WD - 012 4.16 g/t Au over 15.99 meters
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WD - 013 5.60 g/t Au over 21.58 meters
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WD - 016 3.38 g/t Au over 14.17 meters
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WD - 020 1.87 g/t Au over 27.70 meters
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WD - 021 3.10 g/t Au over 50.70 meters
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WD - 024 2.91 g/t Au over 15.00 meters
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Drill Hole WD-24 intersected 2.91 g/t gold over 15 meters starting from surface,
including 4.54 g/t over 5 meters. This hole is a 100 meter step out from the
previously reported hole WD-21, which returned 3.1 g/t Au over 50.7 meters.
Several gold intercepts were returned in WD-27, including 3.39 g/t Au over 1.5
meters from 35 meters drilling depth. Drill hole WD-27, a 100 meter step-out to
the northeast of WD-24 is the easternmost drill hole to date Drill hole WD-25
was drilled on the western end of Golden Saddle, with several short Au
intercepts, including 2.19 g/t over 4.0 meters. Drilling has traced continuous
gold mineralization at Golden Saddle for 450 meters along strike, and to 170
meters down dip. The zone is open for expansion in all directions.
The Arc is a zone of near-surface gold mineralization located 1 km from Golden
Saddle. Previously reported intercepts include WD-17, which returned 1.47 g/t Au
over 29 meters from 100 meters below surface. This drill hole was located 600
meters from WD-14, which returned 1.18 g/t Au over 28.5 meters from the collar.
The Arc zone soil anomaly, which is characterized by gold values exceeding 80
ppb, extends over a distance of two kilometers and is a separate target from
Golden Saddle. Mineralization intersected in holes WD-14 and WD-17 is open for
expansion in all directions. Highlights from Arc include:
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Weighted avg.grade
Hole ID (g/t Au) Length (m)
----------------------------------------------------------------------
WD - 014 1.18 g/t Au over 28.50 meters
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WD - 017 1.47 g/t Au over 29.00 meters
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There were no significant intercepts in WD-26, which was a prospecting hole
drilled south of the Golden Saddle Zone, or in WD-23, a prospecting hole drilled
north of the Arc Zone. This was a redrill of WD-22, which was not assayed.
The newly discovered gold mineralization at the Golden Saddle and Arc Zones
occur within the Tintina gold belt. The White Gold Property is located within 30
kilometers of a road, and can be accessed by commercial river barge from Dawson
along the Yukon River.
The 2008 drill program at White Gold totaled 3,431 meters in 27 holes. The Phase
two drill program commenced in August 2008, and completed holes WD-014 to WD-027
for a total of 2,188 meters. Assays have been received for all outstanding drill
holes. Underworld recently completed a $3 million flow through financing. The
Company is planning an aggressive drill program commencing in the spring of 2009
to expand the extent of mineralization at the Golden Saddle and Arc Zones, and
to test multiple other targets on the White Gold Property.
Location maps, drill hole collar locations and a full table of assay results can
be viewed at www.underworldresources.com. Reported lengths are drill indicated
lengths; true widths are not fully understood due to brittle faulting, however,
are estimated to range from 72 to 95% of the drilled lengths.
Underworld would also like to announce that the Company will be focus
exploration efforts on the White Gold discovery and has postponed exploration
programs in Chile and Argentina. Consequently, Mr. Jason Cunliffe, VP
Exploration has accepted another opportunity in South America. Underworld thanks
Jason for his contribution to the Company and wishes him well in his future
endeavours.
Quality Assurance
Underworld has implemented a rigorous QA/QC program using best industry
practice. Elements of the program include chain of custody of samples, standard
and blank samples are submitted, with drill core sawn in half and shipped in
sealed bags to Alaska Assay Laboratories in Fairbanks, Alaska. The ongoing 2008
Exploration Program is directed by Adrian Fleming, M.A.I.G, RPGeo, M.Aus.I.M.M.,
President of Underworld Resources and a Qualified Person as defined by NI43-101.
Mr. Fleming prepared, and approves of the content of this release.
Underworld Resources is a well-structured junior exploration company targeting
base and precious metals in the Americas.
ON BEHALF OF THE BOARD OF DIRECTORS
Adrian Fleming, President
Forward Looking Statement
Some of the statements contained in this press release are forward-looking
statements. Forward-looking statements are not historical facts and are subject
to a number of risks and uncertainties beyond the Company's control, including,
but not exclusively, statements regarding potential mineralization, exploration
results, completion of work program and studies, and future plans and objectives
of the Company. Resource exploration, development and operations are highly
speculative, characterized by a number of significant risks, which even a
combination of careful evaluation, experience and knowledge may not eliminate,
including, among other things, unprofitable efforts resulting not only from the
failure to discover mineral resources but from finding mineral deposits which,
though present, are insufficient in quantity and quality to return a profit from
production.
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