Mine. Quito is a Carlin-type deposit hosted in lower-plate silty limestones from which 175,000 ounces of gold was produced between 1986 and 1989.
Highway 50 Gold Corp.
Vancouver, British Columbia – Highway 50 Gold Corp. (HWY-TSX.V)
August 2, 2011
Highway 50 Gold Corp. (the “Company”) announces that it has acquired the Porter Canyon claims by staking. Porter Canyon comprises 150 unpatented claims located in Lander County, Nevada that cover the projected north-eastern terminus of the Eastgate volcanic trough under pediment cover outboard of the Quito Mine. Quito is a Carlin-type deposit hosted in lower-plate silty limestones from which 175,000 ounces of gold was produced between 1986 and 1989.
Subsequent to staking, the Company executed gravity surveys which are interpreted to show several horsted blocks under a shallow westerly sloping pediment, west of the base of the Toiyabe Range. Initial drill targets consist of the intersection of a set of northwest trending structures which host auriferous jasperoids with antimony mineralization in the range and a set of north trending cut-off structures related to a major crustal feature referred to as the Western Nevada Rift. These intersections appear to be coincident with the structural edges of the aforementioned horst blocks. The Company has commissioned a geophysical contractor to obtain several lines of controlled source audio-magnetotelluric and magnetotelluric data with a view to further refining drill targets on the property.
The Company plans to drill test these targets based upon permitting and drill availability.
ON BEHALF OF THE BOARD OF DIRECTORS,
“Gordon P. Leask”
Gordon P. Leask, P. Eng.
President and CEO
Additional Information - For more information please contact us at (604) 681-4462.
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Cautionary Note This news release contains certain forward-looking statements, including statements regarding 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 martially from those in forward-looking statements include 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.
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