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VANCOUVER, BRITISH COLUMBIA–(Marketwire – Sept. 27, 2011) – Choice Gold Corp. (CNSX:CHF) (“Choice Gold” or the “Company”) is pleased to announce that visible gold has been found in the most recent drill hole (SLP-11-06) of its Phase 1 drilling campaign on the Sugarloaf Peak Gold Project (“Sugarloaf Peak” or the “Project”) in western Arizona. The gold occurs within quartz-fluorite-pyrite veinlets crosscutting a slightly sericitized felsic crystal tuff. This tuff interval is also injected by multiple generations of veins of diverse composition. In addition to the fluorite-quartz-pyrite veinlets, sphalerite-chalcopyrite, quartz-pyrite and late quartz-calcite veinlets have also been observed.
Data collected during Phase 1 of the Company’s drilling at Sugarloaf Peak has stressed the structural complexity of the region. The polyphased deformation induced by multiple orogeny events has produced a network of numerous fractures allowing the transport of fluids as well as multiple folds. Different styles of alteration have also been observed suggesting multiple hydrothermal events or a long life hydrothermal system evolving over time.
To date, Choice Gold has completed 1998 meters of core drilling at Sugarloaf Peak and plans to resume drilling after receiving and evaluating assay results from this drilling work. Logging and core cutting are still underway and assay results will be announced as soon as available. The Company is proceeding with a geochemical study, petrographic study, and further geological mapping and surface sampling at Sugarloaf Peak to refine the Project’s genetic model and define new drilling targets. A Quantec Titan 24 deep penetrating induced polarization (DCIP) survey, an airborne magnetic survey, and an initial mapping and surface sampling campaign have all also been performed this year on the Sugarloaf Peak property.
The Company also announces that is has granted incentive stock options to certain consultants to purchase up to an aggregate total of 150,000 common shares at a price of $0.30 per share. The stock options will vest in four equal tranches at three, six, nine, and 12 months from the date of grant and will be fully vested at such time. The stock options expire five years from the date of the grant.
Brigitte Dejou, P.Eng., Choice Gold’s Manager of Exploration, is the non-independent, Qualified Person, responsible for the technical information reported herein.
About Choice Gold Corp.:
Choice Gold Corp. was created to acquire and advance select high-potential mineral projects and thereby unlock shareholder value. With this goal in mind, the company has entered an option agreement with Riverside Resources Ltd. (TSX VENTURE:RRI) to acquire a 100% interest in the Sugarloaf Peak Gold Project just west of Quartzsite, Arizona. Sugarloaf Peak covers over 24 km² and was the subject of intermittent drilling and small-scale mining from the 1950s through to the 1990s. For more information about Choice Gold please visit our website atwww.choicegoldcorp.com.
Certain statements contained in this release constitute forward-looking information. These statements relate to future events or future performance. The use of any of the words “could”, “intend”, “expect”, “believe”, “will”, “projected”, “estimated”, “anticipates” and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company’s current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. In particular, this release contains forward-looking information relating to the business of the Company, the Property, financing and certain corporate changes. The forward-looking information contained in this release is made as of the date hereof and the Company is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.
CNSX has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.
