By First American Silver Corp. (OTCBB: FASV), a mining exploration company, today announced that the recently completed drill program intercepted gold at the Mount Jackson property. During the drill program completed in September 2011, five holes were drilled, all of which encountered disseminated mineralization to varying degrees. Most significantly, the program returned: a 5 foot section grading 0.57 ounces of gold per ton, within a 20 foot section of 0.237 ounces of gold per ton, which is in turn within a 90 foot section of 0.052 ounces of gold per ton. The twenty foot section could represent a bulk-minable type underground target.
These findings confirm the validity of the data the Company has regarding various aspects of earlier drilling in the area by Pegasus Gold. To date, efforts from both historic and present day drilling in the immediate area, known as the Cottontail Zone, have been focused entirely on disseminated or "Carlin" style mineralization. While the potential for this type of target exists on the property, the recent drill program by First American Silver was tailored in part to determine if a higher grade "feeder" may exist in the Cottontail Zone, possibly presenting a more robust and economically significant target. These findings from Hole PC-34A may represent the upper portions of just such a target.
"We are excited about the initial findings from our drill program completed last year that may result in a minable underground target," said Thomas J. Menning, President and CEO. "Evaluation of the prospect is progressing on track and compilation of the data is ongoing."
As a next step, First American Silver has commenced a ground magnetics geophysical survey at the Mount Jackson property. This survey is expected to augment the data acquired from the ongoing high resolution gravity geophysical survey. Simultaneous with the current work being done on the property, all drill data on the Cottontail Zone is being compiled and will then be incorporated into a 3D model that will also include the gravity and magnetic data. Once complete this model should provide the Company with more drill targets in the Cottontail Zone and elsewhere on the property. It is anticipated that this work will be completed by the Company's geophysical consultants this quarter.
About the Mount Jackson Prospect
Mount Jackson is located in Esmeralda County, Nevada to the south of the historic town of Goldfield, in an under-explored portion of the prolific Walker Lane Belt. The area is easily accessible west of Mount Jackson along the southerly extension of the Goldfield Hills. Mineralization at the site is hosted in sedimentary rocks of the Lower Cambrian Harkness formation and tends to be disseminated and relatively widespread. Significant gold (Au) and silver (Ag) mineralization was discovered at Mount Jackson by Pegasus Gold in 1987, and drilling resulted in a mineral inventory with more than 40,000 ounces Au and 900,000 ounces Ag. Pegasus concentrated all work in one area and left the broader region unexplored; therefore, several areas have been identified with the potential to increase the mineral inventory and build resource.
About First American Silver Corp.
First American Silver is a Nevada-based company engaged in the exploration and development of silver and gold properties in the United States. The Company currently has four properties in Nevada: Mountain City located in north-eastern Nevada, Egan Canyon and Muncy Creek both located in east-central Nevada, and Mount Jackson located in western Nevada. For further information, please visit the company's website www.firstamericansilver.com.
Forward-Looking Statements
Included in this release are certain "forward-looking" statements involving risks and uncertainties which are intended to conform to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including statements regarding the Company's financial performance. Such statements are based on management's current expectations and are subject to certain factors, risks and uncertainties that may cause actual results, events and performance to differ materially from those referred to or implied by such statements. In addition, actual future results may differ materially from those anticipated, depending on a variety of factors, sales and earnings growth, ability to attract and retain key personnel and general economic conditions, including uncertainties relating to global political conditions, such as terrorism. Information with respect to important risk factors that should be considered may be contained in the Company's Annual Report on Form 10-K and its Reports on Form 10-Q to be filed with the U.S. Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company does not intend to update any of the forward-looking statements after the date of this release to conform these statements to actual results or to changes in its expectations, except as may be required by law.
Investor Relations:
First American Silver Corp.
investorrelations@firstamsilver.com
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Remy Bernarda, 415-203-6386
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