Ely Gold Submits Environmental Assessment for Green Springs Project
July 1, 2014
Ely Gold & Minerals Inc. ("Ely Gold" or the "Company") is
pleased to provide the following update on its 100% owned Green Springs
property located in White Pine County, Nevada. A draft Environmental
Assessment (EA) was submitted to the U.S. Forest Service on June 26,
2014. An exploration Plan of Operations (POO), covering 75 acres was
submitted to the U.S. Forest Service in October, 2013. The proposed
project area covers several drill targets identified from historic drill
assays, soil samples and the CSMAT geophysical survey.
Enviroscientists, Inc is coordinating the permitting and environmental
requirements for the project. A map of the proposed project area is
available on the Ely Gold website at www.elygoldandminerals.com.
Green Springs lies approximately 10 miles south of Ely Gold's Mt.
Hamilton project and 14 miles southeast of Midway Gold's ("Midway") Pan
Deposit, 7 miles southeast of Midway's Gold Rock project and 10 miles
northwest of Pilot Gold's Griffon project. The Mt Hamilton Project is
being managed by Solitario Exploration & Royalty Corp. under a joint
venture agreement with Ely Gold whereby Solitario owns 80% and Ely Gold
owns 20%. Green Springs is owned 100% by Ely Gold and is not part of
the joint venture with Solitario. Mt. Hamilton and Goldrock are
currently in the permitting process for mine development, while Pan has
been fully permitted and is currently being constructed by Midway.
The Company, in conjunction with SRK Consulting, has compiled all the
historical data including previous work by U.S. Minerals Exploration
Company ("USMX") during the 1980's. The USMX work outlined six zones of
gold mineralization from approximately 680 reverse circulation drill
holes. Using a cut off grade of 0.7g/t Au, USMX developed and produced
from three of these mineralized zones. Historic production records, from
1988-1990, indicates that 1.1 million metric tons of mineralized
material averaging 2.1 g/t gold were mined by open pit mining and heap
leaching. USMX abruptly ceased production when they purchased Alligator
Ridge in 1990 and three mineralized zones remained un-mined. The
historic open pit mines exploited oxide gold mineralization developed in
the upper Chainman and along the Joanna-Chainman contact which are
important host units in the region (i.e., Midway's Goldrock deposit and
Pilot Gold's Griffon project). Several northern historic exploration
holes, drilled by USMX, revealed mineralization associated with the
underlying Pilot Shale, which is another important host unit in the
region (i.e., Midway Gold's Pan deposit and Alligator Ridge). The Pilot
Shale remains largely untested across the property, and lies at
relatively shallow levels within the eastern portion of the Project. The
Company has identified drill targets designed to twin USMX holes and
test the deeper Pilot Shale, based on extensive ground sampling, mapping
and the CSMAT geophysical survey. Drilling is anticipated in fall of
"Green Springs lies in a very active and exciting area for mine
development in Nevada", stated Trey Wasser, Ely Gold's President &
CEO. "Investing in the EA will allow us the flexibility to explore the
entire district without needing to secure additional permits".
This press release has been read and approved by Stephen Kenwood, P.
Geo, a director of the Company and is a Qualified Person as defined by
National Instrument 43-101.
On Behalf of the Board of Directors
Signed "Trey Wasser"
Trey Wasser, President & CEO
For further information, please contact Ely Gold & Minerals Inc. at 604-488-1104.
Neither TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
This news release may contain forward-looking statements including but
not limited to comments regarding the timing and content of upcoming
work programs, geological interpretations, receipt of property titles,
potential mineral recovery processes, etc. Forward-looking statements
address future events and conditions and therefore, involve inherent
risks and uncertainties. Actual results may differ materially from those
currently anticipated in such statements.