GIG HARBOR, Wash.--(BUSINESS WIRE)--LKA International, Inc. (OTCQB:LKAI) reports early exploration results from the LKA winze area of the Company’s Golden Wonder mine located near Lake City, CO. Of the 110 vertical feet of mineralization located between the mine’s 6th & 7th levels, approximately 60 feet of exposed vein material has now been sampled with the following results:
Upper 32 feet of previous production area, nominal exposed vein width (announced previously).
Lower 30 feet of previous production area (announced previously).
|AU 70 N||.220|
|AU 78 N||.712|
|AU 82 N||25.6|
|AU 87 N||11.4|
|AU 90 S||4.95|
|AU 100 CE||.980|
|AU 100 CW||.132|
Recent assays taken at the bottom (108’) of the winze. Exposed vein in this area is 24 feet in length (strike) with an average width 14”. Depth of this structure is undetermined.
Preliminary work is underway to determine the size and potential of this new, lower vein structure. During the process of sinking the LKA winze, two other parallel veins have been identified, one of which averaged 30 inches in width over a 70-foot vertical distance with an average grade of 1.07 oz/ton gold. Approximately 750 tons of this vein material was extracted and most of it sold (as previously announced) while sinking the winze.
Geophysical work on surface is expected to commence this month. Geological evaluation to date (surface and underground) suggests the potential for multiple ore bodies.
About the Golden Wonder
From 1998 through the second quarter of 2006, the mine produced over 133,701 ounces (82% of which came during the period of 2002-2006) from ore with an average grade of 16.01 ozs. gold per ton. Upon resuming operations (exploration) in the first quarter of 2009, LKA has shipped seven bulk ore samples (lower grade material) containing more than 1,200 ounces of gold. Historically, the high-grade nature of Golden Wonder ore has allowed for “direct shipment” with no milling or concentrating required.
Safe Harbor Statement
LKA’s plans to resume/expand Golden Wonder production are subject to a number of conditions including, but not limited to, favorable geology, successful exploration efforts, favorable financing terms/availability, permits, gold prices, market conditions, etc. Mining and related activities are inherently high-risk endeavors and there can be no assurance that LKA will be successful. Investors are cautioned that a commercially viable ore reserve has yet to be established and there can be no guarantee that one will be. This press release contains certain forward-looking statements. Statements contained in this press release that are not purely historical are considered forward-looking. When used in this press release, the words “plan,” “target,” "anticipate," "believe," "estimate," "intend" and "expect" and similar expressions are intended to identify such forward-looking statements. Such forward-looking statements include, without limitation, the statements regarding LKA International, Inc.’s future plans for exploration and/or production, future expenses and costs, future liquidity and capital resources, and estimates of ore, ore grades and mineralized material. All forward-looking statements in this press release are based upon information available to LKA International, Inc. on the date of this press release and the Company assumes no obligation to update any such statements. Forward-looking statements involve a number of risks and uncertainties, and there can be no assurance that such statements will prove to be accurate. The Company's actual results could differ materially from those discussed in this press release. Factors that could cause or contribute to such differences include, but are not limited to, those discussed in the Company’s reports filed with the Securities and Exchange Commission.