Message #3 From:
Stock News Bot Date: December 20, 2007 11:26:01 AM
Little Squaw Trenching Confirms Extensive Gold System at Chandalar
Little Squaw Gold Mining Company (OTCBB: LITS)
($0.73) ("Little Squaw" or "the Company") reports that assay results from
additional hard rock trenching continue to show significant widespread gold
mineralization within multiple geologic structures on the Company's wholly
owned Chandalar, Alaska, mining property. The findings of the 2007
excavator trenching program have solidified several diamond drilling
targets for 2008 and confirm that the Company is dealing with a strong and
substantially underexplored system of gold mineralization.
Previously announced excavator trench intercepts for the Pallasgreen,
Pioneer, and Summit prospects reported widths of 20 to 30 feet of 0.309 to
0.333 ounces gold per short ton (6 to 9 meters at 10.58 to 11.40 grams gold
per tonne). Additional assay results for rock-chip channel samples taken in
trenches dug on the Chandalar, Bonanza, Kiska, and Mikado prospects are
shown in the table below. This trenching cut several structures that assay
0.015 to 0.039 ounces gold per short ton (3 to 12 meters at 0.50 to 1.35
grams gold per tonne) over widths of 10 to 40 feet. These values are based
on assay results with a cutoff of 10 feet at 0.015 ounces gold per short
ton. The rock surrounding the structures is hydrothermally altered and
contains trace amounts of gold.
Trenching at the Mikado prospect yielded the most interesting results. A
small mine on this prospect is known to have produced about 6,800 tons of
ore averaging about 1.5 ounces gold per short ton (46.65 grams gold per
tonne) from an open-ended ore shoot. The controlling structure is a major,
8-mile-long fault that contains quartz veins. A series of trenches across a
portion of this structure traced the mineralization continuously over 2,500
feet of strike length. The average mineralized trench intercept is 24 feet
at 0.023 ounces gold per short ton (7.3 meters at 0.79 grams gold per
tonne). The persistent gold mineralization with association of hydrothermal
alteration and the magnitude of its controlling structure make the Mikado
prospect a prime target for drill testing.
The Company's 24-square-mile property covers most of the Chandalar mining
district. The district's prospects are mostly aligned along a series of 10
subparallel northwest-southeast structural belts, each several miles long
and spaced thousands of feet apart. Sections of these structural belts
contain gold mineralization within quartz veins. These are mesothermal
veins and fall into a category of gold deposits often called "lode gold" or
'greenstone gold," which are responsible for about a quarter of the world's
total gold production.
The Company believes it has identified promising gold showings within a
favorable geologic setting at Chandalar. Continued systematic exploration
of this system of gold mineralization could result in the discovery of a
commercial gold deposit.
Richard Walters, President of Little Squaw Gold Mining Company, is
responsible for this news release. For additional information regarding
Little Squaw Gold Mining, contact Susan Schenk, Manager of Investor
Relations, by telephone at (509) 535-6156, or by e-mail at
ir@littlesquawgold.com. Little Squaw maintains a comprehensive Web site at
www.littlesquawgold.com.
Little Squaw Gold Mining is engaged in the business of precious-metals
discovery. This endeavor carries certain risks that are commensurate with
the potential rewards of such efforts. These risks cannot be quantified
and should not be taken lightly. All statements made here regarding the
firm's investment potential should be considered "forward-looking
statements" as defined by prevailing regulatory guidelines. As
forward-looking statements, these items represent the measured professional
judgment of management. They do not, however, represent guarantees, and
unforeseen and/or unforeseeable future developments may render them either
incomplete or incorrect. Actual results, plans, programs, and financial
performance may differ materially from express or implied forward-looking
statements.
