Veris Gold Reports Underground Resource Conversion
VANCOUVER - Veris Gold Corp. reported assay results from its ongoing 2013 underground diamond drill hole program at the SSX-Steer Mine, part of the Jerritt Canyon gold operation located in Nevada. Jerritt Canyon is operated by Veris Gold USA, Inc., a wholly-owned subsidiary of Veris Gold Corp. The majority of the reported assay results are from the West Mahala (accessed from Zone 1 of the SSX-Steer) area, portions of which are currently being mined.
Assay Highlights: SSX-SR-231 intersected 32.94 meters assaying 6.41 g/t; SSX-SR-232 intersected 35.99 meters assaying 4.97 g/t; SSX-SR-234 intersected 26.23 meters assaying 5.45 g/t; SSX-SR-237 intersected 23.18 meters assaying 8.74 g/t; SSX-SR-241 intersected 39.65 meters assaying 5.25 g/t; and SSX-SR-245 intersected 47.27 meters assaying 4.49 g/t.
To date the West Mahala (Zone 1) drill program at the SSX mine includes 17 completed diamond drill holes (SSX-SR-231 through SSX-SR-247) totaling 14,424 ft.╩ The drilling program commenced in early October, 2012 and this release includes assay results received as of May 31, 2013 .
To date this drill program has targeted an approximate 300m (E/W) by 125m (N/S) block of ground within which are dominantly Inferred Resources comprising the western extent of the West Mahala resource (mostly in SSX mining Zone 1 and some in Zone 9). This drilling has been conducted from existing mine infrastructure and has been done in advance of a planned 330m long "drill drift" designed to provide a drill platform, and subsequent development access, to the eastern extent of the West Mahala (Zone 9) resource.
William Hofer , Chief Geologist for Jerritt Canyon, states, "Upon reviewing the current results with the limits of the existing West Mahala Inferred Resource boundaries, this drilling and subsequent remodeling will likely convert them to Indicated or Measured Resources at a rate of over 100 percent.╩ The block of ground covered by these drill results represents an area of the current West Mahala resource with the lowest density of historic surface drill hole data.╩ As such, we hold high expectations that subsequent conversion drilling of the remainder of the West Mahala Zone 1 resource will yield similar conversion rates.╩ The recent exceptional drill hole assay results could likely add new resources when the area is remodeled in the near future."
Todd Johnson , VP Exploration for Veris Gold, states, "These results reinforce the Company's confidence in the existing West Mahala Zone 1 resource.╩ Veris is committed to upgrade the large established Zone 9 West Mahala resource to reserve status using underground drilling and the recent start of the drill drift towards the area is the first important step. The future of underground mining at SSX will be at West Mahala."