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SOURCE LKA Gold Incorporated
GIG HARBOR, Wash., Feb. 21, 2014 /PRNewswire/ -- LKA Gold Incorporated (OTCQB:LKAI) announced that its mine operator, Coal Creek Construction, has been pursuing a high-grade vein structure in this North Raise area both above and below the mine's 6th level. Ore grades in this structure, seem to diminish with depth in this particular area however, previous experience suggests this could change quickly. (Multiple vein assays in the high double digits, measured in gold ounces per ton, were encountered at slightly greater depths in earlier exploration.) Conversely, as current operations are extending a "raise" above 6 level, gold enrichment has improved dramatically.
According to LKA President, Kye Abraham, "We're especially encouraged by the vein(s) width and grade as we raise above 6 Level. We're in an area adjacent to the previous production zone, in what our project geologist calls the "boiling zone." This is approximately the same elevation in the mine where the last high-grade ore chute was discovered. At some point along this trend we expect to encounter another one…or perhaps, several."
For short videos of Mr. Abraham's discussion with lead miner, Tony Schell, concerning the North Raise workings, go to the "Projects" tab on LKA's website at: http://lkagold.com/Golden-Wonder.php. Interested parties are also encouraged to read Rauno Perttu's recent reports regarding the Golden Wonder's potential which can be found with the same web link.
Ore grades/assays and fourth quarter, 2013 shipments will be announced shortly.
About LKA's exploration program at its Golden Wonder Mine
Vein material is extracted as crews follow the volcanic vent system along the wall of the Uncompahgre Caldera. This method of exploratory mining and underground drilling proved successful in locating the first commercial ore body which yielded more than 133,000 ounces of gold from a single ore chute measuring less than 10,000 cubic feet. From 1998, through the second quarter of 2006, the average grade of Golden Wonder ore was 16.01 ozs. (454 grams) gold per ton. LKA believes that additional such ore chutes may exist on its mining claims. Upon resuming exploratory operations in the first quarter of 2009, LKA has shipped twenty-seven bulk ore samples containing more than 4,000 ounces of gold with a net value, after processing, of over $4.2 million. The Company is continuing to evaluate financing options to expand/accelerate this program. Investors are cautioned that the Company continues to generate substantial losses and additional funding and exploration work is required. A commercially viable ore reserve has yet to be established.
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. 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 Gold'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 Gold 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.
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