Welcome back to Stockhouse
Member Sign In

Email or Username:

Become a member today, It's free!

We will not release or resell your information to third parties without your permission.

Enter your email address:
By providing my email, I consent to receiving investment related electronic messages from Stockhouse.

Get our best content in your email.

You are already a member! Please enter your password to sign in.


WHITE GOLD AREA PLAY > Group's Default Discussion > Underworld Adds Fourth Drill Rig for 30,000 Meter View modes: 
  • Underworld Adds Fourth Drill Rig for 30,000 Meter

    - |
    User avatar
    4.5 stars

    Headline: Underworld Adds Fourth Drill Rig for 30,000 Meter Drill Program to Expand White Gold Discovery

    Symbol: UW

    VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 9, 2010) - UnderworldResources Inc. (TSX VENTURE:UW) is pleased to announce the mobilizationfor the 2010 exploration program to the White Gold property. Thecompany expects an early start to drilling this season.

    Underworld is planning a minimum of 30,000 meters of diamond drillingduring 2010 utilizing four drill rigs. The primary objective of theprogram is to expand the Golden Saddle Deposit, 1,004,570 oz. Auaveraging 3.2 g/t Au in an indicated category, with an additional407,413 oz Au averaging 2.5 g/t Au of additional inferred resources(see NR UW 2010 #1). Initial drill holes will step out to the north andeast from holes WD09-101, which intersected 4.86 g/t Au over 23.38meters and WD09-103 which intersected 5.07 g/t Au over 25.38 meters,the most northeasterly and deepest holes completed to-date.

    Underworld's primary objective is to expand high-grade, bulk tonnagemineralization at Golden Saddle utilizing all four drills, with theobjective of releasing an expanded resource estimate completed by July2010. Drilling will continue to target a 50 by 50 meter spaced drillingpattern. The Golden Saddle Deposit remains open to expansion alongstrike to the northeast, and down dip to the northwest. Strength ofalteration and mineralization increases in intensity to the northeast.For a complete list of drill hole intercepts and location maps, pleasevisit

    Another primary objective of the 2010 drilling program will be totarget additional gold showings and geochemical anomalies at multipletargets on Underworld's extensive land package. Targets include:McKinnon, Frenzy, Lynx, Ulli's Ridge and Teachers showings. Many ofthese targets host gold and pathfinder element soil anomalies similarto or greater than the original Arc and Golden Saddle depositsanomalies. In particular, Underworld will establish a second camptargeting widespread anomalies at the JP Ross and Maisy Mae Property,with the Frenzy target identified as a robust anomaly with strongergold in soil values than the Golden Saddle Deposit.

    The third objective during 2010, is to infill and expand the Arcdeposit, which hosts an inferred resource of 170,470 oz. Au averaging1.2 g/t Au. Drilling during 2009 was completed on 100m centers, andcovers only a portion of the 2,200 meter soil anomaly. Near surface,sediment-hosted mineralization at the Arc deposit is located 1,000meters south of the Golden Saddle Deposit.

    During the 2010 program, geotechnical drilling and mapping, as well asadditional metallurgical testwork, engineering studies, environmentalbaseline sampling and community consultation will be ongoing.Underworld intends to rapidly advance the White Gold Property towardsfeasibility.

    Mobilization of supplies and equipment using an ice road from PelleyFarm to the White Gold Camp is scheduled to commence imminently.Included in the shipment will be a fourth drill rig. The fourth machineis sled mounted and able to drill deeper holes, faster.

    Underworld has filed the NI 43-101 Technical Report titled "MineralResource Estimation, Dawson Range, Yukon, Canada", authored by MarekNowak, P.Eng. et al of SRK Consulting. This report can be viewed at

    The Company announces the granting of 100,000 stock options toemployees and consultants to Underworld priced at $1.80. The optionsare exercisable for a period of 10 years. Additionally, the Companywishes to announce the donation of 50,000 shares to the BritanniaMining Museum in British Columbia.

    Underworld Resources is a well-structured junior exploration company focused on expanding its new gold discovery in the Yukon.


    Adrian Fleming, President

    Forward Looking Statement

    Some of the statements contained in this press release areforward-looking statements. Forward-looking statements are nothistorical facts and are subject to a number of risks and uncertaintiesbeyond the Company's control, including, but not exclusively,statements regarding potential mineralization, exploration results,completion of work program and studies, and future plans and objectivesof the Company. Resource exploration, development and operations arehighly speculative, characterized by a number of significant risks,which even a combination of careful evaluation, experience andknowledge may not eliminate, including, among other things,unprofitable efforts resulting not only from the failure to discovermineral resources but from finding mineral deposits which, thoughpresent, are insufficient in quantity and quality to return a profitfrom production.

    The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this releas
    Rate this post
    0 stars



Group Administrator