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Precious Metals
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General Precious Metals
Underworld Resources
- This is a Discovery Alert and no buy or sell recommendation -
Middelkoop Discovery Alert Flash Underworld Resources (UW.V)
Hello all,
We just received some breaking discovery news. Underworld Resources announced assay results from the first three holes from their 2009 drilling program from the Golden Saddle Zone at the White Gold Property. Significant thicknesses of gold mineralization were encountered in all holes. Results are as follows:
- WD09-28: 1.84 g/t Au over 102.5 meters from 105 to 207.5 meters
- WD09-29: 3.89 g/t Au over 60.5 meters from 145.5 to 206.0 meters
- WD09-31: 3.39 g/t Au over 104.0 meters from 100.0 to 204.0 meters
Two diamond drills are currently on the 169 square kilometer White Gold Property, and have completed to-date nine holes at the Golden Saddle zone, and one hole at Arc zone (located two kilometers southeast of Golden Saddle). An additional five holes are planned for the current Phase 1 4,000 meter drill program, in addition to mapping, trenching and sampling on multiple other targets on the Property. Further assays will be released upon receipt. A plan showing holes drilled to date, in progress and planned for Golden Saddle can be seen on the Company's web site at www.underworldresources.com. Once additional holes are completed at the Arc zone a location map will be posted on the web site.
While we still working hard, to get all details straight, we would advice you to read the following press.
We will provide you with a further update in the near future, but it might be interesting to take advantage of this early warning now.
Disclaimer
We bought shares in this company today for the Gold&Discovery Fund
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Press Release
Underworld Intersects 104.0 Meters of 3.4 g/t Au at Golden Saddle Zone, White Gold Property, Yukon
- On
Tuesday May 26, 2009 ,
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- WD09-29: 3.89 g/t Au over 60.5 meters from 145.5 to 206.0 meters
- WD09-31: 3.39 g/t Au over 104.0 meters from 100.0 to 204.0 meters
These holes were completed in a fence of four, drilled at the Golden Saddle zone, west of hole WD08-21 that returned 3.1 g/t Au over 50.7 meters. The objective of these initial holes was to test for the continuity of mineralization and to test the mineralization to depth, below hole WD08-21 that bottomed in alteration and in mineralization.
Complete results from the three initial holes are provided in the table below. It is currently interpreted that the mineralization is shallow dipping, however further assay results and additional drilling is required before reliably estimating true thickness. The four holes on this section span approximately 120 meters of down-dip extent, with assays pending for WD09-30. Additional assays are also pending from above and below the zone WD09-31.
Hole-ID From (m) To (m) Length (m) Au (g/t)
WD-028 105.00 207.50 102.50 1.84
Including 105.00 127.00 22.00 3.99
and 109.73 124.51 14.78 4.47
WD-029 145.50 206.00 60.50 3.89
Including 156.50 180.55 24.05 8.81
and 156.50 164.50 8.00 14.12
WD-031 100.00 204.00 104.00 3.39
Including 105.71 149.00 43.29 4.37
and 109.92 118.81 8.89 9.10
Gold mineralization at the Golden Saddle Zone is associated with strongly silica, albite and serecite altered felsic schists associated with hydrothermal brecciation and quartz-pyrite stockwork and veinlettes. Gold grade is consistent throughout the mineralized interval, with higher grade zones near the hangingwall and footwall. The mineralization encountered in holes WD09-28, 29 and 31 do not correlate with WD08-20, which is located further southeast on the same section line. Hole WD08-20 collared in mineralization, encountering 27.7 meters averaging 1.87 g/t Au; and may be a separate, shallow zone.
Two diamond drills are currently on the 169 square kilometer White Gold Property, and have completed to-date nine holes at the Golden Saddle zone, and one hole at Arc zone (located two kilometers southeast of Golden Saddle). An additional five holes are planned for the current Phase 1 4,000 meter drill program, in addition to mapping, trenching and sampling on multiple other targets on the Property. Further assays will be released upon receipt. A plan showing holes drilled to date, in progress and planned for Golden Saddle can be seen on the Company's web site at www.underworldresources.com. Once additional holes are completed at the Arc zone a location map will be posted on the web site.
Quality Assurance
ON BEHALF OF THE BOARD OF DIRECTORS
Adrian Fleming, President
Forward Looking Statement
Some of the statements contained in this press release are forward-looking statements. Forward-looking statements are not historical facts and are subject to a number of risks and uncertainties beyond the Company's control, including, but not exclusively, statements regarding potential mineralization, exploration results, completion of work program and studies, and future plans and objectives of the Company. Resource exploration, development and operations are highly speculative, characterized by a number of significant risks, which even a combination of careful evaluation, experience and knowledge may not eliminate, including, among other things, unprofitable efforts resulting not only from the failure to discover mineral resources but from finding mineral deposits which, though present, are insufficient in quantity and quality to return a profit from production.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
Contact:
Contacts:
Underworld Resources Ltd.
Jeff Sundar
Investor Relations
604-684-4001
604-484-7155 (FAX)
info@underworldresources.com
http://www.underworldresources.com
Willem Middelkoop, May 27th 2009
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Disclaimer:
Willem Middelkoop’s Gold&Discovery Fund is long the mentioned stock, but he hasn’t received any compensation from the mentioned companies. Investing in exploration companies is a very high risk play. You can loose 90% of your investment. Always invest in at least 5-10 different stocks and insure your speculative investments with a minimum of 10% in physical gold and/or silver.
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