All American Gold Corp Signs Letter of Intent for Advanced Stage Nevada Exploration Project
April 23, 2012 at 06:00 AM EDT
All American Gold Corp (OTCBB:AAGC) is pleased to announce that it has signed a Letter of Intent with Desert Pacific Exploration, Inc. (“Desert Pacific”) that sets out guideline terms and conditions between Desert Pacific and the Company for the “Essex” mineral property. Under the terms of the agreement, All American has an exclusive period until May 10, 2012 to investigate the mineral property and data from previous mining results and other due diligence. The Company may enter into a mining option agreement with Desert Pacific within this exclusive time period.
About Essex Property, Nevada
The Essex Project is comprised of 18 unpatented mining claims covering a total of 360 acres within the Nevada mining district, White Pine County, Nevada. The property is located approximately 10 miles southeast of Ely, Nevada.
Previous drilling on roughly 400 feet centers with significant underground workings have identified a mineralized zone approximately 4,500 feet in length and open in both directions. Gold and silver occur within a jasperoid developed along the contact of Mississippian age Joana limestone and Chainman shale. The mineralization has been followed to depths of 700 feet in historic workings. Gold values to 40 g/t and silver values to 280 g/t have been obtained by the USGS and others from underground workings.
The project area encompasses a northwesterly trending structural zone which can be followed along strike for over 2,500 meters. The structure cuts Devonian Guillemette limestone, Devonian/Mississippian Pilot shale, Mississippian Joana limestone, and Mississippian Chainman shale which are the host rocks in the “Alligator Ridge” district. Alteration as jasperoid follows bedding along the Joana-Chainman and Joana-Pilot contacts. Workings and drill holes have encountered gold and silver within a jasperoid developed along Joana-Chainman contact zone where it plunges to the west.
This project represents an advanced stage exploration property with no defined resource. Desert Pacific believes the property shares similarities with Alligator Ridge. Targets within the Pilot Shale, the main host for Alligator Ridge ore deposits, remain untested.
About All American Gold:
All American Gold Corporation is a precious mineral exploration company focused on the acquisition and ongoing exploration of mineral property holdings in the United States. The company has spread its holdings across the state of Nevada, diversifying its investment while using the latest technology and geological resources to select properties in the most promising mineral zones. All American Gold Corp. intends to continue to seek out new opportunities through its experienced and proven geological team. Additional information concerning All American Gold Corp’s projects can be found on the company’s website at www.allamericangoldcorp.com
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