Golden Oasis Exploration Corp.
TSX VENTURE : GOT

Golden Oasis Exploration Corp.

October 01, 2007 10:00 ET

Golden Oasis Exploration Corp.: Drilling Initiated at Empress Project Near Goldfield, Nevada

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 1, 2007) - Golden Oasis Exploration Corp. (TSX VENTURE:GOT) is pleased to announce that the Company has initiated drilling at the Empress Project located in southwestern Nevada approximately 26 miles south of Goldfield. A 3,000 foot core drilling program will test both vertical and horizontal continuity of the Wonder vein system. The Wonder target is one of three vein sets exposed on the Empress property.

In this initial phase of drilling, two holes will be drilled from each of four surface drill sites spaced roughly 200 feet apart. Underground sampling of the Wonder veins with average sample widths of two to three feet found gold assays ranging from 0.02 oz/ton (0.68 g/t) to 1.85 oz/ton (63.30 g/t) and silver ranging from 0.07 oz/ton (2.3 g/t) to 3.18 oz/ton (109.0 g/t). However, because of previous mining, samples could not be taken on regular intervals. Drilling will determine the width and grade of the vein system in an area roughly 600 feet long and between 100 and 400 feet below the surface. This work will guide further drill testing of the Wonder target down dip and along strike as well as testing of the other two targets identified to date.

The core will be sawed in half after logging and assayed by ALS Chemex Labs of Reno, Nevada. Drilling should be completed in approximately two months.

The Empress property lies within the southern portion of the Walker Lane mineral belt. Significant mines within this portion of the Walker Lane include Tonopah, Goldfield and Silver Peak. Goldfield, the closest, produced over 4 million ounces of high-grade gold (+0.3 oz/ton). Covered by 54 unpatented mining claims totaling approximately 1,080 acres or 1.7 square miles, the project contains two historic mines, the Empress and the Wonder. Apparently discovered in the 1860's, below the 7 adits that make up the Empress Mine are the remnants of a mill and several stone foundations. Little recorded production is reported for the district, although the Gold Point district, immediately to the north, produced approximately $1,000,000 (1900 dollars) in gold and silver. The Wonder Mine, located 2,000 feet southwest of Empress, was worked in the 1930's as judged by artifacts, and probably direct shipped its ore elsewhere. Mineralization in the project area occurs in quartz veins hosted by granitic rocks of the Sylvania pluton. At least 3 separate east-west trending, steeply dipping quartz veins are exposed on the property.

Richard Kern (P.Geo), President of Golden Oasis, is the Company's qualified person on the project as required under NI 43-101 and has prepared the technical information contained in this press release.

Golden Oasis is dedicated to the principles of environmentally sound mining practices and believes that environmental stewardship and mining can co-exist. For details on the Company and its properties, see SEDAR at www.sedar.com and the Company website at www.goldenoasis.ca.

ON BEHALF OF THE BOARD

Robert Eadie, Chief Executive Officer and Director

The TSX Venture Exchange has not reviewed nor does it accept responsibility for the adequacy or accuracy of this press release.

Contact Information

  • Golden Oasis Exploration Corp.
    Robert Eadie
    Chief Executive Officer and Director
    (604) 602-4935 or Toll Free: 1-866-602-4935
    (604) 602-4936 (FAX)
    Email: talk@goldenoasis.ca
    Website: www.goldenoasis.ca