SOURCE: Diversified Secure Ventures Corp.
February 01, 2011 15:10 ET
Diversified Secure Ventures (SRWY) Provides Update on the Nevada "SUNDANCE" Gold Property
TORONTO--(Marketwire - February 1, 2011) - Diversified Secure Ventures Corp. (PINKSHEETS: SRWY) and Tom and Marie Cavin have agreed mutually to extend for an undetermined amount of time the commitment period on the Sundance claims as per Diversified's previous press release on Dec.10, 2010. The parties have agreed due to absence of persons due to the holidays, weather conditions in regards to property access, and Diversified's ongoing negotiations with regards to financing and potential joint venture partners, that an extension is warranted. The extension is amicable. If terms and conditions do change, Diversified will update its shareholders by way of further press releases. Diversified appreciates the patience required. Below is a brief description of the property. The geological summary of Aug. 2010 is available on the company website for viewing.
About The Sundance Gold Claims:
The Sundance property is located in the prestigious Walker Lane Gold Belt Mineral County, Nevada, just outside of the city of Hawthorne. Successful mining operations in the area include The Lucky Boy mine which is approximately 6 miles east southeast of the claim block and the Borealis Mine lies 6 miles south of the Sundance Claim Block. Great Basin Gold operates the now named Esmeralda Mine, formerly the Aurora Mine, which is approximately 14 miles to the Southwest of the property. The Sundance property encompasses 12 lode claims (240 acres) on Big Indian Mountain and is accessible from two separate roads.
From late 1880s till the early 1900s the mine was referred to as the Big Indian Mine. Early records indicate that the veins ran about 3.6 ounces per ton ($75/ton in 1880). The first reference to gold production in this area was in the "Mining and Scientific Press" on November 13, 1880. The article states that the "Big Indian" deposit was discovered in 1878 and by 1880 had "worked a tunnel... a distance of 300'... of ore that will mill $75 to the ton... and have about 100 tons stockpiled." Gold prices in 1880 were $20.67 per ounce, therefore $75/ton rock would equate to about 3.6 ounces per ton of gold.
Gold mineralization occurs along numerous structurally controlled brecciated quartz veins in granitic country rock. Although the system appears to be a classic epithermal deposit, it also has some characteristics of a deeper mesothermal system. The concentration of base metals increase with depth and the gold content is typically higher near the top of the system which is typical of an epithermal system. However, high gold assays have also been found in the canyon at an elevation of about 8000 feet which could be more characteristic of a mesothermal system. The occurrence of pyrite is random throughout the system and some supergene enrichment might be occurring; however, most of the pyrite is relatively fresh and unweathered.
Tonnage and Grades:
Based on historical accounts, approximately 2,000 tons of ore were mined between 1878 and 1936 with an average grade of 3.6 ounces per ton of gold. As per the August 2010 Geological Summary a total estimated tonnage on the four veins is approximately 1.7 million tons (ground level to 9000 feet above sea level) averaging 0.207 ounces per ton gold calculated from the arithmetic mean from 42 assays collected from dumps and veins or approximately 352,000 ounces of gold. If the average ore grade is closer to the historical accounts of nearly 3.6 ounces per ton, 1.7 million tons of ore would produce approximately 6 million ounces of gold if mined down to the 9000 foot level. The property has never been drilled; therefore future potential is unknown at this time.
Safe Harbor Statement:
This release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and such forward-looking statements are made pursuant to the safe harbour provisions of the Private Securities Litigation Reform Act of 1995. "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "may," "future," "plan," or "planned," "will" or "should," "expected," "anticipates," "draft," "eventually" or "projected." You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements.