Midway Gold Corp.
TSX VENTURE : MDW

Midway Gold Corp.

September 22, 2005 09:30 ET

Midway Encounters a New Gold Zone at Spring Valley, Nevada

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Sept. 22, 2005) - Midway Gold Corp. (the "Company") (TSX VENTURE:MDW) is pleased to announce new gold zone discovered at the Spring Valley project, in Pershing Co., Nevada. Recent drilling has encountered gold hosted along the west side of the Spring Valley diatreme, 600 m (2000 feet) west of the Pond Breccia zone. A reverse circulation hole (SV05-107) encountered visible gold in quartz-tourmaline stockwork altered rhyolite on the west side of the large 1 by 2 km diatreme complex. Partial assays are reported below. Additional assays are pending. The presence of gold and strong alteration is very encouraging with such a large exploration step-out. The targets are similar to those on the east side of the diatreme: breccia pipes, like the Pond Breccia which has hosted 119 m of 1.5 g/t gold (390 ft of 0.044 opt gold) or porphyry dikes and sills along the diatreme margin which have hosted 32m of 11 g/t gold (105 ft of 0.325 opt gold), have been encountered on the east side of the diatreme. Mineralization along the diatreme margin can be up to 1800 feet wide. Additional drilling is underway to explore this zone. Quartz-tourmaline veining with occasional visible gold have been encountered in some of this drilling. Assays are pending.

Drilling is continuing on the east side of the diatreme. Holes SV05-89 and 106 encountered gold along the northeast edge of rhyolite porphyry. Similar porphyry dikes hosts gold in the Sill zone. SV05-105 was a test in the throat of the diatreme. It encountered gravel to 750 feet deep and weak mineralization at depth. This confirms that the best mineralization should be expected around the margins of the diatreme. Hole SV05-108 encountered gold in a sill or dike extending into the diatreme from the porphyry zone.

Core holes are denoted with a "c" suffix and reverse circulation holes with no suffix. Metallic screen assay were conducted on 1000 gram splits portions of the holes and are denoted with "MS" and standard 30 gm fire assays with a "FA". Analytical work as conducted at ALS-Chemex labs in Sparks, Nevada.



Significant Intercepts Gold opt in new drill holes-
Spring Valley Project
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Spr. Vlly- New drill hole results
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g/t
Hole # Width opt Au feet Angle Target Assay Width-m Au
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SV05-89 10 ft 0.103 from 75 -70 Sill MS 3.0 m 3.53
5 ft 0.052 from 250 Sill MS 1.5 m 1.78
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SV05-85c, 92, 99c-103c -
pending Sill
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SV05-93 15 ft 0.014 from 185 -80 Sill MS 4.6 m 0.48
35 ft 0.024 from 285 MS 10.7 m 0.82
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SV05-105 15 ft 0.014 from 790 -70 Pond FA 4.6 m 0.48
bx
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SV05-106 5 ft 0.013 from 145 -70 MS 1.5 m 0.45
30 ft 0.016 from 170 MS 9.1 m 0.55
5 ft 0.040 250 FA 1.5 m 1.37
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SV05-107 5 ft 0.024 405 -90 W. MS 1.5 m 0.82
Diat-
reme
15 ft 0.010 430 MS 4.6 m 0.34
Additional assays pending
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SV05-108 40 ft 0.033 from 625 -90 Porph- MS 12.2 m 1.13
yry
additional results pending
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Review of older drill holes with larger assay techniques identifies more gold

Midway Gold is continuing its program of re-assaying pulps and rejects from old drill intercepts. The metallic screen assays generally identify higher grade and thicker gold zones, although some small zones occasionally show a decrease as shown below.



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Metallic Screen Select Significant Gold Assay Changes -
Previous drilling
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Imperial Units Depth MS increase metric
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SV-20 60 ft of 0.018 opt 575 FA 18.3 m of 0.62 g/t
MS 60 ft of 0.055 opt 575 MS 206% 18.3 m of 1.89 g/t
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SV-30 10 ft of 0.048 opt 725 FA 3.0 m of 1.65 g/t
45 ft of 0.009 opt 705 MS -16% 13.7 m of 0.31 g/t
25 ft of 0.019 opt 775 FA 7.6 m of 0.65 g/t
25 ft of 0.028 opt 775 MS 47% 7.6 m of 0.96 g/t
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SV-36 35 ft of 0.026 opt 600 FA 26.00% 10.7 m of 0.89 g/t
35 ft of 0.036 opt 600 MS 10.7 m of 1.23 g/t
15 ft of 0.018 opt 660 FA 133.3% 4.6 m of 0.62 g/t
15 ft of 0.042 opt 660 MS 4.6 m of 1.44 g/t
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SV-38 25 ft of 0.020 opt 510 FA 170.0% 7.6 m of 0.69 g/t
25 ft of 0.054 opt 510 MS 7.6 m of 1.85 g/t
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SV-32 20 ft of 0.043 opt 380 FA 6.1 m of 1.47 g/t
30 ft of 0.026 opt 380 MS -9% 9.1 m of 0.89 g/t
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10 ft of 0.028 opt 465 FA 3.0 m of 0.96 g/t
10 ft of 0.023 opt 465 MS -18% 3.0 m of 0.79 g/t
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These results are encouraging and continue to expand the gold on the project. Midway is fully funded and is accelerating the exploration of this property with three drill rigs operating at the Spring Valley project with plans for at least 30,000 feet of drilling. The drilling will delineate the extent and grade of the three known gold zones. In addition, several new targets around the edge of the large 1 by 2 km diatreme volcanic breccia complex are being tested. Gold occurs in strong quartz- tourmaline stockwork veining. The host rocks are rhyolite diatreme breccias, breccia pipes, porphyry dikes, and sills.

Midway recently completed a ten hole test at the Midway project, in Nye County, Nevada. Visible gold was observed in a number of drill hole intervals outside the known resource areas. Assay results are pending.

Midway Gold Corp. is a precious metals exploration company, listed as a Tier 1 issuer on the TSX Venture Exchange under the symbol "MDW". Midway focuses of the creation of value for shareholders by exploring and developing high-grade, quality precious metal resources in stable mining areas. Details of Midway Gold's projects are available on the Company's website at www.midwaygold.com.

This release has been reviewed and approved by Company President and CEO Alan Branham (P.Geol.), a "qualified person" as that term is defined in National Instrument 43-101.

ON BEHALF OF THE BOARD

Alan Branham, President and CEO

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Midway Gold Corp.
    Ron Cooper
    (604) 986-0112 (Canada) or (877) 692-8288 (US Toll Free)
    www.midwaygold.com