Siga Resources, Inc.

October 11, 2013 10:45 ET

Siga Resources Acquires Fire Mountain Gold and Silver Property

CARSON CITY, NEVADA--(Marketwired - Oct. 11, 2013) - Siga Resources, Inc., (PINKSHEETS:SGAE)

The Company is pleased to announce that it has acquired the Fire Mountain Gold and Silver Property from Tana Resources Inc., a private Canadian company, in exchange for 2,000,000 shares of common stock.

The Fire Mountain Property is located north of Harrison Lake in British Columbia and is comprised of seven (7) mineral claims containing 86 cell claim units totaling 1791.24 hectares. The Fire Mountain property was first prospected and staked in 1897-1897 where the focus was on high-grade gold-silver discoveries on Fire Mountain and the west side of Harrison Lake at Providence. About 405 tons of ore with reported value of $34 per ton of gold and silver were produced with gold having an average value per ounce of $18. Further work into the 1920's produced a reserve estimated at 250,000 tons of ore. A stamp mill was built but no record of milling nor mining was reported.

Small scale mining was carried out on the property up to 1938 with reports of ore shipments but no further mining was carried out since that time. Exploration work in the 1950's to present has found many significant mineralized occurrences with some high grade production in 1978-1979. Extensive exploration work included comprehensive mapping by the B.C. Mines Branch, diamond drilling, geophysical surveys, airborne surveys, more mapping, trenching, geochemical surveys, rock sampling, and regional mapping by the Geological Survey of Canada has occurred in this period up to 2002. This has resulted in several very interesting discoveries.

Between 2000 and 2002 work was completed in an area previously identified as geologically encouraging. Two large anomalies were found, one was zinc arsenic and one copper molybdenum and both coincide with previous zinc, arsenic, copper and molybdenum anomalies. The company expects to concentrate its exploration efforts in these areas due to the correlation of the Fire Lake Group of rocks to those of the Gambier Group, host to the Britannia copper-zinc-silver-gold volcanogenic massive sulfide deposit. The Britannia deposit, situated about 65km to the west-southwest of the property, yielded approximately 47.8 million tonnes of ore grading 1.1% Cu, 0.65% Zn, 6.8 g/t Ag and 0.6 g/t Au between 1905 and 1977.

About Siga Resources

Siga Resources Inc, founded in 2007, is incorporated in Nevada. Siga is a mineral resource exploration and development company. Siga's strategy targets properties that have the potential for near term production and early positive cash flow. Siga's primary geographical interest is North and South America.

Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements that involve risks and uncertainties, including the Company's beliefs about its business prospects and future results of operations. Some factors that could cause actual results to differ materially include economic and operational risks, changes in anticipated earnings, continuation of current contracts, and other factors detailed in the Company's filings with the Securities and Exchange Commission, including its most recent Forms 10-K and 10-Q. The Company forecasts provided above are dynamic and therefore refer only to this release date. The Company does not undertake to update any forecasts that it may make available to the investing public.

SOURCE: Siga Resources, Inc.

Contact Information

  • Siga Resources, Inc.
    Bob Hogarth
    (281) 256-5417