Terraco Gold Corp.

Terraco Gold Corp.

October 07, 2010 07:00 ET

Terraco Announces Moonlight Exploration Underway

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 7, 2010) - Terraco Gold Corp. (TSX VENTURE:TEN) ("Terraco" or the "Company") wishes to announce that the 2010/2011 exploration program is now underway at its gold and silver Moonlight Project, Pershing County, Nevada.

The Moonlight exploration program includes detailed mapping and sampling that follows up on previous exploration work. The program will aid in further understanding regional and local faulting and alteration, and how these important factors may have impacted potential precious metals mineralization at the Moonlight Project area. The Black Ridge Fault, a district-scale structural zone, has long been known to be an important control of the mineralization at Coeur d'Alene Corp.'s Rochester Mine and Barrick Gold Corp./Midway Gold Corp.'s Spring Valley deposit, and has been mapped to the north of the Spring Valley property where it enters the Moonlight Project area. Activity will also focus on other structures that control mineralization and alteration at Moonlight. In total, the exploration program will lead to better potential drill target definition and a possible selective geophysical program.

Previously announced exploration highlights at Moonlight include:

  • Drilling 1 mile north of the Moonlight Basin returned 24.4 meters (80 feet) of 35.2 grams per tonne ("gpt") (1.03 ounce per ton ("opt")) silver that included 1.5 meters (5 feet) of 211 gpt (6.14 opt) silver within a zone of 10.7 meters (35 feet) of 72.8 gpt (2.13 opt) silver.
  • Samples taken from a dump at workings that appear to be along the the Black Ridge Fault zone, returned values of 11.86 gpt (0.346 opt) gold and 139 gpt (4.05 opt) silver as well as 5.42 gpt (0.158 opt) gold and 17.7 gpt (0.52 opt) silver. Additionally, a 5 foot chip sample taken across an outcrop returned 4.77 gpt (0.139 opt) gold and 74.1 gpt (2.16 opt) silver.

The Moonlight Project adjoins and is on strike with Spring Valley Project. Midway Gold Corp. has announced a National Instrument 43-101 compliant resource of 1,840,000 ounces of gold at Spring Valley. Moonlight is also on strike, five miles to the north of the current and past producing Rochester Mine. As reported by Coeur d'Alene Corp., Rochester has produced 124 million ounces of silver and 1.0 million ounces of gold over the last 24 years. Rochester is in the process of reactivating its mining activities.

The technical information in this release has been reviewed and approved by Charles Sulfrian, P.Geo., Vice President, Exploration of Terraco and a 'qualified person', as defined by NI 43-101, Standards for Disclosure of Mineral Projects.

Terraco is a mineral exploration company, listed on the TSX Venture Exchange under the symbol "TEN". Please visit Terraco's website at www.terracogold.com for additional information.

Certain of the statements made and information contained herein are "forward-looking statements" within the meaning of Canadian securities legislation or "forward-looking information" within the meaning of the Ontario Securities Act and the Alberta Securities Act. This includes statements concerning the Company's plans at its mineral properties, which involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or forward-looking information. Forward-looking statements and forward-looking information are subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements or forward-looking information, including, without limitation, the availability of financing for activities, risks and uncertainties relating to the interpretation of drill results and the estimation of mineral resources and reserves, the geology, grade and continuity of mineral deposits, the possibility that future exploration, development or mining results will not be consistent with the Company's expectations, metal price fluctuations, environmental and regulatory requirements, availability of permits, escalating costs of remediation and mitigation, risk of title loss, the effects of accidents, equipment breakdowns, labour disputes or other unanticipated difficulties with or interruptions in exploration or development, the potential for delays in exploration or development activities, the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses, commodity price fluctuations, currency fluctuations, expectations and beliefs of management and other risks and uncertainties. In addition, forward-looking statements and forward-looking information is based on various assumptions. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking information or forward-looking statements. Accordingly, readers are advised not to place undue reliance on forward-looking statements or forward-looking information. Except as required under applicable securities legislation, the Company undertakes no obligation to publicly update or revise forward-looking statements or forward-looking information, whether as a result of new information, future events or otherwise.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Terraco Gold Corp.
    Todd Hilditch
    President and CEO
    604.443.3831 or Toll Free: 1.877.792.6688
    604.682.3860 (FAX)