Halifax,
Nova Scotia
November
18, 2008
Press Release 018 � 2008
Nayarit intersects 3.89 g/t gold equivalent over 24.68
metres
or 1.31 g/t gold and 129.29 g/t silver
Nayarit Gold extends potential mineralization �
zone to approximately 3 kilometres,
with additional targets identified
Nayarit Gold Inc
(TSXV: NYG) is pleased to report additional encouraging drilling results
from its ongoing 30,000 metre Phase II drill program
at the Orion District in the State of Nayarit, Mexico.
Nayarit Gold continues to operate at its Orion Project with
two drill rigs on a full time basis. The focus of the drill program is to
continue drilling at the Animas/Del Norte Discovery zone, drill test both the
new San Francisco Target area and the historic Pantaleona
area, along with drill testing new targets as they are developed.� Recently, the Company acquired additional
concessions which surrounded the Animas/Del Norte Discovery zone, and its first
drill program within these new concessions at the San Francisco Target area has
been successful. The company has verified documented mineralization by the
previous owner.� The Company will
continue to drill the Animas/Del Norte Discovery zone aiming
to complete a NI 43-101 compliant resource during the first half of 2009 and
drill the new San Francisco Target and historic Pantaleona area to outline its potential mineralization.
Animas/Del Norte
Discovery
At the Animas/Del Norte Discovery, the Company continues to
expand the zone of mineralization.� In
the recent set of drilling Hole OR-08-66, a step out hole, provided the most
significant intersection assaying 24.68 meters of 3.89 g/t gold equivalent
(1.31 g/t gold and 129.3 g/t silver), plus two other zones including 2.37
meters of 10.04 g/t gold equivalent (6.07 g/t gold and 198.13 g/t silver) and
4.07 meters of 2.15 g/t gold equivalent (1.41 g/t gold and 37.24 g/t silver).
Drill hole OR-08-66 is on the western side of the discovery and is the first
significant intersection to the west.� Hole OR-08-66 was drilled on section 746, and is one of the
shallowest holes on the western flank of Animas/Del Norte Discovery Zone
piercing three zones of mineralization.
Drilling to the east along the Animas/Del Norte Discovery
has traced the mineralization to section 1159. Drilling to the east will now
concentrate on infill drilling and deepening the zones of mineralization as
they are still open to depth.
Table reporting mineralized intercepts from the Las
Animas/Del Norte Discovery Zone:
Hole ID
|
From
|
To
|
Interval
|
Gold
|
Silver
|
GoldEQ
|
SilverEQ
|
OR-08-066
|
142.84
|
145.21
|
2.37
|
6.07
|
198.13
|
10.04
|
501.86
|
And
|
203.50
|
228.18
|
24.68
|
1.31
|
129.29
|
3.89
|
194.67
|
And
|
255.22
|
259.29
|
4.07
|
1.41
|
37.24
|
2.15
|
107.65
|
OR-08-067
|
340.70
|
341.30
|
0.60
|
11.40
|
24.10
|
11.88
|
594.10
|
OR-08-075
|
76.35
|
79.30
|
2.95
|
0.13
|
29.05
|
0.71
|
35.62
|
And
|
99.05
|
105.20
|
6.15
|
0.20
|
34.79
|
0.89
|
44.73
|
OR-08-076
|
199.50
|
224.50
|
25.00
|
0.32
|
21.55
|
0.75
|
37.55
|
Incl
|
208.50
|
213.50
|
5.00
|
0.52
|
28.00
|
1.08
|
53.96
|
OR-08-077
|
189.37
|
190.50
|
1.13
|
0.69
|
4.30
|
0.78
|
38.95
|
OR-08-078
|
149.95
|
166.45
|
16.50
|
0.14
|
12.81
|
0.40
|
19.90
|
OR-08-079
|
209.50
|
221.50
|
12.00
|
0.14
|
11.18
|
0.36
|
17.99
|
OR-08-112
|
138.89
|
141.80
|
2.91
|
0.25
|
76.29
|
1.78
|
88.90
|
And
|
166.33
|
181.77
|
15.44
|
0.25
|
17.42
|
0.59
|
29.68
|
*Gold Equivalent Values
were calculated based on 50 ounces of silver = 1 ounce of gold.
Metallurgical Recoveries
and Net Smelter Returns are assumed to be 100%
No capping.�
The intervals recorded above are core lengths.
San Francisco Target
The San Francisco Target area is approximately 1.4
kilometers due west of Animas/Del Norte and surface mapping has confirmed
mineralization throughout the San Francisco Target area is along the same vein
set that hosts the Animas/Del Norte structure.
The Company has twinned several drill holes completed
during the 1990�s by the previous owner. The Company has received assays for
three holes with 5 holes pending assay results. The Company intersected 9.57
meters of 3.97 g/t AuEq (2.18 g/t Au and 89.5 g/t Ag)
in hole OR-08-116.�
The vein material and mineralization intersected in the core appears
visually similar to that at the Animas/Del Norte Discovery. Confirmation
drilling is ongoing as well as exploration along the structure as the Company
develops additional drill targets.� The
structure in the San Francisco Target area appears open to both east and west.
Table reporting mineralized intercepts from the San
Francisco Target area:
Hole ID
|
From
|
To
|
Interval
|
Gold
|
Silver
|
GoldEQ
|
SilverEQ
|
OR-08-115
|
71.00
|
73.00
|
2.00
|
1.14
|
23.95
|
1.62
|
80.78
|
OR-08-116
|
66.23
|
75.80
|
9.57
|
2.18
|
89.45
|
3.97
|
198.41
|
OR-08-117
|
36.00
|
38.00
|
2.00
|
0.82
|
55.18
|
1.92
|
96.23
|
*Gold Equivalent Values
were calculated based on 50 ounces of silver = 1 ounce of gold.
Metallurgical Recoveries
and Net Smelter Returns are assumed to be 100%
No capping.�
The intervals recorded above are core lengths.
Pantaleona Target
The Pantaleona Target is located
900 meters east-southeast from the Animas/Del Norte Discovery zone.� Results from the first hole at the Pantaleona target have been received and they indicate a
broad, near surface zone of mineralization.�
These results are particularly encouraging as they confirm a strike
length of greater than 3 kilometers from San
Francisco to Pantaleona,
containing strongly mineralized veins over mineable widths.� The Company has 4 holes from the Pantaleona target with assays pending.
Table reporting mineralized intercept from the Pantaleona Target area:
Hole ID
|
From
|
To
|
Interval
|
Gold
|
Silver
|
GoldEQ
|
SilverEQ
|
OR-08-121
|
92.35
|
107.40
|
15.05
|
0.44
|
40.96
|
1.26
|
62.87
|
Incl
|
99.45
|
106.10
|
6.65
|
0.60
|
84.01
|
2.28
|
114.23
|
*Gold Equivalent Values
were calculated based on 50 ounces of silver = 1 ounce of gold.
Metallurgical Recoveries
and Net Smelter Returns are assumed to be 100%
No capping.�
The intervals recorded above are core lengths.
San Judas Tadeo Target
The San Judas Tadeo Target is
located 450 meters southeast of the Animas/Del Norte discovery zone.� The area is characterized by broad zones of
quartz vein breccias and extensive stockwork.� Previous small scale mining by operators
including Penoles are
reported to have mined very high grade ores from San Judas Tadeo.� The Company will be drilling this target
before the end of 2008.
San Sebastian Target
The San Sebastian Target is located in the newly acquired
claims between Animas/Del Norte and San
Francisco.� This
target area is the site of significant historic mining.� The Company is compiling historic data on
this target which includes underground sample results up to 13.45 g/t Au and
1,855 g/t Ag.� The Company will be
drilling this target before the end of 2008.
For additional information including the long section and
data please click on the link below:
http://www.nayaritgold.com/projects_animas.html
Mr. Hall Stewart, Vice
President, Exploration is a Qualified Person (QP) as defined in NI 43-101 and
has reviewed this release.
QA/QC
Procedures: The Company has implemented a quality control program to ensure
best practices in sampling and analysis of the core samples. The core is first
logged then sawn in half during the sampling process with the remaining half
being retained for verification and reference purposes. Duplicates, standards
and blanks are inserted randomly into the sample stream. The samples are
delivered directly in security sealed bags to ALS-Chemex Laboratories
preparation facility in Hermosillo,
Sonora (Certification ISO 9001). Sample
pulps are shipped from there to ALS-Chemex Laboratories in North
Vancouver, Canada
for analysis by ICP techniques. Metallic screen fire analyses for silver are
also regularly run as an additional QA/QC check. Gold equivalent values are
calculated using a 50:1 ratio.
Nayarit Gold Inc. is a junior resource company
dedicated to gold exploration in the proven precious metal districts of Mexico.
Management�s goal is to build a profitable resource company and maximize
shareholder value through successful exploration programs and continued
development.��
For further information on Nayarit Gold please
visit the company�s website at www.nayaritgold.com or contact:
Mr. Colin P. Sutherland
President & CEO
(902) 252-3833
info@nayaritgold.com
CAUTIONARY STATEMENT
The TSX Venture Exchange does
not accept responsibility for the adequacy or accuracy of this release.� No stock exchange, securities commission or
other regulatory authority has approved or disapproved the information
contained herein.� This News Release includes certain �forward-looking
statements�.� All statements other than
statements of historical fact, included in this release, including, without
limitation, statements regarding potential mineralization and reserves,
exploration results, and future plans and objectives of Nayarit, are
forward-looking statements that involve various risks and uncertainties.� There can be no assurance that such
statements will prove to be accurate and actual results and future events could
differ materially from those anticipated in such statements.� Important factors that could cause actual
results to differ materially from Nayarit�s expectations are exploration risks
detailed herein and from time to time in the filings made by Nayarit with
securities regulators.