VANCOUVER, BRITISH COLUMBIA–(Marketwire – March 30, 2011) – Choice Gold Corp. (CNSX:CHF) (“Choice Gold” or the “Company”) is pleased to announce that it has taken its first steps towards delineating an economic bulk tonnage gold resource at the Sugarloaf Peak Gold Project (“Sugarloaf Peak”) in western Arizona, a property optioned from Riverside Resources Inc. (TSX VENTURE:RRI).
Choice Gold has initiated a Quantec Titan 24 deep penetrating IP survey to be performed at Sugarloaf Peak beginning in early April, 2011. The Titan 24 is a thorough and accurate geological surveying tool ideal for imaging conductive mineralization, disseminated mineralization, alteration, structure, and geology from surface to depths of 700m. It utilizes three primary data parameters (DC resistivity, Tensor MT resistivity and IP) and will be helpful to visualize the depth and extent of the anomaly beyond the historic drilling on the property. Never before completed at Sugarloaf Peak, the Titan 24 will allow Choice Gold to more effectively target drill holes, thus producing key results faster and more economically. In addition to the Titan 24, the Company is initiating a detailed aeromagnetic survey to be carried out by EDCON-PRJ during early April. The Company also expects to undertake new geologic mapping and geochemical sampling over the next month to the west of the historic resource outline.
Choice Gold has commissioned this work to investigate the potential for Sugarloaf Peak to grow significantly beyond what the historic, non-NI 43-101 compliant resource calculation had estimated.
“These activities are an opportunity to identify high-grade targets on the property as well as expand the boundaries of known mineralization along strike and at depth, both of which remain untested,” said Gianni Kovacevic, Choice Gold’s President & CEO. “We’re excited to be underway towards our goals at Sugarloaf Peak with our diverse and very focused team.”
The Company also announces that is has granted incentive stock options to certain directors, officers, and consultants to purchase up to an aggregate total of 650,000 common shares at prices between $0.305 and $0.35 per share. The stock options will vest in accordance with CNSX policy and such stock options will expire five years from the date of the grant.
About Choice Gold Corp.
Choice Gold Corp. was created to acquire and advance select, high-potential mineral projects and thereby unlock shareholder value. With this goal in mind, the company has entered an option agreement with Riverside Resources Ltd. (TSX VENTURE:RRI) to acquire a 100% interest in the Sugarloaf Peak Gold Project just west of Quartzsite, Arizona. Sugarloaf Peak covers over 12 km² and was the subject of intermittent drilling and small scale mining from the 1950’s through to the 1990’s. The project is the subject of a historic, non-National Instrument 43-101 compliant mineral resource and Choice Gold has a mandate to prove its economic viability. For more information about Choice Gold please visit our website at www.choicegoldcorp.com.
Certain statements contained in this release constitute forward-looking information. These statements relate to future events or future performance. The use of any of the words “could”, “intend”, “expect”, “believe”, “will”, “projected”, “estimated”, “anticipates” and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company’s current belief or assumptions as to the outcome and timing of such future events. Actu al future results may differ materially. In particular, this release contains forward-looking information relating to the business of the Company, the Property, financing and certain corporate changes. The forward-looking information contained in this release is made as of the date hereof and the Company is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.
CNSX has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.
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Choice Gold Corp.
President & CEO
Choice Gold Corp. .