Feb 7 2011
Entrée Gold Inc. (TSX:ETG; NYSE AMEX: EGI; Frankfurt:EKA) has received assay results from its first diamond drill hole completed on the Ann Mason deposit in the Yerington district of Nevada.
This hole (EG-AM-10-001) returned 987.8 metres averaging 0.31% Cu or 0.38% copper equivalent ("CuEq"), including a higher grade section of 340 metres averaging 0.40% Cu or 0.51% CuEq. The hole bottomed in strong mineralization averaging 0.41% Cu or 0.53% CuEq over the last 35.8 metres, indicating the continuation of mineralization to greater depths. With completion of this hole, copper mineralization has been extended for 325 metres below the limit of the current resource.
Entrée's President & CEO, Greg Crowe, commented, "This result is an excellent start to the program and supports our belief that the 100% owned Ann Mason resource can be significantly expanded and upgraded. The continuity of mineralization below the previous resource area further illustrates the upside potential for the discovery of additional resources."
Copper equivalent is calculated using assumed metal prices of: copper US$2.50/lb; molybdenum US$15.00/lb; gold US$1000/oz; and silver US$15.00/oz and assumed recoveries relative to copper of: molybdenum 70%; gold 85%; and silver 85%.
The primary copper sulphide mineralization (chalcopyrite and bornite) in this hole has associated gold, silver and molybdenum values which were not systematically measured during previous drilling. The hole collared in 40 metres of overburden and then cut increasingly mineralized and altered intrusive host rocks. Significant copper mineralization commences at approximately 100 metres depth, with consistent grades greater than 0.3% Cu starting at a depth of 214 metres.
The Company currently has two drills operating at Ann Mason to expand and better define the inferred resource estimate of 810 million tonnes grading 0.40% Cu (at a 0.30% cut-off) for more than 7 billion pounds of contained copper. Hole EG-AM-10-001 is located in the southwestern portion of the resource. The two holes underway are located approximately 100 metres to the northeast and 100 metres to the southwest. The planned program will consist of approximately 20 infill and step-out holes.
Recently completed Induced Polarization ("IP") geophysical surveying suggests that the Ann Mason sulphide system may extend for at least 3 kilometres west to the Blue Hill area, where recent drilling (see news release dated November 17, 2010) has shown surface oxide copper mineralization to be underlain by primary sulphide mineralization. Future drilling will include testing for the possible continuation of this copper system between Ann Mason and the Blue Hill area.
QUALITY ASSURANCE AND CONTROL
Split core samples were prepared and analyzed at ALS Minerals in Reno, Nevada and Vancouver, BC. Prepared standards, blanks and duplicates are inserted at the project site to monitor the quality control of the assay data. Drill intersections described in this news release are based on core lengths and may not reflect the true width of mineralization.
QUALIFIED PERSON
Robert Cann, P.Geo., Entrée's Vice-President Exploration, a Qualified Person as defined by National Instrument 43-101 ("NI 43-101"), has reviewed the technical information contained in this release.
Source: Entrée Gold Inc.