VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 13, 2011) - G4G Resources Ltd. (TSX VENTURE:GXG) ("G4G") pursuant to the announcement of the joint venture agreement with Almaden Minerals Ltd. ("Almaden") on June 22, 2011, G4G has the option to acquire a 60% legal and beneficial interest in the Yago gold-silver property and an additional 10% interest in the property by completing a Bankable Feasibility Study within seven years of the date of the option agreement.
Historic underground mining at Yago was conducted by a Japanese firm during the late 1800's and early 1900's (Sandberg, 1999). These operations are presumed to have been disrupted by the period of the Mexican revolution from 1910 to 1912 and never resumed. A Mexican mining company, CIA Minera Nueva Vizcaya S.A.de C.V. exploited several veins and carried out limited mining in the La Sarda Vein during the period 1995 to 1999.
The Yago property includes 28 mining claims located in the state of Nayarit, Mexico on approximately 22,898.2 hectares. Historical mining of the La Sarda vein was mined approximately 100 vertical metres and 600 metres along strike. Three high grade ore shoots were identified:
a. La Sarda Shoot: 140 metres long
b. The San Juan Shoot: 150 metres long
c. The Santo Domingo Shoot: 75 metres long
The average width of these three shoots was 1.64 metres with average grades of 10.98 g/t gold and 153 g/t silver. Between levels 175 and 185 a small high grade (bonanza type) shoot was mined and assayed 1 kg/t gold and 20 kg/t silver (Valtierra, GA., February 2000).
"There are a number of positive aspects which make the Yago property an attractive gold-silver target, which meet G4G's objectives;
1. The property is road accessible,
2. The ability to work year round,
3. The availability of labour within 3 km of the town of Yago,
4. The property is drill ready.
...and with all the comprehensive work that has already been completed on the property, this is by no means a grass roots project. All these positive aspects will help us move quickly toward our objective for the next 12 months," said Basil Botha, President & CEO of G4G Resources Ltd.
The Yago property is located in the state of Nayarit, on the Pacific coast of Mexico, approximately 100 km northeast of Puerto Vallarta, 240 km northwest of Guadalajara, Jalisco and 200 km southeast of Mazatlan. The town of Yago is located 3 km to the southeast of the Property on Highway 15. This highway runs along the west coast of Mexico and is one of the major thoroughfares from the United States to Mexico. Yago is located roughly 50 kilometres north of the industrial centre of Tepic on this highway. Numerous good quality gravel roads provide year round access to the Yago property.
The Yago project covers a large area of hydrothermal alteration characterized by "steam heated" acid-sulphate kaolinite-alunite alteration and spatially associated stratiform replacement silica alteration. Both these styles of alteration occupy areas of relatively higher relief on the property and are interpreted to represent the original surface or paleo water table of the hydrothermal system.
In areas of erosion beneath these styles of alteration, quartz veins are exposed that exhibit classic low-sulphidation epithermal textures such as banded, colloform and crustiform chalcedony and quartz crystallized from amorphous silica. Based on fluid inclusion analyses, alteration mineralogy and geochemical data gathered, the veins identified are interpreted to represent a very shallowly eroded epithermal gold-silver system. This interpretation is consistent with the empirical observation that grades appear to increase with depth. The high-grade, banded quartz-adularia veins and stockwork veined country rocks recognised in the La Sarda area bear many similarities to Sleeper, Nevada, McLaughlin, California, Hishikari, Japan and Golden Cross and Martha Hill, New Zealand, all of which were or are significant gold producers, and exposed veins in shallowly eroded hydrothermal alteration systems, similar to that recognised at La Sarda. Ore shoots in such veins commonly exhibit strong vertical control. Establishing a shallow depth of erosion is therefore important in predicting the presence of ore shoots at depth in quartz-adularia vein systems.
The northern half of the Yago project is underlain by a series of at least five low-sulphidation epithermal veins named the La Sarda-San Juan, La Esperanza, La Magnolia, La Cucaracha and El Dragon. These structures are sub-parallel, southwest-dipping quartz-adularia veins that occur over an area of 1500 by 1200 metres.
Bonanza grades have been mined to the lowest levels in these workings, where both widths and grades increase. On the bottom levels, veining has coalesced into wider, stronger vein structures and grades become less erratic as consistent grades in mineralized shoots have been exposed. Surface sampling and inspection of the limited exploration workings on the other known, parallel banded quartz-adularia veins indicates that these veins also have the potential to host high-grade ore-shoots, similar to those of the La Sarda vein.
The Esperanza vein system is parallel to, and is located roughly 500 meters east of the La Sarda-San Juan vein. This vein structure was mined selectively following the high grade shoots. Three high grade shoots were mined, being the average grades 1.12 metres with 8.13 g/t Au and 68.73 g/t Ag.
Four grab rock samples of outcrop have been taken recently by an independent geologist on the Esperanza vein. These samples average 14.6 g/t Au and 167.1 g/t Ag and range from 4.9 to 23.3 g/t Au and 121.8 to 249.8 g/t Ag. The Esperanza vein has been traced over a strike length of over a kilometre.
The La Cucaracha vein is exposed in a single adit, about 40 meters in length from which several raises are driven to surface, 10 to 20 meters above. The workings have exposed the stratiform opaline replacement silicification, and a zone of quartz veining immediately beneath it.
Mineralization at La Cucaracha is associated with this veining and with structurally controlled zones of interlayered clay and pyrite alteration. Grab samples of muck from blasts have returned gold values up to 20 g/t Au.
The Magnolia vein system is exposed in two levels to a depth of 50 meters and along strike for roughly 200 meters. Erratic but very high gold and silver grades have been intersected in the limited workings, being silver grades considerably higher than in La Sarda or Esperanza veins. The average width of the mined shoot was 0.97m with 4.44 g/t Au and 546 g/t Ag.
Essentially no work has been done on the El Dragon vein system, however multi-gram gold grab samples have been taken from surface outcrop.
An IP geophysical survey has been carried out over this part of the property. This survey was particularly effective in delineating these structures as resistivity highs and extended the potential strike length of the La Sarda-San Juan Vein by 260 metres to the northeast. The resistivity high representing the vein extended to the northern boundary of the IP survey area. Subsequent prospecting identified banded chalcedonic quartz veining 550 metres northwest of the La Sarda-San Juan Vein workings.
To the southwest, the separate Carretera zone covers an area of banded quartz veining thought to represent the upper reaches of another epithermal vein system several kilometres from the other veins on the property. On January 7th, 2010, Almaden announced forty-five new rock-chip samples of quartz vein material taken from surface of float and outcrop at the Carretera Zone which returned gold values from 0.005 to 18.85 g/t gold and less than detection to 871 g/t silver. Earlier, in 2009, an IP and soil sampling survey was carried out at the Carretera Zone which helped define the vein system for the 2010 surface sampling program. A total of 62 samples have been taken by Almaden from the Carretera zone, and these average 2 g/t gold, ranging from 0.005 to 104 g/t gold. The Carretera zone of quartz vein float has a known strike length of over 2 kilometers.
The geological information in the news release has been verified by Raul Sanabria, P.Geo., who is the Qualified Person for G4G Resources Ltd. under NI 43-101.
The Qualified Person states that the above numbers have not being verified independently. These are only given as historical data and are believed not to have followed current QA/QC protocols and NI 43-101 standards.
About G4G Resources Ltd.
G4G Resources Ltd. is a Canadian-based mineral exploration and development company focused on a number of low cost iron ore projects and copper-gold properties on Vancouver Island.
This document may contain or refer to forward-looking information based on current expectations, including, but not limited to timing of mineral resource estimates, future exploration or project development programs and the impact on the Company of these events. Forward-looking information is subject to significant risks and uncertainties, as actual results may differ materially from forecasted results. Forward-looking information is provided as of the date hereof and we assume no responsibility to update or revise them to reflect new events or circumstances. For a detailed list of risks and uncertainties, as it relates to G4G Resources Ltd., please refer to the Company's 2010 year end audited financial statements filed with SEDAR on April 28, 2011.Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.