September 6, 2011, Toronto, Ontario, Canada- Escape Gold Inc. (TSX-V: EGT) (the “Company”) is pleased to provide an update on its Peruvian precious metals projects in the Huancavelica Mining District in Southern Peru. The Company recently acquired a portfolio of 100 % owned silver and gold exploration properties through the acquisition of Rio Silver Exploration Ltd. (“Rio Silver”).
Included in this portfolio are the Ichupata and La Plata projects. The Company has acquired additional mineral concessions adjacent and contiguous to the Company’s 100% owned Ichupata property. The newly added concessions increase the land position for the Ichupata to over 3,700 hectares. The La Plata properties are located approximately two kilometres to the west of the southern boundaries of Ichupata. For reference the properties are
also located approximately four kilometres northwest of the historic Huachocopla Pb-Zn-Ag Mines where small scale mining has been active for years.
The Ichupata and La Plata properties are located adjacent to the historic Santa Barbara Mercury Mine which closed in the mid 1970’s. The properties were acquired to cover prospective gold-silver mineralization related to “hot spring type” precious metal deposits. Typically mercury is present in these types of geological environments occurring as sinters. Gold and silver associated with this type of geological environment typically occur within sheeted vein complexes adjacent laterally and or at depth to the mercury occurrences. Examples of this geological model include the McLaughlin Gold Mine in California and the Ken Snyder Mine in Nevada.
The Santa Barbara and Huachocolpa areas were not historically recognized for their gold potential. Previous rock chip sampling on the Ichupata property by Rio Silver geologists demonstrates that the gold-silver mineralization is associated with early Tertiary volcanic rocks. Gold-silver sample results range from below detection limit in host rocks and range up to 11.1g/t gold and 174.4 g/t silver in veins. Sediments and carbonates intruded by late intrusive rocks cover the eastern portion of the Ichupata concessions and show strong lead-zinc-silver mineralization occurring in breccias and contact zones. The La Plata concessions consist of two irregular concession blocks south of the historic Santa Barbara mercury mine and Rio Silver geologists sampled a complex sheeted vein system with numerous samples returning anomalous gold and silver assays with values up to 5.13 g/t gold and 811g/t silver.
Peru continues to represent an exciting exploration opportunity for the Company and management feels confident that the Peruvian mining industry will continue its strong economic role, generic accutane isotretinoin, in a socially responsible manner, to the benefit of all stakeholders. The Company will begin a geological mapping and sampling program in the coming months at the Ichupata and La Plata projects.
KAN gold project update:
The Company has met with representatives of the Inuit First Nation community in Kuujjuaq, Nunavik Territory.
In the spirit of consultation and co operation the Company established its 2011 exploration campaign based out of Kuujjuaq. The initial field season started in July with an extensive soil and rock sampling program to follow up on the iron formation hosted gold targets first identified by Kennecott Canada Inc. (see July 21, 2011 news release).
Geotech Ltd. of Aurora, Ontario has been contracted to conduct a proprietary VTEM, Versatile Time-Domain Electromagnetic helicopter-borne geophysical survey to cover the KAN property. Based upon the identification of additional iron formation targets north of the Ferricrete showing the VTEM airborne survey has been increased from 821 to 1029 line kilometres.
T. John Magee, P.Geo., President and CEO of the Company is the Qualified Person who has reviewed and is responsible for the technical data contained in this news release.
ON BEHALF OF THE BOARD OF DIRECTORS OF ESCAPE GOLD INC.
T. John Magee
Director
Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
This news release includes forward-looking statements that are subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward-looking. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements.
For more information contact:
T. John Magee, President and CEO
Website: www.escapegold.com, Tel: (416) 479-9546