Miranda Advancing New Copper-Molybdenum Target at Redlich

Tag : chalcopyrite

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 29, 2008) -Miranda Gold Corp. ("Miranda") (TSXVENTURE:MAD)(OTCBB:MRDDF)(FRANKFURT:MRG) announces that it isevaluating a possible copper-molybdenum porphyry system on itsRedlich property in Esmeralda County, Nevada.
Miranda's Redlich project is located within the Walker Lanestructural domain, 55 miles west of Tonopah, Nevada. The propertyconsists of 213 lode claims and covers 4,400 acres (1,782hectares). Recent drilling focused on a northwest-trending faultcorridor hosting high-grade gold in low-sulfidation quartz veinsand thick, continuous zones of disseminated / quartzstockwork-hosted gold surrounding the high-grade veins. Thecopper-molybdenum porphyry zone on the south end of the propertyrepresents a second target that is being currently evaluated.
The porphyry target was explored with core drilling by Molycorp,Bear Creek, and Amax, Inc. in the early 1960's and InspirationDevelopment Company ("Inspiration") in the early 1980s. Mirandarecently obtained portions of the Inspiration drill core. Mirandare-logged some of the core and submitted for assay a 40 ft (12.2 m)interval from 369 to 409 ft (112 to 125 m) from Inspiration drillhole RH-5. This interval contains visible native copper,chalcopyrite, bornite and copper sulfates within a quartz monzoniteintrusion that shows weak silicification and moderate phyllicalteration. Assays for this interval returned 1.33% copper. Severalhistoric drill holes show visible chalcopyrite and molybdenumwithin quartz veinlets and as fine grained disseminations. Historicassays from Inspiration drill hole EDH-9 show 600 ft (183 m) of 624ppm (0.062%) molybdenum from 1000 to 1700 ft (305 to 518 m). RH-5and EDH-9 represent the best of 10 known historic holes drilledwithin the target area. The remaining holes show weakly anomalouscopper and molybdenum values, although not all holes were assayedfor both metals.
The porphyry target is predominantly covered by gravel, althoughquartz monzonite with 200 to 400 ppm (0.02 - 0.04%) molybdenum inrock samples outcrops on its west side.
A company which holds geothermal rights that overlap the Redlichclaims recently completed a test hole on the Redlich propertywithin the area of the porphyry target. This hole went to 1940 ft(591 m). Logging of drill cuttings by Miranda geologists show thatthe hole penetrated siliceous hornfels at the gravel-bedrockcontact and stayed in this rock type until the hole was ended.Trace amounts of visible molybdenum and chalcopyrite in quartzveinlets occur within this hole, suggesting that contactmetamorphosed sediments adjacent to the buried intrusive are alsomineralized. Miranda was supplied with 30-ft composite samples fromthis hole for logging and assaying. Anomalous assay results include990 ft (302 m) of 545 ppm (0.055%) copper from 710 to 1700 ft (216to 518 m) and 780 ft (238 m) of 161 ppm (0.016%) molybdenum from710 to 1460 ft (216 to 445 m). The anomalous intercepts showedmoderate to strong chlorite that may represent a propyliticalteration suite.
Miranda is seeking a joint venture partner to advance either theepithermal gold vein or the copper-molybdenum porphyry target onthis property.
The data disclosed in this press release have been reviewed andverified by Company Senior Geologist Steven Koehler, P. Geo., BSc.Geology and Qualified Person as defined by National Instrument43-101.
Corporate Profile
Miranda Gold Corp. is a gold exploration company active in Nevadaand whose emphasis is on generating gold exploration projectswithin the Battle Mountain-Eureka and Cortez Trends. Mirandaperforms its own grass roots exploration and then employs a jointventure business model on its projects in order to maximizeexposure to discovery while minimizing exploration risk. Mirandahas ongoing partnerships with Barrick Gold Exploration Inc.,Newcrest Resources Inc., the Cortez Joint Venture, the BuckhornJoint Venture, Piedmont Mining Company Inc., White Bear ResourcesInc., Queensgate Resources Corporation and Montezuma Mines Inc.
ON BEHALF OF THE BOARD
Kenneth Cunningham, President and CEO
This news release may contain information about adjacent propertieson which we have no right to explore or mine. We advise U.S.investors that the SEC's mining guidelines strictly prohibitinformation of this type in documents filed with the SEC. U.S.investors are cautioned that mineral deposits on adjacentproperties are not indicative of mineral deposits on ourproperties. This news release may contain forward-lookingstatements including but not limited to comments regarding thetiming and content of upcoming work programs, geologicalinterpretations, receipt of property titles, potential mineralrecovery processes, etc. Forward-looking statements address futureevents and conditions and therefore involve inherent risks anduncertainties. Actual results may differ materially from thosecurrently anticipated in such statements.
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