Alaska Division of Geological & Geophysical Surveys to Include Tri-Valley Corporation’s Shorty Creek Prospect in Mapping Project
Division of Geological & Geophysical Surveys Picks Shorty Creek Due to Economic Potential
BAKERSFIELD, Calif.--(BUSINESS WIRE)--Tri-Valley Corporation (NYSE Amex: TIV) today announced that its wholly-owned minerals subsidiary, Select Resources Corporation, Inc. ("Select"), has reached an agreement with the Alaska Department of Natural Resources, Division of Geological & Geophysical Surveys (DGGS) to share data with the DGGS to facilitate its preparation of a geologic map that will include Select's Shorty Creek prospect. DGGS' project is one of its statewide mapping efforts, and it chose to map in the Shorty Creek area because of Shorty Creek's economic potential. The DGGS, as part of its objective to encourage private sector mineral development, will fund the study, and Select will provide closely-held data to help DGGS hone in on target locations and key technical topics.
"This is a significant effort by the DGGS that will be of tremendous benefit to Select and Tri-Valley as we move forward to determine how to maximize the value from Shorty Creek"
Existing state data includes a comprehensive geochemical database of the property, complete coverage with magnetic and electromagnetic airborne geophysics, and regional mapping. DGGS' new detailed geologic map (anticipated to be 1:50,000 scale, with insets of mineralized areas at 1:24,000 scale) of this contiguous block of land will incorporate all the prior (including Select's) data. The combination of all the previous data with newer surface mapping should provide for much higher quality and more detailed interpretations of the geology and economic potential of the property.
"This is a significant effort by the DGGS that will be of tremendous benefit to Select and Tri-Valley as we move forward to determine how to maximize the value from Shorty Creek," said Maston Cunningham, President and CEO of Tri-Valley Corporation. "We fully appreciate the significance of the state devoting a significant part of a limited budget to our prospect, and we applaud and thank them."
The total DGGS project area to be mapped will cover about 150 square miles including Shorty Creek, with detailed mapping in selected areas. A crew of five seasoned geologists will be mapping in the field from June 10 at least through June 30, and the effort will include two weeks of helicopter time. Select's information will help the DGGS spatially plan geologic traverses and sampling, and more efficiently use its resources. This cooperation should result in more accurate interpretations and, ideally, a refinement of the drillable areas Select is considering.
Dave Szumigala, Senior Minerals Geologist at DGGS, will lead the project. The team will also include Dr. Rainer Newbery, a professor at the University of Alaska, Fairbanks, who is a well-recognized expert in economic geology and thermal alteration. Select has given the state full access to all of its data.
"We are cooperating in every way possible," said Jim Bush, President of Select. "This project is not only technically invaluable but also offers an element of historical satisfaction as I believe work on the state's data originally acquired back in the early 1980's helped draw attention to the area. While the understanding that all the data amassed to date for the Shorty Creek project is consistent with large gold-copper porphyry is new, a porphyry target was the focus of exploration firms well into the past, as early as the 1970s."
Some of the early efforts include:
- Earth Resources-BP Minerals joint venture,
- The Alaska State's regional survey of the early 1980s,
- Subsequent work by Fairbanks Exploration (and its current resurgence as Gold Range Limited) and its joint venture with ASARCO in 1989 and 1990,
- Early field mapping by the state,
- The re-analysis of the state's residual pulps and other activities by Anglo Gold Ashanti,
- More recent contributions by Select (and Avalon Development Corporation), including the modeling of the state's airborne geophysics, and
- The gold discovery at Livengood by International Tower Hill that kept interest in the general area high.
About Select Resources Corporation, Inc.
Select Resources Corporation, Inc., ("Select") the minerals subsidiary of Tri-Valley Corporation, was formed in November 2004 with the intent to advance and grow the mineral assets of Tri-Valley Corporation. Select has the rights to precious metals claims on Alaska state lands, and calcium carbonate on patented land. These properties include about 670 claims (equivalent to approximately 44 square miles) in the Richardson area, about 340 claims (equivalent to approximately 51 square miles) in the Shorty Creek area (due south of the Livengood gold discovery), and 572 acres of patented land at the Admiral Calder calcium carbonate quarry (located northwest of Ketchikan, Alaska). Select's metal properties total nearly 100 square miles of claims surrounding areas of known gold and gold/copper mineralization in two areas of the Tintina Gold Belt of Alaska, a geologic terrain currently responsible for more than 225 million ounces of gold (sum of drilled in-the-ground resource and historic lode and placer production).
Tri-Valley Corporation explores for and produces oil and natural gas in California, and has two exploration-stage gold properties and a high grade calcium carbonate quarry in Alaska. Tri-Valley is incorporated in Delaware and is publicly traded on the NYSE Amex exchange under the symbol "TIV." Our company website, which includes all SEC filings, is www.tri-valleycorp.com.
This press release contains forward-looking statements that involve risks and uncertainties. Actual results, events and performance could vary materially from those contemplated by these forward-looking statements which includes such words and phrases as exploratory, wildcat, prospect, speculates, unproved, prospective, very large, expect, potential, etc. Among the factors that could cause actual results, events and performance to differ materially are risks and uncertainties discussed in "Item IA. Risk Factors" and "Item 7. Management's Discussion and Analysis of Financial Condition" contained in the company's Annual Report on Form 10-K for the year ended December 31, 2009, and in "Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations" as disclosed in the company's Quarterly Report on Form 10-Q for the most recent quarter ended March 31, 2010.
Posted: June 14, 2010
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