Gold American Mining Corp. (OTC:SILA)
SILA, a development stage company, focuses on the acquisition, exploration, and development of mineral resource properties in North America. SILA primarily explores for silver and gold deposits. Its properties include Keeno Strike project, which is located in the Clark county, Nevada; and Guadalupe project that is located in Zacatecas State, Mexico. SILA was formerly known as Silver America, Inc. and changed its name to Gold American Mining Corp. on June 23, 2010. SILA was founded in 2007 and is based in Reno, Nevada.
SILA’s Keeno Strike Property in Clark County, Nevada, could potentially contain 2.14 million ounces of gold equivalent resources accessible via open-pit bulk handling. SILA's Guadalupe Property, located in one of Mexico’s oldest mining districts, is currently processing 3 to 4 tonnes of ore per day. It is located about 5 miles north of the Fresnillo Mine, which produced over 24,000 ounces of gold under the operation of Fresnillo plc.
In other company news, SILA is pleased to report that its Board of Directors has approved the initiation of the first phase of field operations at its La Escondida Project in Sonora State, Mexico.
SILA has completed the initial evaluation of all historical data on the La Escondida property and has decided to move forwards with its first phase of exploration. This phase will consist of detailed sampling within the mineralized zones, mapping, and a structural evaluation of the area. Subject to the results of this phase, SILA will decide to proceed with the second phase, which would consist of a comprehensive geophysics program of the property.
"We are excited to begin exploration operations at La Escondida, at a time when Gold American is seeking to find new silver-gold deposits. The project has an exciting potential, the infrastructure in place is excellent and multiple exploration targets have already been identified," commented Johannes Petersen, President of SILA. "We expect this phase to last 3 to 4 weeks and it will focus on locating, measuring and sampling of historical workings and geological mapping of the property. Several of the target zones remain open in at least one direction and it has been determined that historic workings were shallow, leaving open the possibility of finding mineralization over much greater strike lengths and depths," added Mr. Petersen.
La Escondida property is comprised of two mineral concessions that cover 439.8 acres. It is located approximately 124 miles northeast of the city of Hermosillo in Sonora State, Mexico. The property is located in a region that has seen significant recent activity by foreign mining companies. It is located 19 miles southwest of NYSE-listed Yamana Gold Inc.'s Mercedes project, a development stage gold-silver project which is expected to start production at a rate of approximately 120,000 gold equivalent ounces per year from 2012. The La Escondida project is also located 18 miles south of Cerro Prieto project of Oroco Resources Corp., which recently reported 383,833 ozs gold and over 6 million ounces of silver reserves.
The property is host to two distinct mineralized targets associated to a fault: a bulk tonnage-style gold-silver-lead disseminated area and a high-grade epithermal vein-hosted silver and gold area. Small gambusino-style workings occur at different points on these targets, where historical sampling returned selected results as high as 1.85g/t Gold and 908.69 g/t Silver. The high-grade vein-hosted silver and gold target consists of two veins. One vein is exposed over an area at least 800m long and is reported to be 3-5 meters wide. The second vein is exposed over an area at least 500m long and is reported to be 1-2 meters wide. The disseminated zone is found between these two veins, approximately 100 meters wide. These zones are open both along strike and at depth.
To learn more about SILA visit: http://www.gold-american.com
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