Gold American Mining Corp. (OTC:SILA)
SILA is pleased to announce that it has received the final ground geophysics report on its Guadalupe property and confirms that the recently concluded geophysics program has identified multiple potentially significant geophysical anomalies.
"The final results and interpretation of the geophysics results on our Guadalupe property have given us very attractive drilling targets. We are in the process of acquiring firm bids from several qualified drilling contractors and initiating the permitting process for the next phase of exploration of this exciting project," commented Johannes Petersen, President of SILA. "Gold American is well on track to initiating drilling operations on Guadalupe during the fourth quarter of 2010," added Mr. Petersen.
THE GUADALUPE PROPERTY:
The Guadalupe property contains two historically significant mines and is located in one of Mexico's oldest mining districts, roughly 5 miles north of the Fresnillo (Proaño) Mine, the world's richest underground silver mine, operated by Fresnillo plc. Roughly 6.8 miles to the southwest of SILA's Guadalupe Property is the Juanicipio Joint Venture (JV) between MAG Silver Corp. (NYSEMKT:MAG) and Fresnillo plc, which is known as one of the world's highest grade undeveloped silver resources.
The Property contains greater than 20 known workings as well as two historic mines -- Santa Rita and San Antonio. Historic records containing references to the Santa Rita and San Antonio mines suggest that both mines were important and reached their height of production between 1910 and 1920 but were last in production in the 1980s. The property is completely surrounded by land controlled by Peñoles (either through Fresnillo or other subsidiaries and partners).
La Escondida Property Summary:
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.
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. SILA's 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.
To learn more about SILA visit: http://www.gold-american.com
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