 Underworld Resources is a mineral exploration company focused on developing its gold discovery in Canada's Yukon Territory. Underworld acquired an option over the White Gold properties in May of 2007. First drilling was completed in 2008 with discoveries at Golden Saddle and Arc. The two deposits are exposed at surface, open at depth and along strike and may be amendable to open pit mining. The Company completed its 2009 drill program for 25,800 meters in September of 2009. The objective of this program was to expand the gold discoveries made by the 2008 drill program. 60 holes were drilled at Golden Saddle and 19 holes at Arc Zone. Regional targets at Minneapolis Creek, Donahue, South Donahue and McKinnon were also drill tested. The Company's first resource estimate defined Indicated Resources at Golden Saddle of 1,005,000 ounces at 3.2 g/t Au with an additional 407,000 ounces of Inferred Resources at 2.5 g/t Au. The resource estimates were carried out by SRK Consulting using Ordinary Kriging and are as follows:
The resource estimates were made from a total mineral inventory of 1,480,870 ounces averaging 2.71 g/t Au at Golden Saddle and 170,470 ounces averaging 1.21 g/t Au at the Arc Deposit. The Golden Saddle Deposit which has a footprint of 580 m along strike and up to 560 m down dip remains open to expansion along strike to the northeast, and down dip to the northwest. Strength of alteration and mineralization increases in intensity to the northeast. The most northeasterly and deepest holes completed to-date include holes WD09-101, which intersected 4.86 g/t Au over 23.38 meters and WD09-103 which intersected 5.07 g/t Au over 25.38 meters. The Arc deposit is open in all directions. At Golden Saddle, gold mineralization is hosted by metamorphosed felsic intrusive units, as well as felsic and mafic metavolcanic rocks, and is associated with quartz veins, stockworks, and breccia zones, as well as pyrite disseminations that form NE striking and moderately NW dipping (±50o) tabular bodies of gold mineralization. Comprehensive metallurgical testing indicates that a 92% or better gold recovery can be expected with a conventional plant at Golden Saddle, with 6% to 9% of contained gold reporting to a gravity concentrator prior to cyanidation. Recent metallurgical testing on Arc deposit mineralization shows recoveries of up to 85% achievable following flotation. The recent resource estimates will be utilised with engineering studies to complete a Preliminary Economic Assessment by March 2010. This study coupled with environmental baseline data and community relations activities will determine if the White Gold Project might move towards feasibility study stage. Underworld is planning an aggressive drill program this year which will focus on drilling new targets defined by the 2009 field work, expanding Golden Saddle deposit and expanding the Arc deposit. Click here for Golden Saddle Drill Hole Location Plan Click here for the Golden Saddle Cross Section Click here for the Metallurgical Testwork Results Underworld's management team has been involved in the discovery of deposits that subsequently became mines. The company is led by Mr. Adrian Fleming who previously as exploration manager for Placer Dome in Sydney was a key part of the team that discovered the high-grade zone at the Porgera gold mine in PNG and the Big Bell gold mine in Western Australia. Mr. Fleming is also the former VP Exploration for Golden Star Resources, where he recommended the early exploration that led to the discovery of the multi-million ounce Gross Rosebel gold mine in Suriname. Michael Williams and Robert McLeod, of Full Metal Minerals are founding Directors of Underworld Resources, and are involved in the management of the Company. Robert McLeod worked at the Hope Bay gold project in Nunavut and was part of the team that in 2000 and 2001 made the Naartok and Suluk discoveries. Underworld Resources completed its Initial Public Offering in March of 2007 and trades on the TSX Venture Exchange under the symbol TSX-V:UW. Assay Summary | 
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Thu Jan 28, 2010 : News Releases : Underworld and Full Metal Minerals Announce the Sudden Passing of Chief Geologist Dr. Ricardo Presne... |
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