Carson City, NV, Dec. 3, 2014 (GLOBE NEWSWIRE) -- Walker Lane Exploration, Inc. (OTC: WKLN) (formerly Goldspan Resources, Inc.) is pleased to announce that it has located two claimblocks of nine and four claims respectively in the Paradise Peak Mining District, Nye County, Nevada and on BLM-controlled land. The PPW 1-9 and TW 1-4 claimblocks cover areas of past drilling by FMC Corporation within one mile of the existing Paradise Peak and Ketchup Flat pits. The Paradise Peak district was mined from 1985 through 1992 by FMC who produced 1.5 million ounces of gold and 35 million ounces of silver from four open pits that hosted high to low grade resources that were processed by conventional milling and heap leaching methods. Mined grades from Paradise Peak were 0.115 ounce per ton (opt) Au and 3.7 opt Ag while Ketchup Flat grades were 0.030 opt Au and 0.3 opt Ag. The Paradise Peak district is located within the Walker Lane Belt of West Central Nevada and hosts the style and grade of historic mineralization that is in-line with that being pursued by WKLN. The TW claims were located over land previously withdrawn from mineral entry by the BLM and the PPW claims were located over land on which the historic mining claims were recently abandoned in September.
The PPW claims are located 4,000 feet northeast of the Paradise Peak open pit and are along the structural trend extending from the eastern limit of the historic pit. The claimblock is found to contain four consecutive reverse circulation drill holes that were drilled in 1992 by FMC and that encountered known chalcedonic alteration of a similar nature as that associated with early district gold mineralization. The chalcedonic alteration is found within the cuttings piles at each drill hole that define a linear belt of chalcedonic alteration that is at least 1,300 feet long. The depths of drilling and historic gold analysis are not known at present.
The TW claims are located 3,800 feet southwest of the Ketchup Flat open pit and are associated with a probable northwest trending structural zone that is parallel with Ketchup Flat mineralization. The claimblock is found to contain at least five reverse circulation drill holes that were also drilled in 1992 by FMC. All five drill holes were found to contain significant alteration with two consecutive holes encountering chalcedonic alteration similar to that seen on the PPW claims. The drilling is thought to represent a zone of alteration that is at least 1,400 feet along the northwest strike and up to 800 feet wide, based on the roughly 400 foot spacing to the holes.
"The new Paradise Properties represent a solid entry into the Walker Lane Belt by WKLN", states Steve Jones, Vice President of Exploration for the Company. "These claimblocks represent significant alteration and possible mineralization even though the specifics of the past drilling are still unknown. It is our present plan to sample the existing cuttings and to start a work plan of ground geophysics followed by additional reverse circulation drilling."
About Walker Lane Exploration, Inc.
The Corporation is an early-stage gold and silver exploration company primarily exploring for precious metals with the Walker Lane region of Nevada where the Corporation presently owns three properties; Pyramid, which is located in Washoe County, Nevada, consisting of 10 lode claims leased from the Bureau of Land Management (BLM). West Trinity, which is located in Churchill County, Nevada consisting of 24 lode claims leased from the BLM. And, Paradise Peak West, which is located in Nye County, Nevada, consisting of 13 lode claims leased from the BLM. The Corporation's focus is to identify mineral areas within the Walker Lane region that are open to staking and claiming, or to acquire properties management deems viable for exploration. Once a property has been secured, management conducts an assessment of the prospect for exploration, which can include sampling, trenching and drilling in order to develop the prospect for leasing, sale or joint venture with other mining companies. Further information can be found on Walker Lane's website at: www.walkerlaneexploration.com
"Safe-Harbor" Statement: Under the Private Securities Litigation Reform Act of 1995. This press release contains forward-looking information within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), including all statements that are not statements of historical fact regarding the intent, belief or current expectations of the Company, its directors or its officers. The words "may," "would," "will," "expect," "estimate," "anticipate," "believe," "intend," and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the Company's ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors.