SUNWARD INTERSECTS SOUTH AND EAST EXTENSIONS OF MINERALIZATION AT CERRO VETAS

458.0m @ 0.46 g/t gold, 0.11% copper intersection in Cerro Vetas extension

217.5m @ 0.50 g/t gold, 0.29% copper opens out mineralized zone to the east

TSX-V: SWD

VANCOUVER, June 15, 2011 /CNW/ - Sunward Resources (TSX-V: SWD) ("Sunward") (the "Company") is pleased to announce that Sunward's on-going drill program at the Cerro Vetas zone of the Titiribi project has significantly expanded the extent of mineralization. In addition, recent drilling has identified a higher-grade copper zone on the southeast portion of the Cerro Vetas zone.

Drillhole CV037 was recently completed as one of the first drillholes to comprehensively test the eastern margin of the Cerro Vetas diorite porphyry. CV037 was collared at the north end of the Cerro Vetas zone and drilled on a southeasterly orientation (142 degrees, at a dip of 60 degrees). Assays from CV037 returned a 458 metre interval with weighted average values of 0.46 g/t gold and 0.11% copper, from 69.5 to 527.5 metres down-hole depth. The entire 700 metre length of the drillhole returned mineralization, averaging 0.36 g/t gold and 0.09% copper, from surface.

The mineralization observed in CV037 remains open to the east of the Cerro Vetas zone, where Sunward geological staff have recently recognized a possible extension of the Cerro Vetas diorite porphyry through re-logging of drill core. This is significant in light of recent results from other drillholes on the east and southeast portions of the Cerro Vetas mineralized body—particularly drillhole CV036, which was collared near the southeastern edge of mapped porphyry outcrop at Cerro Vetas, and intersected some of the highest copper grades observed to date on the Titiribi project. CV036 returned weighted average assay results of 0.50 g/t gold and 0.29% copper over 217.5 metres, from 84.5 to 302 metres down-hole depth. A higher-grade zone of mineralization with assay values of 0.78 g/t gold and 0.60% copper occurs from 118.75 to 160 metres down-hole depth. This includes intervals averaging 1.19% copper (along with 1.32 g/t gold) from 140 to 146.5 metres down-hole depth and 1.00% copper (along with 1.06 g/t gold) from 118.75 to 123.5 metres down-hole depth.

This mineralized intercept in CV036 occurs within a broader zone of copper mineralization with a weighted average assay value of 0.21% copper (along with 0.32 g/t gold) over 418 metres, extending from surface. Drillhole CV036 represents a significant step-out from Sunward's previous drilling at Cerro Vetas, being located approximately 100 metres southeast of previously-announced drillhole CV028, which returned 104.5 metres assaying 1.17 g/t gold and 0.16% copper, (see Sunward press release dated February 7, 2011). Drillholes near to CV036 have also intercepted copper-dominant mineralization, with drillhole CV030 returning 34 metres averaging 0.17% copper and 0.26 g/t gold (from 312 to 346 metres down-hole depth) and drillhole CV038 returning 102.96 metres averaging 0.12% copper and 0.21 g/t gold (from 153.8 to 256.76 metres down-hole depth). Drillholes CV032 and CV035 were drilled south of these holes and appear to have closed the Cerro Vetas mineralization in this direction.

A copper-dominant zone of mineralization has also been recognized on the northwest side of the Cerro Vetas zone, where drillhole CV033 returned 83.55 metres averaging 0.10% copper and 0.17 g/t gold, from 757.95 to 841.5 metres down-hole depth. This result contrasts with other drillholes on the northwest margin of Cerro Vetas, which have intersected gold-dominant mineralization hosted in volcanic and tectonic breccias, such as in drillhole CV031, which returned 61 metres averaging 0.89 g/t gold (with 0.02% copper) from 235 to 296 metres down-hole depth, along with 102 metres averaging 0.46 g/t gold (with 0.02% copper) from 399.5 to 501.5 metres down-hole depth. The mineralization observed in CV031 and CV033 remains open to the west of Cerro Vetas, and drillhole CV039 is currently being completed as a westerly step-out hole.

A complete table of intercepts for recent drilling at Cerro Vetas is included below. Maps of drillhole locations can be found at www.sunwardresources.com/links/titiribimaps.php.

Drillhole Azimuth Inclination From (m) To (m) Interval (m) Au (g/t) Cu (%)
CV029 232 70 193 205 12 1.12 0.07
CV030 232 60 312 346 34 0.26 0.17
      775.5 813 37.5 0.52 0.03
CV031 232 60 235 296 61 0.89 0.02
      399.5 501.5 102 0.46 0.02
CV032 232 65 890.95 909.5 18.55 0.64 0.02
CV033 232 55 757.95 841.5 83.55 0.17 0.10
CV034 232 60 No significant values
CV035 232 60 No significant values
CV036 232 50 84.5 302 217.5 0.50 0.29
      0 418 418 0.32 0.21
CV037 142 60 69.5 527.5 458 0.46 0.11
CV038 142 60 21.8 77.3 55.5 0.12 0.10
      153.8 256.76 102.96 0.21 0.12

Mr. Colin J. Andrew, Chief Executive Officer of Sunward commented, "This recent drilling at Cerro Vetas has significantly extended the zone of known mineralization within the porphyry system. In addition, intercepts of gold-dominant mineralization within volcano-clastics seem to indicate an additional style of mineralization previously unrecognized at Titiribi."

Colin J. Andrew, CEng MIMMM, FGS is a qualified person under National Instrument 43-101, and has reviewed and is responsible for the contents of this news release.

About the Titiribi Project:

The Cerro Vetas mineralized body at Sunward Resources' Titiribi project hosts an inferred resource of 230 million tonnes at an average grade of 0.5 grams per tonne gold and 0.2 percent copper using a 0.3-gram-per-tonne-gold cut-off (NI 43-101 technical report dated May 19, 2010). The project is located approximately 70 kilometres southwest of the city of Medellin, Colombia, in Antioquia department, within the historical Titiribi mining district (estimated total gold production of three to five million ounces). Access is by paved highway from Medellin.

Mineralization at Titiribi is hosted within a number of porphyry stocks and porphyritic dikes and sills. The dominant mineral associated with mineralization is chalcopyrite, which occurs as disseminations and in veinlets. Plagioclase and secondary biotite are also significant within the mineralized assemblage. Mineralization appears to be related to extensive potassic alteration, with propylitic and argillic alteration also widespread, along with lesser phyllic alteration.

Over 50,000 metres of drilling has been completed at Titiribi to-date, including approximately 14,600 metres completed historically by previous operators, including Gold Fields and Windy Knob Resources, along with more than 36,000 metres completed by Sunward Resources. The mineralized body at Cerro Vetas remains open in a number of directions and at depth. Sunward Resources currently has four drill rigs operating to expand the known mineralization at the Titiribi project.

About The Company:

Sunward Resources is a well-capitalized, Canadian-based company focused on the exploration of gold/copper porphyry projects in Colombia. The Company has strong operational expertise in Colombia and is currently drilling its Titiribi Project southwest of Medellin with a goal of increasing the NI 43-101 inferred resource.

This news release contains "forward-looking information", which may include, but is not limited to, statements with respect to the future financial or operating performance of Sunward Resources Ltd. and its projects. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Sunward Resources Ltd. to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Forward-looking statements contained herein are made as of the date of this press release and Sunward Resources Ltd. disclaims, other than as required by law, any obligation to update any forward-looking statements whether as a result of new information, results, future events, circumstances, or if management's estimates or opinions should change, or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

 

 

SOURCE Sunward Resources Ltd.

For further information:

SUNWARD RESOURCES LTD.
Investor Relations:       Corporate Contact:
Scott Koyich        Colin Andrew
(403) 619-2200        +353 87 241 2290
scott@sunwardresources.com       colin.andrew@sunwardresources.com

 

Organization Profile

Sunward Resources Ltd.

More on this organization


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890