CALGARY, June 15 /CNW/ - Sunward Resources Ltd. (the "Company") wishes to provide an update on exploration at its Titiribi gold/copper porphyry project in Antioquia, Colombia. The Company has commenced stage-appropriate multidisciplinary exploration work on the three targets: Cerro Vetas, Chisperos, and Virgen and on three prospects: La Candela, Porvenir, and Margarita.
The company currently has 3 drill rigs operating at its Titiribi project with 2 drill rigs provided by Logan Drilling Group of Canada and 1 drill rig provided by Terramundo Drilling of Medellin, Colombia.
The Cerro Vetas target is the most advanced target at the Titiribi project with an inferred resource of 230 million tonnes at an average grade of 0.5g/t gold and 0.2% Cu (as per Sunward's NI 43-101 Technical Report dated May 19, 2010). The company has commenced a 10,000 metre drill program at Cerro Vetas with the goal of testing extensions of porphyry mineralization along strike and at depth in order to increase the inferred resource. This program will also provide a better understanding of the geological parameters and mineralizing sequence of the deposit. The first hole of this program - CV018 - was drilled approximately 50 metres north of the previously inferred mineralization boundary and was completed on June 11, 2010 to a depth of 1031 metres (approximately 850 metres vertical depth). Depending on drilling results at Cerro Vetas, the drill program may be increased to 25,000 metres.
Chisperos and Virgen Targets: After completing drilling on the first seven holes, the company has expanded its previously announced 1500 metre drill program at the Chisperos/Virgen targets to 8000m over 24 holes. The goal of this drill program is to test epithermal type mineralization at Chisperos and the potential for porphyry mineralization below Chisperos and to the west of Chisperos - an area now identified as the Virgen Target.
All drill core samples are being prepared at Inspectorate America's sample preparation facility in Medellin, Colombia and being sent for assaying to Inspectorate America's analytical facility in Reno, Nevada. Assay results from the drilling programs will be released as they become available.
The La Candela, Porvenir, and Margarita prospects are areas where drill targets are being identified using modern multidisciplinary surface geological, geochemical, and geophysical techniques. Sunward's geological team at Titiribi is currently conducting soil geochemical surveys on ground south and west of La Candela to cover the Porvenir and Margarita prospects. This will be followed by a ground magnetic expedition and then a Natural Source Audio Range Magneto-Telluric (NSAMT) survey over all three prospects and surrounding areas. This will be followed up with an Induced Polarisation (IP) survey over selected lines. The NSAMT and IP will be conducted by Zonge Engineering of Tucson, Arizona who have worked at the Titiribi project in past.
At La Candela, The Company expects to be in a position to start drilling identified targets in the 3rd quarter of 2010 and at Porvenir and Margarita by the 4th quarter of 2010 - 1st quarter of 2011.
Jonathan Challis, FIMMM, is a qualified person under National Instrument 43-101, and has reviewed and is responsible for the contents of this news release.
About The Company:
Sunward Resources is a well-capitalized Canadian based company focussed 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 SW of Medellin with a goal of increasing the NI 43-101 inferred resource.
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.
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