VANCOUVER, Jan. 24 /CNW/ - Mr. Philip O'Neill, Chief Executive Officer
and Director of Sunward Resources Ltd. (the "Company" or "Sunward")
(TSX-V: SWD), today announced one of the highest-grade intersections of
gold mineralization ever achieved at the Titiribi gold-copper project
in Antioquia Department, Colombia. The hole was part of the Company's
on-going drilling campaign being carried out at the Cerro Vetas
Drill hole CV027 intercepted 602 metres of mineralization with a
weighted average grade of 0.58 g/t gold, 0.20% copper, and 0.95 g/t
silver from 114.5 metres to 716.5 metres down-hole depth. CV027 was
collared approximately 80 metres east of previously-completed drill
hole CV019 (756 metres grading 0.47 g/t gold and 0.17% copper, see
Sunward press release dated August 20, 2010) and was drilled on a trend
of 232 degrees at a dip of 60 degrees. Drill hole location maps can be
viewed at www.sunwardresources.com/links/titiribimaps.php.
"Drill hole CV027 represents a milestone for the development of the
Titiribi project," said Mr. O'Neill. "The wide mineralized interval
intersected in this drill hole is over 20% higher in gold grade than
any of the longer intercepts previously identified at Titiribi,
suggesting that portions of the mineralizing system are stronger than
suspected by previous operators. This is an extremely promising
development as we move toward a new resource calculation for Titiribi."
CV027 was collared on the volcano-sedimentary sequence very close to the
eastern edge of the Cerro Vetas dioritic porphyry intrusive. Drilling
in the south-westerly direction (N232°), the drill hole entered the
dioritic porphyry at approximately 40 metres down-hole depth. The main
mineralized zone was intersected at 114 metres within the diorite
porphyry. The drill hole entered a breccia zone at approximately 600
metres depth and a brecciated meta-basalt horizon at 684 metres,
followed by brecciated granodiorite at 718 metres.
Sunward's current drilling is focused on tracing the Cerro Vetas
mineralized body southward along strike. Encouraged by the success of
drill hole CV027, the Company is now drilling possible extensions of
the Cerro Vetas zone to the south and southeast. Drill testing is also
ongoing at the north section of the Cerro Vetas porphyry, where drill
hole CV022 recently intercepted 314 metres grading 0.42 g/t gold (see
Sunward press release dated December 6, 2010). Results from these holes
will be released as they are received.
These positive results from CV027 provide considerable encouragement for
the targeting of higher-grade mineralization at Cerro Vetas. Sunward's
recent structural analysis using oriented drill core is suggesting
strong structural control of higher-grade zones within the overall
porphyry mineralization system, where hydrothermal alteration along
certain structures overprints the host porphyry and enriches gold
values. Sunward's latest work has been aimed at predicting the location
of such high-grade structures in order to better target drilling. CV027
was the first hole drilled to test the evolving structural model and,
as predicted, intersected higher-grade mineralization than tested in
previous drill holes. Sunward is continuing to refine the structural
analysis, targeting higher-grade zones within additional sections of
the Cerro Vetas porphyry, such as at drill hole CV028, drilled within
the southwestern section of Cerro Vetas. As demonstrated at other
porphyry projects globally, higher-grade zones of mineralization, even
where volumetrically minor, can be key to the viability of an overall
A complete table of significant intercepts from CV027 is shown below.
Jonathan Challis, FIMMM, is a qualified person under National Instrument
43-101, and has reviewed and is responsible for the contents of this
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
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 36,000 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 21,400 metres completed by Sunward Resources. The
mineralized body at Cerro Vetas remains open in all directions and at
depth. Sunward Resources currently has four drill rigs operating to
expand 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.