Hislop North returns 8.56 g/t Au over 24.4m including 11.29 g/t Au over 12.0m and 9.72 g/t Au over 10.0m; Ghost returns 7.85 g/t Au over 11.2m
TORONTO, July 31, 2012 /CNW/ - St Andrew Goldfields Ltd. (TSX: SAS) (OTCQX: STADF), ("SAS" or the "Company") is pleased to announce an update on its exploration programs on the Ghost Zone ("Ghost") located near the Holt Mine, and the Hislop North Project ("Hislop North"), located northwest of the Hislop Mine.
|• GZ12-017B:|| 4.16 g/t Au over 15.2 metres
including 13.34 g/t Au over 1.3 metres
|• GZ12-019:||7.85 g/t Au over 11.2 metres|
|• GZ12-023:|| 6.34 g/t Au over 12.3 metres
including 8.77 g/t Au over 3.5 metres
|Hislop North Project|
|• H12-008:||8.56 g/t Au over 24.4 metres|
|including 11.29 g/t Au over 12.0 metres|
|• H12-010:|| 9.72 g/t Au over 10.0 metres
including 32.00 g/t Au over 1.5 metres
All lengths reported at the Ghost Zone are true width, all lengths reported at Hislop North are reported as core length as true width is not available at this time; all assays capped at 32.00 g/t Au.
"These additional results from both the Ghost and Hislop North projects confirm the potential for continued exploration success at the near-mine targets", said Jacques Perron, President & CEO of SAS. "As we look to the second half of 2012, we have increased our exploration efforts on the Hislop North target and look forward to releasing additional results as they become available."
Ghost has been traced to approximately 400 meters east of the current underground workings at the Holt Mine and recent drilling has increased the mineralized strike length from the previously reported 600 metres, to approximately 750 metres (see press release dated May 7, 2012, available under the Company's profile on SEDAR at www.sedar.com or on the Company's website at www.sasgoldmines.com). A longitudinal section for the Ghost zone drilling is located at the end of this release.
Results from the recent round of drilling include GZ12-017B returning 4.16 g/t Au over 15.2 metres including 13.34 g/t Au over 1.3 metres, GZ12-019 returning 7.85 g/t Au over 11.2 metres, GZ12-020 returning 3.84 g/t Au over 7.1 metres, GZ12-021 returning 7.19 g/t Au over 5.0 meters and GZ12-023 returning 6.34 g/t Au over 12.3 meters including 8.77 g/t Au over 3.5 metres.
The Ghost mineralization remains open up and down dip, as well as along strike. An updated mineral resources estimate for Ghost is planned by year end.
Results of the recent drilling program are summarized in the table below:
Ghost Zone 2012 Surface Drilling Program
|Holt Mine Grid||Degrees|| Intersection
Notes: All Assays capped at 32.00 g/t Au.
Hislop North Project
Drilling at Hislop North continues to return anomalous gold grades over significant widths. The most significant recent intersections were H12-008 returning 8.56 g/t Au over 24.4 metres including 11.29 g/t Au over 12.0 metres, hosted within a brecciated albitic mafic volcanic with significant quartz veining. Hole H12-010 returned 9.72 g/t Au over 10.0 metres including 37.46 g/t Au over 1.5 metres, which was capped to 32.00 g/t Au. Expansion of the mineralization remains open in all directions and the Company has added a second surface drill on this target.
Results from the recent drilling program are summarized in the table below:
Hislop North Project 2012 Drilling Program
|UTM (NAD27)||Degrees|| Intersection
|Notes:||All lengths are reported as core length as true width is not available at this time; all assays capped at 32.00 g/t Au;|
|ND = not determined.|
Drilling, Assaying and QA/QC
Surface drilling was conducted by Orbit Garant Drilling Services Inc. Analytical work for the Ghost Zone was performed by Laboratoire Expert Inc., an accredited lab located in Rouyn-Noranda, QC. Analytical work for the Hislop North Project was performed by SGS Canada Inc., in Toronto, ON and Agat Labs Limited, in Mississauga, ON, both accredited labs. SAS employs an industry accepted QC/QA program consisting of certified reference standards and blanks that are inserted into the sample stream, which represent approximately 5% of the total sample population.
The exploration programs on the Company's various mineral properties are under the supervision of Craig Todd, P. Geo; the Company's Exploration Manager. Mr. Todd is a qualified person as defined by NI 43-101, and has reviewed and approved this news release.
SAS (operating as "SAS Goldmines"), is a gold mining and exploration company with an extensive land package in the Timmins mining district, northeastern Ontario, which lies within the Abitibi greenstone belt, the most important host of historical gold production in Canada.
SAS owns and operate the Holt, Holloway and Hislop mines and is forecasting 2012 production of between 90,000 - 100,000 ounces of gold. The Company is also advancing the Taylor Project and is conducting an aggressive exploration program across 120km of land straddling the Porcupine-Destor Fault Zone.
This news release contains forward-looking information and forward-looking statements (collectively, "forward-looking information") under applicable securities laws, concerning the Company's business, operations, financial performance, condition and prospects, as well as management's objectives, strategies, beliefs and intentions. Forward-looking information is frequently identified by such words as "may", "will", "plan", "expect", "estimate", "anticipate", "believe", "intend" and similar words referring to future events and results, including in respect of the extent, timing, objectives and interpretation of exploration drilling programs to be conducted by the Company at the Ghost Zone and Hislop North Project.
This forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those expressed or implied by the forward-looking information. Factors that may cause actual results to vary materially include, but are not limited to, uncertainties relating to the interpretation of the geology, continuity, grade and size estimates of the mineral reserves and resources; the Company's dependence on key employees and changes in the availability of qualified personnel; fluctuations in gold prices and exchange rates; operational hazards and risks, including the inability to insure against all risks; changes in laws and regulations; and changes in general economic conditions. Such forward looking information is based on a number of assumptions, including in respect of the ability to achieve operating cost estimates, the level and volatility of the price of gold, the accuracy of reserve and resource estimates and the assumptions on which such estimates are based, the sufficiency of the Company's cash flows to achieve its planned programs and the ability to attract and retain adequate qualified personnel to conduct its exploration programs and operate its mines. Should one or more risks and uncertainties materialize or should any assumptions prove incorrect, then actual results could vary materially from those expressed or implied in the forward-looking information. Accordingly, readers are cautioned not to place undue reliance on this forward-looking information. SAS does not assume the obligation to revise or update this forward-looking information after the date of this release or to revise such information to reflect the occurrence of future unanticipated events, except as may be required under applicable securities laws. A further description of the risks and uncertainties facing the Company may also be found in the Company's Annual Information Form available on SEDAR at www.sedar.com
Image with caption: "Ghost Zone Long Section Location (CNW Group/St Andrew Goldfields Ltd.)". Image available at: http://photos.newswire.ca/images/download/20120731_C3673_PHOTO_EN_16522.jpg
Image with caption: "Ghost Zone Long Section (CNW Group/St Andrew Goldfields Ltd.)". Image available at: http://photos.newswire.ca/images/download/20120731_C3673_PHOTO_EN_16520.jpg
Image with caption: "Hislop North Plan View (CNW Group/St Andrew Goldfields Ltd.)". Image available at: http://photos.newswire.ca/images/download/20120731_C3673_PHOTO_EN_16521.jpg
Image with caption: "Hislop North Cross Section (CNW Group/St Andrew Goldfields Ltd.)". Image available at: http://photos.newswire.ca/images/download/20120731_C3673_PHOTO_EN_16523.jpg
SOURCE: St Andrew Goldfields Ltd.
For further information:
For further information about St Andrew Goldfields Ltd., please contact:
Tel: 1-800-463-5139 or (416) 815-9855; Fax: (416) 815-9437; Website: www.sasgoldmines.com
Suzette N Ramcharan
Manager, Investor Relations
Email: [email protected]