Drilling returns: 16.62 g/t Au over 19.4 m (11.95 g/t Au cut), including 24.93 g/t Au over 12.6 m (17.73 g/t Au cut) and 26.21 g/t Au over 10.3 m (9.63 g/t Au cut)
TORONTO, May 6, 2014 /CNW/ - St Andrew Goldfields Ltd. (TSX-SAS) (OTCQX-STADF), ("SAS" or the "Company") is pleased to provide an update on the recent underground drilling program on the 1004 lens of the West Porphyry Zone ("WPZ") at its Taylor Project ("Taylor"), located on the western portion of the Company's land package in the Timmins mining district, north-eastern Ontario, Canada.
HIGHLIGHTS OF TAYLOR DRILLING RESULTS
|● T220-034:||8.88 g/t Au over 29.2 metres (6.11 g/t Au cut),|
|● T220-046||16.62 g/t Au over 19.4 metres (11.95 g/t Au cut) including 24.93 g/t Au over 12.6 metres (17.73 g/t Au cut)|
|● T220-049:||26.21 g/t Au over 10.3 metres (9.63 g/t Au cut),|
Notes: All lengths are reported as core lengths. True widths are expected to range from 85-95% of the core length; all assays cut to 30.00 g/t Au.
"These recent results from the definition drill program further solidify our confidence in this project," said Duncan Middlemiss, President & CEO of SAS. "With the addition of a second underground drill, we will be able to increase our drill density and use this additional information to update the resource model for the 1004 lens prior to extracting the bulk sample. Ramp development is progressing as planned and we remain on schedule for our bulk sample in Q4."
The Company recently completed nineteen drill holes collared from a drill bay in the ramp development on the 220m Level elevation, totaling 3,400 metres. Drilling targeted the easterly strike extension of the 1004 lens resource block, situated within the WPZ, in the vicinity of the second proposed bulk sample. This drill program has three clear objectives, to continue to define the overall shape, width and tenor of 1004 lens mineralization, to upgrade areas currently classified as Inferred Resources into Indicated Resources, and to potentially expand the mineral resource envelope.
Ramp development toward the 1004 mineralized block is progressing well with approximately 596 metres of advance completed during Q1 2014. The ramp is presently at the 305m Level elevation and is scheduled to be in the vicinity of the 1004 mineralized lens towards the end of the third quarter. Definition drilling is progressing well, and a second underground drill will commence drilling during the second quarter.
All recent assay results are shown on plan view (see "Figure 1").
Assay results from a total of fourteen (14) holes have been received to date and are summarized in the table below.
Taylor Project - Underground Drill Program on the 1004 lens east, WPZ
|UTM (NAD 83)||Degrees||Intersection (Metres)|| Core
All lengths are reported as core lengths. True widths are expected to range from 85-95% of the core length.
All assays capped at 30.00 g/t Au. Of the 2014 total sample population, 2.3% of assay results exceeded 30 g/t Au and were subject to be cut. Holes T220-036-045 are currently in progress, holes T220-054-057 are pending assay results.
Taylor Location and Geology
The Taylor project is situated 50 km east of Timmins, ON and lies along the Porcupine Destor Fault Zone ("PDFZ") in the eastern portion of the Porcupine Mining Camp between the Stock and Black Fox gold deposits. As with other gold deposits to the east and west, such as Black Fox, Stock, Aquarius and Nighthawk, the deposits on the Taylor project represent examples of ultramafic-hosted gold mineralization that occur in areas of carbonate alteration along and adjacent to strongly foliated high strain zones associated with the PDFZ and its splays.
Drilling, Assaying and QA/QC
Underground drilling was conducted by Boreal Drilling Services Inc. Analytical work for the Taylor Project was performed by AGAT Laboratories, an accredited lab located in Mississauga, ON. Gold analysis was conducted using an industry standard Pulp metallic assay technique. 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 drilling program at the Taylor Project is under the supervision of Mr. Doug Cater P. Geo, the Company's Vice President Exploration who 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 operates the Holt, Holloway and Hislop mines and produced approximately 100,000 ounces of gold in 2013. The Company is also advancing the Taylor Project and is conducting aggressive exploration 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 Company's development efforts at the Taylor Project, including additional diamond drill results and an update of the resource model; and the completion of the second bulk sampling program and the timing and results thereof.
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, unanticipated operational or technical difficulties which could escalate operating and/or capital costs and reduce anticipated production levels; 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 and general business and economic conditions. 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: "Taylor Infill Drilling-Plan View and Long Section-06May14 (CNW Group/St Andrew Goldfields Ltd.)". Image available at: http://photos.newswire.ca/images/download/20140506_C6710_PHOTO_EN_40000.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
Director, Investor Relations
Email: [email protected]
President & CEO
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CFO, VP Finance & Administration
Email: [email protected]