New drill data will form basis for updated resource model
Engineering studies are well underway
VANCOUVER, May 8, 2013 /CNW/ - Sunward Resources Ltd. ("Sunward" or the "Company") (TSX: SWD; OTCQX: SNWRF) is pleased to announce drill results from its resource-delineation program at the Titiribi project ("Titiribi" or the "Project"), located approximately 70 kilometers southwest of Medellin, Colombia.
The drill program, which began in 2010, resulted in establishing a major gold-copper endowment at Titiribi that to-date includes an NI 43-101-compliant Measured & Indicated Mineral Resource containing 4.58 million ounces of gold (within 275.4 million tonnes grading 0.52 grams/tonne gold, using a 0.3 grams/tonne gold cut-off) along with an Inferred Mineral Resource of 6.44 million ounces gold (within 359.6 million tonnes grading 0.56 grams/tonne gold, using a 0.3 grams/tonne gold cut-off).
This stage of drilling was primarily focused on identifying the boundaries of various mineralized zones located on the Titiribi property in addition to some in-fill drilling targeted at converting Inferred to Measured & Indicated resource. Drilling on the northwest margin of the Cerro Vetas gold-copper porphyry ore body, the largest at Titiribi, intersected several broad zones of near cut-off mineralization, representing the distal portion of the mineralized system.
The drilling at the Chisperos zone was aimed mainly at infilling gaps in the current resource model. Drilling intercepted several zones of volcanic-hosted, gold-only mineralization typical of this target, as well as higher-grade vein-type mineralization hosted in basement metavolcanics. Drilling at the Junta and Porvenir targets, aimed to improve the definition of these deposits to the west and northeast, respectively, encountered several zones of anomalous gold and copper. Drilling at the Maria Jo, Margarita and Rosa targets returned few zones of economic mineralization.
The Company is now intergrating this complete set of drill data into an updated resource model which will form the basis for completing engineering studies currently underway. A complete table of drill results is included below.
|Hole No.||Azimuth||Incl.||From||To||Int||Au g/t||Cu %|
|CV101||142||-65||No significant values|
|JT015||205||-75||No significant values|
|JT016||205||-75||No significant values|
|JT020||52||-70||No significant values|
|JT021||52||-70||No significant values|
|JT022||52||-70||No significant values|
|JT023||52||-70||No significant values|
|JT024||52||-60||No significant values|
|PR018||232||-70||No significant values|
|PR019||232||-70||No significant values|
|PR019A||232||-70||No significant values|
|MJ004||205||-50||No significant values|
|MJ005||142||-50||No significant values|
|Hole No.||Azimuth||Incl.||From||To||Int||Au g/t||Cu %|
|MJ007||142||-50||No significant values|
|MJ008||142||-50||No significant values|
|MJ009||No significant values|
|MG001||52||-73||No significant values|
|MG002||52||-72||No significant values|
|MG003||232||-82||No significant values|
|MG004||52||-50||No significant values|
|RO001||232||-68||No significant values|
|RO002||52||-62||No significant values|
Heather White P.Eng is a qualified person under National Instrument 43-101, and has reviewed and is responsible for the contents of this news release.
Sample Preparation and QA/QC:
Drill core was logged, cut and sampled by Sunward personnel at the Company's facilities in Colombia. In the case of the drilling results referred to herein the samples were prepared at Inspectorate America's sample preparation facility in Medellin, Colombia and then analyzed at Inspectorate America's ISO 9001:2000 accredited laboratory in Reno, Nevada, USA, a facility that follows internationally accepted methods and procedures and has stringent quality control and assurance practices.
At the sample preparation facility in Medellin the samples were crushed to >80% passing -10 mesh using a terminator jaw crusher; split to 250 grams; pulverized using a LM2 ring pulverizer to over 90% passing -150 mesh; split into 125 grams aliquots which were then sent to Inspectorate America's laboratory in Reno for assay. Gold was analyzed by fire assay with Inductive Coupled Plasma (ICP) finish with a lower detection limit of 2 ppb. Samples above 5 grams per tonne were assayed by fire assay with gravimetric finish. In addition to gold a suite of 30 other elements including silver and copper were assayed by ICP-AES following an aqua regia digest. Blanks, field and laboratory duplicates duplicate samples and a number of internationally approved and registered analytical standard samples were routinely randomly inserted into the preparation and analysis process as part of Sunward's normal quality assurance and quality control program. Any analytical batch of assays wherein inserted standards assayed without the acceptable limits are rejected.
Sunward Resources is a well-capitalized, Canadian-based company focused on the exploration and development of gold/copper porphyry projects in Colombia. The 100%-owned Titiribi Project is located approximately 70 kilometres southwest of the city of Medellin, Colombia, in Antioquia department, within the historical Titiribi mining district (estimated total production to date of 1.5 to 2 million ounces gold equivalent). Access is by paved highway from Medellin.
Titiribi currently hosts a NI 43-101 compliant Measured & Indicated Mineral Resource of 4.58 million ounces gold (within 275.4 million tonnes grading 0.52 grams/tonne gold, using a 0.3 grams/tonne gold cut-off). Additionally, it hosts an Inferred Mineral Resource of 6.44 million ounces gold (within 359.6 million tonnes grading 0.56 grams/tonne gold, using a 0.3 grams/tonne gold cut-off).
Titiribi thus contains 6.28 million ounces of gold equivalent in the Measured & Indicated Resource categories and a further 7.51 million ounces of gold equivalent in the Inferred Resource category, calculated using a gold price of $1,114 per ounce and a copper price of $3.07 per pound. See the NI 43-101 technical report by Behre Dolbear & Company (USA) dated June 1, 2012, titled "Technical Report on the Titiribi Project, department of Antioquia, Colombia" as published on SEDAR and on the Company's website at www.sunwardresources.com.
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.
SOURCE: Sunward Resources Ltd.
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