Step-out CV058 intercepts 38.1 metres with a weighted average grade of 3.02 gm per tonne gold and 0.5% copper, substantially higher than previously tested in drill holes in the zone
The higher-grade zone is located near surface and has been traced over a length of approximately 100 metres and remains open to the northeast and southwest and CV054 encounters significant zone of higher-grade gold and copper mineralization within a new area of the Cerro Vetas mineralized body
VANCOUVER, Jan. 26, 2012 /CNW/ - Sunward Resources Ltd. (the "Company") (TSX-V: SWD; OTCQX: SNWRF) announces results of the recent drilling in the Cerro Vetas zone at the 100%-owned Titiribi project located approximately 70 kilometres southwest of the city of Medellin, Colombia. Of particular importance is drill hole CV058 which yielded the highest-grade substantial gold intercept encountered at Titiribi to-date.
Drill hole CV058 was completed as a step-out hole approximately 50 metres northeast of previously-announced drill hole CV046 (22.5 metres grading 2.110 grams/tonne gold and 0.340% copper), and approximately 100 metres northeast of previously-announced drill hole CV053 (30.0 metres grading 2.394 grams/tonne gold and 0.382% copper) (see Sunward news release dated November 10, 2011 for details on both drill holes CV046 and CV053). The higher-grade zone has now been traced over a length of approximately 100 metres and remains open to the northeast and southwest, with the grade and apparent thickness increasing toward the northeast where CV058 is located.
Discovery of New, Higher-Grade Zone in West-Central Cerro Vetas Zone
In addition to the results above, the Company also announces that recently-completed drill hole CV054 has encountered a significant zone of higher-grade gold and copper mineralization, grading in excess of 2 grams/tonne gold, within a new area of the Cerro Vetas mineralized body; the west-central sector.
Mineralization in drill hole CV054 is markedly different from the above-reported holes. Whereas mineralization in drill holes CV046, CV053 and CV058 occurs at shallow levels (approximately 50 to 100 metres below surface) on the southeast margin of the Cerro Vetas zone, the higher-grade mineralization in drill hole CV054 occurs within the west-central section of the Cerro Vetas body, at a vertical depth of approximately 500 metres. The mineralized intercept in CV054 is otherwise similar in width and grade, comprising 31.0 metres with a weighted average grade of 2.15 grams/tonne gold and 0.64% copper. This zone lies within a larger intercept of 185.1 metres grading 0.90 grams/tonne gold and 0.29% copper.
The discovery of this substantial width of higher-grade mineralization at depth is particularly significant, suggesting the possibility that the higher-grade zone may extend over a significant distance down-dip toward the northwest within the core of the overall Cerro Vetas mineralized body. The Company's modeling suggests there exists at least 550 metres of potential down-dip extension connecting the shallow mineralization in drill holes CV046, CV053 and CV058 with the deeper mineralization in drill hole CV054. In light of these results, the Company is now testing the continuity of mineralization between these drill holes by drilling down-dip, in a sector of the Cerro Vetas zone that has been largely uninvestigated by drilling to date. Eleven (11) drill rigs are currently on site at Titiribi.
"The discovery and continuing delineation of this enriched zone of Cerro Vetas is a new and important development for the Titiribi project," said Colin Andrew, Sunward's Chief Executive Officer. "The increase in grade and near-surface expression represented by the mineralization here has the potential to result in an increased mineral endowment, higher grades and improved project economics."
A complete table of intercepts for recent drilling at Cerro Vetas is included below. A map of these drill hole locations can be found at www.sunwardresources.com.
|Drill hole||Azimuth||Inclination|| From
Colin J. Andrew, CEng MIMMM, FGS 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 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 Indicated and Inferred resources.
About the Titiribi Project:
Sunward Resources' Titiribi project hosts an NI 43-101-compliant Indicated Mineral Resource of 2.2 million ounces of gold within 142.94 million tonnes grading 0.480 grams/tonne gold and 0.148% copper and an Inferred Mineral Resource of 6.08 million ounces of gold within 372.7 million tonnes grading 0.507 grams/tonne gold and 0.078% copper, both assessed using a 0.3 grams/tonne gold cut-off. Based on the above, Titiribi also hosts 465.9 million pounds of copper in the Indicated Resource and 645.7 million pounds of copper in the Inferred Resource. Titiribi thus contains 3.50 million ounces of gold equivalent in the Indicated Resource category and a further 7.90 million ounces of gold equivalent in the Inferred Resource category, calculated on the basis of a gold price of $1,114 per ounce and a copper price of $3.07 per pound (See Report dated September 2011 available at www.sunwardresources.com and on SEDAR.)
The 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 of 1.5 to 2 million ounces gold equivalent). Access is by paved highway from Medellin.
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 68,000 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 over 50,000 metres completed by Sunward Resources Limited. Eleven drill rigs are currently on site and are now focused on resource definition and expansion drilling at the Cerro Vetas and Chisperos zones.
Sample Preparation Assays 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.
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.
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SUNWARD RESOURCES LTD.