- Drilling at Junta Zone intersects 54.6 metres of 0.82 g/t gold
- First intercepts of very high silver grades at Junta (4.0 metres grading 480 g/t silver)
- Drilling at Porvenir Zone intersects copper mineralization for the first time
VANCOUVER, Sept. 20, 2012 /CNW/ - Sunward Resources Ltd. ("Sunward" or the "Company") (TSX: SWD; OTCQX: SNWRF) has made drilling discoveries at two new exploration targets on its 100%-owned Titiribi Project ("Titiribi" or the "Property"), located approximately 70 kilometres southwest of Medellin, Colombia.
At the Junta Zone, hole JT012 returned 54.6 metres averaging 0.823 g/t gold from 34.5 metres, and 41.0 metres averaging 0.561 g/t gold, 0.128% copper from 125.0 metres. Drilling suggests that Junta is a copper dominant zone of porphyry-style mineralization hosted within a fine diorite intrusive. The Junta target is a new porphyry discovery on the Titiribi Project, separate and distinct from the Cerro Vetas porphyry that hosts the entirety of the current gold-copper resource reported by Sunward at Titiribi.
These holes represent a successful follow-up to the Junta discovery hole JT009 (reported on February 2nd, 2012), which intersected 43.7 metres of mineralization with a weighted average grade of 0.78 g/t gold and 0.41% copper, from 9.6 to 53.3 metres downhole depth. This interval includes a higher-grade zone of 15.9 metres averaging 1.39 g/t gold and 0.63% copper, from 18.6 to 35.5 metres downhole depth.
Recent surface mapping has extended the Junta porphyry in outcrop up to 200 metres further to the northwest than previously identified. In total, the Junta porphyry extends for approximately 500 metres in a north-westerly trend as seen at surface. The target is thus similar in size to the main Cerro Vetas porphyry at Titiribi. Drilling is ongoing to test the Junta porphyry along the axis of gold-copper mineralization.
The Junta drilling was also successful in intersecting high-grade silver values hosted in vein systems. Drillhole JT013 returned 235 g/t silver (~8 ozs/t) at the base of the near-surface soil horizon. Drillhole JT015 returned 480 g/t silver (~15 ozs/t) from 18.0m downhole depth.
Simultaneous with the Junta discovery, ongoing drilling at the near-by Porvenir Zone intersected the first-ever copper-gold mineralization seen in this area. The Porvenir target is also a new regional discovery at the Titiribi Project, separate and distinct from both the Cerro Vetas and Junta Zones.
Drillhole PR016 returned 66.0 metres averaging 0.341 g/t gold, 0.122% copper from 16.1 metres downhole within 135.0 metres averaging 0.257 g/t gold and 0.138% copper from 16.1 metres. The two intersects carried 3.33 and 2.56 g/t silver, respectively, over the reported intervals, being the most significant disseminated silver mineralization seen thus far from the Titiribi drilling.
This successful drilling follows on the discovery of gold-dominant mineralization at Porvenir in previous drillhole PR011, which intersected 92.6 metres grading of 0.48 grams per tonne gold (reported on February 9th, 2012).
"Results from this exploration drilling suggest regional targets at the Titiribi Project have considerable scope to expand and enhance the project's current mineral resources," said Colin Andrew, Sunward's Chief Executive Officer. "The recent drilling at Junta and Porvenir clearly demonstrates that these zones should be viewed as important complements for a staged development of Titiribi, currently expected to commence with the major Cerro Vetas gold-copper zone, followed by Chisperos gold zone and then followed by near-mine zones such as these. This approach should allow Sunward to manage its financial resources in a prudent and efficient manner."
A complete table of intercepts for recent drilling at Junta and Porvenir is included below. A map of these drillhole locations and geological sections through the Junta and Porvenir projects can be found at www.sunwardresources.com.
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.
Sample Preparation and 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 laboratories 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 laboratories 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 g/t 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 an NI 43-101 compliant Measured & Indicated Mineral Resource of 4.6 million ounces gold (within 275.4 million tonnes grading 0.52 grams per tonne gold and 0.17 per cent copper, using a 0.3 grams per tonne gold cut-off), along with an additional Inferred Mineral Resource of 6.4 million ounces gold (within 359.6million tonnes grading 0.56 grams per tonne gold using a 0.3 grams per tonne gold cut-off; see Report dated June 2012 available at www.sunwardresources.com and on SEDAR).
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 on the basis of gold price of $1,114 per ounce and copper price of $3.07 per pound (See Report dated September 2011 available at www.sunwardresources.com and on SEDAR.)
Cautionary Statement regarding Forward Looking Information
This news release contains "forward-looking information", which may include, but is not limited to, statements with respect to the future financial or operating performance of Sunward Resources Ltd. and its projects. Often, but not always, forward-looking statements can be identified by the use of words such as "plans," "expects," "is expected," "budget," "scheduled," "estimates," "forecasts," "intends," "anticipates," "believes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may," "could," "would," "might" or "will" be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Sunward Resources Ltd. to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Forward-looking statements contained herein are made as of the date of this press release and Sunward Resources Ltd. disclaims, other than as required by law, any obligation to update any forward-looking statements whether as a result of new information, results, future events, circumstances, or if management's estimates or opinions should change, or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements.
|Hole No.||Azimuth||Incl.||From (m)||To (m)||Int (m)||Au g/t||Cu %||Ag g/t||Au Eq g/t||Zone|
|Note: Gold Equivalents calculated using a price of Au at US$ 1,114 per Toz and Cu at US$ 3.07 per lb Ag not included.|
|Note: Cut-offs stated at 0.3 g/t gold|
Image with caption: "Map showing location of drillholes at the Junta Prospect (CNW Group/Sunward Resources Ltd.)". Image available at: http://photos.newswire.ca/images/download/20120920_C8172_PHOTO_EN_18167.jpg
SOURCE: Sunward Resources Ltd.
For further information:
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Kimberly Lim, Manager of Investor Relations
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Colin Andrew, CEO
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