- Drilling at newly discovered Maria Jo Zone intersects 290.4m of 0.17% copper with 77.0m grading 0.30% copper
- Drilling at newly discovered Candela Breccia Zone intersects 26.0m grading 1.28 g/t gold
VANCOUVER, Dec. 18, 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" or the "Project"), located approximately 70 kilometres southwest of Medellin, Colombia.
At the newly discovered Maria Jo Zone, drill hole MJ003 returned 290.35 metres averaging 0.152 g/t gold and 0.171% copper (0.479 g/t gold equivalent) from 137.65 metres, with 77.0 metres averaging 0.239 g/t gold, 0.304% copper (0.822 g/t gold equivalent) from 299.5 metres. Drilling suggests that Maria Jo is a copper-dominant zone of stockwork mineralization hosted within basement Cretaceous meta-basalts. The Maria Jo target is a discovery on the Titiribi Project, separate and distinct from the Cerro Vetas porphyry that hosts the entirety of the currently reported gold-copper resource at Titiribi and represents a totally new style of mineralization within the district.
Simultaneous with the Maria Jo discovery, ongoing drilling follows a geological re-interpretation of the earlier drill results at the near-by Candela Zone which resulted in the discovery of substantial gold mineralization within a stratiform talus-breccia (caldera collapse) in this area. Drill hole CA021 intersected four horizons of gold dominant mineralization as follows: 78.5 metres averaging 0.484g/t gold from collar (0.0 metres); 26.0 metres averaging 1.282 g/t gold from 90.6 metres; 25.95 averaging 0.368 g/t gold from 149.05 metres and 10.5 metres averaging 0.645 g/t gold from 279.0 metres. The Candela Breccia target is also a new discovery at the Titiribi Project, separate and distinct from both the Chisperos Zone which hosts significant gold-dominant mineralization at Titiribi.
"We have just established two new major targets at Titiribi. These targets offer a sizable scope for expansion and enhancement the Project's current mineral endowment," said Colin Andrew, Sunward's Chief Executive Officer. "The recent drilling at Maria Jo and Candela Breccia clearly demonstrates that the Titiribi District has a lot more to offer in terms of additional targets to add to already substantial gold and copper resources on the property, considered to be among the largest in the world."
A complete table of intercepts for recent drilling at Maria Jo and Candela Breccia is included below. A map of these drillhole locations and geological sections through the Maria Jo and Candela Breccia projects can be found at www.sunwardresources.com.
|Hole ID||Azimuth||Inclination||From||To||Int||Au g/t||Cu %||Au Eq g/t|
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 within the meaning of Canadian securities legislation. All statements included herein, other than statements of historical fact, are forward-looking information. Forward-looking information may include, but is not limited to, statements with respect to future activities of the Company; the Company's plans for its mineral properties; the Company's business strategy, plans and outlook; the merit of the Company's properties; exploration results; mineral resource estimates; work plans and timelines; completion of transactions; shareholder value; projections and targets; the future financial or operating performance of the Company, its subsidiaries and its projects; operating and exploration expenditures and costs of future exploration and other activities; and approvals, permits and licenses. Often, but not always, forward-looking information can be identified by the use of words such as "plans", "expects", "is expected", "possible", "budget", "scheduled", "strategy", "goal", "objective", "potential", "estimates", "assumes", "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", "should", "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 the Company and/or its subsidiaries to be materially different from any results, performance or achievements expressed or implied by the forward-looking statements. Such uncertainties and factors include, among others, inherent risks involved in the exploration of mineral properties; risks associated with foreign operations; risk relating to title to the Company's properties; the uncertainties involved in resource estimates and in interpreting drilling results and other geological data; fluctuations in currency exchange rates and commodity prices; uncertainties regarding the issuance of approvals, licenses and permits; risks related to competition; risks related to the Company's ability to acquire additional mineral properties; the availability of and costs of required financing; economic, political and social uncertainties; accidents and labour disputes; and political instability, insurrection or war; as well as those factors discussed under "Risk Factors" in the Company's Annual Information Form. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended.
Forward-looking statements contained herein are based on the assumptions, beliefs, expectations and opinions of management, including but not limited to that the Company's exploration of its properties and other activities will be in accordance with the Company's public statements and stated goals, that there will be no material adverse change affecting the Company or its properties, anticipated costs and timing for the Company's activities and such other assumptions as set out herein. Forward-looking statements are made as of the date of this news release and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by law. 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, readers should not place undue reliance on forward-looking statements.
SOURCE: Sunward Resources Ltd.
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