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News
09.12.2009
Sandspring Resources Ltd. presents new drill results from the Toroparu Gold-Copper Property, Guyana
Sandspring Resources Ltd. presents new drill results from the Toroparu Gold-Copper Property, Guyana; 103m of 1.76 g/t gold at deposit west margin exceeds average grade of current NI 43-101 resource envelope
December 9, 2009 – SANDSPRING RESOURCES LTD. (SSP: TSX-V) (“Sandspring” or the “Company”) is pleased to announce new drill results from the Toroparu gold-copper deposit in the Republic of Guyana, South America. Assays from Hole TPD-036 average 1.76 g/t gold and .09% copper over 103m, exceeding the average grade of the current resource at the western edge of the current resource envelope. The results bear out the Company’s focus on extending higher grade shoots identified within the current Toroparu mineral resource.
The Toroparu gold-copper deposit was independently modeled from three phases of historical (2007/08) diamond drill results (TPD001-TPD029) by P&E Mining Consultants, Toronto as a potentially open-pittable deposit with an NI 43-101 compliant Indicated mineral resource of 45,574,000 tonnes at 0.93 g/t gold and 0.164% copper containing 1,369,400 oz. gold and 164 million pounds copper or 1,992,600 ounces gold-equivalent* and additional Inferred mineral resource of 36,800,000 tonnes 0.82 g/t gold and 0.13% copper containing 973,400 oz. gold and 105 million pounds copper or 1,372,500 ounces gold-equivalent* for a total of 3.36 million ounces gold-equivalent in all categories. The full NI 43-101 technical report may be viewed at www.sedar.com as publicly disclosed by Sandspring on May 20, 2009, or on the Company’s website.
Initial Phase 4 drill results from holes TPD030-TPD037 are outlined in Table 1 comprising 4136m of a 15,000m drill program designed to optimize and expand the known NI 43-101 compliant Toroparu gold-copper resource. Grade and tonnage parameters will be recalculated at a later date once the limits of the current mineralization are better understood.
Resolution of the structure hosting the Toroparu gold-copper deposit has been enhanced by the completion of a ground gradient Induced Polarization (IP) survey by Insight Geophysics in the area of interest. The target horizon maps as a distinct chargeability low and appears to extend to both the east and the west of the current resource. The Company has selected additional drill targets along the deposit horizon to seek to extend the limits of the current resource area.
In addition, hole TPD-037 while drill testing an IP target approximately 0.5 km away to the southeast of the Toroparu deposit intersected a mineralized horizon grading 1.77 g/t gold and 0.03% copper over 25.5m at 425m vertical depth. This intercept, which ended in mineralization, may represent the down dip continuation of the current deposit which appears to be open to the east and down dip.
Table 1: Summary of initial 2009 Drill Hole Composite Assays (0.5g/t cutoff)
To view the entire news, including the table with drill results, please follow the link:
http://www.irw-press.com/dokumente/Sandspring_091209_EN.pdf
Abraham Drost, P.Geo. President of Sandspring states: “initial results from Phase 4 drilling suggests that Sandspring can continue to build on and enhance the potentially open pittable, bulk minable NI 43-101 compliant mineral resource established privately by the Company’s wholly-owned Guyanese subsidiary ETK Inc. We are encouraged by the results of the Insight IP survey which outlines the deposit horizon and provides a superb visual target for stepout drilling activities along strike.”
Analytical testing and reporting of quantitative assays was performed independently by Activation Laboratories Ltd. (“ActLabs”). ActLabs is an ISO 17025 (Lab 266) and NELAP (lab E87979) accredited laboratory for the tests reported herein. A system of blanks, standards and duplicates were added to the Toroparu sample stream by the Company to verify accuracy and precision of assay results, supplementing a variety of internal Qa/Qc tests performed by ActLabs.
Mr. Harvey Klatt, P.Geo., Exploration Manager for Sandspring and the Company’s Qualified Person on the Toroparu site, has reviewed and approved the technical content of this press release.
Additional information on Sandspring can be viewed on SEDAR under the Corporation’s company profile at www.sedar.com or on Sandspring’s new website at www.sandspringresources.com.
For Further Information, Please Contact:
Mr. Abraham Drost, P.Geo. President
Sandspring Resources Ltd.
1136 Alloy Drive, Thunder Bay ON
Canada P7J-1H2
Tel: (807) 252-7800
This news release includes certain forward-looking statements concerning the future performance of our business, its operations and its financial performance and condition, as well as management's objectives, strategies, beliefs and intentions. Forward-looking statements are frequently identified by such words as "may", "will", "plan", "expect", "anticipate", "estimate", "intend" and similar words referring to future events and results. Forward-looking statements are based on the current opinions and expectations of management. All forward-looking information is inherently uncertain and subject to a variety of assumptions, risks and uncertainties, including the speculative nature of mineral exploration and development, fluctuating commodity prices, competitive risks and the availability of financing, as described in more detail in our recent securities filings available at www.sedar.com. Actual events or results may differ materially from those projected in the forward looking-statements and we caution against placing undue reliance thereon. Sandspring Resources Ltd. has an ongoing obligation to disclose material information, as it becomes available.
The mineralized material in the Toroparu gold-copper deposit is currently classified as an Indicated and Inferred resource under Canadian securities disclosure standard National Instrument 43-101. Readers are cautioned that no part of the Toroparu Deposit’s mineralization is yet considered to be a minable reserve under Canadian or US mining securities disclosure standards. In both jurisdictions, a full feasibility study would be required, which would require more detailed studies. Additionally all necessary mining permits would be required in order to classify the project's mineralized material as an economically exploitable reserve. There can be no assurance that this mineralized material will become classifiable as a reserve and there is no assurance as to the amount, if any, which might ultimately qualify as a reserve or what the grade of such reserve amounts would be.
*Gold-equivalent calculations per NI 43-101 Technical Report, P&E Mining Consultants, October 26, 2008 – Au Eq. derived from Au US$688/oz and Cu US$3.13/lb (3 yr trailing avg. at Aug 31,2008; 90% Au recovery and 75% Cu process plant/leach recovery)
The foregoing securities have not been registered under the United States Securities Act of 1933, as amended, and these securities may not be offered or sold within the United States or to, or for the account or benefit of U.S. persons absent U.S. registration or an applicable exemption from U.S. registration requirements. This release does not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any state where such offer, solicitation or sale would be unlawful.
Neither the 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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December 9, 2009 – SANDSPRING RESOURCES LTD. (SSP: TSX-V) (“Sandspring” or the “Company”) is pleased to announce new drill results from the Toroparu gold-copper deposit in the Republic of Guyana, South America. Assays from Hole TPD-036 average 1.76 g/t gold and .09% copper over 103m, exceeding the average grade of the current resource at the western edge of the current resource envelope. The results bear out the Company’s focus on extending higher grade shoots identified within the current Toroparu mineral resource.
The Toroparu gold-copper deposit was independently modeled from three phases of historical (2007/08) diamond drill results (TPD001-TPD029) by P&E Mining Consultants, Toronto as a potentially open-pittable deposit with an NI 43-101 compliant Indicated mineral resource of 45,574,000 tonnes at 0.93 g/t gold and 0.164% copper containing 1,369,400 oz. gold and 164 million pounds copper or 1,992,600 ounces gold-equivalent* and additional Inferred mineral resource of 36,800,000 tonnes 0.82 g/t gold and 0.13% copper containing 973,400 oz. gold and 105 million pounds copper or 1,372,500 ounces gold-equivalent* for a total of 3.36 million ounces gold-equivalent in all categories. The full NI 43-101 technical report may be viewed at www.sedar.com as publicly disclosed by Sandspring on May 20, 2009, or on the Company’s website.
Initial Phase 4 drill results from holes TPD030-TPD037 are outlined in Table 1 comprising 4136m of a 15,000m drill program designed to optimize and expand the known NI 43-101 compliant Toroparu gold-copper resource. Grade and tonnage parameters will be recalculated at a later date once the limits of the current mineralization are better understood.
Resolution of the structure hosting the Toroparu gold-copper deposit has been enhanced by the completion of a ground gradient Induced Polarization (IP) survey by Insight Geophysics in the area of interest. The target horizon maps as a distinct chargeability low and appears to extend to both the east and the west of the current resource. The Company has selected additional drill targets along the deposit horizon to seek to extend the limits of the current resource area.
In addition, hole TPD-037 while drill testing an IP target approximately 0.5 km away to the southeast of the Toroparu deposit intersected a mineralized horizon grading 1.77 g/t gold and 0.03% copper over 25.5m at 425m vertical depth. This intercept, which ended in mineralization, may represent the down dip continuation of the current deposit which appears to be open to the east and down dip.
Table 1: Summary of initial 2009 Drill Hole Composite Assays (0.5g/t cutoff)
To view the entire news, including the table with drill results, please follow the link:
http://www.irw-press.com/dokumente/Sandspring_091209_EN.pdf
Abraham Drost, P.Geo. President of Sandspring states: “initial results from Phase 4 drilling suggests that Sandspring can continue to build on and enhance the potentially open pittable, bulk minable NI 43-101 compliant mineral resource established privately by the Company’s wholly-owned Guyanese subsidiary ETK Inc. We are encouraged by the results of the Insight IP survey which outlines the deposit horizon and provides a superb visual target for stepout drilling activities along strike.”
Analytical testing and reporting of quantitative assays was performed independently by Activation Laboratories Ltd. (“ActLabs”). ActLabs is an ISO 17025 (Lab 266) and NELAP (lab E87979) accredited laboratory for the tests reported herein. A system of blanks, standards and duplicates were added to the Toroparu sample stream by the Company to verify accuracy and precision of assay results, supplementing a variety of internal Qa/Qc tests performed by ActLabs.
Mr. Harvey Klatt, P.Geo., Exploration Manager for Sandspring and the Company’s Qualified Person on the Toroparu site, has reviewed and approved the technical content of this press release.
Additional information on Sandspring can be viewed on SEDAR under the Corporation’s company profile at www.sedar.com or on Sandspring’s new website at www.sandspringresources.com.
For Further Information, Please Contact:
Mr. Abraham Drost, P.Geo. President
Sandspring Resources Ltd.
1136 Alloy Drive, Thunder Bay ON
Canada P7J-1H2
Tel: (807) 252-7800
This news release includes certain forward-looking statements concerning the future performance of our business, its operations and its financial performance and condition, as well as management's objectives, strategies, beliefs and intentions. Forward-looking statements are frequently identified by such words as "may", "will", "plan", "expect", "anticipate", "estimate", "intend" and similar words referring to future events and results. Forward-looking statements are based on the current opinions and expectations of management. All forward-looking information is inherently uncertain and subject to a variety of assumptions, risks and uncertainties, including the speculative nature of mineral exploration and development, fluctuating commodity prices, competitive risks and the availability of financing, as described in more detail in our recent securities filings available at www.sedar.com. Actual events or results may differ materially from those projected in the forward looking-statements and we caution against placing undue reliance thereon. Sandspring Resources Ltd. has an ongoing obligation to disclose material information, as it becomes available.
The mineralized material in the Toroparu gold-copper deposit is currently classified as an Indicated and Inferred resource under Canadian securities disclosure standard National Instrument 43-101. Readers are cautioned that no part of the Toroparu Deposit’s mineralization is yet considered to be a minable reserve under Canadian or US mining securities disclosure standards. In both jurisdictions, a full feasibility study would be required, which would require more detailed studies. Additionally all necessary mining permits would be required in order to classify the project's mineralized material as an economically exploitable reserve. There can be no assurance that this mineralized material will become classifiable as a reserve and there is no assurance as to the amount, if any, which might ultimately qualify as a reserve or what the grade of such reserve amounts would be.
*Gold-equivalent calculations per NI 43-101 Technical Report, P&E Mining Consultants, October 26, 2008 – Au Eq. derived from Au US$688/oz and Cu US$3.13/lb (3 yr trailing avg. at Aug 31,2008; 90% Au recovery and 75% Cu process plant/leach recovery)
The foregoing securities have not been registered under the United States Securities Act of 1933, as amended, and these securities may not be offered or sold within the United States or to, or for the account or benefit of U.S. persons absent U.S. registration or an applicable exemption from U.S. registration requirements. This release does not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any state where such offer, solicitation or sale would be unlawful.
Neither the 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.
NEWSLETTER REGISTRIERUNG:
Aktuelle Pressemeldungen dieses Unternehmens direkt in Ihr Postfach:
<a href="http://www.irw-press.com/alert_subscription.php?lang=en&isin=CA8001101085">http://www.irw-press.com/alert_subscription.php?lang=en&isin=CA8001101085</a>
Mitteilung übermittelt durch IRW-Press.com. Für den Inhalt ist der Aussender
verantwortlich.
Kostenloser Abdruck mit Quellenangabe erlaubt.