Sunward intersects 263.1 metres of 0.86 g/t gold and 0.33% copper at the
Titiribi project
TSX-V: SWD
VANCOUVER, Aug. 10 /CNW/ - Sunward Resources Ltd. ("Sunward") (the "Company") has intersected continued deep gold-copper mineralization at the Cerro Vetas mineralized body on its Titiribi project, Antioquia Department, Colombia.
Drill hole CV019 intersected two prominent mineralized intervals: a 263.1 metre intercept assaying 0.86 g/t gold and 0.33% copper (from 412 metres to 675.1 metres down-hole depth); including a higher-grade intercept of 104.6 metres assaying 1.17g/t gold and 0.38% copper (from 570.5 metres to 675.1 metres down-hole depth). A second mineralized zone begins from surface to a down-hole depth of 289.5 metres, assaying 0.34 g/t gold and 0.12% copper.
Drill hole CV019 has a weighted average assay value 0.47 g/t gold and 0.19% copper over 756.5 metres (from 0 metres to 756.5 metres) The vertical depth of this intercept extends to approximately 650 metres.
"The results from CV019 confirm our belief that the Cerro Vetas porphyry extends considerably deeper than previously identified," said Sunward, CEO, Philip O'Neill. "Perhaps more importantly, the discovery of the higher-grade zone assaying 1.17 g/t gold and 0.38% copper is a critical development for the advancement of the Titiribi project."
-------------------------------------------------------------------------
Orien-
tation Au
Drill (incli- Total (g/t) Cu %
hole nation/ Depth From To Length Lithology wt. wt.
ID Azimuth) (m) (m) (m) (m) avg. avg.
-------------------------------------------------------------------------
CV019 -58/N232 1047.35 0 756.5 756.5 Porphyry and 0.47 0.19
Intrusive
Breccia
-------------------------------------------------------------------------
Including 0 289.5 289.5 Porphyry and 0.34 0.12
Intrusive
Breccia
-------------------------------------------------------------------------
also 412.0 675.1 263.1 Porphyry and 0.86 0.33
Including Intrusive
Breccia
-------------------------------------------------------------------------
also 570.5 675.1 104.6 Porphyry and 1.17 0.38
Including Intrusive
Breccia
-------------------------------------------------------------------------
CV019 was collared approximately 50 metres east-southeast of CV018 (340.25 metres at 0.46 g/t gold and 0.14% copper - news release dated July 14, 2010). The location of drill hole CV019 with respect to earlier drill holes and current drill holes at the Cerro Vetas mineralized body can be viewed at www.sunwardresources.com/images/DrilCV.pdf.
Sunward is currently drilling two new holes at the Cerro Vetas mineralized body, as part of a 10,000 metre drill program. CV020 was collared approximately 250 metres east of CV019. CV021 was collared approximately 100 metres north along strike of CV018.
The Company is also pleased to announce the appointment of David Forest as Chief Operating Officer. Mr. Forest holds a Bachelor of Science degree in geology from the University of Alberta and is a principal of Notela Resource Advisors Ltd. Mr. Forest also authors the Pierce Points natural resource e-letter.
Jonathan Challis, FIMMM, is a qualified person under National Instrument 43-101, and has reviewed and is responsible for the contents of this news release.
About the Titiribi Project:
The Cerro Vetas mineralized body at Sunward Resources' Titiribi project hosts an inferred resource of 230 million tonnes at an average grade of 0.5 g/t gold and 0.2% copper using a 0.3 g/t gold cut-off (NI 43-101 technical report dated May 19, 2010) (www.sunwardresources.com/images/43-101May192010.pdf).
The project is located approximately 70 kilometres southwest of the city of Medellin, Colombia in Antioquia Department, within the historic Titiribi mining district (estimated total gold production of 3 to 5 million ounces). Access is by paved highway from Medellin.
Mineralization at Titiribi is hosted within a number of porphyry stocks and porphyritic dykes and sills. The dominant mineral associated with mineralisation 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 22,000 metres of drilling have 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 8,100 metres completed by Sunward Resources. The mineralized body at Cerro Vetas remains open in all directions and at depth. Sunward Resources currently has four drill rigs working at the Titiribi project.
About The Company:
Sunward Resources is a well-capitalized Canadian based company focussed 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 inferred resource.
Sample Preparation, Assays, QA/QC:
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 analysed at Inspectorate America's ISO 9001:2000 accredited laboratory in Reno, Nevada, USA. At the sample preparation facility in Medellin, the samples were crushed to over 80% passing -10 mesh using a terminator jaw crusher; split to 250g; pulverized using a LM2 ring pulveriser to over 90% passing -150 mesh; split to 125g, and then sent to Inspectore 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 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. Blank and standard samples were routinely inserted into the preparation and analysis process as part of Sunward's quality assurance and quality control program.
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.
For further information: SUNWARD RESOURCES LTD.: Investor Relations: Scott Koyich, (403) 619-2200, [email protected]; Corporate Contact: David Forest, COO, (604) 417-2960, [email protected]
Share this article