Sunward continues to hit superior grade wide intersections at Cerro Vetas and identifies new porphyry bodies at Chisperos
VANCOUVER, May 14, 2012 /CNW/ - Sunward Resources Ltd. ("Sunward" or the "Company") (TSX: SWD; OTCQX: SNWRF) is pleased to announce further successful results from the ongoing resource infill drill program at the Cerro Vetas zone and drilling at the Chisperos zone at the 100%-owned Titiribi Project ("Titiribi" or "the Property"), located approximately 70 kilometers southwest of Medellin, Colombia. Results to date suggest considerable expansion and enhancement of the known mineralized bodies at these zones, which currently host an NI 43-101 compliant Indicated Mineral Resource of 2.2 million ounces gold (within 142.94 million tonnes grading 0.480 grams per tonne gold and 0.148% copper, using a 0.3 grams per tonne gold cut-off), along with an additional Inferred Mineral Resource of 6.08 million ounces gold (within 372.7 million tonnes grading 0.507 grams per tonne gold and 0.078% copper, using a 0.3 grams per tonne gold cut-off; see Report dated September 2011 available at www.sunwardresources.com and on SEDAR).
The holes reported in this news release represent a portion of the currently-budgeted 40,000-metre drill program. Assays from further holes will be released as they become available.
CERRO VETAS ZONE
Recent drilling at the Cerro Vetas zone has been aimed at infilling gaps in the existing resource model for this zone, and testing the margin of the diorite porphyry intrusive at various levels below surface.
Drilling on the southern margin of the Cerro Vetas porphyry has been particularly successful in identifying zones of gold-copper mineralization relatively higher in grade than the general mineralized envelope. Within this area, drill hole CV078 intercepted 338.05 metres of mineralization grading 0.657 grams/tonne gold and 0.234% copper; drill hole CV080 intercepted 126.30 metres grading 0.704 grams/tonne gold and 0.242% copper; and, drill hole CV075 intercepted 130.80 metres grading 0.698 grams/tonne gold and 0.159% copper.
One of the most significant discoveries from this phase of the drill program has been the identification of wide thicknesses of gold-dominant mineralization within a diatreme breccia body located immediately northwest of the Cerro Vetas porphyry. A number of Sunward's recent drill holes passed through the porphyry and into this breccia zone, with drill hole CV078 intercepting 136.50 metres grading 0.890 grams/tonne gold (with the hole bottoming in mineralization) and drill hole CV080 intercepting 52.00 metres grading 0.798 grams/tonne gold within this breccia zone.
Because of the design of the recent drill program—aimed primarily at testing the Cerro Vetas porphyry, with the northwest breccia zone as a secondary target—drill holes have encountered the breccia-hosted mineralization at depths of approximately 700 metres below surface. The Company's geologic modelling suggests excellent potential for the continuation of this mineralization upward from these depths toward surface. This new target zone will be tested further by upcoming drilling.
Colin Andrew, Sunward's CEO, commented that "it is very encouraging that the Cerro Vetas infill drilling campaign continues to produce superior grades and impressive thicknesses that should enhance the future economics of Titiribi. Our plan is to capitalize on these strong results and improve the interpretation of the existing geologic model to advance the Cerro Vetas project along the value chain."
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.
Hole No. | Azimuth | Incl. | From | To | Int | Au g/t | Cu % | Au Eq g/t | ||||||||
CV064 | 230 | -60 | 235.00 | 272.20 | 37.20 | 1.052 | 0.333 | 1.681 | ||||||||
297.00 | 379.50 | 82.50 | 0.732 | 0.196 | 1.101 | |||||||||||
645.00 | 729.80 | 84.80 | 0.344 | 0.201 | 0.724 | |||||||||||
CV067 | 228 | -83 | 756.40 | 768.00 | 11.60 | 0.944 | 0.008 | 0.959 | ||||||||
821.00 | 911.05 | 90.05 | 0.660 | 0.025 | 0.707 | |||||||||||
CV070 | 318 | -52 | 48.50 | 110.00 | 61.50 | 0.489 | 0.195 | 0.857 | ||||||||
134.00 | 206.50 | 72.50 | 0.629 | 0.173 | 0.955 | |||||||||||
464.00 | 564.00 | 100.00 | 0.452 | 0.191 | 0.812 | |||||||||||
582.40 | 634.00 | 51.60 | 0.329 | 0.134 | 0.582 | |||||||||||
664.65 | 707.00 | 42.35 | 0.601 | 0.141 | 0.867 | |||||||||||
873.50 | 899.55 | 26.05 | 0.469 | 0.055 | 0.573 | |||||||||||
941.50 | 965.15 | 23.65 | 0.552 | 0.036 | 0.619 | |||||||||||
981.50 | 1000.80 | 19.30 | 0.406 | 0.024 | 0.451 | |||||||||||
1019.50 | 1053.50 | 34.00 | 0.477 | 0.012 | 0.501 | |||||||||||
1087.50 | 1178.50 | 91.00 | 0.442 | 0.019 | 0.477 | |||||||||||
1207.50 | 1222.50 | 15.00 | 1.629 | 0.016 | 1.659 | |||||||||||
CV071 | 142 | -54 | 121.00 | 150.00 | 29.00 | 0.305 | 0.137 | 0.564 | ||||||||
259.50 | 321.00 | 61.50 | 0.416 | 0.191 | 0.777 | |||||||||||
635.50 | 669.00 | 33.50 | 0.383 | 0.172 | 0.708 | |||||||||||
CV072 | 225 | -86 | 255.90 | 266.40 | 10.50 | 0.423 | 0.255 | 0.905 | ||||||||
CV073 | 322 | -50 | 234.00 | 275.70 | 41.70 | 0.315 | 0.278 | 0.839 | ||||||||
290.00 | 460.00 | 170.00 | 0.529 | 0.149 | 0.810 | |||||||||||
505.00 | 524.50 | 19.50 | 0.533 | 0.071 | 0.666 | |||||||||||
529.50 | 551.00 | 21.50 | 0.822 | 0.133 | 1.073 | |||||||||||
565.00 | 646.20 | 81.20 | 0.560 | 0.154 | 0.850 | |||||||||||
678.00 | 772.00 | 94.00 | 0.542 | 0.176 | 0.875 | |||||||||||
CV074 | 142 | -57 | 26.50 | 47.40 | 20.90 | 0.362 | 0.048 | 0.452 | ||||||||
58.00 | 78.00 | 20.00 | 0.407 | 0.050 | 0.500 | |||||||||||
CV075 | 322 | -50 | 202.45 | 214.55 | 12.10 | 0.501 | 0.348 | 1.157 | ||||||||
342.00 | 375.10 | 33.10 | 0.397 | 0.198 | 0.771 | |||||||||||
442.00 | 572.80 | 130.80 | 0.698 | 0.159 | 0.998 | |||||||||||
592.10 | 643.80 | 51.70 | 0.389 | 0.141 | 0.654 | |||||||||||
768.30 | 789.30 | 21.00 | 0.534 | 0.031 | 0.593 | |||||||||||
803.50 | 833.30 | 29.80 | 0.734 | 0.020 | 0.772 | |||||||||||
CV076 | 142 | -51 | 0.00 | 77.65 | 77.65 | 0.554 | 0.291 | 1.104 | ||||||||
222.85 | 237.20 | 14.35 | 0.946 | 0.210 | 1.343 | |||||||||||
475.50 | 520.00 | 44.50 | 0.502 | 0.034 | 0.567 | |||||||||||
CV077 | 142 | -50 | 227.00 | 444.00 | 217.00 | 0.598 | 0.156 | 0.894 | ||||||||
CV078 | 322 | -51 | 112.00 | 450.05 | 338.05 | 0.657 | 0.234 | 1.098 | ||||||||
467.00 | 538.00 | 71.00 | 0.387 | 0.202 | 0.768 | |||||||||||
574.00 | 748.00 | 174.00 | 0.457 | 0.145 | 0.730 | |||||||||||
853.50 | 990.00 | 136.50 | 0.890 | 0.026 | 0.940 | |||||||||||
CV079 | 142 | -50 | Assays awaited | |||||||||||||
CV080 | 322 | -55 | 223.00 | 349.30 | 126.30 | 0.704 | 0.242 | 1.161 | ||||||||
682.50 | 866.00 | 183.50 | 0.523 | 0.153 | 0.812 | |||||||||||
944.00 | 996.00 | 52.00 | 0.798 | 0.050 | 0.893 | |||||||||||
Note: Cut-offs stated at 0.3 grams per tonne gold
CHISPEROS ZONE
The current drill program at the Chisperos zone was designed by Sunward to test a number of new geologic interpretations for this zone. The most recent geologic models suggest that volcanic- and sediment-hosted mineralization here is spatially related to a number of east-west striking diorite dykes, as well as an irregular intrusive mass of diatreme breccia, also generally oriented in an east-west direction.
The recognition of diorite dykes in Chisperos is significant as this observation suggests potential for not only gold-dominant mineralization (as has previously been observed at this zone) but also gold-copper porphyry-style mineralization, of the type observed in dioritic host rock within the Cerro Vetas zone. Of particular interest, in this regard, recent drill hole CP022 intersected a zone of elevated copper values, returning 9.90 metres grading 0.232% copper. This zone was also characterized by gold values much higher than previously observed at Chisperos, grading 3.470 grams/tonne over 9.90 metres.
Based on recent drilling, the new geologic model at Chisperos also appears to be better-targeting gold dominant mineralization of the type generally observed for this zone. The current drill campaign has returned a number of intercepts showing higher average gold grades than observed in previous drill holes, including 62.80 metres grading 1.000 grams/tonne gold in CP022, 38.80 metres grading 0.721 grams/tonne gold in CP021A, and 13.2 metres grading 1.945 grams/tonne gold in CP028.
Recent drilling at Chisperos has also begun to encounter narrow zones containing very high-grade gold values, with mineralization hosted as free gold within quartz veins. Drill hole CP027 intercepted 113.5 grams/tonne gold over 1.05 metres, from 616.85 to 617.90 metres downhole depth. Such zones will have an impact on the overall economics of this mineralized zone.
A complete table of intercepts for recent drilling at Chisperos is included below. A map of these drill hole locations can be found at www.sunwardresources.com.
Hole No. | Azimuth | Incl. | From | To | Int | Au g/t | Cu % | Au Eq g/t | ||||||||
CP020 | 205 | -50 | 13.50 | 96.50 | 83.00 | 0.591 | 0.009 | 0.608 | ||||||||
162.90 | 186.00 | 23.10 | 0.544 | 0.017 | 0.576 | |||||||||||
CP021A | 205 | -62 | 30.00 | 37.50 | 7.50 | 0.870 | 0.005 | 0.880 | ||||||||
60.00 | 98.80 | 38.80 | 0.721 | 0.009 | 0.739 | |||||||||||
126.10 | 132.10 | 6.00 | 0.875 | 0.008 | 0.889 | |||||||||||
163.50 | 187.50 | 24.00 | 2.184 | 0.011 | 2.204 | |||||||||||
CP022 | 205 | -50 | 126.35 | 158.30 | 31.95 | 0.499 | 0.009 | 0.516 | ||||||||
174.80 | 237.60 | 62.80 | 1.000 | 0.009 | 1.017 | |||||||||||
303.25 | 354.50 | 51.25 | 0.384 | 0.004 | 0.391 | |||||||||||
CP025 | 205 | -52 | 0.00 | 45.00 | 45.00 | 0.777 | 0.018 | 0.811 | ||||||||
70.50 | 97.30 | 26.80 | 0.929 | 0.018 | 0.962 | |||||||||||
171.20 | 175.40 | 4.20 | 1.397 | 0.021 | 1.437 | |||||||||||
216.50 | 223.00 | 6.50 | 0.955 | 0.010 | 0.973 | |||||||||||
291.60 | 302.90 | 11.30 | 0.549 | 0.024 | 0.594 | |||||||||||
CP027 | 205 | -50 | 17.70 | 144.50 | 126.8 | 0.403 | 0.021 | 0.444 | ||||||||
282.00 | 317.50 | 35.50 | 0.435 | 0.011 | 0.455 | |||||||||||
341.00 | 394.50 | 53.50 | 0.401 | 0.020 | 0.438 | |||||||||||
581.45 | 591.35 | 9.90 | 3.470 | 0.232 | 3.908 | |||||||||||
616.85 | 617.90 | 1.05 | 113.500 | 0.009 | 113.517 | |||||||||||
CP028 | 205 | -50 | 18.70 | 26.50 | 7.80 | 0.402 | 0.021 | 0.442 | ||||||||
40.00 | 44.90 | 4.90 | 0.835 | 0.021 | 0.875 | |||||||||||
65.70 | 78.90 | 13.20 | 1.945 | 0.025 | 1.992 | |||||||||||
87.90 | 94.00 | 6.10 | 0.380 | 0.006 | 0.391 | |||||||||||
544.00 | 552.50 | 8.50 | 0.776 | 0.045 | 0.862 | |||||||||||
561.50 | 572.30 | 10.80 | 0.737 | 0.017 | 0.770 | |||||||||||
CP030 | 205 | -50 | 7.00 | 28.00 | 21.00 | 0.435 | 0.016 | 0.465 | ||||||||
57.50 | 70.50 | 13.00 | 0.427 | 0.014 | 0.454 | |||||||||||
86.30 | 107.00 | 20.70 | 0.577 | 0.014 | 0.604 | |||||||||||
115.38 | 121.30 | 5.92 | 0.592 | 0.016 | 0.621 | |||||||||||
131.00 | 147.40 | 16.40 | 0.536 | 0.011 | 0.556 | |||||||||||
177.90 | 183.84 | 5.94 | 0.459 | 0.013 | 0.483 | |||||||||||
192.63 | 210.00 | 17.37 | 0.691 | 0.023 | 0.734 | |||||||||||
231.72 | 246.50 | 14.78 | 0.372 | 0.016 | 0.403 | |||||||||||
338.80 | 345.50 | 6.70 | 0.582 | 0.009 | 0.598 | |||||||||||
CP031 | 205 | -49 | 142.60 | 162.90 | 20.30 | 0.677 | 0.009 | 0.693 | ||||||||
Gold Equivalents calculated using a price of Au at US$ 1,114 per Toz and Cu at US$ 3.07 per lb | ||||||||||||||||
Note: Cut-offs stated at 0.3 grams per tonne gold
Colin Andrew added that "it is very encouraging that after completing over 100,000 metres of drilling, we are continuing to encounter hitherto unknown zones and styles of mineralization at Titiribi. These results also clearly demonstrate that there is still great potential for yet further growth in already substantial gold endowment in the district."
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 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.
ABOUT SUNWARD:
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 of 1.5 to 2 million ounces gold equivalent). Access is by paved highway from Medellin.
Titiribi 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 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.)
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.
Corporate Contact:
Brenda Dayton
604.568.7617
[email protected]
Share this article