Sulliden Announces Further Positive Drilling Results-Intersects 1.42 g/t Gold over 86 Metres and 1.75 g/t Gold over 58.5 Metres
TORONTO, ONTARIO -- (Marketwire) -- 06/22/11 -- Sulliden Gold Corporation Ltd. ('Sulliden', or the 'Company') (TSX: SUE)(OTCQX: SDDDF) is pleased to announce continued positive exploration results for six new drill holes from the ongoing 70,000 metre drilling program being carried out this year on its 100%-owned Shahuindo Gold and Silver Project in northern Peru. Significant new gold and silver intercepts are highlighted below, and complete results are reported in Table 1.
Highlights include:
-- Hole SH11-203 in the Central Zone
-- 1.98 g/t Gold over 36.1 meters, including 4.17 g/t Gold over 3.0
metres
-- Hole SH11-201 in the East Zone
-- 1.42 g/t Gold over 86.0 meters, including 3.38 g/t Gold over 15.4
metres
-- Hole SH11-202 in the East Zone
-- 1.75 g/t Gold over 58.5 metres including 2.72 g/t Gold over 21.0
metres
-- Hole SH11-201 in the East Zone
-- 68.4 g/t Silver over 27.0 meters, including 233.1 g/t Silver over
7.1 metres
Stephane Amireault, Vice-President of Exploration for Sulliden, commented, 'We continue to see excellent exploration results at Shahuindo with some notably higher grade intersections in the East and Central Zones. We are particularly encouraged with holes SH11-201 and SH11-202, highlighted in Figure 2, which have delineated new mineral extensions to the East. Both of these holes ended in mineralization at a vertical depth of 202 metres and 254 metres respectively. Hole SH11-198 in the Sub Corridor 'A' also returned positive results and is successfully helping us define this parallel mineral corridor.'
On June 16, 2011, Sulliden issued an updated mineral resource estimate that more than doubled the Indicated gold ounces in the oxides and almost quadrupled the Inferred gold ounces relative to the 2009 year-end estimate. The Company continues to progress its 70,000 metre drilling program planned for the Shahuindo Project in 2011, with 174 holes representing approximately 31,900 metres drilled to date. Management expects to continue increasing the estimated size and contained mineral ounces on the property with upcoming drill targets.
Summary of Results
The collar locations of the 6 new holes are indicated in Figure 1 below:
To view 'Figure 1 - Plan View of Mineral Deposit with New Drill Hole Locations,' please visit the following link: http://media3.marketwire.com/docs/SUE06221.jpg.
The vertical section in Figure 2 below highlights two new drill holes in section 1050E in the East Zone, where the Company has graphically demonstrated the interpretation of newly identified mineralization (purple) in relation to the existing grade shells defined by Mine Developments Associates in the updated mineral resource estimate announced on June 16, 2011 (in red).
To view 'Figure 2 - East Zone, Section 1050E,' please vite the following link: http://media3.marketwire.com/docs/SUE06222.jpg.
(i)The interpretations of added mineralization highlighted in the section above are geological interpretations that are preliminary in nature and should not be relied on.
The results from six new holes representing approximately 1,420 meters of drilling are presented in Table 1 below:
Table 1 - Drill Results
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SUB-CORRIDOR 'A'
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From To Interval True Width Gold Silver
Drill hole # (metres) (metres) (metres) (metres)(1) (g/t) (g/t)
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SH11-198 10.8 35.5 24.7 23.9 0.77 3.0
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including 16.8 24.2 7.4 7.1 1.61 4.7
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WEST ZONE
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From To Interval True Width Gold Silver
Drill hole # (metres) (metres) (metres) (metres)(1) (g/t) (g/t)
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SH11-200 187.6 201.1 13.5 8.5 0.36 13.7
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CENTRAL ZONE
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From To Interval True Width Gold Silver
Drill hole # (metres) (metres) (metres) (metres)(1) (g/t) (g/t)
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SH11-199 32.0 79.5 47.5 29.9 0.35 11.1
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SH11-203 48.6 84.7 36.1 20.7 1.98 20.8
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including 72.7 75.7 3.0 1.7 4.17 35.8
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including 78.7 81.7 3.0 1.7 4.85 25.7
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SH11-203 135.7 155.1 19.4 10.9 0.77 5.6
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EAST ZONE
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From To Interval True Width Gold Silver
Drill hole # (metres) (metres) (metres) (metres)(1) (g/t) (g/t)
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SH11-201
(2,3,4) 2.8 29.8 27.0 17.2 1.64 68.4
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including
(3,4) 13.3 20.4 7.1 4.5 5.23 233.1
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SH11-201 (3) 143.8 229.8 86.0 55.1 1.42 12.5
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including (3) 153.9 169.3 15.4 9.9 3.38 21.2
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including 196.3 212.1 15.8 10.1 2.80 35.1
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SH11-201(5) 245.5 264.3 18.8 12.0 0.69 17.6
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SH11-202 13.8 34.9 21.1 13.7 0.50 21.0
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SH11-202 (3) 180.4 238.9 58.5 37.2 1.75 13.0
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including (3) 192.4 199.6 7.2 4.6 3.28 12.0
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including (3) 201.4 222.4 21.0 13.3 2.72 27.3
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SH11-202 (4) 261.4 288.4 27.0 17.1 0.50 18.6
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SH11-202 (5) 328.9 331.9 3.0 1.9 2.20 16.8
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(1) Assuming perpendicular or near perpendicular to the plane defined by
the drill hole. Geological understanding of the mineralized zones is
continuing to develop as the project advances.
(2) Mineralization found within 10 meters of beginning of hole.
(3) One or more Gold assays capped at 7 g/t Gold.
(4) One or more Silver assays capped at 300 g/t Silver.
(5) Mineralization found within 10 meters of end of hole.
Sulliden Added to Van Eck's Market Vectors® Junior Gold Miners ETF
As at June 20, 2011, Sulliden has been added to Van Eck's Market Vectors® Junior Gold Miners exchange-traded fund ('ETF'), under the ticker symbol GDXJ. This fund focuses on small-cap companies in the exploratory or early development phases.
Van Eck Global is an investment management firm based in New York City who offers global investment choices in hard assets, emerging markets, precious metals including gold, and other specialized investment categories.
Quality Control and Assurance
Stephane Amireault, P.Eng., Vice President Exploration for Sulliden is the 'Qualified Person', as defined by National Instrument 43-101, who is responsible for the management of the exploration program and disclosure of the drill results. Mr. Amireault has read and approved the technical and scientific information in this news release.
The analyses for this drilling campaign were carried out by ALS Chemex in Lima, Peru, exercising a thorough Quality Control and Assurance program (QA/QC). All ALS Chemex labs are ISO 9000 registered laboratories. Gold assays reported in this press release were obtained by standard 50 gram fire assaying with AA finish. Gold values over 10g/t Au were obtained by fire assay and gravimetric finish. Silver assays reported in the press release were obtained by Aqua-Regia dissolution followed by ICP-AES measurement. For silver values over 100g/t Ag, Aqua-Regia was followed by Atomic Absorption spectrometer reading. For silver values over 1000g/t Ag, a 30g fire assay was completed with a gravimetric finish.
About Sulliden
Sulliden is a Canadian-based precious metals company focused on the exploration and development of the Shahuindo Gold and Silver Project, located in a prolific gold producing district in northern Peru. This project neighbours million-ounce per year producing mines, including Barrick Gold's Lagunas Norte Mine 30 kilometres to the south and the Yanacocha Mine operated by Newmont Mining Company 80 kilometres to the north. A positive Preliminary Assessment for the Shahuindo Project was completed in February 2010 and a Feasibility Study is currently underway. While the Company progresses towards its goal of becoming a gold producer, a significant focus is being placed on exploration drilling to increase the mineral resource, which remains open in all directions and at depth. Based on the drilling success in 2009/2010, Sulliden is undertaking approximately 70,000 meters of drilling in 2011 to continue the mineral expansion on the property. Sulliden is led by a strong management team with the proven ability to develop, finance and operate mining projects and is poised to generate superior value for its shareholders.
On behalf of Sulliden Gold Corporation Ltd.:
Peter Tagliamonte Stan Bharti
President and CEO Chairman
For further information on Sulliden please visit the company website at www.sulliden.com.
If you would like to be added to Sulliden's news distribution list, please send your email address to contact@sulliden.com.
Caution regarding forward-looking information:
This press release contains 'forward looking information' within the meaning of applicable Canadian securities legislation. Forward looking information includes without limitation, statements regarding the drilling results, the size and quality of the company's mineral resources, progress in development of mineral properties, future capital and operating expenses, future metal prices, the future financial or operating performance of the Company, the prospective mineralization of the properties, planned exploration programs and anticipated production schedule. Generally, forward looking information can be identified by the use of forward-looking terminology such as 'plans', 'expects' or 'does not expect', 'is expected', 'budget', 'scheduled', 'estimates', 'forecasts', 'intends', 'anticipates' or 'does not anticipate', or 'believes', or 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 information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: general business, economic, competitive, geopolitical and social uncertainties; the actual results of current exploration activities; other risks of the mining industry and the risks described in the annual information form of the Company. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information 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 information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
Contacts:
Sulliden Gold Corporation
Caroline Arsenault
Investor Relations Manager
(416) 861-5805
Sulliden Gold Corporation
Scott Moore
Vice President Corporate Development
(416) 861-5903
www.sulliden.com