Sandspring Resources Ltd. Announces Infill Drill Results From Its Toroparu Gold-Copper Deposit That Includes 121.5 m of 1.44 g/t Gold and 0.28 % Copper in TPD 182
TORONTO, ONTARIO -- (Marketwire) -- 07/07/11 -- SANDSPRING RESOURCES LTD. (TSX VENTURE: SSP) ('Sandspring' or the 'Company') is pleased to announce further encouraging gold and copper assay results (summarized in Table 1) from a recently completed infill-drilling program at the Toroparu Gold-Copper Deposit in the Republic of Guyana, South America.
Infill drill results, comprising an additional 2,590m of drilling from drill holes TPD171, 173, 176, 178, and 182, continue to confirm the Toroparu Gold-Copper project and provide evidence to extend the resource. Based on these results, the original infill drill program has been reviewed and extended in areas where additional resources are expected laterally and to depth. A total of 22,162 meters of results have now been reported from completion of recommended infill- drilling.
The Company maintains a flexible, results-driven infill and additional resource drill program within the Toroparu Gold-Copper Deposit zone. Sandspring's objective is to enlarge and optimize the existing resource and continue preparation of a Definitive Feasibility Study.
The infill drill program was designed to better define the geological controls, optimize grade and improve classification of the Inferred Resource contained in the Potentially Mineable Portion of the Toroparu resource as disclosed in the independent 43-101 compliant Updated Resource Estimate and Preliminary Economic Assessment of the Toroparu Gold-Copper Deposit, Technical Report No. 208, signed by P&E Mining Consultants Inc. on May 5, 2011.
The reported results include step-out drilling to the south and south-east in drill holes TPD172, 174, 175, 177, 179, 180, 181, and 183 of the Toroparu Gold-Copper Deposit. These provide significant indications of extensions to known gold mineralization, justifying the continuation of the Company's exploration drilling program with the objective of finding eventual satellite deposits. The infill drill program is part of a larger exploration drilling program that is testing targets within the 6 km long, west-northwesterly trending structural corridor hosting the primary mineralization.
Company management has elected to bring in a reverse circulation (RC) drill to expedite the exploration drilling program and test geochemical anomalies identified through a regional sampling and mapping program, which is ongoing across the Company's larger Upper Puruni Concession.
A total of 91,878 meters of diamond core drill results have now been reported from the Toroparu Gold-Copper Deposit area.
Table 1: Summary of Gold/Copper intercepts, holes TPD171-183
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Hole ID From(m) To(m) Length(m) Gold(g/t) Cu (%)
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TPD171 187.50 192.00 4.50 0.96 0.18
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285.00 292.50 7.50 1.11 0.05
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330.00 336.00 6.00 1.13 0.14
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492.00 495.00 3.00 2.21 0.07
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TPD174 84.00 85.50 1.50 1.37 0.03
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217.50 222.00 4.50 1.08 0.11
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294.00 298.50 4.50 1.06 0.06
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TPD175 39.00 40.50 1.50 16.00(i) 0.08
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130.50 132.00 1.50 3.51 0.20
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198.00 199.50 1.50 4.60 0.06
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TPD178 393.00 400.50 7.50 1.34 0.03
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423.00 493.50 70.50 1.31 0.08
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TPD180 126.00 132.00 6.00 2.56 0.09
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142.50 144.00 1.50 5.81 0.08
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TPD182 181.50 303.00 121.50 1.44 0.28
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343.50 373.50 30.00 0.85 0.08
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381.00 450.00 69.00 1.57 0.08
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Incl 438.00 439.50 1.50 15.00(i) 0.05
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and 448.50 450.00 1.50 15.30(i) 0.01
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(i) High gold assay intervals are top-cut to 12.0g/t consistent with NI-43-
101 geostatistical resource models.
(i) All intervals are reported as down-hole lengths and additional
information is required to determine true widths.
To view a detailed composite table, please visit the following link: http://media3.marketwire.com/docs/sspcomposite707.pdf
To view, 'Figure 1: Drill Hole locations - TPD 171-183 and Potentially Mineable Portion of the Resource Contours,' please visit the following link: http://media3.marketwire.com/docs/sspfig1707.pdf
To view, 'Figure 2: Vertical Section 1850NW,' please visit the following link: http://media3.marketwire.com/docs/sspfig2707.pdf.
To view, 'Figure 3: Vertical Section 2325 NW,' please visit the following link: http://media3.marketwire.com/docs/sspfig3707.pdf
Analytical testing and reporting of quantitative assays for the results reported in this press release was performed independently by Acme Analytical Laboratories Ltd. ('AcmeLabs').
AcmeLabs is an ISO9001: 2008 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 AcmeLabs.
Abraham Drost, P. Geo., President of Sandspring states... 'in addition to pre-feasibility infill drilling and optimization of Measured and Indicated resources within the main Toroparu Gold-Copper Deposit asset, the exploration team has identified exciting new potential deposit extensions within close proximity. These have the potential to augment Sandspring's mine plan very positively. Our understanding of the footprint of the main deposit area is also being applied in the search for other deposits on the Upper Puruni Property.'
Mr. Brian Ray, P.Geo. Senior Resource Geologist with Sandspring and a Qualified Person under NI 43-101, has reviewed and approved the technical content of this press release.
Additional information on Sandspring can be viewed on SEDAR under the Corporation's profile at www.sedar.com or on Sandspring's website at www.sandspringresources.com.
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, the Company's successful advancement of the Toroparu Gold- Copper Deposit toward feasibility and obtaining positive results from ongoing evaluation and testing of multiple gold targets located elsewhere in the Company's landholdings, among other risks 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.
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.
Contacts:
Sandspring Resources Ltd.
Investor Relations
(720) 854-0104