Sniper Resources Ltd.: First Phase Drilling Completed at Weepah
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 03/01/12 -- Sniper Resources Ltd. (TSX VENTURE: SIP)(FRANKFURT: A1H38M) ('Sniper' or the 'Company') is pleased to report that it has completed an initial drill program at the Weepah gold property in Esmeralda County, Nevada, with results expected in 2 to 3 weeks. The Weepah property is approximately 10 miles from Scorpio Gold's presently active Mineral Ridge mine near Silver Peak, and immediately adjoins a historic open pit gold mine. Weepah has historical gold production from an open pit along a steep, northerly structure cutting Precambrian sedimentary rocks. Mining was first conducted in the 1930s. During the 1980s, Sunshine Mining Company enlarged the pit and hauled the ore to the mill at the nearby 16-to-1 mine which they were then operating.
A Boart Longyear track-mounted drill was mobilized from Sniper's Overland Pass Project to Weepah on February 21, 2012 immediately after completion of a Phase Two drill program conducted at Overland Pass during January-February 2012. A 1,630 feet (497 m) Phase 1 reverse circulation angle drilling program comprising 8 shallow holes was carried out at Weepah. Analytical results from Sniper's drill hole samples are pending.
An initial drill program carried-out on Weepah by the owner of the property, Columbus Gold Corporation ('Columbus'), in early 2011 returned significant intercepts from several holes that were reported by Columbus in March, 2011. Sniper's Weepah drill program was designed to extend and fill-in between the shallow, oxidized gold mineralization discovered in certain of the Columbus drill holes.
The principal drill targets in Sniper's project area are only a few hundred feet east of the historic open pit but are different in geological character. The gold mineralization occurs as replacements in sanded, or lightly silicified, Precambrian limestone that is exposed in small outcrops through thin gravel cover on the north edge of an alluvial basin. Favorable (for gold mineralization) Precambrian silt and limestone beds lie immediately beneath shallow gravel cover over a wide area and are altered where exposed, with very anomalous gold values found locally. As earlier reported by Columbus, outcrop sampling of the altered limestone yielded values from anomalous up to 10.29 g/t (0.30 opt) gold over 3.6 m (12 ft), and 17.14 g/t (0.50 opt) gold over 1.8 m (6 ft).
Drill hole information is shown in the tables that follow below. The first four holes shown below in Table 1 were drilled and reported by Columbus and are the holes that were offset in the Sniper program. Table 2 shows the locations and orientations of the Sniper drill holes.
TABLE 1:
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Columbus
Drill NAD 27 NAD 27 Elevation Elevation Bear- TD TD
Hole Easting Northing (ft) (m) ing Inclination (ft) (m)
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WP-04 451,218 4,197,917 6190 1,886.7 0 -90 505 153.9
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WP-05 451,293 4,197,971 6210 1,892.8 0 -90 405 123.4
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WP-07 451,407 4,198,015 6225 1,897.4 0 -90 405 123.4
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WP-08 451,381 4,197,946 6215 1,894.3 0 -90 405 123.4
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TABLE 2:
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Sniper
Drill NAD 27 NAD 27 Elevation Elevation Bear- TD TD
Hole Easting Northing (ft) (m) ing Inclination (ft) (m)
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WP-16 451,398 4,198,018 6233 1,899.8 0 -45 265 80.8
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WP-17 451,409 4,198,007 6235 1,900.4 270 -45 205 62.5
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WP-18 451,406 4,198,015 6231 1,899.2 180 -60 205 62.5
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WP-19 451,292 4,197,970 6210 1,892.8 0 -45 185 56.4
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WP-20 451,298 4,197,963 6221 1,896.2 110 -45 155 47.2
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WP-21 451,289 4,197,955 6247 1,904.1 235 -45 205 62.5
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WP-22 451,221 4,197,909 6197 1,888.9 230 -45 205 62.5
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WP-23 451,378 4,197,941 6187 1,885.8 240 -55 205 62.5
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Mapping, along with ground magnetics and CSAMT geophysical surveys that were carried-out by Columbus indicate that the favourable geology extends beyond the area of historical drilling to the south and east for 1,200-1,500 m (4,000-5,000 ft) under what appears to be very shallow gravel cover.
All scientific and technical information contained in this news release has been reviewed and approved by Douglas H. McGibbon, a director and the Vice-President, Exploration of the Company, who is a 'qualified person' within the meaning of National Instrument 43-101.
ABOUT SNIPER RESOURCES LTD.
Sniper Resources Ltd. is engaged in the identification, acquisition and exploration of gold properties in the State of Nevada, USA. Sniper owns a 100% interest in the ReHot project and holds options to earn a controlling interest in four strategically located Nevada gold projects, namely, Guild, Overland Pass, Weepah, and Laura.
This news release includes certain forward-looking statements or information. All statements other than statements of historical fact included in this release, including, without limitation, statements relating to the potential mineralization and geological merits of the Weepah property, and other future plans, objectives or expectations of the Company are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's plans or expectations include risks relating to the actual results of current and planned exploration activities; the geology, grade and continuity of any mineral deposits; fluctuating gold prices; risks associated with property option agreements, leases, joint ventures and the ability to conclude joint venture agreements on favourable terms; possibility of accidents, equipment breakdowns and delays during exploration; exploration cost overruns or unanticipated costs and expenses; availability of capital and financing required to continue the Company's exploration programs; general economic, market or business conditions; regulatory changes and restrictions including in relation to environmental liability; timeliness of government or regulatory approvals and other risks detailed herein and from time to time in the filings made by the Company with securities regulators. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise except as otherwise required by applicable securities legislation.
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:
Sniper Resources Ltd.
Scott Baxter
Chief Executive Officer
(604) 263-5614 or Toll Free: 1-888-737-2454
scottbax@telus.net
www.sniperresources.com