Sandspring Reports Update of Continued Surface Exploration Program Results; Confirms the Potential to Find Additional Gold and Copper Resources in the Proximity of the Toroparu Deposit
TORONTO, ONTARIO -- (Marketwire) -- 03/04/13 -- Sandspring Resources Ltd. (TSX VENTURE: SSP) ("SSP" or the "Company") is pleased to announce further results from its 2012 geochemistry exploration program for the Upper Puruni Property (see figure 1).
Results from regional and detailed saprolite geochemical sampling, regional litho-structural interpretations, and the discovery of the SE Zone gold resource (see PR May 31st, 2012) indicate that the gold and copper mineralization identified in the Toroparu Deposit is part of a larger scale mineralizing event, and not an isolated system.
During the course of 2012, in-fill line geochemical sampling program confirmed most of the regional gold anomalies that form a cluster around the Toroparu Deposit (see PR, February 22, 2012), and found several additional anomalies, including Sona Hill, Majuba and Makapa (see figure 2). Multi-element (ICP) results obtained over the last two years from all regional and detailed collected samples identified a significant alteration halo extending over 20 km to the northwest and southeast from the Company's Toroparu Deposit (see Figure 3). This geochemical footprint indicates that the mineralization at Toroparu may be the result of several important hydrothermal events and has the potential to contain more economic mineralization systems. Sona Hill is an outstanding and promising gold anomaly of comparable intensity as the initial Toroparu Deposit anomalous feature and is located only 5 km southeast of the Toroparu site. Encouraging gold values spread over the entire hill, which is 1800 m long and 400 m wide.
The geochemically anomalous trends are apparently associated with "magnetic-low" features as identified by reprocessed airborne magnetic data (see Figure 4). These are interpreted as small plutons of intermediate composition similar to the tonalitic to quartz-dioritic intrusive which are closely related to the Toroparu Deposit. These "magnetic low" structures are oriented in a northwest direction along the southwestern boundary of the Puruni Shear Corridor, further suggesting the potential for more hydrothermal footprints on a regional scale.
Werner Claessens, VP Exploration states: "The systematic surface exploration surveys continue to provide Sandspring with encouraging and interesting results. Apart from gold anomalies indicating possible underlying gold mineralization systems, the multi-element data combined with remote sensing and airborne based litho-structural interpretations significantly enhance the understanding of the geological mechanisms controlling these mineralization systems. We are reasonably confident that these efforts will increase the prospects of finding satellites or new deposits within our concession package."
Figure 1: http://media3.marketwire.com/docs/FigureSSP1.pdf: Location of the Toroparu Deposit and the Upper Puruni concession package
Figure2: http://media3.marketwire.com/docs/FigureSSP2.pdf: Cluster of Gold anomalies around the Toroparu Deposit
Figure 3: http://media3.marketwire.com/docs/FigureSSP3.pdf: Alteration Halo around the Toroparu Deposit
Figure 4: http://media3.marketwire.com/docs/FigureSSP4.pdf: Association between "Magnetic Lows" and Gold anomalous features
Figure 5: http://media3.marketwire.com/docs/FigureSSP5.pdf: Location of the geochemistry sampling grids
The 2012 surface geochemical program consisted of detailed survey grids conducted to determine the extent of gold anomalies defined by the 2011 regional survey (see PR February 22, 2012). Furthermore, the regional grid was extended to the north. The interpretations contained herein are based on 7,400 samples collected with hand-auger below the soil or lateritic crust on regular grid patterns over 400 km2 within the concession package during 2011 and 2012 (see Figure 5). Samples were submitted to AcmeLabs on-site prep facility together with blank and standard QAQC samples where they were prepped and then shipped to AcmeLabs laboratory in Vancouver for ICP 1FO3 37 elements analyses.
AcmeLabs is an ISO9001: 2008 accredited laboratory. 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 which supplemented a variety of internal QA/QC tests performed by AcmeLabs.
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.
About Sandspring Resources Ltd.
Sandspring Resources Ltd. is a Canadian junior mining company currently in advanced exploration and pre-feasibility assessment of the multi-million ounce Toroparu Gold Deposit in the Republic of Guyana. Please visit http://www.sandspringresources.com for further information.
To view our previous disclosure on the latest resource estimate: Sandspring Resources PEA March 12, 2012.
To see the Preliminary Economic Assessment for the Toroparu Gold project: Sandspring Resources January 30, 2012 Resource Update.
Additional information on Sandspring can be viewed on SEDAR under the Company's profile at www.sedar.com or on Sandspring's website at www.sandspringresources.com.
This press release includes certain forward-looking statements concerning future performance and operations of the Company 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 at the time such statements are made. All forward-looking statements and 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 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 our public 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.
Richard A. Munson, CEO
(720) 854-0104
info@sandspringresources.com
www.sandspringresources.com