Sulliden issues updated NI-43-101 mineral resource at Shahuindo
TORONTO, Sept. 5, 2012 /PRNewswire/ – Sulliden Gold Corporation Ltd.
(“Sulliden”, or the “Company”) (TSX: SUE) (OTCQX: SDDDF) (BVL: SUE)
announces the completion of an updated gold and silver Mineral Resource
estimate completed by Mine Development Associates (“MDA”) for its 100%
owned Shahuindo Project in Peru (See Table 1).
Highlights from the new Mineral Resource:
-- Measured and Indicated oxide gold mineral resources increase to 2,438,000 ounces -- Inferred gold mineral resources increase to 1,628,000 ounces -- Measured and Indicated silver mineral resources increase to 33,370,000 ounces -- Inferred silver mineral resources increase to 46,560,000 ounces
“We are pleased to have added 24% more material in the Measured and
Indicated category since the last mineral resource estimation.” said
StÃ©phane Amireault, VP of Exploration for Sulliden. “The drilling we
conducted in the Central Corridor also increased our knowledge of the
geological nature of the area hosting the Mineral Resource, which will
assist us in our future exploration efforts. In the last year, drilling
activities at Shahuindo have mostly focused in the Central Corridor in
preparation for the mine plan; however, we have located several other
exploration targets, including the recently drilled North Corridor,
which represent excellent short and medium term mineral growth
opportunities for the Project.”
The new Mineral Resource estimate will form the basis of the Feasibility
Study, which is currently in the final stages of detailed engineering.
The Mineral Resources was calculated based on a block model that
includes assay data from drill holes through to the end of December
2011. Assay data from a total of 750 drill holes (for 132,000 metres
drilled) were included in the updated Mineral Resource estimate. A
summary of the results is provided in Table 1. The NI 43-101 Technical
Report will be filed on SEDAR within 45 days.
Table 1 – Mineral Resource Summary
_____________________________________________________________________ | | Gold |Gold | Silver |Silver| Tonnes (t)| Gold | | |contained|grade|contained |grade | |grade | | |(ounces) |(g/t)| (ounces) |(g/t) | |Eq.g/t| |________________|_________|_____|__________|______|___________|______| | | |_____________________________________________________________________| |Total Measured &|2,438,000| 0.52|33,370,000| 7.1|147,310,000| 0.54| |Indicated | | | | | | | |Mineral | | | | | | | |Resources | | | | | | | |________________|_________|_____|__________|______|___________|______| | | |_____________________________________________________________________| |Measured Mineral Resources | |_____________________________________________________________________| |Oxide (Reported | 766,000| 0.59|10,530,000| 8.1| 40,500,000| 0.62| |at 0.2 g/t AuEq | | | | | | | |cut-off) | | | | | | | |________________|_________|_____|__________|______|___________|______| |Mixed*(Reported | 19,000| 0.75| 850,000| 33.7| 780,000| 0.964| |at 0.35 g/t AuEq| | | | | | | |cut-off) | | | | | | | |________________|_________|_____|__________|______|___________|______| | | |_____________________________________________________________________| |Indicated Mineral Resources | |_____________________________________________________________________| |Oxide (Reported |1,624,000| 0.48|21,080,000| 6.3|104,840,000| 0.51| |at 0.2 g/t AuEq | | | | | | | |cut-off) | | | | | | | |________________|_________|_____|__________|______|___________|______| |Mixed*(Reported | 29,000| 0.77| 910,000| 23.8| 1,190,000| 0.92| |at 0.35 g/t AuEq| | | | | | | |cut-off) | | | | | | | |________________|_________|_____|__________|______|___________|______| | | |_____________________________________________________________________| |Total Inferred | | | | | | | |Mineral |1,628,000| 0.71|46,560,000| 20.4| 71,000,000| 1.20| |Resources | | | | | | | |________________|_________|_____|__________|______|___________|______| | | |_____________________________________________________________________| |Inferred Mineral Resources | |_____________________________________________________________________| |Oxide (Reported | | | | | | | |at 0.2 g/t AuEq | 124,000| 0.40| 1,330,000| 4.3| 9,570,000| 0.42| |cut-off) | | | | | | | |________________|_________|_____|__________|______|___________|______| |Mixed* (Reported| | | | | | | |at 0.35 g/t AuEq| - -| 0.68| 10,000| 12.2| 20,000| 0.76| |cut-off) | | | | | | | |________________|_________|_____|__________|______|___________|______| |Sulphide | | | | | | | |(Reported at 0.5|1,504,000| 0.76|45,220,000| 22.9| 61,410,000| 1.20| |g/t AuEq | | | | | | | |cut-off) | | | | | | | |________________|_________|_____|__________|______|___________|______|
* The Mixed material is classified as a transition zone that contains
both oxide and sulphide material. The cut-off grade was increased for
the Mixed material to reflect the lower metallurgical recoveries that
have been observed in the metallurgical test results of the
transitional material. Mixed ore will be processed as oxides.
It should be noted that mineral resources are not mineral reserves and
do not have demonstrated economic viability. Please note that rounding
of the numbers in the Mineral Resource table above may cause apparent
Mineral Resource Calculation
The Mineral Resource estimate was prepared by MDA in accordance with
National Instrument 43-101 using the following parameters.
-- The stated Mineral Resource is fully diluted to 8m by 8m by 4m blocks and tabulated on gold-equivalent ("AuEq") grade cutoffs that are reasonable for deposits of this nature and for the expected mining conditions and methods. -- The oxidized and mixed material cutoffs (0.2g/t AuEq and 0.35 g/t AuEq) were chosen to capture mineralization that is potentially available to open-pit extraction and heap-leach processing. The higher cutoff applied to sulphide material (0.5g/t AuEq) reflects probable lower heap-leach recoveries and/or more costly sulphide processing. -- The AuEq grade is calculated using the individual gold and silver grades of each block, along with a gold price of $1,300 per ounce and a silver price of $25 per ounce. -- For the oxide and mixed resource estimates, a 5:1 difference in gold versus silver recovery for oxides (3:1 for mixed) was used in the proposed heap leach processing scenario. -- The estimate is constrained by a 3-dimensional geologic model which includes the overburden-bedrock contact, structurally-controlled intrusive-sediment boundaries, redox zones (oxide, sulphide, and an oxide/sulphide transition zone), silicification/siliceous areas, and gold and silver low- medium- and high-grade mineral domains. -- Length-weighted composites honouring all mineral domain contacts, and with a maximum length of 4 metres, were used in the estimate. -- The block model is oriented so the long dimensions are vertical and at a 305 degree azimuth. -- Grade estimation is by Inverse Distance Cubed (ID3) with Ordinary Kriging (OK) and Nearest Neighbour (NN) estimates run as checks. -- Three search passes were used and the estimation within each mineral domain used only those composites coded to that respective domain. Classification is based on the confidence in the underlying data along with the number of, and average distance to, the nearest samples. -- The Measured classification sample and distance criteria is a minimum of two samples lying a maximum average distance of 20 metres from the block to be estimated. -- The Indicated classification sample and distance criteria is a minimum of two samples lying a maximum average distance of 50 metres from the block to be estimated. -- All sulphide mineralization is considered Inferred due to the limited metallurgical characterization of this material type.
The Mineral Resource calculations were completed by Mine Development
Associates of Reno, Nevada under the direction of Paul Tietz C.P.G., an
independent Qualified Person (“Q.P.”) pursuant to NI 43-101.
Sulliden’s exploration program is being managed by its Vice-President
of Exploration, StÃ©phane Amireault, P.Eng., a Qualified Person within
the meaning of National Instrument 43-101. Messrs. Tietz and Amireault
have reviewed and approved the scientific and technical aspects of this
Sulliden Gold Corporation Ltd. is a Canadian precious metals company
focused on the exploration and development of its wholly owned
Shahuindo Gold and Silver Project, located in a prolific gold producing
district in northern Peru. Sulliden is listed on the Toronto (TSX) and
Lima (BVL) stock exchanges under the symbol SUE, as well as the premier
tier of the U.S. Over-the-Counter (OTC) market (OTCQX) under the symbol
SDDDF. For more information about Sulliden, please visit www.sulliden.com.
On behalf of Sulliden Gold Corporation Ltd.: Peter Tagliamonte Stan Bharti President and CEO Chairman
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.
SOURCE Sulliden Gold Corporation Ltd.