Sunward intersects significant gold-copper and silver mineralization at two new zones, Titiribi Project
-- Drilling at newly discovered Maria Jo Zone intersects 290.4m
of 0.17% copper with 77.0m grading 0.30% copper
-- Drilling at newly discovered Candela Breccia Zone intersects
26.0m grading 1.28 g/t gold
VANCOUVER, Dec. 18, 2012 /CNW/ – Sunward Resources Ltd. (“Sunward” or the “Company”) (TSX: SWD; OTCQX:
SNWRF) has made drilling discoveries at two new exploration targets on its
100%-owned Titiribi Project (“Titiribi” or the “Property” or the
“Project”), located approximately 70 kilometres southwest of Medellin,
Colombia.
At the newly discovered Maria Jo Zone, drill hole MJ003 returned 290.35
metres averaging 0.152 g/t gold and 0.171% copper (0.479 g/t gold
equivalent) from 137.65 metres, with 77.0 metres averaging 0.239 g/t
gold, 0.304% copper (0.822 g/t gold equivalent) from 299.5 metres.
Drilling suggests that Maria Jo is a copper-dominant zone of stockwork
mineralization hosted within basement Cretaceous meta-basalts. The
Maria Jo target is a discovery on the Titiribi Project, separate and
distinct from the Cerro Vetas porphyry that hosts the entirety of the
currently reported gold-copper resource at Titiribi and represents a
totally new style of mineralization within the district.
Simultaneous with the Maria Jo discovery, ongoing drilling follows a
geological re-interpretation of the earlier drill results at the
near-by Candela Zone which resulted in the discovery of substantial
gold mineralization within a stratiform talus-breccia (caldera
collapse) in this area. Drill hole CA021 intersected four horizons of
gold dominant mineralization as follows: 78.5 metres averaging 0.484g/t
gold from collar (0.0 metres); 26.0 metres averaging 1.282 g/t gold
from 90.6 metres; 25.95 averaging 0.368 g/t gold from 149.05 metres and
10.5 metres averaging 0.645 g/t gold from 279.0 metres. The Candela
Breccia target is also a new discovery at the Titiribi Project,
separate and distinct from both the Chisperos Zone which hosts
significant gold-dominant mineralization at Titiribi.
“We have just established two new major targets at Titiribi. These
targets offer a sizable scope for expansion and enhancement the
Project’s current mineral endowment,” said Colin Andrew, Sunward’s
Chief Executive Officer. “The recent drilling at Maria Jo and Candela
Breccia clearly demonstrates that the Titiribi District has a lot more
to offer in terms of additional targets to add to already substantial
gold and copper resources on the property, considered to be among the
largest in the world.”
A complete table of intercepts for recent drilling at Maria Jo and
Candela Breccia is included below. A map of these drillhole locations
and geological sections through the Maria Jo and Candela Breccia
projects can be found at www.sunwardresources.com.
Hole ID Azimuth Inclination From To Int Au g/t Cu % Au Eq g/t
CA021 232 -50 0.00 78.50 78.50 0.484 0.001 0.486
and 90.60 116.60 26.00 1.282 0.001 1.284
and 149.05 175.00 25.95 0.368 0.001 0.370
and 279.00 289.50 10.50 0.645 0.001 0.647
MJ003 232 -82 137.65 428.00 290.35 0.152 0.171 0.479
incl 299.50 376.50 77.00 0.239 0.304 0.822
Colin J. Andrew, CEng MIMMM, FGS is a qualified person under National
Instrument 43-101, and has reviewed and is responsible for the contents
of this news release.
Sample Preparation and Assays QA/QC:
Drill core was logged, cut and sampled by Sunward personnel at the
Company’s facilities in Colombia. In the case of the drilling results
referred to herein the samples were prepared at Inspectorate America’s
sample preparation facility in Medellin, Colombia and then analyzed at
Inspectorate America’s ISO 9001:2000 accredited laboratories in Reno,
Nevada, USA, a facility that follows internationally accepted methods
and procedures and has stringent quality control and assurance
practices.
At the sample preparation facility in Medellin, the samples were crushed
to >80% passing -10 mesh using a terminator jaw crusher; split to 250
grams; pulverized using a LM2 ring pulverizer to over 90% passing -150
mesh; split into 125 grams aliquots which were then sent to
Inspectorate America’s laboratories in Reno for assay. Gold was
analyzed by fire assay with Inductive Coupled Plasma (ICP) finish with
a lower detection limit of 2 ppb. Samples above 5 g/t were assayed by
fire assay with gravimetric finish. In addition to gold, a suite of 30
other elements including silver and copper were assayed by ICP-AES
following an aqua regia digest. Blanks, field and laboratory duplicates
duplicate samples and a number of internationally-approved and
registered analytical standard samples were routinely randomly inserted
into the preparation and analysis process as part of Sunward’s normal
quality assurance and quality control program. Any analytical batch of
assays wherein inserted standards assayed without the acceptable limits
are rejected.
ABOUT SUNWARD:
Sunward Resources is a well-capitalized, Canadian-based company focused
on the exploration and development of gold/copper porphyry projects in
Colombia. The 100%-owned Titiribi Project is located approximately 70
kilometres southwest of the city of Medellin, Colombia, in Antioquia
department, within the historical Titiribi mining district (estimated
total production to date of 1.5 to 2 million ounces gold equivalent).
Access is by paved highway from Medellin.
Titiribi currently hosts an NI 43-101 compliant Measured & Indicated
Mineral Resource of 4.6 million ounces gold (within 275.4 million
tonnes grading 0.52 grams per tonne gold and 0.17 per cent copper,
using a 0.3 grams per tonne gold cut-off), along with an additional
Inferred Mineral Resource of 6.4 million ounces gold (within
359.6million tonnes grading 0.56 grams per tonne gold using a 0.3 grams
per tonne gold cut-off; see Report dated June 2012 available at www.sunwardresources.com and on SEDAR).
Titiribi thus contains 6.28 million ounces of gold equivalent in the
Measured & Indicated Resource categories and a further 7.51 million
ounces of gold equivalent in the Inferred Resource category, calculated
on the basis of gold price of $1,114 per ounce and copper price of
$3.07 per pound (See Report dated September 2011 available at www.sunwardresources.com and on SEDAR.)
Cautionary Statement regarding Forward Looking Information
This news release contains forward-looking information within the
meaning of Canadian securities legislation. All statements included
herein, other than statements of historical fact, are forward-looking
information. Forward-looking information may include, but is not
limited to, statements with respect to future activities of the
Company; the Company’s plans for its mineral properties; the Company’s
business strategy, plans and outlook; the merit of the Company’s
properties; exploration results; mineral resource estimates; work plans
and timelines; completion of transactions; shareholder value;
projections and targets; the future financial or operating performance
of the Company, its subsidiaries and its projects; operating and
exploration expenditures and costs of future exploration and other
activities; and approvals, permits and licenses. Often, but not always,
forward-looking information can be identified by the use of words such
as “plans”, “expects”, “is expected”, “possible”, “budget”,
“scheduled”, “strategy”, “goal”, “objective”, “potential”, “estimates”,
“assumes”, “forecasts”, “intends”, “anticipates”, or “believes” or
variations (including negative variations) of such words and phrases,
or state that certain actions, events or results “may”, “could”,
“should”, “would”, “might” or “will” be taken, occur or be achieved.
Forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance or achievements of the Company and/or its subsidiaries to
be materially different from any results, performance or achievements
expressed or implied by the forward-looking statements. Such
uncertainties and factors include, among others, inherent risks
involved in the exploration of mineral properties; risks associated
with foreign operations; risk relating to title to the Company’s
properties; the uncertainties involved in resource estimates and in
interpreting drilling results and other geological data; fluctuations
in currency exchange rates and commodity prices; uncertainties
regarding the issuance of approvals, licenses and permits; risks
related to competition; risks related to the Company’s ability to
acquire additional mineral properties; the availability of and costs of
required financing; economic, political and social uncertainties;
accidents and labour disputes; and political instability, insurrection
or war; as well as those factors discussed under “Risk Factors” in the
Company’s Annual Information Form. Although the Company has attempted
to identify important factors that could cause actual actions, events
or results to differ materially from those described in forward-looking
statements, there may be other factors that cause actions, events or
results to differ from those anticipated, estimated or intended.
Forward-looking statements contained herein are based on the
assumptions, beliefs, expectations and opinions of management,
including but not limited to that the Company’s exploration of its
properties and other activities will be in accordance with the
Company’s public statements and stated goals, that there will be no
material adverse change affecting the Company or its properties,
anticipated costs and timing for the Company’s activities and such
other assumptions as set out herein. Forward-looking statements are
made as of the date of this news release and the Company disclaims any
obligation to update any forward-looking statements, whether as a
result of new information, future events or results or otherwise,
except as required by law. There can be no assurance that
forward-looking statements 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 statements.
SOURCE Sunward Resources Ltd.
