Silver Pursuit Clarifies Disclosure
Vancouver, British Columbia--(Newsfile Corp. - November 12, 2013) - Silver Pursuit Resources Ltd. (TSXV: SPF) (the "Company") announces that as a result of a review by the BCSC, we are issuing the following news release to clarify our disclosure.
The Company wishes to advise investors certain disclosure made available on its website and in corporate presentation dated November 17, 2011 and titled "La Quintera Project" contained preliminary quantity and grade estimates not in accordance with National Instrument 43-101 regulations ("NI 43-101"). The Company assumes responsibility for disclosure of the estimates however it wishes to retract and clarify such disclosure. To the Company's knowledge, there are no mineral resource estimates on the property in accordance with NI 43-101, and the Company specifically retracts the disclosure previously available on its website and in a corporate presentation of preliminary estimates of fixed tonnage and grades at the Quintera and Promontorio locations on the La Quintera Property.
The estimates were prepared following dump sampling completed in September 2011 and were intended as preliminary estimates of the potential exploration target within areas covered by waste dumps from historic mining activities. The disclosure did not classify the mineral resources into appropriate categories, did not disclose key methods, parameters and assumptions used to make the estimates, and did not disclose the effective date of the estimates, all as required by NI 43-101. The volume covered by the dumps and consequently the tonnage has not been accurately estimated and therefore no resource estimate in accordance with NI 43-101 can be made at this time.
The information was originally disclosed as an exploration target in a news release dated October 21, 2011. This news release disclosed an exploration target of 400,000 to 600,000 tons for the historical waste dumps and mill tailings deposits but failed to associate a grade range to the tonnage range, and did not include prominent cautionary language both as required by NI 43-101. The Company notes that exploration target previously provided is conceptual in nature and that there has been insufficient exploration to define a mineral resource and it is uncertain if further exploration will result in the target being delineated as a mineral resource. The exploration target size was based on preliminary field measurements and assumed specific gravity. The main purpose of the news release was to disclose average grades of samples collected from the dumps in September 2011.
The 2011 dump samples were collected systematically along traverse lines spaced 50 to 100 metres apart and oriented approximately down the slope of the dumps. The samples were collected at 25 meter spacing along the lines. At each sample site, trenches were dug along two perpendicular lines forming a cross at the sample location. Each trench was 4 metres in length and 0.5 meters deep. The samples were composited from material excavated along the lengths of both trenches. The composite samples were then homogenized and quartered in the field to reduce the sample weight from more than 20 kilograms to approximately 5.0 kilograms. The geochemical results of this sampling program are considered to be representative of the waste dumps at an initial stage of investigation. Further sampling of the dumps by mechanized means including bulk sampling and/or systematic sampling of vertical profiles would be required for an improved estimation.
The dump at La Quintera is approximately 400 meres long, 100 metres wide and varies between 1 and 5 metres in thickness. A total of 36 samples were collected along 8 lines with between 3 and 6 samples per line. Upon review the average grade of these samples is determined to be 162.7 g/T Ag (originally disclosed incorrectly as 325.5 g/T) and 0.22 g/t Au.
The Promontorio dump measures approximately 650 metres long and 100 metres wide and varies between 1 and 7 metres in thickness. A total of 38 samples were collected along 8 lines with between 3 and 9 samples per line. The average grade of these samples is 171.9 g/T Ag and 0.33 g/t Au as originally disclosed.
The historic waste dumps represent a target for further exploration with an estimated range of 400,000 to 600,000 tons (363,000 to 544,000 tonnes) of unconsolidated material in total (disclosed in the October 21, 2011 news release). The metal concentrations obtained by geochemical analysis for this estimated range in quantity of material range from 22.0 to 559.0 grams per ton silver, and from <0.005 to 1.235 grams per tonne gold. This range of quantity and grades represents a target for further exploration. The potential quantity and grade is conceptual in nature, there has been insufficient exploration to define a mineral resource, and it is uncertain if further exploration will result in the target being delineated as a mineral resource.
The ranges of values for the individual accumulations obtained from the Quintera and Promontorio areas are as follows:
| 1) | La Quintera waste: silver: 33.8 to 559.0 g/T; gold: <0.005 to 1.235 g/T |
| 2) | La Quintera tailings: silver: 82.5 to 108.0 g/T; gold: 0.287 to 0.319 g/T |
| 3) | Promontorio waste: silver 22.0 to 328.0 g/T; gold: 0.01 to 0.812 g/T |
| 4) | Promontorio tailings: silver 69.3 to 155.0 g/T; gold: 0.077 to 0.142 g/T |
As disclosed in its news release of October 23, 2013, the above results are calculated from samples that were analyzed at ALS Chemex in North Vancouver by ICP-MS/AES geochemical techniques using a four-acid digestion, with high grade samples being re-analyzed by ICP AES or AAS procedures suitable for high grade materials. QA/QC was maintained by monitoring the results for blank and standard samples which were submitted at a frequency of 10%.
The Company reminds investors that as announced in its news release of October 23, 2013, the option for the Company to earn interest in the La Quintera property has been terminated by the optionor of the property. Disclosure by the Company of the fixed tonnes and fixed grades for estimates at Quintera and Promontorio on its website and in corporate presentation triggered a technical report filing requirement under NI 43-101, however due to the Company no longer having access to the information or the property, it is unable to prepare such a report.
Dr. Matt Ball, P.Geo. is the Qualified Person who has reviewed and approved the technical data in this news release.
ON BEHALF OF Silver Pursuit Resources Ltd.
"Adrian Robertson"
Adrian Robertson, President and Director
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