Sulliden Drills High-Grade Gold and Silver at Shahuindo-Intersects 2.34 g/t Gold and 53.6 g/t Silver Over 23 Metres
TORONTO, ONTARIO -- (Marketwire) -- 03/14/11 -- Sulliden Gold Corporation Ltd. ('Sulliden', or the 'Company') (TSX: SUE)(OTCQX: SDDDF) is pleased to announce new drilling results from its 100%-owned Shahuindo Gold and Silver Project in northern Peru. The results continue to demonstrate the growth and continuity of the mineral system along the currently defined 3.8 kilometre strike length of the deposit, which remains open in all directions and at depth.
Significant gold and silver intercepts from this group of exploration results are highlighted below. Complete results are reported in Table 1. An economic cut-off grade of 0.17 g/t in gold oxides was established by AMEC in the NI 43-101 Preliminary Assessment (see December 8, 2009 news release).
Significant Gold drill intercepts:
-- Hole SH10-153 in the West Zone
-- 1.28 g/t Gold over 21.0 meters including 6.79 g/t Gold over 3.0
metres
-- 2.34 g/t Gold over 23.0 metres including 6.07 g/t Gold over 4.9
metres
-- Hole SH10-154 in the Central Zone
-- 0.87 g/t Gold over 123.5 metres including 2.06 g/t Gold over 26.6
metres
-- 2.23 g/t Gold over 24.7 metres including 6.80 g/t Gold over 6.4
metres
Significant Silver drill intercepts:
-- Hole SH10-153 in the West Zone
-- 53.6 g/t Silver over 23.0 metres including 176.6 g/t Silver over 4.9
metres
-- Hole SH10-167 in the West Zone
-- 41.9 g/t Silver over 51.0 metres including 104.1 g/t Silver over
12.0 metres
-- Hole SH10-172 in the Central Zone
-- 55.1 g/t Silver over 36.0 metres including 158.3 g/t Silver over 9.2
metres
The 70,000 metre exploration program planned for 2011 is underway. Sulliden currently has six drills operating on the Shahuindo property. Drilling is ongoing along the Central Corridor to continue defining the shape and extent of the mineralization, and the Company is also focusing on the other targets outlined in the 2011 exploration program released on December 7th, 2010. These targets include the North-West and South-East extensions, which represent a 60% increase to the known Central Corridor strike length, drilling at depth to test the sulphide mineralization, as well as drilling in the North and South Corridors.
Stephane Amireault, Vice President of Exploration for Sulliden, commented, 'We are very pleased with the ongoing success of our drilling program. The new results continue to broaden the ore body beyond the current mineralized envelope along the length of the Central Corridor and we are gaining a better understanding of the structural context of the deposit. This improved geological understanding will likely help us identify future drilling targets in the Central Corridor.'
Summary of Results
The new results from 21 holes representing approximately 4,850 meters of drilling are presented below in Table 1. The locations of the new holes in the East, Central and West zones are shown in Figure 1. Figure 2 highlights results from new drill holes in section 750E of the Central Zone and graphically demonstrates the interpretation of newly identified mineralization (in purple) being added to the mineral envelopes as defined in the Preliminary Assessment (in red).
To view Figure 1 - Plan View of Mineral Deposit with New Collar Locations, please visit the following link: http://media3.marketwire.com/docs/Plan%20View%20Figure.jpg
To view Figure 2 - Central Zone, Section 750E, please visit the following link: http://media3.marketwire.com/docs/Section%20-%20Central%20Zone.jpg
(i)The new grade shells highlighted in Figure 2 are geological interpretations that are preliminary in nature and should not be relied on.
Table 1 - Drill Results
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WEST ZONE
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From To Interval True Width Gold Silver
Drill hole # (metres) (metres) (metres) (metres)(1) (g/t) (g/t)
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SH10-152 19.2 22.4 3.2 2.2 0.48 4.0
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SH10-152 35.9 39.6 3.7 2.5 3.17 3.8
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SH10-152 46.7 68.1 21.4 14.3 0.40 1.9
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SH10-152 204.6 207.4 2.8 1.8 0.27 4.4
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SH10-153 31.6 34.6 3.0 2.1 0.40 1.3
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SH10-153 (2) 49.6 70.6 21.0 14.4 1.28 1.5
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including (2) 66.1 69.1 3.0 2.1 6.79 4.7
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SH10-153 (2) 86.9 100.6 13.7 9.3 1.88 21.5
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including (2) 88.5 94.1 5.6 3.8 4.24 43.5
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SH10-153 (2, 3) 104.6 127.6 23.0 15.5 2.34 53.6
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including (2, 3) 107.7 112.6 4.9 3.3 6.07 176.6
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SH10-158 (2) 92.1 98.1 6.0 4.3 2.75 0.8
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RSH11-108 10.5 15.0 4.5 2.9 0.23 0.70
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RSH11-108 25.5 40.5 15.0 9.6 0.30 6.7
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RSH11-108 61.5 66.0 4.5 2.9 0.46 7.8
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SH10-167 (3) 65.5 116.5 51.0 32.4 0.71 41.9
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including (3) 67.0 79.0 12.0 7.7 1.09 104.1
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CENTRAL ZONE
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From To Interval True Width Gold Silver
Drill hole # (metres) (metres) (metres) (metres)(1) (g/t) (g/t)
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SH10-151 46.9 54.2 7.3 4.6 0.37 1.0
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SH10-151 61.7 82.7 21.0 13.3 0.30 4.2
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SH10-151 111.2 151.7 40.5 25.4 0.35 3.3
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SH10-151 160.7 163.7 3.0 1.9 1.88 31.7
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SH10-151 171.2 180.2 9.0 5.6 0.85 2.8
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SH10-151 (2) 193.7 255.2 61.5 38.5 1.07 4.4
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SH10-151 267.2 312.2 45.0 28.2 0.35 9.7
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SH10-151 333.2 337.7 4.5 2.8 0.28 3.0
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SH10-154 0.0 26.2 26.2 14.4 0.64 4.1
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SH10-154 (2) 111.7 128.1 16.4 8.7 0.93 6.2
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SH10-154 (2, 3) 138.7 262.2 123.5 65.4 0.87 21.3
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including (2, 3) 207.7 234.3 26.6 14.1 2.06 62.7
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SH10-154 (2) 268.8 293.5 24.7 13.2 2.23 13.8
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including (2) 268.8 275.2 6.4 3.4 6.80 44.5
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SH10-155 23.7 46.0 22.3 15.4 0.75 1.0
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SH10-155 57.3 142.8 85.5 57.1 0.52 4.8
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SH10-156 (4) 45.0 51.0 6.0 4.2 3.34 12.7
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SH10-159 95.3 111.8 16.5 6.2 0.46 2.5
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SH10-160 33.3 45.3 12.0 7.6 0.71 1.9
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SH10-161 (2) 36.0 96.0 60.0 40.1 0.99 18.2
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SH10-161 (5) 262.2 297.0 34.8 23.6 0.41 4.7
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SH10-162 53.1 87.8 34.7 22.5 0.61 1.2
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SH10-162 (5) 176.3 273.8 97.5 61.3 0.54 10.5
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SH10-164 177.6 192.1 14.5 10.1 0.31 20.3
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SHV10-165 13.7 76.7 63.0 43.5 0.67 4.1
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including 16.7 22.7 6.0 4.1 3.07 19.2
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SHV10-165 139.7 153.2 13.5 9.2 0.61 7.3
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SH10-166 (4) 6.0 10.5 4.5 3.2 0.44 1.3
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SH10-166 10.5 121.5 111.0 77.1 0.82 9.2
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including 55.5 66.0 10.5 7.3 1.76 43.8
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including 108.0 121.5 13.5 9.2 1.79 25.9
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SH10-166 135.0 141.0 6.0 4.1 0.26 0.3
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SH10-166 151.5 165.0 13.5 9.1 0.23 0.2
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SH10-166 169.0 180.0 11.0 7.4 0.21 0.2
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SH10-166 247.5 255.0 7.5 5.1 0.28 0.3
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SHV10-168 22.9 94.9 72.0 48.4 0.35 1.6
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SHV10-171 0.0 32.2 32.2 21.7 0.45 1.2
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SH10-172 36.0 106.5 70.5 49.5 0.60 9.9
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including 67.5 76.5 9.0 6.3 1.49 17.5
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SH10-172 (2, 3) 184.5 220.5 36.0 24.1 1.88 55.1
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including (3) 194.8 204.0 9.2 6.2 3.26 158.3
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including (2) 210.0 216.0 6.0 4.0 4.45 45.5
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EAST ZONE
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From To Interval True Width Gold Silver
Drill hole # (metres) (metres) (metres) (metres)(1) (g/t) (g/t)
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SHG10-163 (6) 25.5 66.0 40.5 22.9 0.36 11.6
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SHG10-163 (6) 106.5 148.5 42.0 23.2 0.44 3.7
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SHG10-169 (2, 6) 139.5 169.5 30.0 21.1 1.39 7.3
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including (2, 6) 145.7 154.5 8.8 6.2 4.06 18.9
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1. Assuming vertical or near vertical zone, perpendicular or near
perpendicular to the plane defined by the drill hole. Geological
understanding of the mineralized zones are continuing to develop as the
project advances.
2. One or more Au values cut to 7 g/t Au
3. One or more Ag values cut to 300 g/t Ag
4. Mineralization in overburden
5. Mineralization found within 10 meters of end of hole
6. PQ twin hole (a 'twin' hole is defined by being collared within 3 meters
and at the same dip and inclination as its adjacent hole)
QUALITY CONTROL AND ASSURANCE
Stephane Amireault, P.Eng., Vice President Exploration for Sulliden is the Qualified Person responsible for the management of the exploration program and disclosure of the drill results as defined by National Instrument 43-101. Mr. Amireault has read and approved the technical and scientific information in this news release.
The analyses for this drilling campaign were carried out by ALS Chemex in Lima, Peru exercising a thorough Quality Control and Assurance program (QA/QC). All ALS Chemex labs are ISO 9000 registered laboratories. All gold assays reported in the press release were obtained by standard 50g fire assaying with AA finish. All silver assays reported in the press release were obtained by Aqua-Regia dissolution followed by ICP-AES measurement.
ABOUT SULLIDEN
Sulliden is a Canadian-based precious metals company focused on the exploration and development of the Shahuindo Project, its 100%-owned flagship property located in a prolific gold producing district in northern Peru. This project neighbours world-class gold mines including Barrick Gold's Lagunas Norte Mine, 30 km to the south, and the Yanacocha Mine operated by Newmont Mining Company, 80 km to the north; both million-ounce per year producing mines. A positive Preliminary Assessment for the project was completed in February 2010 and a bankable Feasibility Study is currently underway. While the Company progresses towards its goal of becoming a gold producer, a significant focus is being placed on exploration drilling to increase the mineral resource, which remains open in all directions and at depth. Based on the drilling success in 2009/2010, Sulliden plans to undertake approximately 70,000 meters of drilling in 2011 to continue the mineral expansion on the property. Sulliden is led by a strong management team with the proven ability to develop, finance and operate mining projects and is poised to generate superior value for its shareholders.
On behalf of Sulliden Gold Corporation Ltd.
Peter Tagliamonte Stan Bharti
President and CEO Chairman
For further information on Sulliden please visit the company website at www.sulliden.com.
If you would like to be added to Sulliden's news distribution list, please send your email address to contact@sulliden.com
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 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.
Contacts:
Sulliden Gold Corporation
Caroline Arsenault
Investor Relations Manager
(416) 861-5805
Sulliden Gold Corporation
Scott Moore
Vice President Corporate Development
(416) 861-5903