Sniper Stakes Additional Seven Claims at Guild
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 05/26/11 -- Sniper Resources Ltd. (TSX VENTURE: SIP) ('Sniper' or the 'Company') is pleased to announce the staking of seven additional contiguous lode claims at its Guild property. The claims cover approximately 140 acres and were staked based upon results from Sniper's recently completed 21-hole reverse circulation drill program at Guild that began in December 2010 and was completed in March 2011.
In addition, historic results from seven holes drilled on these additional claims in the 1980's by U.S. Borax were recently provided to Sniper. Two of these holes reported significant intercepts of shallow, potentially leach grade gold mineralization. The results of the historic drillings were reported to have included 60' at 0.015 oz Au/ton (18.3 m at 0.516 ppm Au), beginning at 25' (7.6 m) down the hole. Additional intervals at lower but anomalous gold values were present in several of the other holes. Information relating to sampling, analytical and test data has not been provided to Sniper, and a 'qualified person' (within the meaning of National Instrument 43-101) has not verified the historic drill results.
Results reported earlier by Sniper from three holes drilled in the same area at Guild (GI-11, GI-16 and GI-17) were very encouraging, with significant coherent gold zones starting at surface. Sniper also has encountered anomalous gold and strong alteration in random grab sampling conducted during the recent drill program.
Sniper's exploration plans now include permitting the construction of bulldozer trenches near the GI-11, GI-16 and GI-17 holes drilled by Sniper and additional drilling to test the historic results drilled by U.S. Borax to determine whether that area connects with the area covered by the holes drilled by Sniper. Estimated strike distance between drill holes, based upon their respective locations, is expected to be approximately 2,000 feet and the apparent mineralized structure is believed to be open to the NW, SE, and down-dip.
All scientific and technical information contained in this news release has been reviewed and approved by Douglas H. McGibbon, a director and the Vice-President, Exploration of the Company, who is a 'qualified person' within the meaning of National Instrument 43-101.
Sniper Resources Ltd.
Scott Baxter, Chief Executive Officer
This news release includes certain forward-looking statements or information. All statements other than statements of historical fact included in this release, including, without limitation, statements relating to the potential mineralization and geological merits of the Guild property, and other future plans, objectives or expectations of the Company are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's plans or expectations include risks relating to the actual results of current and planned exploration activities; the geology, grade and continuity of any mineral deposits; fluctuating gold prices; risks associated with property option agreements, leases, joint ventures and the ability to conclude joint venture agreements on favourable terms; possibility of accidents, equipment breakdowns and delays during exploration; exploration cost overruns or unanticipated costs and expenses; availability of capital and financing required to continue the Company's exploration programs; general economic, market or business conditions; regulatory changes and restrictions including in relation to environmental liability; timeliness of government or regulatory approvals and other risks detailed herein and from time to time in the filings made by the Company with securities regulators. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise except as otherwise required by applicable securities legislation.
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:
Sniper Resources Ltd.
Scott Baxter
(604) 263-5614
scottbax@telus.net
www.sniperresources.com