Sniper Resources Ltd.: Mineral Property Update
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 06/29/11 -- Sniper Resources Ltd. (TSX VENTURE: SIP) ('Sniper' or the 'Company') is pleased to provide the following operational update with respect to its ongoing property exploration activities:
Laura Property
The 13 lode claims of the Laura Property cover approximately 260 acres and are located within the Cortez Trend, about 1.6 miles southwest from Barrick's Cortez Hills Mine and 7 miles south of their Pipeline/Gold Acres complex. The Cortez Deposits have produced over 10 million ounces of gold.
Gold mineralization at the Laura Property is believed to be present in the Caetano Caldera, in a caldera-margin breccia geologic setting. The depth to favorable 'lower-plate' carbonate rocks is uncertain but overlying 'upper-plate' siliceous rocks, which host gold at many Nevada mines, crop out on the surface near the edge of the claims.
Little historic exploration has taken place on the property; only 6 shallow holes totaling 651 meters were drilled on the claims, during the early 1990's. A best intercept of 30' (9.1 m.) of 0.70 grams Au per ton (0.020 oz Au/ton) hosted in 'jasperoid breccia' was reported to be present in one of the holes.
A new roadcut for County Road 225, constructed to provide access around Barrick's Cortez Hills Operations, exposes a zone of upper plate mudstone and chert on Sniper's Laura claims that is believed by Sniper to represent the mineralized structure that was encountered in the drill hole discussed above. Geochemical samples have been taken by Sniper from this zone and results are pending.
Guild Property
An Amended Notice of Operations has been submitted to BLM for several hundred feet of new drill road, four additional drill sites, and four trenches. Channel sampling of the cut bank at the sites of Sniper drill holes GI-11, GI-16, and GI-17 will be conducted by the end of June.
Overland Pass Property
A meeting is being scheduled with the permitting contractor and the US Forest Service to discuss progress on the Plan of Operations for 25 holes that was submitted during April of this year. Sniper still expects to be able to resume work on Overland Pass by late summer.
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 Laura property and plans for exploration on the Guild and Overland pass properties, 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 or Toll Free: 1-888-737-2454
scottbax@telus.net
www.sniperresources.com