Delineation Drilling at Taylor Project Continues to Define Continuity and Expand Zone of Mineralization
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TORONTO, Aug. 8, 2011 /CNW/ --
/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR
DISSEMINATION IN THE UNITED STATES/
TORONTO, Aug. 8, 2011 /CNW/ - St Andrew Goldfields Ltd. (T-SAS), ('SAS' or the 'Company') announces encouraging results from the ongoing
definition drilling program at the Taylor Project, located in the
western portion of the Company's land package in the Timmins mining
district.
Highlights of Drilling:
-- Hole TA11-017 7.24 g/t Au over 7.5 metres
Including 33.90 g/t Au over 1.5 metres
-- Hole TA11-019 4.95 g/t Au over 12.0 metres
Including 20.67 g/t Au over 2.3 metres
-- Hole TA11-020 9.88 g/t Au over 9.0 metres
Including 58.20 g/t Au over 0.5 metres
-- Hole TA11-023 7.05 g/t Au over 5.5 metres
Including 26.80 g/t Au over 0.5 metres
Note: All lengths are reported as true width
The current drilling program is focussed on further delineation of the
West Porphyry Zone. The results of the recent drilling are in agreement
with previous drilling having intersected similar grades and widths and
proving greater confidence in the continuity of the gold mineralization
(see cross sections referenced below). In addition, holes TA11-017
(which is 540 metres from TA11-023) and TA11-019 expanded the zone of
mineralization eastwards by an additional 30-40 metres, which remains
open up-plunge and to the east.
Attached for reference are five cross sections and one three dimensional
model illustrating the recent drilling in relation to previous drilling
and the Company's interpretation of geology and mineralization. The
West Porphyry Zone is comprised of a series of lenses within favourable
horizons as shown on the 3D Model and on the cross sections represented
by the coloured shapes. This interpretation is based on geology,
alteration and mineralization; and not solely based on assay results.
The current interpretation is based on drill data received to date and
is subject to change as additional data is received.
See attachments 'TA-3D Model-Aug11.jpg', TA11-017-CrossSection.jpg', TA11-019-CrossSection.jpg', TA11-020-CrossSection.jpg', TA11-021-CrossSection.jpg', and TA11-023-CrossSection.jpg'.
The definition drilling program will continue for the next several
weeks, after which, the information will be used to update the mineral
resources and complete a prefeasibility study by year end.
Selected results from the ongoing drilling campaign are summarized in
the table below:
Summary of Taylor 2011 Drilling Program - Phase II
Intersection (Metres) True Width Gold Grade
Hole Number From To Metres Grams per Tonne (g/t)
TA11-017 96.0 103.5 7.5 7.24
including 102.0 103.5 1.5 33.90
TA11-017 206.3 213.8 7.5 8.31
including 209.3 210.0 0.7 43.00
TA11-017 276.0 280.0 4.0 11.05
TA11-019 309.0 321.0 12.0 4.95
including 318.7 321.0 2.3 20.67
TA11-020 319.8 322.0 2.2 4.95
including 321.2 322.0 0.8 9.83
TA11-020 377.0 386.0 9.0 9.88
including 385.0 385.5 0.5 58.20
TA11-021 259.5 262.0 2.5 4.76
TA11-021 334.5 340.8 6.3 6.09
including 335.3 336.4 1.1 10.35
TA11-023 459.8 461.3 1.5 10.79
TA11-023 499.2 504.7 5.5 7.05
including 503.0 503.5 0.5 26.80
Note: All lengths are reported as true width, Visible Gold observed in
all holes
'The drilling at Taylor continues to be successful' said Jacques Perron,
President & CEO of SAS. 'We have 5 surface rigs at Taylor and drilling
will continue at the current rate until the end of August. Additional
results will be released as they become available and we are still on
schedule to complete our prefeasibility by the end of the year''.
Drilling, Assaying and QA/QC
Surface drilling at the Taylor Project was completed by Orbit Garant.
Analytical work was performed by ALS Minerals in Sudbury, an accredited
lab. SAS utilized a quality control/quality assurance program
consisting of a number of sample standards and blanks that were
inserted into the group of samples, which represented approximately 5%
of the total sample population.
Qualified Person
The exploration programs on the Company's various mineral properties are
under the supervision of Michael Michaud, P.Geo, the Company's Vice
President of Exploration, who is the qualified person as defined by NI
43-101, and who has reviewed and approved this news release.
About SAS
SAS (operating as 'SAS Goldmines'), is a gold mining and exploration
company with an extensive land package in the Timmins mining district,
northeastern Ontario, which lies within the Abitibi greenstone belt,
the most important host of historical gold production in Canada. SAS is
focussed on developing its assets in the Timmins Camp, with three
producing mines and aggressive exploration activities across 120km of
land straddling the Porcupine-Destor Fault Zone.
FORWARD-LOOKING INFORMATION
This news release contains forward‐looking information and
forward-looking statements (collectively, 'forward-looking
information') under applicable securities laws, concerning the
Company's business, operations, financial performance, condition and
prospects, as well as management's objectives, strategies, beliefs and
intentions. Forward-looking information is frequently identified by
such words as 'may', 'will', 'plan', 'expect', 'estimate',
'anticipate', 'believe', 'intend' and similar words referring to future
events and results. Specifically this news release contains
forward-looking information regarding the interpretation of exploration
results received to date from the Taylor Project, as well as the
continuance of additional exploration programs on this project
throughout 2011 and the completion of a prefeasibility study on the
Project. This interpretation is conceptual in nature and is based on
the Company's understanding to date of the geology, alteration and
mineralization as well as being based on assay results; while the
Company believes that its interpretation is reasonably based on the
information presently available to it, additional exploration is
required and it is uncertain whether further exploration will result in
findings consistent with our present interpretation. This
forward-looking information is subject to known and unknown risks,
uncertainties and other factors that may cause actual results to differ
materially from those expressed or implied by the forward‐looking
information. Factors that may cause actual results to vary materially
include, but are not limited to, uncertainties relating to the
interpretation of the geology, continuity, grade and size estimates of
the mineral resources, unanticipated operational or technical
difficulties which could escalate operating and/or capital costs,
fluctuations in gold prices and exchange rates, insufficient funding or
delays or inability to raise additional financing as required on
satisfactory terms, changes in laws or regulations, changes in general
economic conditions and changes in conditions in the financial markets.
Such forward looking information is based on a number of assumptions,
including but not limited to, the level and volatility of the price of
gold, the accuracy of resource estimates and the assumptions on which
such estimates are based, the ability to achieve capital and operating
cost estimates, the sufficiency of the Company's cash flows and
reserves to achieve its exploration objectives, the ability to attract
and maintain adequate skilled personnel to operate its mines and to
conduct its exploration programs, and no significant decline in general
business and economic conditions. Should one or more risks and
uncertainties materialize or should any assumptions prove incorrect,
then actual results could vary materially from those expressed or
implied in the forward-looking information and accordingly, readers are
cautioned not to place undue reliance on this forward‐looking
information. SAS does not assume the obligation to revise or update
this forward‐looking information after the date of this release or to
revise such information to reflect the occurrence of future
unanticipated events, except as may be required under applicable
securities laws.
To view this news release in HTML formatting, please use the following URL: http://www.newswire.ca/en/releases/archive/August2011/08/c2174.html
about St Andrew Goldfields Ltd., please contact:
Tel: 1-800-463-5139 or (416) 815-9855; Fax: (416) 815-9437; Website: www.sasgoldmines.com
Suzette N Ramcharan Manager, Investor Relations Email: sramcharan@sasgoldmines.com | ||
Jacques Perron President & CEO Email:jperron@sasgoldmines.com | Ben Au CFO, VP Finance & Administration Email:bau@sasgoldmines.com |