SAS completes current phase of definition drilling program at Taylor
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TORONTO, Sept. 12, 2011 /CNW/ --
/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION
IN THE UNITED STATES/
TORONTO, Sept. 12, 2011 /CNW/ - St Andrew Goldfields Ltd. (T-SAS), ('SAS' or the 'Company') is pleased to announce that it has completed
the current phase of the definition drilling program at the Taylor
Project. The Company intends to update the mineral resources for the
West Porphyry Zone in the near future and is on track to complete a
prefeasibility study by year end. The Taylor Project is located in the
western portion of the Company's land package in the Timmins Mining
District.
Highlights of Latest Drilling:
- Hole TA11-025A 39.79 g/t Au over 1.4 metres
- Hole TA11-026 18.45 g/t Au over 2.0 metres
- Hole TA11-029 34.94 g/t Au over 5.8 metres
including 117.00 g/t Au over 1.2 metres
Note: All lengths are reported as true width
These recent results have continued to provide greater confidence in the
continuity of the gold mineralization and are in agreement with
previous drilling having intersected similar grades and widths as
illustrated in the attached cross sections and 3D image. The Company
will now compile all of the drilling data and prepare an updated
mineral resource estimate for the West Porphyry Zone. See attachments, 'TA-3DModel-Sept11.jpg', 'TA11-024-CrossSection.jpg', 'TA11-025A-CrossSection.jpg', 'TA11-026-CrossSection.jpg', 'TA11-027-CrossSection.jpg', 'TA11-028-CrossSection.jpg', 'TA11-029-CrossSection.jpg', and 'TA11-030-CrossSection.jpg' included in the PDF version of this release, or available under the
Photo Gallery on the Company's website.
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.
Selected results from the most recently completed drill holes 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 Au)
TA11-024 440.4 443.8 3.4 6.46
TA11-024 459.4 461.4 2.0 9.05
TA11-025A 194.0 195.4 1.4 39.79
TA11-026 427.0 429.0 2.0 18.45
TA11-027 472.8 473.3 0.5 36.40
TA11-028 329.0 331.0 2.0 22.22
TA11-029 315.4 321.2 5.8 34.94
including 316.0 317.2 1.2 117.00
TA11-029 391.5 394.3 2.8 11.38
TA11-030 454.0 462.3 8.3 3.14
Note: All lengths are reported as true width. Visible Gold observed in
all holes.
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 exploration results received to
date from the Taylor Project, the completion of an updated resource
estimate on the West Porphyry Zone and the completion of a
prefeasibility study on the Taylor Project. 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/September2011/12/c2155.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 |