Sandspring Resources Ltd. Continues to Report Positive Drill Results From Its Toroparu Project, Including 127.5m Intercept of 1.83 g/t Gold and 0.15% Copper in Drill Hole TPD280A
TORONTO, ONTARIO -- (Marketwire) -- 12/21/11 -- SANDSPRING RESOURCES LTD. (TSX VENTURE: SSP) ('Sandspring' or the 'Company') is pleased to announce additional results from its 2011 infill-drilling program at the Toroparu Gold Deposit in the Republic of Guyana, South America ('Toroparu').
The reported holes TPD 275-285, represent an additional 5,167 m of diamond core drilling within the Main East Zone of the Toroparu Deposit area (Fig. 1). A total of 65,833 m of results have now been reported from the 2011 Drill Program; with a total of 136,552m of drilling reported to date from the Toroparu Deposit.
Highlights include:
-- 124.5m of 1.44 g/t Au in drill hole TPD 278
-- 127.5m of 1.83 g/t Au (0.15% Cu) including 19.5m of 4.07 g/t Au (0.35%
Cu) in TPD 280A
-- 88.5m of 1.01 g/t Au including 43.5m of 1.39 g/t Au (0.09% Cu) in TPD
282
-- 103.5 m of 1.1 g/t Au in TPD 283
The detailed list of intercept highlights for drill holes TPD 275-285 can be found at the following link: http://media3.marketwire.com/docs/ssp1221drillholedetail.pdf.
The on-going infill drill program continues to provide encouraging assay results. Highlighted intercepts from drill holes TPD278 and 283, which cross-cut the higher grade mineralized lenses in the Main East Zone of the deposit, as well as hole TPD280A, drilled along strike but perpendicular to the dip of these features, continue to demonstrate the continuity of higher grade mineralization at depth. The remaining reported infill holes TPD275, 276, 277, 279, 281, 282, 284 and 285, all drilled in the Main Eastern Zone (Fig. 1), contain numerous gold intercepts that improve the quality and accuracy of the geological and resource modeling. Expansion drilling continues northwest and southeast of the Main Toroparu Deposit area.
Sandspring continues to work on updating its NI 43-101 compliant Mineral Resource Estimate which is being prepared by SRK Consulting (US) Ltd. (SRK), Lakewood, Colorado, as well as updating its Preliminary Economic Assessment which is being prepared by P&E Mining Consultants Inc (P&E), Brampton, Ontario for the Toroparu Deposit. These reports are expected early in 2012.
Geochem sampling progresses on the regional grid which was designed to test the gold potential across a survey area, covering approx. 270 sq. km of Sandspring's mineral concession, where several prospective lithological and litho-structural features have been defined by earlier airborne geophysical and tele-detection work. Results from 4,000 samples received to date reveal several gold anomalous zones. Systematic infill line sampling of these anomalous areas is ongoing. The Company is confident that results from the infill sampling will generate several new target zones for reconnaissance drilling.
The Company is currently commissioning its first reverse circulation (RC) drill rig which it expects will go into service in early January. This rig will accelerate the exploration drilling programs in the vicinity of the Toroparu Deposit area and over the geochemical anomalies identified through the 2011 regional geochemical sampling and mapping program.
'The company's aggressive drill program, which has provided positive and encouraging results over the last month, continues to increase our confidence that Toroparu is one of the larger gold deposits in the Guyana Shield,' says Werner Claessens, VP Exploration. 'In addition to reporting on the continued development of that resource through an updated Mineral Resource Estimate and an updated Preliminary Economic Assessment, we are optimistic that the results of the regional geochemical campaigns will lead to additional new discoveries within our concession package over the coming year.'
To view Figure 1: Plan View of Drill Hole Locations TPD 275-285, please visit the following link: http://media3.marketwire.com/docs/ssp1221fig1.pdf.
Figure 2 highlights areas of elevated grade of Au greater than 1.5 g/t delineated over the course of 2011 infill drill and resource modeling programs, identified as a series of mineralized lenses with an east-west orientation and plunging 45 degrees to the west in the core of the Main East Domain of the Toroparu Deposit.
To view Figure 2: Longitudinal Section with Mineralized Gold Lens greater than 1.5 g/t Au cut off, please visit the following link: http://media3.marketwire.com/docs/ssp1221fig2.pdf.
Analytical testing and reporting of quantitative assays for the results reported in this press release was performed independently by Acme Analytical Laboratories Ltd. ('AcmeLabs'). AcmeLabs is an ISO9001: 2008 accredited laboratory. A system of blanks, standards and duplicates were added to the Toroparu sample stream by the Company to verify accuracy and precision of assay results, supplementing a variety of internal QA/QC tests performed by AcmeLabs.
Mr. Brian Ray, P.Geo., Senior Resource Geologist with Sandspring and a Qualified Person under NI 43-101, has reviewed and approved the technical content of this press release.
Sandspring Resources Ltd. is a Canadian junior mining company currently in advanced exploration and prefeasibility assessment of the multi-million ounce Toroparu Gold Deposit in the Republic of Guyana. Visit Sandspring's website at www.sandspringresources.com.
To view our previous disclosure on the latest resource estimate:
To see the Preliminary Economic Assessment for the Toroparu Gold-Copper project:
Additional information on Sandspring can be viewed on SEDAR under the Company's profile at www.sedar.com or on Sandspring's website at www.sandspringresources.com.
This press release includes certain forward-looking statements concerning future performance and operations of the Company as well as management's objectives, strategies, beliefs and intentions. Forward-looking statements are frequently identified by such words as 'may', 'will', 'plan', 'expect', 'anticipate', 'estimate', 'intend' and similar words referring to future events and results. Forward-looking statements are based on the current opinions and expectations of management at the time such statements are made. All forward-looking statements and information is inherently uncertain and subject to a variety of assumptions, risks and uncertainties, including the speculative nature of mineral exploration and development, fluctuating commodity prices, the Company's successful advancement of the Toroparu Gold- Copper Deposit toward feasibility and obtaining positive results from ongoing evaluation and testing of multiple gold targets located elsewhere in the Company's landholdings, among other risks as described in our public filings available at www.sedar.com. Actual events or results may differ materially from those projected in the forward-looking statements and we caution against placing undue reliance thereon. Sandspring Resources Ltd. has an ongoing obligation to disclose material information, as it becomes available.
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:
Sandspring Resources Ltd.
Investor Relations
(720) 854-0104
info@sandspringresources.com
www.sandspringresources.com