Mar. 24, 2011 (Marketwire Canada) --
VANCOUVER, BRITISH COLUMBIA -- Sniper Resources Ltd. (TSX VENTURE:SIP) (the "Company") is pleased to announce the completion of its drill program at the Guild Property.
Ten holes accessible to a truck mounted rig were drilled in December 2010 and January 2011. Eleven additional holes were drilled during February and March 2011 using a track mounted MPD-1500 drill rig owned by Boart-Longyear, of Elko, Nevada. The total footage drilled during the program is 11,810, or 3,600 m.
Samples were submitted to ALS-Chemex for assaying by Fire with AA finish, and selected samples were submitted for geochemical analysis. All results have been received for GI-01 through GI-17, partial results for GI-18 and -19, and all results for GI-20 and -21 are pending. Check assays will be performed once all initial results from the samples plus selected fill-ins have been received as well as the geochemical results.
Summary of drilling results to date:
Three holes (GI-11, -16, and -17) were drilled in an area (the Trench Zone) that has returned up to 1,105 ppb (0.032 oz/ton) Au in a surface grab sample that was taken previously by Sniper. Assay values for significant lengths in these holes are similar to gold values that are being processed by many run of mine heap leach operations in Nevada presently. The rocks in the holes are well oxidized and mineralization begins at surface. Indicator elements typical of "Carlin type" deposits are highly anomalous in the holes as well, and vein barite is present on the surface.
The results from these holes were very encouraging and leave the mineralized zone open along strike and possibly to the southeast towards GI-02, which had a 120 foot long slightly gold anomalous intercept from 245'-365' that was reported during January. Further drilling is strongly warranted based upon the results from these holes, summarized in the Table that follows.
Holes GI-20 and GI-21 were drilled to test an isolated exposure of Paleozoic rocks cropping out in Tertiary volcanics on the northwest edge of the property. Results are pending, but samples collected on the surface during drilling returned up to 0.018 oz Au/ton.
A group of holes designed to test geophysics-indicated high-angle structure targets beneath Tertiary volcanic cover (GI-01, -06, -08, -13, and -14) show that in places at least the volcanic cover is deeper than anticipated, and it appears to define a northwest-trending paleovalley with fairly steep sides. However it is likely that there are buried paleohighs on the bedrock surface within the valley, with steep topography similar to that exposed nearby. A few holes planned for this area were deferred in order to drill additional holes from other permitted sites.
One such additional hole (GI-15) was drilled at an angle back to the northeast from the same site as GI-14, which was directed to the west. This hole was designed to explore for the edge of the paleovalley, and it encountered a 10 foot zone of low (0.005 oz Au/ton) gold values and some anomalous indicator element geochemistry in the basement Paleozoic sedimentary rocks. This intercept leaves a large area open toward the original discovery area of the Guild claims. Further drilling is being planned for this area.
Summaries of the significant results to-date:
|Guild Significant Assay (≥0.005 oz Au/ton) Summaries|
|Drillhole||Target Area||From||To||Interval (ft||)||Au PPB||Au oz/ton||Total Depth|
Holes GI-05 and GI-12 were drilled on exposures of favourable Paleozoic rock south of the original discovery outcrops but neither encountered significant gold grades.
A few more holes not previously reported (GI-07, -09, -10, -18 and -19) were drilled on the southern part of the property, in a large exposure of Roberts Mountains Formation, which is a major host rock in northern Nevada. The first three of these were not significantly mineralized, but only partial results have been received from GI-18 and -19.
The Guild Property
The Guild property is a Carlin-type gold occurrence located in Nye County, Nevada. Significant surface sample gold values are hosted by Paleozoic rocks at the northern and southern ends of the property and are separated by a Tertiary volcanic-covered area. One or more major through-going structures are thought to be present that may have served as feeders for the surface mineralization. The area of an additional western window through the volcanics that exposes the Paleozoic rocks also has highly anomalous indicator elements plus gold in surface sampling.
Details on the Company's Guild property are set forth in the Company's prospectus dated July 15, 2010 and in the technical report referred to therein, all of which are available on the SEDAR website (www.sedar.com).
All scientific and technical information contained in this news release has been reviewed and approved by Douglas McGibbon, the Vice President, Exploration of the Company and a "qualified person" within the meaning of National Instrument 43-101 Standards of Disclosure for Mineral Projects.
About Sniper Resources Ltd.
Sniper Resources Ltd. is engaged in the identification, acquisition and exploration of gold properties in the State of Nevada, USA. The Company's two principal projects, Guild and Overland Pass, are subject to option agreements with Columbus Gold (U.S.) Corporation. Each option agreement provides the Company, through its wholly owned subsidiary Sniper Resources (U.S.) Inc., the right to earn a 51% interest in each of the projects by incurring an aggregate of US$2,000,000 in exploration expenditures on each property by December 31, 2012. The Company can earn an additional 19% interest in each property by completing a positive feasibility study on each property.
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 mineral deposits; fluctuating gold prices; possibility of accidents, equipment breakdowns and delays during exploration; exploration cost overruns or unanticipated costs and expenses; availability of capital and financing; 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.
Sniper Resources Ltd.
Chief Executive Officer
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