VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 15, 2012) - Sniper Resources Ltd. (TSX VENTURE:SIP)(FRANKFURT:A1H38M)
Preliminary assay results have been received from Sniper's Phase 2 drill program at the Weepah gold property located in the Walker Lane mineral belt in Esmeralda County, Nevada. Twelve holes (WP-24 through WP-35) were drilled during April with totals of 2980 feet (908 metres) drilled in the recent program. Phase 1, drilled earlier this year, comprised 8 holes (WP-16 through WP-23) and totalled 1,630 ft (497 m). Detailed results of Columbus' January 2011 original drill program were reported in the Company's February 22, 2012 news release. Results from Sniper's eight subsequent holes were summarized in the Company's March 8, 2012 news release.
The Program was designed with two goals. 1) To continue to fill in, extend, and determine the edges of gold mineralization discovered in drilling conducted by Columbus Gold Corporation ("Columbus") in January 2011 and by the Company in its Phase 1 drill program conducted in February 2012, so as to enable the calculation of a National Instrument 43-101 resource estimate for the East Zone by an outside contractor (subject to the results of the drill program), and 2) To test different areas of the property to determine if additional concealed mineralized structures are present under the shallow alluvial cover.
One very significant highlight of the recent work was the zone of mineralization encountered in step-out hole WP-33, drilled to test for an up-dip extension of the possible "Original Weepah" vein intercept from Columbus' hole WP-12. The results from WP-33 and from WP-12 are consistent with the WP-12 and WP-33 mineralization representing the southerly strike extension of the original Weepah vein when viewed in cross section and considered in conjunction with the orientation of the vein in the open-pit mine. The pit was was originally mined in the 1930's and, again in the mid-1980's, by Sunshine Mining Company but lies off Sniper's claims now. If the mineralization in these two drill holes was the vein, then there is nearly one-quarter mile of strike length along the vein within Sniper-controlled ground that still remains untested, extending from WP-12 and WP-33 to the north toward the historic pit and underground mining area. The possible southerly extension of the vein would remain open as well. This is a very significant new target to be further explored but drilling it will require additional permitting and funding. The entire property is on lands administered by the U.S. Bureau of Land Management so permitting further work is not foreseen to present a significant problem.
Drill hole information (from GPS) and summarized assay results for the Phase 2 drill holes may be seen in the tables that follow. Assays were performed by ALS Chemex, an ISO 8001-accredited laboratory in Reno, Nevada. Duplicate samples were collected on 5-foot intervals during drilling.
|Sniper Weepah Drill Hole information, Holes WP-24 through WP-35|
Significant initial assay results from the recent holes are shown in the table below. In general, the East Zone mineralization does appear to fill in between the previously drilled holes. Of the 12 holes comprising this program that were drilled from earlier drilled sites but with different azimuth directions, only WP-31 failed to intersect significant gold values.
|Sniper Weepah Drill Hole Assay Summaries, WP-24 through WP-35|
|Drill hole||From (ft)||To (ft)||Thickness||
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.
ABOUT SNIPER RESOURCES LTD.
Sniper Resources Ltd. is engaged in the identification, acquisition and exploration of gold properties in the State of Nevada, USA. Sniper owns a 100% interest in the ReHot project and holds options to earn a controlling interest in four strategically located Nevada gold projects, namely, Guild, Overland Pass, Weepah, and Laura.
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 Weepah property and the possibility of calculating a National Instrument 43-101 mineral resource estimate on that 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, including the results of the Company's Phase 2 drill program on the Weepah property; 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.