Sulliden Announces Initial Exploration Results-Extends Mineralization at Shahuindo
TORONTO, ONTARIO -- (Marketwire) -- 09/09/09 -- Sulliden Exploration Inc. ("Sulliden") (TSX: SUE) is pleased to announce initial results of the exploration campaign currently ongoing on its Shahuindo Gold Project in northern Peru. This is the first significant exploration program since 2004 and follows the successful resolution of all ownership litigation on the project.
The objective of this exploration program is to determine the potential to expand the ore body beyond the mineral resource established by Met-Chem in 2004. The drill campaign, totalling 4127 meters, is complete and results are available for 1,301 meters of reverse circulation drilling. A 500 meter surface trenching program was also completed.
Assays from the first six reverse circulation holes have all returned mineralization with significant intersections at:
- Hole RSH09-01 returning 0.69 g/t gold over 79.5m
- Hole RSH09-02 returning 0.92 g/t gold over 19.5m
- Hole RSH09-03 returning 0.68 g/t gold over 58.5m and 0 .60 g/t gold over 115m
- Hole RSH09-04 returning 0.72 g/t gold over 63m
- Hole RSH09-05 returning 0.88 g/t gold over 76.5m
The Preliminary Economic Assessment, scheduled for completion in September, established a 0.22g/t gold economic cut-off grade. Please refer to the press-release from August 5th, 2009 for more information.
"We are encouraged by the initial results from the current exploration campaign at the Shahuindo Gold Project" commented Peter Tagliamonte, President and CEO "Our initial exploration campaign is to test on the potential to expand the mineral resources along the trend between the San Jose, East and Moyan Alto Zones. The exploration team is doing a great job in showing that the current Shahuindo mineralization can be expanded and we are encouraged with the results. We are now planning the next, significantly larger phase of exploration, which we believe will allow Sulliden to expand the mineral resources as we move the Shahuindo Gold Project into the next stages of development."
The exploration campaign targeted areas between the East Zone and Moyan Alto Zone. The primary target area, identified as the "Gap Zone", is located on trend between the San Jose Zone and the East Zone. The second target area, named the "Junction Zone", is located on trend between the East Zone and Moyan Alto Zone. The initial results of this campaign demonstrate a strong likelihood of continuity between the mineralized zones and indicate the potential to expand the current resource.
To view the Figure 1 Drill Hole Collar Locations and Trench Locations Map, please visit the following link:
http://media3.marketwire.com/docs/suefig1.jpg
EXPLORATION RESULTS
Trenches
The trench locations of this exploration program were selected to test the continuity and extensions of the main mineralization corridor between the San Jose Zone, East Zone and Moyan Alto Zones (See Figure 1). Results from the trench program have been compiled. Trenches that intersected bedrock mineralization are displayed in the Table below:
---------------------------------------------------------------------------- Trench Zone True width (m) Au (g/t) ---------------------------------------------------------------------------- T3 Gap Zone 15.8 1.26 ---------------------------------------------------------------------------- T3 Gap Zone 21.0 0.29 ---------------------------------------------------------------------------- T3 Gap Zone 9.0 0.33 ---------------------------------------------------------------------------- T4 East Zone 58.0 (uncertain) 1.15 ---------------------------------------------------------------------------- T5 Junction East - Moyan Alto Zones 3.0 2.69 ----------------------------------------------------------------------------
Drilling
Gold assay results have been received from the first six of the 18 reverse circulation holes. The table below summarizes intervals where most gold assays were greater than 0.3 g/t.
---------------------------------------------------------------------------- Location Drill Hole # From To Meters Au True (m) (g/t) width (m) ---------------------------------------------------------------------------- East Zone RSH09-01 6.0 85.5 79.5 0.69 55(1) ---------------------------------------------------------------------------- East Zone RSH09-02 34.5 54.0 19.5 0.58 19(2) ---------------------------------------------------------------------------- East Zone RSH09-02 117.0 136.5 19.5 0.92 12(2) ---------------------------------------------------------------------------- East Zone RSH09-02 165.0 222.0 57.0 0.35 30 to 40(3) ---------------------------------------------------------------------------- East Zone RSH09-02 243.0 261.0 18.0 0.56 13(2) ---------------------------------------------------------------------------- East-Gap Zone RSH09-03 42.0 100.5 58.5 0.68 40(3) ---------------------------------------------------------------------------- East-Gap Zone RSH09-03(4) 109.5 225.0 115.5 0.60 70(5) ---------------------------------------------------------------------------- Junction East- Moyan Alto Zone RSH09-04 37.5 100.5 63.0 0.72 35(6) ---------------------------------------------------------------------------- Junction East- Moyan Alto Zone RSH09-05 37.5 114.0 76.5 0.88 45(6) ---------------------------------------------------------------------------- East Zone RSH09-06 3.0 21.0 18.0 0.45 18(2) ----------------------------------------------------------------------------
(1) Complex shape, according to the current section interpretation.
(2) According to current section interpretation.
(3) Uncertain, according to current section interpretation.
(4) Bottomed in mineralization (5) Uncertain, assuming the postulated existence of a N-S structure to explain the intersection.
(6) Uncertain, assuming that the Junction zone behaves like the Moyan Alto Zone.
To view the Figure 2 Close-up of the Gap Zone within the East Zone, please visit the following link:
http://media3.marketwire.com/docs/suefig2.jpg
To view the Figure 3 Close-up of Junction Zone, between East and Moyan Alto Zones, please visit the following link:
http://media3.marketwire.com/docs/suefig3.jpg
Quality Control and Assurance
The samples from this exploration program were prepared and analyzed by ALS Chemex in Lima, Peru exercising a thorough Quality Control and Assurance program (QA/QC). All ALS Chemex labs are ISO 9000 registered laboratories.
The technical contents of this press release were reviewed by Stephane Amireault, P.Eng., Vice President, Exploration for Sulliden Exploration Inc. Mr. Amireault is the Qualified Person responsible for the management of the exploration program and disclosure of the drill results as defined by National Instrument 43-101.
About Sulliden
Sulliden is a Canadian based mining company focused on the development and exploration of the Shahuindo Gold Project located in northern Peru, one of the world's most prolific gold and silver producing districts. World-class gold mines in the region include Barrick Gold's Lagunas Norte Mine, 30 km to the south, (1.2 million ounces of gold produced in 2008), and the Yanacocha Mine operated by Newmont Mining Company, 80 km to the north (1.8 million ounces of gold produced in 2008).
The Shahuindo Gold Project has a NI 43-101 compliant Mineral Resource Estimation completed by Met-Chem Canada Inc. in 2005 that estimates 38 million tonnes grading 0.95 grams per tonne of gold and 23 grams per tonne of silver of indicated resource (1.2 million ounces gold and 28 million ounce silver) and 17.2 million tonnes grading 0.62 grams per tonne of gold and 12.83 grams per tonne silver in the inferred category (342,000 ounces gold and 7.1 million ounces silver) (See Sulliden Press Release of April 29, 2005 for details regarding the resource estimate).
In March 2009, the five-year legal dispute that disrupted the Shahuindo Gold Project was resolved. With the current resolution, Sulliden now holds 100 percent of the registered and undisputed ownership of the Shahuindo property and has secured exploration options on 16 adjoining mining concessions.
In April 2009, the Board of Directors appointed a new Management team with the focus and ability to develop, finance and operate mining projects. With a strong strategic plan to advance the development of its Shahuindo Gold Project and potential for mineral resource expansion, Sulliden is positioned to generate superior value for its shareholders.
The Mineral Resource Estimation was completed by Met-Chem Canada Inc. in 2005 and is filed on www.sedar.com.
To view the Figure 1 Shahuindo Project location map, please visit the following link:
http://media3.marketwire.com/docs/shahuindomap.jpg
On behalf of Sulliden Exploration Inc.
Peter Tagliamonte Stan Bharti President and CEO Chairman
Caution regarding forward-looking information:
This press release contains "forward looking information" within the meaning of applicable Canadian securities legislation. Forward looking information includes without limitation, statements regarding the proposed use of the proceeds of the financing, the receipt of all necessary approvals, the outcome of legal proceedings, the issue of permits, the size and quality of the company's mineral resources, progress in development of mineral properties, future production and sales volumes, capital and mine production costs, demand and market outlook for metals, future metal prices and treatment and refining charges, the financial results of the company the future financial or operating performance of the Company, the prospective mineralization of the properties, planned exploration programs, anticipated production schedule and terms and the availability and likelihood of future acquisitions. Generally, forward looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: general business, economic, competitive, geopolitical and social uncertainties; the actual results of current exploration activities; acquisition risks; and other risks of the mining industry. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
Contacts:
Sulliden Exploration Inc.
Scott Moore
(416) 861-5903
smoore@sulliden.com
http://www.sulliden.com
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According to the resource calculation report completed by Southern Peru in 1998, the oxidised portion only of the San Jose deposit, with a strike length of 3.0 km and up to 75 meters in width, contains economic reserves of 17,961,000 tonnes at a grade of 1.04 g/t Au and 17.5 g/t Ag.. This calculation was performed on a three-dimensional block model using a medsystem, based on 60 sections at a 50-meter spacing between the sections. These economic reserves are contained within a larger oxidised mineralised body totalling 29,410,000 tonnes at a grade of 0.88 g/t Au and 16.2 g/t Ag (at a cut-off of 0.3 g/t Au), representing a total resource of 827,000 ounces of gold.
So what are these guys onto? They have been making a correlation between the soil chemistry and the mineralization below. According to this:
-The San Jose deposit (high grade breccia zone) may extend an additional 300m to the north.
-There is a newly also discovered a 'west zone' which appears to have a minimum length of 800m and a width of 100-300m.
-There is another anomoly 400m in length, north and on strike with the east zone.
-Another anomoly is located to the north contact of the main porphyry.
-In total, at least four new distinct and significant untested anomalous areas have emerged over a strike length of 5 kilometers, three of which remain open at the borders of the current grid (the current grid covers only 1/4 of the property).
AI
