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SNWRF: Pursuant to the plan of Arrangement, holders received 0.3 of a common share of NovaCopper. No fractional NovaCopper Shares will be issued
Finra deleted symbol:
http://otce.finra.org/DLDeletions
$SNWRF - $SWD.V - Paul Robertson is Appointed Chief Financial Officer of Sunward
http://www.sunwardresources.com/s/news_releases.asp?ReportID=605963
Vancouver, British Columbia: Sunward Resources Ltd. ("Sunward" or the "Company") (TSX: SWD; OTCQX: SNWRF) is pleased to announce the appointment of Mr. Paul Robertson as its Chief Financial Officer effective immediately.
Mr. Robertson is a Chartered Accountant who brings to his position over 19 years of senior industry experience working with a variety of Canadian public resource companies with operations around the world. Currently, he is the managing partner of Quantum Advisory Partners LLP, a professional consultancy firm dedicated to providing financial reporting, taxation and regulatory advisory services to publicly-listed companies. Previously, Mr. Robertson held senior financial positions with a number of Colombia-focused companies. He holds a BA from the University of Western Ontario (1993) and has a Chartered Accountant designation from the Institute of Chartered Accountants of British Columbia (1997).
Sunward wishes to thank Mr. Michael Malana, the outgoing Chief Financial Officer, for his years of service to the Company.
ABOUT SUNWARD:
Sunward Resources is a Canadian-based company focused on the exploration and development of the 100%-owned Titiribi Project in Colombia. Titiribi hosts NI 43 101-compliant Measured and Indicated Resource of 4.63 million ounces of gold contained within 285.8 million tonnes grading 0.50 grams/tonne and Inferred Resource of 6.01 million ounces of gold contained within 349.4 million tonnes grading 0.53 grams/tonne. All Titiribi resources were assessed using a cut-off of 0.3 grams/tonne gold. Titiribi also hosts 654.4 million pounds of copper in the Measured & Indicated Mineral Resource and 216.3 million pounds of copper in the Inferred Resource. For more information, please see the Company's press release dated September 12, 2013 as published on SEDAR and on the Company's website, as well as the technical report by Behre Dolbear & Company (USA), Inc. dated September 9, 2013.
The Titiribi Project is located approximately 70 kilometres southwest of the city of Medellin, Colombia, in Antioquia department, within the historical Titiribi mining district (with estimated total production of 1.5 to 2 million ounces gold and gold equivalent). Access to Titiribi is by a paved highway from Medellin.
$SNWRF - $SWD.V - Sunward Significantly Increases Measured Resources of Both Gold and Copper at Titiribi Project in Newly-Updated 43-101 Report
http://finance.yahoo.com/news/sunward-significantly-increases-measured-resources-124500704.html
Measured and Indicated Mineral Resources Increase to Approximately 4.63 Million Ounces of Gold and 654 Million Pounds of Copper
Measured Mineral Resources Increase to Approximately 816 Thousand Ounces of Gold and 195 Million Pounds of Copper
Newly updated 43-101 Report provides increased confidence for future advancement of Titiribi
VANCOUVER, Sept. 12, 2013 /CNW/ - Sunward Resources Ltd. ("Sunward" or the "Company") (TSX: SWD; OTCQX: SNWRF) is pleased to announce that it has completed an updated mineral resource estimate for its 100%-owned Titiribi Project ("Titiribi" or the "Project") located in Antioquia Department, approximately 70 kilometers southwest of the city of Medellin, Colombia. Sunward has completed 144,778 metres of drilling in total on the Project, primarily focused at the Cerro Vetas mineralized zone. This drill program is now complete.
A Technical Report has been prepared by Behre Dolbear & Company (USA), Inc. ("BDB Update") in accordance with NI 43-101. The full technical report will be filed on SEDAR and will be available on the Company's website.
Behre Dolbear has reported that, based on a cut-off of 0.3 grams per tonne ("g/t") gold (as used in the June 2012 report), the Titiribi project currently hosts 285.8 million tonnes ("Mt") of Measured and Indicated Mineral Resources averaging 0.50 g/t gold, thus containing 4.63 million ounces ("Mozs") of gold. In addition, the Project contains 654.4 million pounds ("Mlbs") of copper in the Measured and Indicated Resource categories, resulting in a corresponding gold-equivalent resource of 6.22Mozs2. (Please refer to Table 1 below for complete details).
These figures incorporate a substantial increase in the overall amount of Measured gold and copper resource (51.6 Mt @ 0.49 g/t Au and 0.17% Cu) contained in Titiribi, which, in June 2012, stood at 7.5 Mt grading 0.46 g/t gold and 0.16% copper. Importantly, the stated gold for Measured resource increased almost 7.5 times to approximately 816 thousand ounces and the stated copper increased almost 7.2 times to approximately 195 million pounds.
Overall, the combined Measured and Indicated tonnes have remained fairly consistent, increasing somewhat from 275.4 Mt containing 4.58 Mozs of gold and 615.4 Mlbs of copper to 285.8 Mt containing 4.63 Mozs of gold and 654.4 Mlbs of copper.
Inferred gold Resources (349.4 Mt averaging 0.53 g/t gold) at Titiribi have decreased slightly, moving from 6.44 Mozs gold to 6.01 Mozs gold and Inferred copper Resources decreased from 388.5 Mlbs to 216.3 Mlbs. Factoring in copper content in the Cerro Vetas mineralized zone, Inferred Resources, expressed in gold-equivalent, now total 6.53 Mozs2. (Please refer to Table 2 below for details.) It is important to observe that the reported amounts of gold and copper are in line with the corresponding figures presented in the last Technical Report dated June 2012. This outcome is primarily due to the incorporation of results of the Cerro Vetas infill drill program, which was not expected to materially impact the overall Resource estimate.
The total assessed resources encompass only three out of nine mineralized zones at Titiribi. The exploration potential of this highly prolific district is considered to be excellent.
The current resource model also confirmed a higher-grade zone of breccia-hosted, gold-dominant mineralization in the northwest sector of the Cerro Vetas porphyry (the "NW Breccia"). This zone hosts a Measured and Indicated Mineral Resource of 39.7 Mt grading 0.62 g/t gold for a contained 0.79 Mozs of gold, along with an Inferred Mineral Resource of 96.2 Mt grading 0.54 g/t gold containing 1.68 Mozs of gold.
"The BDB Update confirmed that Titiribi contains one of the most significant endowments of gold in the world," said Philip O'Neill, Sunward's Chief Executive Officer. "On the basis of 0.3 gram-per-tonne cut-off (the same as in the previous studies), the Project was determined to host approximately 4.63 Mozs of gold in Measured and Indicated ("M&I") Categories (compared to 4.58 Mozs in the previous Report produced in June 2012) and approximately 6.0 Mozs of gold in the Inferred Category (compared to 6.44 Mozs in the previous Report). Importantly, the BDB Update demonstrated that the Measured portion now constitutes about 18% of the total M&I amount compared to the 2% assessed in the previous Report. The increased proportion of Measured Resource within the combined M&I Category reflects the increased resource confidence achieved as a result of the additional drilling carried out on the property over the last year. In addition to gold, Titiribi contains substantial amounts of copper determined to total 654 Mlbs in the M&I Category (compared to 615 Mlbs in the previous Report) and 216 Mlbs in the Inferred Category (compared to 388.5 Mlbs the previous Report). These figures should be put in the context of the recovery characteristics for both metals, which at the major Cerro Vetas Zone average approximately 83% and 90% for gold and copper, respectively. These and other factors, including the existing project infrastructure, will form the foundation for ongoing and future engineering studies for the Project."
The updated resource estimate covers the Cerro Vetas, Chisperos, and the NW Breccia zones. The NW Breccia zone is located on the northwestern periphery of the Cerro Vetas zone while the Chisperos zone is immediately to the northeast of Cerro Vetas.
Significant Increase in Measured Global Resource
The increased tonnage and ounces of gold and lbs of copper in the Measured category of Resources, reported by Behre Dolbear, were primarily the result of the incorporation into the current resource model of recent in-fill drill holes located for the most part in the Cerro Vetas zone, along with modified and reinterpreted geology at the Cerro Vetas, NW Breccia and Chisperos resource areas.
Geology of the Titiribi Project
The BDB Update confirms that the Titiribi Project contains several separate mineralized zones, and although all appear related to a large Miocene-age post-caldera intrusive system, each is spatially separate. The Cerro Vetas-NW Breccia-Chisperos complex is a bulk tonnage gold and copper porphyry deposit directly related to several interconnected Cerro Vetas diorite porphyry centers but also hosted in the immediate contact aureoles and adjacent breccias. Prior to this report, the Chisperos zone was thought to consist of two separate zones, Chisperos and Virgen. Continued drilling and modeling now demonstrates that Chisperos hosts intrusive and contact aureole mineralization and as of 2013, the term Virgen is no longer used. Mineralization hosted in the Cerro Vetas diorite porphyry is disseminated and fracture controlled. The principal metallic minerals are native gold, chalcopyrite, pyrite, and magnetite. Gold values within the Cerro Vetas diorite normally correlate well with copper content and magnetite. The largest diorite intrusive occurs within the Cerro Vetas zone with smaller plugs and dikes found within the NW Breccia and Chisperos zones. The diorite porphyry hosts typical porphyry copper alteration with a barren to weakly mineralized pro-grade potassic core, surrounded by a well-mineralized phyllic zone, and a thinly mineralized retrograde argillic zone. The outermost propylitic alteration zone is widespread. Interpretation of geophysical and drill hole data suggests that potential higher-grade gold-copper zones exist as a domed contact-related shell in the intrusive where brecciated diorite with xenolithic fragments of sedimentary rocks was intercepted in drilling. This higher-grade domed shell is, at least in part, coincident with the phyllically altered intrusive-sedimentary contact breccia.
A second style of mineralization is gold-only mineralization developed in diatreme breccia in the NW Breccia and Chisperos zones. At NW Breccia, a separate diorite plug hosts gold and copper mineralization while the diatreme breccia hosts both gold-only and gold-copper mineralization. The reason for separate gold-only and gold-copper zones in the diatreme breccia is unknown but may be related to proximity to diorite dikes.
Similar to the NW Breccia, Chisperos hosts gold-copper mineralization in diorite plugs and dikes, gold-only mineralization in diatreme breccia. It also hosts substantial epithermal, lower-temperature generally gold-only mineralization within parallel to sub-parallel mineralized zones that are both stratigraphically and structurally controlled and hosted in a sedimentary-volcanic sequence. The near- vertical diorite plugs and dikes consistently strike east-northeast and appear to emanate from the principal stock at the Cerro Vetas zone with all intruding structural weaknesses developed in the earlier diatreme breccia. Northwest-striking, steeply dipping faults are theorized to be the channel ways for auriferous hydrothermal fluids that mineralized shallow-dipping, favorable stratigraphic hosts; the Amaga Formation/basement contact; diatreme breccia; and possibly shallow-dipping bedding-plane fault zones.
Additional Information
Behre Dolbear assigned Mr. Joseph A. Kantor and Dr. Robert E. Cameron to undertake the project. Both are recognized as Qualified Professionals by the Mining and Metallurgical Society of America (MMSA) and as Qualified Persons under NI 43-101.
Ms. Heather White, P.Eng, is Special Advisor to the COO, and a consultant to the Company. Ms. Heather White is a qualified person under National Instrument 43-101 and has reviewed and approved all of the scientific and technical information on Company's news releases other than the NI 43-101 technical reports on the Company's Titiribi project.
Table 1
Titiribi Measured and Indicated Mineral Resource
(0.3 g/t Cutoff As of July 31, 2013)
Area Class Million
Tonnes Au
(g/t) Cu
(%) Contained Metals Au
Equivalence1
(million oz)
Au
(kg) Au
(million oz) Cu
(tonnes) Cu
(million lbs)
Cerro Vetas Measured 51.6 0.49 0.17 25,380 0.82 88,486 195.1 1.29
Indicated 132.4 0.48 0.16 63,949 2.06 208,317 459.3 3.17
Chisperos Indicated 62.1 0.48 - 30,077 0.97 - - 0.97
NW Breccia Indicated 39.7 0.62 - 24,541 0.79 - - 0.79
Total
Measured +
Indicated 285.8 0.50 - 143,947 4.63 296,804 654.4 6.22
1Gold Equivalence estimated using $1,300 per ounce gold at 83% recovery and $2.90 per pound copper at 90% recovery
Table 2
Titiribi Inferred Mineral Resource
(0.3 g/t Cutoff As of July 31, 2013)
Area Class Million Tonnes Au
(g/t) Cu
(%) Contained Metals Au
Equivalence1
(million oz)
Au
(kg) Au
(million oz) Cu
(tonnes) Cu
(million lbs)
Cerro Vetas Inferred 153.0 0.57 0.064 87,712 2.82 98,104 216.3 3.34
Chisperos Inferred 100.2 0.47 - 46,811 1.51 - - 1.51
NW Breccia Inferred 96.2 0.543 - 52,285 1.68 - - 1.68
Total Inferred 349.4 0.53 - 186,807 6.01 98,104 216.3 6.53
1Gold Equivalence estimated using $1,300 per ounce gold at 83% recovery and $2.90 per pound copper at 90% recovery
Please refer to the full Technical Report titled "Technical Report on the Titiribi Project, Department of Antioquia, Colombia", dated September 9, 2013, in accordance with NI 43-101. The technical report will be filed on SEDAR and will be available on the Company's website.
Note to Tables:
The mineral resources are reported in accordance with Canadian Securities Administrators' NI 43-101 and have been estimated in conformity with generally accepted CIM "Estimation of Mineral Resource and Mineral Reserves Best Practices" guidelines. No Reserves conforming to these standards have been estimated as the Company has not advanced exploration and evaluation work to the point of developing plans, production schedules and economic analysis.
The Authors would also note that the Inferred Resource estimates have a great amount of uncertainty as to their existence and economic and legal feasibility. It cannot be assumed that all or any part of an Inferred mineral resource will ever be upgraded to a higher category. Under Canadian NI 43-101, estimates of Inferred mineral Resources may not form the basis of feasibility or pre-feasibility studies or economic studies except for a preliminary economic assessment or scoping study. Investors are cautioned not to assume that any or all of the Inferred Resources exist or are economically or legally mineable.
Notes:
These resource estimates have been prepared in accordance with NI 43-101 and the Canadian Institute of Mining and Metallurgy Resource Classification System, unless otherwise noted.
Gold Equivalence is estimated using $1,300 per ounce gold at 83% recovery and $2.90 per pound copper at 90% recovery.
Rounding as required by reporting guidelines may result in apparent summation differences between tonnes, grade and contained metal content
Tonnage and grade measurements are in metric units. Contained gold and silver ounces are reported as kilograms and troy ounces, contained copper as kilograms and imperial pounds
Cautionary Note Concerning Reserve & Resource Estimates
This summary table uses the terms "Measured Resources", "Indicated Resources" and "Inferred Resources". United States investors are advised that, while such terms are recognized and required by Canadian securities laws, the United States Securities and Exchange Commission (the "SEC") does not recognize them. Under United States standards, mineralization may not be classified as a "reserve" unless the determination has been made that the mineralization could be economically and legally produced or extracted at the time the reserve determination is made. Mineral resources that are not mineral reserves do not have demonstrated economic viability. United States investors are cautioned not to assume that all or any part of measured or indicated resources will ever be converted into reserves. Further, inferred resources have a great amount of uncertainty as to their existence and as to whether they can be mined legally or economically. It cannot be assumed that all or any part of the inferred resources will ever be upgraded to a higher category. Therefore, United States investors are also cautioned not to assume that all or any part of the inferred resources exist, or that they can be mined legally or economically. Disclosure of "contained ounces" is permitted disclosure under Canadian regulations, however, the SEC normally only permits issuers to report "resources" as in place tonnage and grade without reference to unit measures. Accordingly, information concerning descriptions of mineralization and resources contained in this release may not be comparable to information made public by United States companies subject to the reporting and disclosure requirements of the SEC.
NI 43-101 Standards of Disclosure for Mineral Projects is a rule developed by the Canadian Securities Administrators, which established standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. Unless otherwise indicated, all resource estimates contained in this circular have been prepared in accordance with NI 43-101 and the Canadian Institute of Mining, Metallurgy and Petroleum Classification System.
Definitions of Terms used in this News Release
A Mineral Resource is a concentration or occurrence of natural, solid, inorganic or fossilized organic material in or on the Earth's crust in such form and quantity and of such a grade or quality that it has reasonable prospects for economic extraction. The location, quantity, grade, geological characteristics and continuity of a mineral resource are known, estimated or interpreted from specific geological evidence and knowledge. Mineral resources are subdivided, in order of increasing geological confidence, into inferred, indicated and measured categories.
A Measured Mineral Resource is that part of a Mineral Resource for which quantity, grade or quality, densities, shape, and physical characteristics are so well established that they can be estimated with confidence sufficient to allow the appropriate application of technical and economic parameters, to support production planning and evaluation of the economic viability of the deposit. The estimate is based on detailed and reliable exploration, sampling and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes that are spaced closely enough to confirm both geological and grade continuity.
An Indicated Mineral Resource is that part of a mineral resource for which quantity, grade or quality, densities, shape and physical characteristics can be estimated with a level of confidence sufficient to allow the appropriate application of technical and economic parameters to support mine planning and evaluation of the economic viability of the deposit. The estimate is based on detailed and reliable exploration and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes that are spaced closely enough for geologic and grade continuity to be reasonably assumed.
An Inferred Mineral Resource is that part of a mineral resource for which quantity and grade or quality can be estimated on the basis of geological evidence and limited sampling and reasonably assumed, but not verified, geological and grade continuity. The estimate is based on limited information and sampling gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes.
QA/QC:
The Behre Dolbear authors opine that Sunward has done an outstanding job of following industry best standards and maintaining chain of custody in their exploration efforts. All diamond drill core is diligently logged and documented. Because all of the coring is oriented and holes are subject to downhole photography, Sunward geologists have gathered a large amount of structural data and used it to decipher the structural controls of the vein systems and locally higher-grade zones of mineralization. All of the data is quite reliable. Quality Assurance/Quality Control (QA/QC) data is extensive and all industry recognized procedures have been followed. The authors' review of standard and blank assay data shows little bias.
ABOUT SUNWARD:
Sunward Resources is a well-capitalized, Canadian-based company focused on the exploration and development of the 100%-owned Titiribi Project in Colombia. The Titiribi Project is located approximately 70 kilometres southwest of the city of Medellin, Colombia, in Antioquia department, within the historical Titiribi mining district (estimated total production of 1.5 to 2 million ounces gold equivalent). Access is by paved highway from Medellin.
$SNWRF - $SWD.V - insider buys
Jul 17/13 Jul 12/13 Electrum Strategic Acquisitions LLC Direct Ownership Common Shares 11 - Acquisition carried out privately 225,000 $0.275
Jul 12/13 Jul 8/13 Lang, Gregory Anthony Direct Ownership Options 50 - Grant of options 300,000 $0.260
http://www.canadianinsider.com/node/7?ticker=SWD
$SNWRF - $SWD.V -Sunward Announces Results of Metallurgical Program at Titiribi Yield an Optimized Flowsheet Which Incorporates a Conventional Processing Facility and High Gold and Copper Recoveries
http://www.sunwardresources.com/s/news_releases.asp?ReportID=589451
A conventional flotation test circuit on the Cerro Vetas Zone yields gold and copper recoveries averaging 76% and 90%, respectively; flotation tails from this same zone prove to be non-acid generating
Gold recovery for the predominantly gold-bearing Northwest Breccia Zone averages 81%
Gold recovery for the gold-bearing Chisperos Zone averages 84%
Vancouver, British Columbia: Sunward Resources Ltd. ("Sunward" or the "Company") (TSX: SWD; OTCQX: SNWRF) announced today that final metallurgical tests conducted on material sourced from the Cerro Vetas Zone ("Cerro Vetas"), of the 100%-owned Titiribi project confirmed that a conventional flotation system can produce a saleable concentrate and recover approximately 90% and 76% of the contained copper and gold, respectively. A further 6% of the gold from Cerro Vetas can be recovered to a pyrite flotation concentrate which can be processed by cyanidation. Additional testing of the same conventional system showed that an overall recovery of 81% of the gold contained in the Northwest Breccia Zone ("NW Breccia") can be achieved by producing limited amounts of pyrite concentrates which could in turn be sold or treated in a small Carbon-in-Leach ("CIL") facility. Locked Cycle flotation and cyanidation testing also demonstrated that an overall 84% Au recovery could be achieved for gold contained in the Chisperos zone.
Titiribi, located approximately 70 kilometers from the city of Medellin, Colombia, hosts 275.4 million tonnes of NI 43-101-compliant Measured and Indicated Resources containing 4.58 million ounces of gold and 615.4 million pounds of copper (grading 0.52 grams/tonne gold and 0.17% copper) and 359.6 million tonnes of Inferred Resources containing 6.44 million ounces of gold and 388.5 million pounds of copper (grading 0.56 grams/tonne gold and 0.09% copper). Cerro Vetas and NW Breccia account for approximately 75% and 100% of Titiribi's total gold and copper endowment, respectively. The metallurgical studies were conducted at the Truro laboratory of Wardell Armstrong International in Cornwall, England, a major international environmental and mineral processing consultancy.
"These final metallurgical test results are significant," said Gil Leathley, Sunward's Chief Operating Officer. "The extensive metallurgical testing was carried out to obtain results which could support the development of a Preliminary Economic Assessment (PEA) and demonstrate that significant gold and copper recoveries can be achieved by utilizing a conventional gravity, flotation and cyanidation process and thus produce saleable concentrates from Titiribi. We are currently working on completing a NI 43-101-compliant resource report for Cerro Vetas, NW Breccia and Chisperos that will include results from the most recent drilling in these areas. The outcome of these studies will serve as a basis for development of a technical and economic analysis to support the staged development of the Titiribi District".
ABOUT SUNWARD:
Sunward Resources is a well-capitalized, Canadian-based company focused on the exploration and development of gold/copper porphyry projects in Colombia. The 100%-owned Titiribi Project is located approximately 70 kilometres southwest of the city of Medellin, Colombia, in Antioquia department, within the historical Titiribi mining district (estimated total production to date of 1.5 to 2 million ounces gold equivalent). Access is by paved highway from Medellin.
Titiribi currently hosts NI 43-101 compliant Measured & Indicated Mineral Resource of 4.58 million ounces gold (within 275.4 million tonnes grading 0.52 grams/tonne gold, using a 0.3 grams/tonne gold cut-off), along with an additional Inferred Mineral Resource of 6.44 million ounces gold (within 359.6million tonnes grading 0.56 grams/tonne gold using a 0.3 grams/tonne gold cut-off.
Titiribi thus contains 6.28 million ounces of gold equivalent in the Measured & Indicated Resource categories and a further 7.51 million ounces of gold equivalent in the Inferred Resource category, calculated on the basis of gold price of $1,114 per ounce and copper price of $3.07 per pound. See the NI 43-101 technical report by Behre Dolbear & Company (USA) dated June 1, 2012, titled "Technical Report on the Titiribi Project, department of Antioquia, Colombia" as published on SEDAR and on the Company's website at www.sunwardresources.com
Gordon Antony Jackson, a Consultant Metallurgist at TJ Metallurgical Services Ltd, B.Sc. Hons. (Eng), is a Qualified Person under NI 43-101, has reviewed and is responsible for the contents of this news release.
Contact Information
Investor and media contact:
Kanapa Pitakpong
+1 604 568 7617
Kanapa@sunwardresources.com
$SNWRF - $SWD.V - +15%
See chart update
good points all. I was thinking of another one. Cabia. It may be done.
$SNWRF - $SWD.V - $30M in cash - supported by Electrum and Baupost Groups and Paulson and Company
Simply too much gold and copper to be left by these deep pockets
This one might be done.......
Trending lower toward all time low
$SNWRF - $SWD.V - Sunward Reports Results Of Metallurgical Testwork Which Support Production Of Saleable Concentrates At Cerro Vetas
Gold and copper recoveries average 75% and 86%, respectively
Gold recoveries at the predominantly gold-bearing Northwest Breccia Zone average 85%
Focus has moved to conducting engineering and economic studies
http://www.sunwardresources.com/s/news_releases.asp?ReportID=574494
... ""These results are important," said Gil Leathley, Sunward's Chief Operating Officer. "They demonstrate that we can achieve significant gold and copper recoveries utilizing a conventional flotation process and thus produce saleable concentrates from Titiribi. Our immediate plans include both the completion of the metallurgical studies as well as a NI 43-101 compliant resource report for Cerro Vetas that will include results from the most recent drilling in this area. The outcome of these studies will serve as a basis for development of a technical and economic analysis to support the staged development of the Titiribi district".
"Sunward is entering an important phase of its evolution with the completion of the current phase of drilling activities coincident with changes in the senior management that took place in early February," said Philip O'Neill the Company's Chief Executive Officer. "Our activities have moved to preparation of preliminary requisite technical and economic studies, collection of baseline data, ongoing property maintenance, infrastructure development and reclamation of the disturbed areas. This work will determine the scope and nature of our next phase of drilling. Accordingly, we will be implementing personnel reduction and reassignment programs which will be carried out in a prudent fashion with particular sensitivities to the needs of the local community."" ...
$SNWRF - $SWD.V - Sunward Reports Financial Results For The Three And Nine Months Ended December 31, 2012
http://www.sunwardresources.com/s/news_releases.asp?ReportID=570180
$SNWRF - $SWD.V - Colin Andrew steps down as CEO, Philip O'Neill is appointed CEO
http://finance.yahoo.com/news/colin-andrew-steps-down-ceo-140000871.html
... "VANCOUVER, Feb. 5, 2013 /CNW/ - Sunward Resources Ltd. ("Sunward" or the "Company") (TSX: SWD; OTCQX: SNWRF) announced today that Colin Andrew has resigned as the Company's CEO and Director effective immediately. He is being replaced by Philip O'Neill who is a member of the Board of Directors of the Company and one of its Founders. Mr. O'Neill was the Company's CEO from its inception until May 2011.
During Mr. Andrew's tenure, Sunward substantially advanced its principal 100%-owned Titiribi Project (the "Project") in Colombia and was instrumental in setting up the Company's operational management in Colombia and Vancouver. Under his leadership, the Company expanded its gold endowment from approximately 3.7 million ounces in Inferred Category to 4.6 million ounces in the Measured and Indicated Categories, and an additional 6.4 million ounces in Inferred Category. In addition, Titiribi now contains significant additional amounts of copper in its mineral endowment.
Jay Sujir, the Company's Chairman, stated: "On behalf of the Board, I would like to thank Colin for his service to Sunward during its very successful exploration campaign. The Company is now entering a phase in which it will explore the possibility of developing Titiribi in a staged cost-effective and economically viable manner. To that end, Gil Leathley, Sunward's Director and Senior Advisor to the Chief Executive Officer, will continue to be responsible for the completion of the requisite engineering studies to advance the Project."" ...
$SNWRF - $SWD.V - change of trend to the upside on daily chart
$SNWRF - SWD.V - Sunward intersects significant gold-copper and silver mineralization at two new zones, Titiribi Project
http://www.newswire.ca/en/story/1091055/sunward-intersects-significant-gold-copper-and-silver-mineralization-at-two-new-zones-titiribi-project
... "Sunward Resources is a well-capitalized, Canadian-based company focused on the exploration and development of gold/copper porphyry projects in Colombia. The 100%-owned Titiribi Project is located approximately 70 kilometres southwest of the city of Medellin, Colombia, in Antioquia department, within the historical Titiribi mining district (estimated total production to date of 1.5 to 2 million ounces gold equivalent). Access is by paved highway from Medellin.
Titiribi currently hosts an NI 43-101 compliant Measured & Indicated Mineral Resource of 4.6 million ounces gold (within 275.4 million tonnes grading 0.52 grams per tonne gold and 0.17 per cent copper, using a 0.3 grams per tonne gold cut-off), along with an additional Inferred Mineral Resource of 6.4 million ounces gold (within 359.6million tonnes grading 0.56 grams per tonne gold using a 0.3 grams per tonne gold cut-off; see Report dated June 2012 available at www.sunwardresources.com and on SEDAR).
Titiribi thus contains 6.28 million ounces of gold equivalent in the Measured & Indicated Resource categories and a further 7.51 million ounces of gold equivalent in the Inferred Resource category, calculated on the basis of gold price of $1,114 per ounce and copper price of $3.07 per pound (See Report dated September 2011 available at www.sunwardresources.com and on SEDAR.)" ...
Created a board with the TSX quote and pricing info.
http://investorshub.advfn.com/boards/board.aspx?board_id=25886
I'm looking at this one. Seems to be a company with good claims in hand.
$SNWRF - Sunward Reports Financial Results For The Three And Six Months Ended September 30, 2012
http://www.sunwardresources.com/s/news_releases.asp?ReportID=557519
... "Summary of Key Operational and Financial Highlights
The Company incurred a net loss for the three and six months ended September 30, 2012 of USD $4,619,421 and $14,368,067 respectively compared to a loss of USD $7,406,281 and $10,118,511 respectively for the same periods in 2011.
For the six months ended September 30, 2012 compared to the same period in 2011, the Company substantially increased its exploration and related activities in the advancement of its 100%-owned Titiribi project in Colombia. As a consequence, the Company's expenditures for administrative and exploration increased significantly for the six months ended September 30, 2012 compared to the same period in 2011. The Company's transfer agent and filing fees increased significantly for the six months ended September 30, 2012 compared to the same period in 2011 as a result of graduating to the Toronto Stock Exchange ("TSX") from the TSX Venture Exchange in April 2012." ...
..."The Company had cash and cash equivalents of USD $37,861,351 as at September 30, 2012 compared to cash and cash equivalents of USD $50,938,156 as at March 31, 2012." ...
$SNWRF - Sunward Intersects Significant Gold-Copper and Silver Mineralization at Two New Zones, Titiribi Project
http://finance.yahoo.com/news/sunward-intersects-significant-gold-copper-124700031.html
... "
Drilling at Junta Zone intersects 54.6 metres of 0.82 g/t gold
First intercepts of very high silver grades at Junta (4.0 metres grading 480 g/t silver)
Drilling at Porvenir Zone intersects copper mineralization for the first time" ...
Sunward Announces Appointment of Greg Lang to Board of Directors
http://finance.yahoo.com/news/sunward-announces-appointment-greg-lang-210800233.html
... " Mr. Lang is President and Chief Executive Officer of NovaGold Resources Inc., which recently announced approval for commencement of permitting for its 50%-owned Donlin Gold Project in Alaska. Donlin Gold is one of the largest undeveloped known gold deposits in the world. Before joining NovaGold, Mr. Lang was President of Barrick Gold of North America , a wholly-owned subsidiary of Barrick Gold Corporation ("Barrick Gold"). In that capacity, he held executive responsibility for Barrick Gold's nine operations in the United States , Canada and the Dominican Republic . Prior to Barrick Gold, he held progressively responsible positions with Homestake Mining Company and International Corona Corporation, both of which are now part of Barrick Gold. Mr. Lang has over 30 years of diverse experience in mine operations, project development and evaluations. He holds a Bachelor of Science in Mining Engineering from University of Missouri-Rolla and is a graduate of Stanford University Executive Program.
"Stakeholders of Sunward are fortunate to have the depth and the breadth of experience assembled on its Board of Directors," said Jay Sujir, the Company's Chairman. "This is particularly valuable as Sunward advances its Titiribi Project in a staged cost-effective manner."" ...
Drilling at Cerro Vetas Zone Intersects 167.5 Metres Grading 0.55 Grams-per-tonne Gold and 0.17% Copper
http://finance.yahoo.com/news/drilling-cerro-vetas-zone-intersects-122200980.html
... "It is abundantly clear that, at the moment, the main value driver at Titiribi is the Cerro Vetas Zone which contains by far the most gold and all of the copper defined to date on the Property," said Colin Andrew , Sunward's Chief Executive Officer. "Furthermore, recent drilling points to the fact that this zone has substantial additional exploration potential which should further enhance the value of Cerro Vetas. The development of Cerro Vetas can be logically followed by the development of the Chisperos Zone which contains substantial amounts of gold and, after that, by development of other zones at Titiribi, which have produced measurable exploration success to-date. The Titiribi District can thus undergo substantial staged development and wealth generation for many years and perhaps decades to come."
"Cerro Vetas has grown to sufficient size and scale, to be viewed as Titiribi's lead-in project assessed on a standalone basis. The main benefits of this approach lie in potentially significantly reduced initial capital costs, effective use of the existing infrastructure and Sunward's ability to fund additional development at Titiribi from future cash flows from Cerro Vetas. This strategy especially makes sense from the standpoint of efficient utilization of capital in highly restrictive capital markets." ...
Sunward reports financial results for the three months ended June 30, 2012
http://finance.yahoo.com/news/sunward-reports-financial-results-three-171500896.html
... "On June 4, 2012, the Company released a Technical Report respecting the updated resource estimate prepared by Behre Dolbear & Company (USA), Inc. ("Behre Dolbear") in accordance with NI 43-101. The Company reported that, based on a cut-off of 0.3 grams per tonne gold (as used in the September 2011 Technical Report), the Titiribi Project currently hosts 275.4 million tonnes ("Mt") of Measured and Indicated Mineral Resources averaging 0.52 grams per tonne gold, and thus containing 4.58 million ounces ("Mozs") of gold. In addition, the Project contains substantial amounts of copper in the Measured and Indicated Resource categories resulting in a corresponding gold-equivalent resource of 6.28 Mozs.
In addition, Inferred Resources amounted to 359.6 million tonnes averaging 0.56 grams per tonne gold yielding 6.44 million ounces of gold and, incorporating copper, 7.51 million ounces gold-equivalent. The resource estimates are now based on 120 drill holes in the Cerro Vetas and Chisperos zones for a total of 73,362 metres of drilling." ...
Sunward Reports Further Progress From Drilling At Titiribi
http://www.sunwardresources.com/s/news_releases.asp?ReportID=538151
... "Sunward Resources CEO Colin Andrew commented: "We are very pleased that this continued drilling has, in all likelihood, significantly enhanced the extent of mineralization, both in terms of the overall tonnage of material and, more importantly, in terms of the amount of contained gold and copper. Furthermore, there is significant evidence that we may have identified a new higher-grade NW Breccia Zone at depth at Cerro Vetas." He went on to state that: "These results provide us with more evidence of the scale and potential of the Titiribi District where we plan to conduct further exploration on additional targets later this summer." ...
Thank you for posting - excellent information
From: otto rock
Date: Tue, 5 Jun 2012 07:31:45 -0500
Subject: IKN Flash update (Sunward Resources (SWD.to))
Good morning, we're less than an hour before the opening bell on this crisp and sunny autumn morning South of the Equator.
Yesterday morning saw the release of the Sunward Resources (SWD.to) 43-101 technical report, updating its resource size and providing a lot more detail about the deposit. The NR is here...
http://finance.yahoo.com/news/sunward-more-doubles-measured-indicated-133600804.html
...but I've been fortunate enough to have got my hands on a copy of the Behre Dolbear (BDB) 43-101 report itself (some subjects such as metallurgy cover which provides a lot more detail on matters. Yesterday was spent reading though the report (all 217 pages of it) and before we get to a full fundies update, which will be in IKN162 next weekend, a word or two here at least in general terms.
This is a good report. Its headline resource numbers as per the NR were 4.6m oz Au measured and indicated (M+I, but nearly all of that is indicated) with 6.4m oz Au inferred. On top of that we have the copper byproduct, which comes to approximately 1Bn lb Cu all categories. These are big numbers of course, but there's even better news buried in the details and here are three main points.
*
*
- *High grade zones provide starter pit potential.* There are clear high grade zones at Titiribi that seem well suited for a starter pit operation that would provide fast capital payback. The overall resource is calculated at 0.3g/t Au (*and we note that the lower than average $1,114/oz Au gold price is still being used by SWD/BDB*) but if we use a 0.8 g/t cut off, there are 3.17 m oz Au under resource (1.08m M+I, 2.09m inferred) or at a 1.0g/t gold cut off there are 2.18m oz Au (0.69m M+I 1.49m inferred). From the look of the resource charts and maps, most of that higher grading material is found at or reasonably near surface too, which also lends itself to a good starter pit scenario.
- *Upside potential to resource still strong.* There are only three of the Titiribi mineralized zones in the resource report up to now, namely Cerro Vetas, Chisperos and the NW Breccia. The BDB report states that the potential for further exploration and resource upside at all three of these targets is still strong, classing the potential for more ounces at Cerro Vetas as "excellent", at Chisperos-Virgen "...drilling is still at an early stage and there is much room for growth..." and the NW Breccia zone will likely provide outstep growth too. Along with the three zones included in this report, BDB notes there are Candela, Margarita, Porvenir, Rosa, Junta which are also "prime targets" for exploration and although some of those have seen drill work done so far, they were considered at a too early stage to be included in this resource update. All five of those targets are considered good for further exploration, with the Junta zone called "particularly encouraging" after returning a recent drill result of 43.7m of 0.78 g/t gold and 0.41% copper (from surface). To sum up, the 11m oz Au now under resource is almost certain to grow as SWD continues its exploration.
Rec'd via email from an apparent Ikn Kola subscriber.
- *Metallurgy very good.* The metallurgy results to date suggest
excellent recoveries and with the best results so far coming from
techniques that do not involve cyanide (a bonus when it comes to
environmental permitting time). Gravity + Flotation returns between 93% and
97% recoveries for gold, depending on rock type (two were tested, namely
the typical dock at Cerro Vetas and rock considered typical for the central
porphyry zone) and between 89% and 93% for copper. These are very good
returns, use typical reagents and suggest an economically viable
processing. The report is quick to point out that more detailed tests are
needed, but for this stage of development the results are excellent. The
good thing about this is that high recoveries using standard (and
non-cyanide) technology goes at least some way in countering the project
weakness of low grading material.
Other things to note 1) with $4.3m at bank currently and a work program
that budgets $16.3m for total corporate spending (not just the exploration
but everything at SWD) in the period May 2012 to March 2013, the company is
in very good financial shape. 2) The low grade of the deposit is still an
issue and will continue to attract attention as the Achilles heel from the
market, we have to be clear about that. 3) Social factors are good enough
and the BDB report tells of an amicable relationship between company and
locals, however weaknesses have been noted and more work will be needed
(details on Sunday, but nothing we should overly fret about)
There's more to report on this report of course, and trying to do justice
to 217 pages of a report such as this in a simple update mail is difficult.
We'll go into detail and provide a target update on SWD next Sunday, but
for the time being this Flash update reports *we are more than happy with
the results of this 43-101 and we continue to recommend SWD* as a good
junior gold explorer. Your author is a very happy holder and the stock
remains a firm component of our 'Stocks to Follow' list.
Best, O
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Hi there again,
A typo in the Flash update on Sunward (SWD.to) today needs correcting (*and ty TH for pointing it out*).
The cash *treasury held at SWD today is $44.3m*, not $4.3m as mentioned in today's update.
In other words, SWD has a strong cash position and no funding worries at all.
Sorry about that. Typos happen but when they involve a key number metric, the correction is 100% necessary.
Best, O
SUNWARD MORE THAN DOUBLES MEASURED AND INDICATED RESOURCES AT TITIRIBI PROJECT, COLOMBIA IN NEWLY-UPDATED 43-101 REPORT
http://www.sunwardresources.com/s/news_releases.asp?ReportID=528666
Measured & Indicated Mineral Resources Increase to Approximately 4.6 Million Ounces of Gold (6.3 Million Ounces of Gold Equivalent) 1
Inferred Mineral Resources Increase to Approximately 6.4 Million Ounces of Gold (7.5 Million Ounces of Gold Equivalent) 1
Average Gold Grade of Measured and Indicated Mineral Resource Increases by Approximately 8.3%; Gold Grade of Inferred Resource Grows by 9.8%
Resource Expansion Drilling is Continuing
1Full resource statement to NI 43-101 standards included in text.
Sunward Continues to Hit Superior Grade Wide Intersections at Cerro Vetas and Identifies New Porphyry Bodies at Chisperos
http://www.sunwardresources.com/s/news_releases.asp?ReportID=524609
Sunward Drills 121.6 Metres Grading 0.70 Grams per Tonne Gold at Chisperos
http://www.sunwardresources.com/s/news_releases.asp?ReportID=515948
March 29, 2012
Sunward Resources to Commence Trading On Toronto Stock Exchange
http://www.sunwardresources.com/s/news_releases.asp?printVersion=now&ReportID=515399
Vancouver, British Columbia: Sunward Resources Ltd. ("Sunward" or the "Company") (TSX: SWD; OTCQX: SNWRF) is pleased to announce that its Common shares will commence trading on the Toronto Stock Exchange ("TSX") at the opening of the market on Monday, April 2, 2012. Sunward's Common shares will be delisted from the TSX Venture Exchange concurrent with the commencement of trading on the TSX. The Company's shares will continue to trade under the current stock symbol "SWD". Sunward is also listed on OTCQX International in the United States under the stock symbol "SNWRF".
"Trading on the TSX is another reflection of Sunward's continuing growth in stature, profile and visibility," said Colin Andrew, the Company's Chief Executive Officer. "The TSX is one of the most highly-regarded well-regulated Stock Exchanges in the world. We are delighted and honored to be a part of its family of companies."
ABOUT SUNWARD:
Sunward Resources is a well-capitalized, Canadian-based company focused on the exploration and development of gold/copper porphyry projects in Colombia. The 100%-owned Titiribi Project is located in Antioquia department, approximately 70 kilometres southwest of the city of Medellin, Colombia, within the historical Titiribi mining district (estimated total production of 1.5 to 2 million ounces gold equivalent). Access is by paved highway from Medellin.
Titiribi hosts an NI 43-101-compliant Indicated Mineral Resource of 2.2 million ounces of gold within 142.94 million tonnes grading 0.480 grams/tonne gold and 0.148% copper and an Inferred Mineral Resource of 6.08 million ounces of gold within 372.7 million tonnes grading 0.507 grams/tonne gold and 0.078% copper, both assessed using a 0.3 grams/tonne gold cut-off. Based on the above, Titiribi also hosts 465.9 million pounds of copper in the Indicated Resource and 645.7 million pounds of copper in the Inferred Resource. Titiribi thus contains 3.50 million ounces of gold equivalent in the Indicated Resource category and a further 7.90 million ounces of gold equivalent in the Inferred Resource category, calculated on the basis of gold price of $1,114 per ounce and copper price of $3.07 per pound (See Report dated September 2011 available at www.sunwardresources.com and on SEDAR.)
Contact Information:
Brenda Dayton
604.568.7617
brenda@sunwardresources.com
Electrum Strategic Resources LLC
Based in New York, Denver
Active in Colombia, Romania, Alaska, British Columbia, Australia
Targeted base metals, precious metals
http://moneytometal.org/index.php/Electrum_Strategic_Resources_LLC
Electrum Strategic Resources LLC and Electrum Strategic Holdings LLC are based in New York, and members of the privately-owned Electrum Group of Companies which, through Electrum Ltd, purportedly holds one of the largest and most diversified portfolios of precious metals exploration projects in the world [Marketwire 2 February 2009].
As of 2010, the firm declared this portfolio to comprise "over 100 projects located in 16 countries in the Americas, Africa, Asia and Eastern Europe".
In April 2011, the Group somewhat modified this figure with a statement that it held "over 90 properties comprising over 1.8 million hectares in the Americas, Africa, Asia and Eastern Europe.
These included a "strategic" interest in Gabriel Resources, amounting to 61,420, 739 shares; and "a substantial interest" (51,916,412 shares) in NovaGold Resources Inc.(see below). It also had stakes in Sunshine Silver Mines Corporation (located in Idaho);as well as "significant silver properties in Central America"; and, through Electrum Strategic Acquisitions LLC,owned "a significant interest in Sunward Resources Ltd., a company focused on the exploration of gold/copper porphyry projects in Columbia" [Businesswire 15 April 2011].
Electrum Strategic Holdings LLC is also said to "own[s] a strategic stake in a portfolio of exploration and development properties in Eastern Europe"; while Electrum USA Ltd., headquartered in Denver, Colorado, manages exploration and development activities for the Electrum Group.
Yet another Electrum "clone" - Electrum Strategic Metals LLC - has figured as the Group's named agent in at least two important mining acquisitions over the past two years. According to Bloomberg, it "operates as a subsidiary of Electrum Strategic Holdings, L.L.C."
Already we may harbour some suspicion that the Electrum Group of Companies is not as transparent as it should be. Bloomberg (as of 26 December 2010) records that "Electrum Strategic Holdings LLC [is] a wholly owned subsidiary of GRAT Holdings LLC...located at 1370 Avenue of the Americas, 19th Floor, New York, NY 10019".
And, indeed, the two concerns are not only registered at the same address, but a Mr William Natboy is officially designated Chief Executive Officer of GRAT, as well as of both Electrum Strategic Holdings and Electrum Strategic Metals LLC. . "GRAT" is an acronym for "grantor retained annuity trust" - a financial instrument, commonly used in the US, "to make large financial gifts to family members without paying a U.S. gift tax"[wikipedia, accessed 26 December 2010]. It might seem surprising that Electrum would openly advertise its propensity to evade a form of taxation which ordinary citizens might themselves find difficult to avoid.
However, there's little doubt who stands to benefit from the operations of GRAT in this instance: the man actually controlling Electrum Strategic Holdings and profiting from it, 47-year old Mr Thomas Kaplan.
Just who is Thomas Kaplan?
Born in the US, but educated in Switzerland and Britain, as a student he started analysing Israeli hedge funds [Wall Street Journal 22 May 2010], before moving to New York to begin trading in earnest, and marrying a serving soldier in the Israeli Defence Forces [MoneyWeek 24 September 2010]. Later, Kaplan set up an investment vehicle called the Tigris fund which has $2bn invested globally, according to the The Wall Street Journal [see also Forbes Magazine, 21 April 2010].
The UK's Daily Telegraph in mid-2009 characterised Mr Kaplan in the interrogative: "Who could have predicted that a mild-mannered Oxford-educated historian, with a PhD in the politics of colonial Malaya, would make an absolute killing from mineral extraction, with assets valued at billions of dollars?"
The newspaper went on to mention Kaplan's Panthera Corp, which endeavours to save "big cats" from extinction: "Who then could have predicted that, while still in his mid-forties, the billionaire minerals magnate would channel his energies and business acumen into saving big cats from extinction?" [Daily Telegraph 11 August 2009].
James McKeigue, writing in December 2010 for MoneyWeek, also linked Mr Kaplan's twin passions together - while placing him alongside two fellow US hedge fund supremos, John Paulson of Paulson & Co and George Soros of Soros Fund Management.
Dubbing Kaplan a "billionaire obsessed by gold and big cats", McKeigue points out that he set his cap at becoming the biggest shareholder in Canada's NovaGold Resources, in early 2009 [see below]- a year before Soros and Paulson followed him down the same path [MoneyWeek 24 September 2010].
Kaplan has spent the past 17 years building up strategic stakes in gold mining outfits, though he has also recently invested in natural gas production. In 1993 - and backed by Soros - he made his "first defining deal" when launching Apex Silver Mines to dig for silver in Bolivia.
In 2008, Electrum Strategic Holdings LLC acquired around 20% ownership of Gabriel Resources Ltd, a Canadian company which had been forced to close its Rosia Montana gold project in Romania, following strong criticism by local,national and international environmentalists which led to the then-government withholding a permit to operate[Financial Post 22 May 2008].
Both Kaplan and Paulson & Co hold around 18% each of this still fiercely-criticised company, with the major US gold miner Newmont owning around 15% [MJ 26 February 2010].
Over the next two years Kaplan markedly strengthened his financial grip on a number of "early exploration" companies in which he already had a stake, apparently playing them as "long" bets, picking them up as the market price of gold began to rise.
On 2 January 2009, NovaGold announced a US$60 million financing agreement with Electrum Strategic Resources, under which Electrum became the company largest shareholder at around 30% in the first instance, with an option to increase its holding to 46%. Novagold owns two major gold prospects in Alaska and British Columbia.
Three months on and Electrum Strategic Resources acquired a further 8 million common shares of Moto Goldmines Limited, an Australia-based gold exploration and development company, thus increasing its stake to 14.19% [Datamonitor Financial Deals Tracker via COMTEX, 28 April 2009].
Just a few weeks later, in May 2009, Mantra Mining (which has various claims in Alaska) sold US$5 million of shares and warrants to Electrum Strategic Metals LLC, bringing the holdings of Electrum and its "affiliates and joint actors" to more than 19.99% of the Toronto-listed company.
Early in 2010, Electrum did a similar deal (and for the same amount) with Tintina Gold - another outfit with precious metals claims in Alaska, and which could eventually see Electrum's shareholding in Tintina rise to more than 44% .
At the end of 2010, in a much larger transaction, Electrum (with Tocqueville Asset Management playing a minor role) agreed to pay a combined maximum of US $51.3 million to Sunward Resources, in order to advance that company's 100%-owned Titiribi gold and copper porphyry project in Antioquia, Colombia. [Canada NewsWire Group 15 December 2010].
Importantly, Sunward announced that the deal would "facilitate closing of Company's earlier-announced acquisition of La Muriel Mining Corporation ("Murindo Project"), and allow the Company to pursue acquisition of additional highly prospective projects."
The Murindo project has already attracted a great deal of oppositon from inside Colombia, notably from local residents. According to an annoucement by Sunward on November 19 2010, the La Muriel mining corporation and Rio Tinto agreed to withdraw from their previous agreement and replace it with a revised one.
Under this, La Muriel has sixty days in which to exercise an option to acquire a 70% interest in Murindo, possibly increasing to 80% or 100% if the huge UK mining company is ready and willing to pay up.
SNWRF - making a price pivot low
Signaling a possible upswing in the direction of price
SNWRF - Latest Quarterly Results
http://www.sunwardresources.com/s/news_releases.asp?ReportID=507102
SNWRF - an article from 2011, but full of great info
A Golden Lottery Ticket
Bob Moriarty
Archives
Jul 11, 2011
http://www.321gold.com/editorials/moriarty/moriarty071111.html
The last three years have been tough on investors in Canadian juniors. A glance at the chart of the XAU over gold shows that prices for shares plummeted in October of 2008 and have never recovered to even what the average ratio used to be. With both gold and silver near record highs, the shares have languished with the exception of from last August until December.
Part of the reason is the proliferation of ETFs. It is now possible to go long or short either gold or silver via an ETF and that has taken a lot of money off the table. Part of the reason is also that there are simply too many juniors. They are sprouting up like mushrooms in a pile of manure. It is more difficult all the time to find good alternatives. I’ll do my best to try to steer my readers onto good deals.
At some magical point in the next 5 to 10 years, Colombia is going to become, once again, the largest gold producer in the world. For most of the time from 1550 to 1850 they were the largest gold producer until discovery of the Witwatersrand in South Africa.
A large part of the credit will belong to two people. The first, Bob Allen, owner and Chairman of The Bullet Group, spent 30 years putting together the largest land position in Colombia. Many of those properties have been spun off or entered into JVs with Canadian Junior mining companies.
The second is the famous mining writer from San Francisco, Thom Calandra. Thom was willing to risk traveling to Colombia when no other letter writers would touch it with a ten-foot pole. He said the country was perfectly safe with few exceptions and had a lot of gold. He was right on both counts.
I just got back from a two-week trip to Colombia where I saw some giant gold projects. My first tour was to the Titiribi project 100% owned by Sunward Resources. (SWD-V) Titiribi doesn’t exactly roll off your tongue so those in the know call it TTB.
Sunward purchased the project a year ago in an all shares deal. They own 100% of the project. It’s gold rich porphyry with some copper credits. So far they have a 3.7 million ounces gold 43-101 resource but there will be a new resource out soon and I expect it to be a barnburner. With over $66 million in cash, buying Sunward today means you are paying a tiny $38 an ounce for gold in the ground. At the stage they are today, that’s 40% of what they should be selling for.
A couple of months back my niece wrote me to ask if I was traveling to a Spanish speaking country for a tour. She had a week’s vacation and wanted to tag along. As luck would have it, I had just had a meeting with Phil O’Neill at the Miami Airport talking about Sunward’s project. Since I have a couple of other companies in Colombia who wanted to have me come down, I set it up.
My lovely [fluent Spanish-speaking] niece doesn’t understand just how lucky she was. We spent two days at TTB getting briefed by Dr Amit Tripathi, VP of Exploration for Sunward and his staff.
I’ve been to a lot of mining companies that are run by what I call “One Man Bands.” There will be one person making all the decisions and everything has to revolve around them. It is like watching a movie where there is one famous star and lots of no-talent extras trying to fill the gaps. I hate those sorts of movies and I hate those sorts of mining companies, they never work.
Sunward has the most balanced and talented group of people in a junior mining company I have ever visited. Everyone knew their job and everyone was doing their job. I was very impressed
The project itself was wonderful. It’s an easy drive from Medellin on paved roads. The company has rented a couple of houses for their staff that would be the sort you want to stay in for a vacation. As of right now, they have five drills turning and have identified 7 distinct targets. The 3.7 million ounce resource is from one target only.
At present they have a 230 million ton resource of about .5 g/t with about .2% copper. Based on what shows up in the IP results, I wouldn’t have any problem saying they have billion-ton potential. At .5 g/t, that would be $5.5 billion dollars of gold in the ground if you ignore the copper.
Some of their drill results are nothing short of incredible. Hole CV-19 had 756 meters of .47-g/t gold and .19% copper. That’s $41 rock. Hole CV-27 had .58-g/t au and .20% copper. That’s $48 rock.
The key to operating a bulk tonnage mine is to have an open pit and be able to heap leach your ore. Neither is going to be possible with TTB. There is always the issue of a mine being unsightly and Colombians don’t want a giant open pit in their back yards any more than you or I do.
Sunward hasn’t done a good job of communicating what they have and this is where you literally have to see a deposit to understand it. I had talked to some friends of mine in the mining business and asked them what they thought of the deposit. While Sunward has a big 2-g/t-starter pit zone, it’s 300 meters deep. My first thought was, that’s going to take a long time to dig that deep. But Sunward never showed pictures of the deposit.
The deposit is literally a steep mountain. While it’s true the 2-gram material is 300 meters deep, it’s only 50 meters from the surface. It’s entirely possible to drive in a horizontal adit from lower down the mountain and mine the material from below. There is a method of underground mining called Block Caving. It’s underground but lets gravity work for you. You mine from underneath.
Sunward is still a young company with lots to learn. They have done a wonderful job of attracting institutions. John Paulson is an investor through Paulson & Co. Tocqueville Asset Management is a big investor as is Electrum Group. They are very strong with institutions, which is a giant plus and are only now starting to publicize what they have to the retail investors.
The management team is savvy enough to understand that you have to be a good neighbor. They have an in house team just for community relations and have opened an office it the town of TTB so locals will be comfortable with the company. I’d like to see them add some senior management from Colombia. There are subtle nuances in every culture that demands local experience.
So far Sunward has done a lot of things right. They have a wonderful team in management; they are really well cashed up and are drilling to beat the band. Their plan calls for a revised 43-101 to be released in this quarter. I’d expect a couple of million more ounces.
In my view, this is going to be a mine. I think they need to start picking up the surface rights now. If they come up with a 10-15 million ounce resource, if they don’t grab the land now, they are going to make a lot of local landowners rich.
Sunward is the best lottery ticket on gold that I know of. The resource could easily grow by hundreds of percent. It’s low grade, true, but that means you get the benefit of giant leverage. It probably wouldn’t be economic at $700 gold but is wildly economic at $1500 gold. Management is first class across the board. There will be a new and bigger resource soon and there will be a constant flow of information from the project.
Sunward is an advertiser. I was not smart enough to buy it when it was cheap. It’s still among the lowest priced companies for gold that I know of with $38 an ounce gold. I’m hoping they can come up with a price for adding ounces, we talked about it when I was there. We were guessing it would cost maybe $2 an ounce to add ounces. If you can add ounces for $2 and can get $38 an ounce in the marketplace, you have your hands on one hell of a deal.
As always, you are solely responsible for your own investment decisions. The company has an excellent IR function and they are easy to talk to. Please do your own due diligence before making any investment decision.
Sunward Resources
SWD-V $1.54 (Jul 8, 2011)
SNWRF-OTCBB
131.9 million shares
Sunward website - http://www.sunwardresources.com/s/Home.asp
Bob Moriarty
President: 321gold
SNWRF Fact Sheet
http://www.sunwardresources.com/i/pdf/ppt/swd_factsheet.pdf
Phenomenal Terrain
Sunward Advances in Colombia
By Greg Klein
Talk to COO David Forest about Sunward Resources’ TSX:SWD Titiribi Gold-Copper Project, and you get why so many mining and exploration companies are moving into Colombia. “Geologically, there’s nothing like it,” he says. “There’s nothing on the planet with that kind of potential that’s so underexplored. Nothing happened there for 50 years. It’s phenomenal terrain, completely underexplored. The security and safety situation is fine in 90% of the country now.”
A look at last September’s Titiribi resource update supports his enthusiasm. Using a cutoff of 0.3 grams per tonne, the indicated category estimates 142.94 million tonnes grading 0.48 g/t gold for 2.2 million ounces gold and 0.15% copper for 465.9 million pounds copper. The inferred category projects 372.7 million tonnes grading 0.51 g/t gold for 6.08 million ounces gold and 0.08% copper for 645.7 million pounds copper.
Read the rest of this article: http://bit.ly/tKEMoP
Sunward COO David Forest on Colombia assays of 0.56 g/t gold over 315.2m
Sunward Resources Ltd TSXV:SWD announced assays from its Titiribi Project in Antioquia Department, Colombia. Highlights include
0.56 g/t gold and 0.12% copper over 315.2 metres
(including 2.11 g/t gold and 0.34% copper over 22.5 metres)
0.36 g/t gold and 0.24% copper over 135.5 metres
(including 0.54 g/t gold and 0.32% copper over 55.8 metres)
0.33 g/t gold and 0.15% copper over 66.6 metres
0.72 g/t gold and 0.01% copper over 27 metres
0.47 g/t gold and 0.01% copper over 30 metres
1.88 g/t gold and 0.01% copper over 7.5 metres
COO David Forest tells ResourceClips.com, “These results were fairly groundbreaking for the project because it’s a bulk-tonnage porphyry, so the assumption was the grade was always around 0.5 and 0.2. We smashed through that about a year ago, discovering some zones that were above a gram, but this is the first time zones above two grams have been discovered, making a new benchmark for the grade on this project.
Read the rest of this article: http://bit.ly/tiLikv
Since the stock has come down to the $1.50 range it has made some gains.Their has not been any news now for over a month.Since drill rigs are in new areas it might be a couple of weeks more till good news hits again.This stock has a potential to rise 30% on great new drill results with in 30 days.Their cash position and 4 drilling rigs ,along with their 43-101 will propell this stock much higher.
News this week said that they are starting to drill another area as they have planned and outlinned previously. Since January the stock has risen from around $1.75 to $2.15 a very nice gain and a very open management with 4 rigs drilling plus.Another company in the country with the same drilling results somewhat has gone up around 30% in one day and I believe this company here will also move like that at any given drill result.Even though this is a pinky stock it is well funded and on its way to the next stock tier.They have 3.5 million ounces 43-101 gold equivilent resoures and possibly 5 million soon.This is a hot area being in Columbia and alot of focus on this type of deposit.If you have some under preforming stocks this would be a very good choice.I plan on moving more money in this company as soon as some of my other jrs. breakout some.Having $70 million in the kitty helps.
Great results on near surface drilling to over gram for over 100 meters plus.This is great news with 4 rigs drilling this area . I'm sure we can expect more results of the same soon. This is a great buy time.Stock was up 20% plus today.I am loading up the truck here.
Great news out on drilling ,as higher gold results per ton will probably lead to a area with better results.If they can get this up to .8 grams per ton equivilant they will have the best future deposit of this type in South America.Finding the better area is key for stock price.
Welcome to the new board for Sunward Resources .You are welcomed to post any good information concerning this stock.Let me add that the new finacing might trend the stock price down as it has had a nice run-up.
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http://www.sunwardresources.com/s/Home.asp Sunward Resources is a Canadian Company with 2 highly profile projects in Columbia, S.A. . Their exploration projects are nearly fully funded and they have 4 drilling rigs defining a Gold- Copper deposit.They have just received over 50 million dollars by Electrum Strategic Acquisitions by arrangement of 3 large new stock holders.
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