SUGO: news 43-101Report
Sungro Minerals, Inc. Releases Highlights of Its First NI 43-101Report
Feb 17, 2011 09:01:51 (ET)
WARWICK, RI, Feb 17, 2011 (MARKETWIRE via COMTEX) -- Sungro Minerals, Inc. (SUGO, Trade ) announced today the highlights of its first National Instrument 43-101 (NI 43-101) technical report (the "February Report") authored by Randall L. Moore, RPG, of Eugene, Oregon a Registered Professional Geologist (RPG) and Qualified Person in accordance with the Canadian standards.
A full copy of the report can be found on our website: www.sungrominerals.com .
The Conglomerate Mesa Project includes 331 unpatented lode claims covering approximately 6,800 acres of mining claims in the southern Inyo Mountains in Inyo County, California administered by the Bureau of Land Management.
"The completion of this report is a significant milestone for our Company," stated Mr. Fred Pucillo, CEO, "it provides the foundation on which we can move forward with our exploration program and sets a base-line on expectations for the kinds of resources that can be confirmed through that exploration."
Below are highlights of some of the comments contained in the report:
"The Conglomerate Mesa hosts multiple large-scale hydrothermal gold-silver systems that are similar in style, geology, and geochemistry to the highly productive Carlin-type systems of northern Nevada," and "Gold-silver mineralization is known to occur within a zone that is over 8 kilometers long and 4 kilometers wide."
"Based on previous historical data compiled by several mining companies (including:BHP Billiton)(including:Newmont Exploration)(including:Asamera)(including:Anaconda Minerals)(including:and Mobil Exploration) dating back to 1984, the Conglomerate Mesa could host bulk mineable gold deposits in excess of 2,000,000 ounces (as stated in an inter-company report)... Sungro also controls unpatented lode claims that cover a portion of the historic Santa Rosa Zinc-Lead-Copper-Sliver-Gold skarn that was explored by Anaconda and considered to have the potential to host a world-class deposit" as stated in a 1991 report by James Dixon (PG). This target has some restrictions due to the Malpais Mesa Wilderness area.
"Conglomerate Mesa is a quality prospect that should be drilled on a grid system and several +2,000 foot drill holes should be placed in strategic locations based on geology, geochemistry and geophysics" to test for both shallow and deeper high-grade mineralization. If this prospect was in Nevada, it would have hundreds of drill holes, as properties of this quality are difficult to find. Significant, shallow oxide gold mineralization has been defined at Conglomerate Mesa. These areas remain open with substantial additions conceivable. Beyond the expansion of known zones of mineralization, there is excellent potential for the discovery of new mineralized zones. It is clear that Conglomerate Mesa warrants significant additional expenditures to move targets forward and develop NI 43-101 resources."
"Further drilling at Conglomerate Mesa should focus on three objectives: (i) the expansion of known gold zones; (ii) identification of additional zones of mineralization within new structural/stratigraphic settings; and (iii) upgrading known zones of gold mineralization to resource categories."
"Significant exploration drilling is justified. While several areas have already been defined for drill testing, additional detailed geologic mapping, systematic sampling of outcrops, extensions of the existing soil grid, and geophysical surveys should be used to identify new targets."
"Based on the results of this report, Sungro will be looking to raise a minimum of $10,000,000 to cover the additional exploration costs of $5,500,000 as indicated by Mr. Moore, cover working capital needs, and to meet the requirements of up-listing to larger exchange such as NASDAQ, NYSE, and/or the Toronto Venture Exchange," stated Erwin Vahlsing, Jr., CFO. He continued, "Permitting and Feasibility studies would begin immediately following the completion of funding by one or more of our potential strategic and financial partners."
About Sungro Minerals, Inc.
Sungro Minerals, Inc. is an early stage Mining and Exploration Company seeking to acquire, develop, and manage various mineral properties and resources.
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