SNS Silver Intercepts Wide Spread Mineralization in First Three Holes at Emerald Lake Gold Project
21 Gennaio 2010 - 3:15PM
Marketwired
SNS Silver Corporation ("SNS" or the "Company") (TSX VENTURE: SNS)
is pleased to announce the completion of 603 meters of drilling in
three holes at the first drill site at the Emerald Lake gold
project in Ontario, Canada. This drilling is the first phase within
a planned and ongoing 3,700 meter drill program. The drill has
moved to the second drill site and drilling has re-commenced. All
drill holes have intercepted the targeted mineralization at depth
and along strike to the east of historic mining, with several holes
terminating in mineralization at depth. This has served to validate
the historic knowledge of the Emerald Lake deposit geology and
structure. As well, the recently completed geophysical work done as
a precursor to the drill program, suggests that the mineralized
structure may continue for many hundreds of metres to the east
where little or no exploration drilling has been completed yet.
The first core will be split and sent out for assays
immediately, and we will anxiously await the assay results
approximately five weeks later. This will be an ongoing process
over the course of the next couple of months as the drilling is
planned to be completed in the first half of March. The plan calls
for drilling a fan of three holes on each of 4 distinct drill pad
locations followed by targeted drilling of geophysical anomalies to
the east. The entirety of the drill results should be completed and
in-house by the end of April.
The statistics on the first three holes are as follows in the
table. As stated earlier all three holes encountered the expected
mineralization and assay results will follow in 5-6 weeks. These
holes were drilled utilizing NQ2 (2") core with the drill rig
oriented due south. The drill rig has been moved to the second
drill pad location which is located approximately 15 meters (50
feet) west of the first drill pad.
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North East Azimuth Dip Length
Drillhole # (m) (m) (deg) (deg) (m)/(ft)
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GR09-07 5197440 551900 180 -45 135/444
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GR09-08 5197440 551900 180 -60 182.5/599
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GR09-09 5197440 551900 180 -75 286/938
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This 3,700 meter first drill phase will be followed by a second
6,300 meter phase later this year. Once the results have been
received and digested, the geologic team will determine the best
drill placement for the second phase, which may well be from the
underground workings.
President and CEO, David Greenway, commented on the results to
date, "We are extremely pleased with the initial results of this
program. We have encountered extensive mineralization in all holes
and we anxiously await the assays. This should prove to be a very
exciting year for SNS at both Emerald Lake and the Crescent Mine
with development advancing in the capable hands of United Mine
Services."
Historical information on the Emerald Lake project, derived from
the records of Noramco Mining Corp., indicates that in 1986, the
property is reported to have hosted a global geological resource of
617,000 ounces gold contained within 2.4 million tonnes (grading
0.26 ounce per ton). The resource is considered historical in
nature and as such is based on prior data and reports prepared by
previous operators, not defined as required by NI 43-101. The work
necessary to reclassify the resource has not been completed and the
resource estimates therefore cannot be treated as NI 43-101-defined
resources verified by a qualified person. This resource should not
be relied upon, and there can be no assurance that any of the
resources, in whole or in part, will ever become economically
viable.
The deepest intercept recorded on the property cut 84 feet of 14
grams per tonne gold below 1,000 feet vertically, with many other
high-grade drill intersections (0.25 ounce to 0.35 ounce per ton)
located between the 600-foot elevation and the lowest elevation
level at 1,000 feet.
The property is developed by five levels off of a vertical shaft
to 750 feet, and two levels off of an inclined winze to 1,000 feet.
All of the past production took place above 700 foot elevation.
Ramp development reaches to about 800 feet vertically providing
good access to evaluate the high-grade areas.
Only a 1,600-foot length of a four-mile structure has been
extensively explored, and with high-grade known below the
1,000-foot level at the east end of the developed areas.
The strategic plan moving forward will be to confirm, delineate
and expand the mineral resource by initiating a surface drill
program followed by dewatering and rehabilitation of the existing
ramp that will allow for underground drilling. SNS will then
commence an extensive program to test the unexplored targets of the
Emerald Lake property.
We Seek Safe Harbor
SNS Silver Corporation (TSX VENTURE: SNS) is an exploration
mining company, whose assets include a number of near term
production projects in geopolitically secure Idaho, USA. The 100%
owned Crescent Mine consists of 24 patented mining claims over
approximately 350 acres. These adjacent properties operated
independently to produce nearly 400 million ozs of silver
historically and their recent merger is expected to enhance
exploration opportunities on their once disputed boundary.
This press release contains certain "Forward-Looking Statements"
within the meaning of Section 21E of the United States Security
Exchange Act of 1934, and involves a number of risks and
uncertainties. Important factors that could cause actual results to
differ materially from the Company's expectations are disclosed in
the Company's documents filed from time to time with the TSX
Venture Exchange and the British Columbia Securities Commission.
All statements, other than of historical fact, included herein 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.
Contacts: SNS Silver Corp. David Greenway (604) 689-0896 or Toll
Free: 1-800-663-4567 dg@snssilver.com www.snssilver.com
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