Sage Discovers Deeper Parallel Zone to Its Lynx Copper, Silver, Gold Deposit; Airborne ZTEM Results
TORONTO, ONTARIO--(Marketwire - March 22, 2011) - Sage Gold (TSX VENTURE:SGX) has discovered a new parallel zone of deeper apparent conductivity through a recently completed and analyzed airborne combined magnetic and ZTEM (Z axis Tipper electromagnetic system) survey 500 metres east of its 100% owned Lynx deposit located in the Beardmore-Geraldton Gold Camp in north-eastern Ontario. As a result, the Lynx East zone may extend deeper than originally envisioned.
The Lynx Cu-Ag-Au deposit comprises an inferred compliant resource of 1,936,000 tonnes at an average grade of 1.45% Cu, 39.1 g Ag/T and 0.58 g Au/T and contains 61.3 million pounds of copper, 2.24 million troy oz.'s of silver and 33,000 troy oz.'s of gold. These resources are reported at a cut-off grade of 0.5% copper. Lersch-Grossman Pit Optimization techniques were utilized to evaluate the near surface potential of the resource that could be amenable to mining by open pit methods. The results indicate the potential for one pit located in the Lynx North area. Using cut-off grade sensitivity scenarios of 1% Cu and 0.5% Cu, conceptual geologic resources ranging from 485,000 tonnes at 2.1% Cu, 45.3 g Ag/T and 0.70 g Au/T to 845,000 tonnes at 1.55% Cu, 34.6 g Ag/T and 0.51 g Au/T. The Lynx compliant resource and the open conceptual geological resources related to the pit optimization were reported in a PR dated March 31, 2009.
Sage President and CEO, Nigel Lees comments: "The results of the airborne survey enhances the tonnage potential of the Lynx deposit which is open at depth and along strike. The high grades of copper, silver and gold at current metal prices in the Lynx deposit makes this asset an attractive joint venture opportunity. Sage is focused on the near term production potential of the Clavos mine in Timmins and is in discussions with several parties regarding its extensive Beardmore properties."
The 1011 line kilometre airborne ZTEM-magnetic survey has identified a zone of conductivity, associated with a magnetic anomaly, 500 metres east of the Lynx deposit. Inversions of the ZTEM data indicate that the top of the conductive source may be within 100 m of ground surface, and the conductive source lies at about 500 m below ground surface. In 2008, Sage drilled a ground EM conductor approximately 400 metres east of the main Lynx deposit. Copper silver and gold mineralisation intersected in three holes to a depth of 115 metres, include S08-01 with 0.04% Cu, 1.26 g/t Au and 8 g/t Ag over 0.7 metres, S08-06 with 1.8% Cu, 3.41 g/t Au and 73 g/t Ag over 0.44 metres and S08-04 with 1.32 % Cu, 0.21 g/t Au and 17 g/t Ag over 2.4 metres. (SGX Press release of May 28/08).
The Onaman project is supervised by Ulrich Kretschmar, Ph.D. P.Geo. (APGO#1160). Dr Kretschmar has extensive exploration experience in Archean Gold terrains, is a qualified person as defined by 43-101 and is responsible for the technical content of this news release.
Francis L. Jagodits, P.Eng., (Independent Consulting Geophysicist) is a Qualified Person and has approved the technical content of this press release as it pertains to the results of the airborne ZTEM-magnetic survey.
SAGE is a mineral exploration and development company which has primary interests in near term production and exploration properties in Ontario. Its main properties are the Clavos Gold mine in Timmins plus the Lynx deposit and other exploration properties in the Beardmore -Geraldton Gold Camp. Technical reports and information relating to the properties can be obtained from the System for Electronic Document Analysis and Retrieval (SEDAR) website at www.sedar.com and www.sagegoldinc.com.
This release was prepared by management of the Company who takes full responsibility for its contents.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
