Welcome To The Sniper Resources Ltd HUB On AGORACOM

Edit this title from the Fast Facts Section

Message: Sniper Resources Ltd.: Exploration Update

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 8, 2011) - Sniper Resources Ltd. (TSX VENTURE:SIP)(FRANKFURT:A1H38M) ("Sniper" or the "Company") is pleased to provide the following operational update with respect to its ongoing exploration activities at the Guild and Overland Pass properties:

Guild Property

The U.S. Bureau of Land Management has approved an amended work plan modifying Sniper's current Notice of Operations for the second phase of exploration at the Guild property in Nye County, Nevada and reclamation bonding is in place. An agreement has been reached with Taylor Services Inc. for the construction of approximately 700 feet of drill road, 4 bulldozer trenches, each of 100 feet, and 3 new drill sites. This work is expected to begin by mid August, or as soon as the dozer can be moved from a nearby project. A fourth approved drill site will be accessible by overland travel.

The trenches will provide bedrock samples at approximately 100 foot intervals along the presumed strike direction of gold (Au) mineralization known from earlier-drilled holes GI-11, GI-16, and GI-17, which contained intervals of potentially leach-grade Au beginning at surface in oxidized host rock and were drilled at different angles from the floor of an older trench. The assay results from these holes were reported in Sniper's news release dated March 23, 2011.

Locations and other information from the holes are shown in the table below:

NAD 27 NAD 27
Drill Easting Northing TD TD
Hole (m) (m) Bearing Inclination (m) (ft)
GI-11 553262 4231976 0.0 -90.0 153.9 505
GI-16 553260 4231976 305 -45.0 175.3 575
GI-17 553253 4231961 0 -45.0 91.4 300

Eight ten-foot channel samples taken from the wall of the existing trench recently returned potentially leach-grade Au mineralization (0.011 oz Au/ton, or 0.361 ppm Au) over a 70-foot length starting 20 feet to the northeast from its western end located at NAD 27 coordinates 553246 m E 4231936 m N, followed by a 10-foot covered interval that was not sampled and then another 10 feet at 0.006 oz Au/ton (0.261 ppm Au). These results have not yet been verified by Sniper. The sampled trench had a total length of 110 feet.

The four additional planned and approved drill holes are designed to extend the known mineralization to the northwest, toward the area from which recent sampling returned a 0.050 oz Au/ton (1.73 ppm Au) grab sample from an old barite prospect pit.

Efforts are under way to obtain a track-mounted drill, similar to the one used earlier this year, to drill these planned holes. The track-rig contractor estimates late August or early September rig availability.

Sniper staked an additional seven contiguous lode claims at its Guild property in May 2011. The claims cover approximately 140 acres and were staked based upon results from Sniper's 21-hole reverse circulation drill program at Guild that began in December 2010 and was completed in March 2011.

The reverse circulation drill holes noted above were sampled during drilling on 5-foot intervals, with separate sample splits of approximately 5 pounds and 10 pounds collected from each homogenized drill interval. The trench was sampled by cutting 10 foot channels from the trench wall using a rock hammer. This results in approximately 10 pounds of material per channel sample.

Samples for each interval to be assayed were then delivered for analysis by ALS Global in Sparks, NV, which is an ISO-accredited analytical laboratory operating worldwide and has no affiliation with Sniper. In the lab, sample splits were assayed using ALS' "AuAA23" analytical option for gold, with one assay-ton samples used for fire assay/atomic adsorption (a.a.) finish, which provides a lower detection limit of 5 parts per billion. The second bags from the drill holes were saved on site for verification or other subsequent testing.

Drill hole GI-11 averaged 0.008 oz Au/ton from 0-50 feet down the hole with a high assay of 0.024 oz Au/ton at 20-25 feet. GI-16 averaged 0.011 oz Au/ton from 0-40 feet down the hole with a high of 0.038 at 10-15 feet. GI-17 averaged 0.009 oz Au/ton from 0-15 feet down the hole with a high of 0.016 from 0-5 feet.

Results from the drill holes have been verified by American Assay Laboratories, also in Sparks, NV, using Fire/aa methods with a 2 ppb lower limit. American Assay Laboratories has no affiliation with Sniper. Results from the recent trench samples and the single isolated 0.050 oz Au/ton grab sample are also being submitted to American Assay Laboratories for verification but results have not yet been received. Both of these laboratories have internal qa/qc programs including blanks, standards, and duplicates.

Overland Pass Property

Sniper's Plan of Operations for a 25-site second phase of drilling at its Overland Pass property in White Pine County, Nevada continues to move through the U.S. Forest Service approval process. Sniper hope's to obtain approval by late summer or early fall and anticipates using the same track rig used at the Guild property for most of the holes planned at Overland Pass. Some sites may be accessible to a truck mounted rig, the availability of which is better than that of track rigs.

All scientific and technical information contained in this news release has been reviewed and approved by Douglas H. McGibbon, a director and the Vice-President, Exploration of the Company, who is a "qualified person" within the meaning of National Instrument 43-101.

Sniper Resources Ltd.

Scott Baxter, Chief Executive Officer

This news release includes certain forward-looking statements or information. All statements other than statements of historical fact included in this release, including, without limitation, statements relating to the potential mineralization and geological merits of the Guild and Overland Pass properties, and other future plans, objectives or expectations of the Company 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. Important factors that could cause actual results to differ materially from the Company's plans or expectations include risks relating to the actual results of current and planned exploration activities; the geology, grade and continuity of any mineral deposits; fluctuating gold prices; risks associated with property option agreements, leases, joint ventures and the ability to conclude joint venture agreements on favourable terms; possibility of accidents, equipment breakdowns and delays during exploration; exploration cost overruns or unanticipated costs and expenses; availability of capital and financing required to continue the Company's exploration programs; general economic, market or business conditions; regulatory changes and restrictions including in relation to environmental liability; timeliness of government or regulatory approvals, including approvals required by the U.S. Forest Service, and other risks detailed herein and from time to time in the filings made by the Company with securities regulators. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise except as otherwise required by applicable securities legislation.

Neither the 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.

Source: Marketwire Canada (August 8, 2011 - 6:00 AM EDT)
New Message
Please login to post a reply