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Message: Sniper Resources Ltd.: Guild Property Update
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 13, 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 its Guild Property:
Excavation and trench sampling of four bulldozer trenches, as well as the construction of approximately 700 feet of drill road and three drill sites has been completed by Taylor Services Inc. at the Guild Property in Nye County, Nevada. A fourth drill site will be accessible by overland travel. The trenches have been sampled, with analytical results pending.
An agreement has been reached with Boart Longyear Drilling to mobilize a track mounted reverse circulation drill rig to the property and drilling now is expected to commence on September 21. Four drill sites have been approved by the BLM and their disturbances bonded. Four to six holes are planned in this round of drilling depending upon the geology encountered in the holes during the drilling. The hole depths are expected to be less than 500 feet for at least three of the four drill sites. Drilling should be completed in less than one week from start-up.
The trenching and drilling are designed to test for extension of gold (Au) mineralization known from earlier drilled holes GI-11, GI-16 and GI-17 along its presumed strike direction. Each of these drill holes contained intervals of potentially leach-grade Au beginning at surface in oxidized host rock and the holes 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.
|Drill Hole||NAD 27 Easting (m)||NAD 27 Northing (m)||Bearing||Inclination||TD (m)||TD (ft).|
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. Drill hole 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. Drill hole 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.
Eight ten-foot channel samples taken from the wall of the previously excavated trench, from within which these holes were drilled, 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 but check assay samples will be delivered to American Assay Laboratories this week. The sampled trench had a total length of 110 feet. The four recently completed trenches were also channel sampled along 10-foot lengths.
The four additional planned and approved drill sites in the present program were 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. These results have not yet been verified by Sniper but check assay samples will be delivered to American Assay Laboratories this week.
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 delivered for analysis by ALS Global in Sparks, Nevada, an ISO-accredited analytical laboratory. 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 duplicate bags from the drill holes were saved on site for verification or other subsequent testing. The same methodology will be employed for samples from the drill holes in the present program.
Results from the drill holes have been verified by American Assay Laboratories, also in Sparks Nevada, using Fire/aa methods with a 2 ppb lower limit. 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.
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 property, 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; actual results of trench samples remaining to be verified by a qualified person; 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 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 (September 13, 2011 - 9:00 AM EDT)
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