Source: St Andrew Goldfields Ltd.
TORONTO, March 3, 2014 (GLOBE NEWSWIRE) -- St Andrew Goldfields Ltd. (TSX:SAS) (OTCQX:STADF), ("SAS" or the "Company") is pleased to provide an update on the recent underground drilling program on the 1004 lens of the West Porphyry Zone ("WPZ") at its Taylor Project ("Taylor"), located on the western portion of the Company's land package in the Timmins mining district, north-eastern Ontario, Canada.
HIGHLIGHTS OF TAYLOR DRILLING RESULTS
|- T220-022:||18.13 g/t Au over 12.4 metres (22.57 g/t Au uncut), including 22.37 g/t Au over 9.9 metres (27.94 g/t Au uncut)|
|- T220-023:||11.50 g/t Au over 4.8 metres (12.49 g/t Au uncut)|
|- T220-029||7.97 g/t Au over 4.2 metres (7.97 g/t Au uncut)|
Notes: All lengths are reported as core lengths. True widths are expected to range from 85-95% of the core length; all assays cut to 30.00 g/t Au.
"The latest drill campaign at Taylor continues to demonstrate great results with high grades over good widths," said Duncan Middlemiss, President & CEO of SAS. "SAS is very encouraged with the potential of the West Porphry Zone. We remain optimistic about the potential of expanding this zone located in the hangingwall of the prolific Porcupine-Destor Fault Zone, and expect to extract the second bulk sample (located on the eastern end of the 1004 lens) in the fourth quarter of this year."
The Company recently completed ten (10) drill holes collared from a drill bay in the ramp development on the 220m Level elevation, totaling 1,900 metres. Drilling targeted the easterly strike extension of the 1004 lens resource block, situated within the WPZ, in the vicinity of the second proposed bulk sample. The results continue to provide additional information which will be used to increase the Company's understanding of both the geological and structural setting in the east end of the 1004 lens and to confirm the tenor and orientation of the mineralization. These recent results have extended 1004 lens mineralization an additional 25 metres to the east. This drill program continues to demonstrate the potential to expand mineralization on the 1004 resource block at depth, and provides SAS with additional validation for advancing the underground exploration program at Taylor. Drilling on the 1004 lens continues and additional holes have been added to follow-up on these results.
All recent assay results are shown on plan view (see "Figure 1").
Assay results from a total of seven (7) holes have been returned from the program to date and are summarized in the table below.
Taylor Project – Underground Drill Program on the 1004 lens east, WPZ
|UTM (NAD 83)||Hole Depth (Metres)||Core Length||Gold Grade (uncut)||Gold Grade (cut)|
Notes: All lengths are reported as core lengths. True widths are expected to range from 85-95% of the core length; all assays capped at 30.00 g/t Au.
Taylor Location and Geology
The Taylor Project is situated 50 km east of Timmins, ON and lies along the Porcupine Destor Fault Zone ("PDFZ") in eastern portions of the Porcupine Mining Camp between the Stock and Black Fox gold deposits. As with other gold deposits to the east and west, such as Black Fox, Stock, Aquarius and Nighthawk, the deposits on the Taylor Project represent examples of ultramafic-hosted gold mineralization that occur in areas of carbonate alteration along and adjacent to strongly foliated high strain zones associated with the PDFZ and its splays.
Drilling, Assaying and QA/QC
Underground drilling was conducted by Azimut Boreal Drilling Services Inc. located in Val d'Or, QC. Analytical work for the Taylor Project was performed by AGAT Laboratories, an accredited lab located in Mississauga, ON. Gold analysis was conducted using an industry standard Pulp metallic assay technique. SAS employs an industry accepted QC/QA program consisting of certified reference standards and blanks that are inserted into the sample stream, which represent approximately 5% of the total sample population.
The drilling program at the Taylor Project is under the supervision of Mr. Doug Cater P. Geo, the Company's Vice President Exploration who is a qualified person as defined by NI 43-101, and has reviewed and approved this news release.
SAS (operating as "SAS Goldmines"), is a gold mining and exploration company with an extensive land package in the Timmins mining district, northeastern Ontario, which lies within the Abitibi greenstone belt, the most important host of historical gold production in Canada.
SAS owns and operates the Holt, Holloway and Hislop mines and produced approximately 100,000 ounces of gold in 2013. The Company is also advancing the Taylor Project and is conducting aggressive exploration across 120km of land straddling the Porcupine-Destor Fault Zone.
To view the "Taylor Exploration – Plan View – 1004 Lens East Extension" map please visit:
For further information about St Andrew Goldfields Ltd., please contact:
Tel: 1-800-463-5139 or (416) 815-9855; Fax: (416) 815-9437; Website: www.sasgoldmines.com
|Suzette N Ramcharan|
|Director, Investor Relations|
|Duncan Middlemiss||Ben Au|
|President & CEO||CFO, VP Finance & Administration|
|Email: mailto:firstname.lastname@example.org||Email: email@example.com|
This news release contains forward-looking information and forward-looking statements (collectively, "forward-looking information") under applicable securities laws, concerning the Company's business, operations, financial performance, condition and prospects, as well as management's objectives, strategies, beliefs and intentions. Forward-looking information is frequently identified by such words as "may", "will", "plan", "expect", "estimate", "anticipate", "believe", "intend" and similar words referring to future events and results, including in respect of the Company's development efforts at the Taylor Project, the potential of expanding the zone of mineralization at the WPZ and the second bulk sampling program and the timing and results thereof.
This forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those expressed or implied by the forward-looking information. Factors that may cause actual results to vary materially include, but are not limited to, unanticipated operational or technical difficulties which could escalate operating and/or capital costs and reduce anticipated production levels; uncertainties relating to the interpretation of the geology, continuity, grade and size estimates of the mineral reserves and resources; the Company's dependence on key employees and changes in the availability of qualified personnel; fluctuations in gold prices and exchange rates; operational hazards and risks, including the inability to insure against all risks; changes in laws and regulations; and changes in general economic conditions. Such forward looking information is based on a number of assumptions, including in respect of the ability to achieve operating cost estimates, the level and volatility of the price of gold, the accuracy of reserve and resource estimates and the assumptions on which such estimates are based and general business and economic conditions. Should one or more risks and uncertainties materialize or should any assumptions prove incorrect, then actual results could vary materially from those expressed or implied in the forward-looking information. Accordingly, readers are cautioned not to place undue reliance on this forward-looking information. SAS does not assume the obligation to revise or update this forward-looking information after the date of this release or to revise such information to reflect the occurrence of future unanticipated events, except as may be required under applicable securities laws. A further description of the risks and uncertainties facing the Company may also be found in the Company's Annual Information Form available on SEDAR at www.sedar.com.