Oct 16 2015
Sandspring Resources Ltd. is pleased to announce that its Fall 2015 exploration program is underway, with the objective of confirming continuity and grade of mineralization at the Sona Hill Gold Anomaly, and extending the regional exploration grid to unexplored areas within the Puruni Shear Corridor in an effort to identify new mineralized systems in the Upper Puruni District.
Sandspring's planned exploration program includes a 3,700-meter diamond drilling program at Sona Hill and a 100-km2 regional geochemical survey of concessions north and north-west of the Company's existing concession boundary, lying within the Puruni Shear Corridor that hosts the Toroparu deposit (Figure 1). The Puruni Shear Corridor is a regional geological feature that can be traced for more than 150 km within the Puruni volcano-sedimentary belt into producing goldfields in Venezuela.
The Sona Hill drill program has been designed to confirm continuity of mineralization defined by earlier reconnaissance drilling. As previously reported, a number of anomalous gold values were discovered in saprolite during the 2011-12 geochemical survey covering the central and northern part (45%) of the Company's Upper Puruni concession. The survey interpretation identified a large 20 km by 7 km hydrothermal halo around Toroparu, containing a cluster of more than ten gold features. Strong anomolous values for gold were identified on top of Sona Hill over a 1 km by 200 m north-south trending zone. An initial 25-hole reverse circulation and diamond reconnaissance drill program in 2012 identified gold mineralization in both saprolite and fresh rock. Sandspring has engaged one rig to drill 40 holes on a 100- by 50-metre grid to a maximum vertical depth of approximately 100 metres. The program is expected to be accomplished over an eight-week period, with analytical results expected in early 2016.
The geochemical survey of concessions adjacent to the Company's Upper Puruni Concession is designed to extend the regional exploration grid to the north and north-west within the Puruni Shear Corridor in an effort to identify gold anomalous features that could indicate new mineralized systems. The perceived geological link between the Toroparu gold-copper-silver deposit and relatively small intrabelt intrusives that lie within the Puruni Shear corridor, as well as the significant multi-phase hydrothermal halo around Toroparu, suggest the potential to discover additional and possibly large mineralized systems in the area.
To view Figure 1, please visit the following link: http://media3.marketwire.com/docs/1028601-F1.pdf
"Although market conditions remain challenging, Sandspring has been re-energized following the acquisition of PNO Resources, with a stronger balance sheet and additional expertise at both the management and Board level," said Rich Munson, CEO and a director of Sandspring. "Sandspring's team is focused on adding shareholder value by prudently managing the Company's treasury and continuing to advance the Toroparu project with modest drilling and exploration programs."
All scientific and technical information contained in this press release has been prepared under the supervision of Werner Claessens, Lic. Geo., P.Geo., Vice-President Exploration of Sandspring and a "qualified person" within the meaning of National Instrument 43-101. Additional information regarding previous exploration at Toroparu is available on the Company's website at http://www.sandspringresources.com/s/exploration-projects.asp.