Press release from Marketwire
Sandspring Resources Ltd. Reports Further Encouraging Results from Its Infill Drill Program, Including 94.5 m of 1.55 g/t Gold and 0.31% Copper in Hole TPD 340
Thursday, March 22, 2012
Sandspring Resources Ltd. Reports Further Encouraging Results from Its Infill Drill Program, Including 94.5 m of 1.55 g/t Gold and 0.31% Copper in Hole TPD 34017:17 EDT Thursday, March 22, 2012TORONTO, ONTARIO--(Marketwire - March 22, 2012) -SANDSPRING RESOURCES LTD. (TSX VENTURE:SSP) ("Sandspring" or the "Company") is pleased to announce additional results from its 2012 infill and expansion drill program at the Toroparu Gold Deposit in the Republic of Guyana, South America (the "Toroparu Gold Deposit").Included in today's release are results from infill core holes TPD 326-362, (which includes 27 holes drilled within the eastern mineralized zone and 10 holes within the western mineralized zone of the Toroparu Gold Deposit), as well as exploration drill results from core holes TPD 363-366 drilled 1.2 km southeast of the Toroparu Gold Deposit boundary. Infill Drilling The primary purpose of these infill drill holes was to target near surface saprolite and fresh rock mineralization that had not been drilled previously due to surface conditions (see Exhibits 2 and 3 below). The secondary purpose of these infill holes is to convert Inferred Mineral Resources to Measured and/or Indicated Mineral Resources.Highlights of the infill drilling program results include:TPD 327: 75 m of 1.19 g/t Au (0 m to 75 m) TPD 340: 94.5 m of 1.54 g/t (265.5 m to 360 m) TPD 343: 64.5 m of 2.09 g/t (165.5 m to 231 m) TPD 346: 69 m of 1.37 g/t Au (0 m to 69 m) TPD 349A: 28 m of 2.59 g/t Au (0 m to 29.5 m) TPD 360: 88.5 m of 1.52 g/t Au (0 m to 88.5 m) * All gold assays intervals reported in the above highlights are top cut at 12 g/t Au consistent with the top cut of the Toroparu Gold Deposit Mineral Resource estimate. Exploration Drilling Encouraging gold mineralization intercepts were encountered in diamond drill holes TPD 363, 365 and 366, which are the first results reported from an 8-hole exploratory drill program (TPD 363 to TPD 370) testing the possible extension of mineralization defined in exploration drill hole TPD 313 (see Press Release of February 29, 2012) located 1.2 km southeast of the Toroparu Gold Deposit (see Exhibits 2 and 3 below).Highlights of the offset exploration drilling results include:TPD 363: 15 m of 1.7 g/t Au (108 m to 123 m) and 87 m at 1.60 g/t Au (139.5m to 226.50m) TPD 365: 22.5 m at 1.74 g/t Au (63 m to 88.5 m) and 12 m at 1.28 g/t Au (97.5 m to 109.5 m) TPD 366: 52.5 m at 1.23 g/t Au (82.5 m to 135 m) and 52.5 m of 0.92 g/t Au (189 m to 241.5 m)* All gold assays intervals reported in the above highlights are top cut at 12 g/t Au consistent with the top cut of the Toroparu Gold Deposit Mineral Resource estimate.** TPD 366 is being reported on the basis of partial results. The balance of the results will be reported in the Company's next drill result press release.The results from the exploration core holes demonstrate interesting distribution of gold grade over large apparent widths that are relatively close to surface. Collectively with results from TPD 313, these results constitute a reliable indication for a new gold mineralization system 1.2 km southeast of the Toroparu Gold Deposit in-pit resource boundary and near the intersection of the NNW trending Wynamu lineament and the regional Puruni shear zone (see February 29, 2012 Press Release). Further results from this step-out drill program are expected within the coming weeks.The detailed list of drilling results for all drill holes from TPD 326 to TPD 366, including depth and length of interval, uncapped higher grade intervals can be found at the following link:Exhibit 1: http://media3.marketwire.com/docs/SSP-EX1.pdfThe location, orientation, and depth of all drill holes from TPD 326 to TPD 366 contained in this release can be found in plan and longitudinal view at the following links:Exhibit 2: Drill Hole Location Plan View: http://media3.marketwire.com/docs/SSP-EX2.pdfExhibit 3: Drill Hole Location Longitudinal View: http://media3.marketwire.com/docs/SSP-EX3.pdfAdditionally, the Company's systematic reconnaissance drill program utilizing reverse circulation (R/C) drilling over two multi-kilometer length surface gold anomalies located several kilometers to the northwest of the Toroparu Gold Deposit is on-going. (See Sandspring's Press Release of February 20, 2012).Werner Claessens, VP Exploration states: "This infill drill round confirms that the resource and geological model for the Toroparu Gold Deposit as presented in the recently updated PEA, continues to surface and that gold distribution and grade barely change within the saprolite layer. I'm very pleased with the step-out results to the southeast, which underlines the potential to find satellite deposits in the vicinity of Toroparu. This brings us a step closer to the concept that the existing resource is part of a larger system."Drill holes TPD 326-366 represent an additional 9,241 m of diamond core drilling within the Toroparu Gold Deposit Area (Exhibit 2). This is the first set of holes from the 2012 drill program to be reported. A total of 158,045 m of drilling is reported to date from the Toroparu Gold Deposit.Analytical testing and reporting of quantitative assays for the results reported in this press release was performed independently by Acme Analytical Laboratories Ltd. ("AcmeLabs"). AcmeLabs is an ISO9001: 2008 accredited laboratory. A system of blanks, standards and duplicates were added to the Toroparu sample stream by the Company to verify accuracy and precision of assay results, supplementing a variety of internal QA/QC tests performed by AcmeLabs.All data verification and QA/QC procedures of the Company were applied specifically to the results contained in this press release, and the data in this press release has been verified by Mr. Brian Ray, P.Geo., Senior Resource Geologist with Sandspring and a Qualified Person under NI 43-101, in accordance with the procedures of the Company. The data verification procedures and QA/QC procedures adopted by the Company and applied to the work reported in this press release can be found in Section 11.0 and Section 12.0 of the "Technical Report, Updated Resource Estimate and Preliminary Economic Assessment of the Toroparu Gold-Copper Deposit", No. 234 with an effective date of January 30, 2012, dated March 12, 2012, and filed on SEDAR under the Company's profile on March 13, 2012 (www.sedar.com).Mr. Brian Ray, P.Geo., Senior Resource Geologist with Sandspring and a Qualified Person under NI 43-101, has reviewed and approved the technical content of this press release.Sandspring Resources Ltd. is a Canadian junior mining company currently in advanced exploration and prefeasibility assessment of the multi-million ounce Toroparu Gold Deposit in the Republic of Guyana. Visit Sandspring's website at www.sandspringresources.com.To view our previous disclosure on the latest resource estimate: Sandspring Resources January 30, 2012 Press Release.To see the Preliminary Economic Assessment for the Toroparu Gold Deposit: Sandspring Resources March 22, 2011 PEA.Additional information on Sandspring can be viewed on SEDAR under the Company's profile at www.sedar.com or on Sandspring's website at www.sandspringresources.com.This press release includes certain forward-looking statements concerning future performance and operations of the Company as well as management's objectives, strategies, beliefs and intentions. Forward-looking statements are frequently identified by such words as "may", "will", "plan", "expect", "anticipate", "estimate", "intend" and similar words referring to future events and results. Forward-looking statements are based on the current opinions and expectations of management at the time such statements are made. All forward-looking statements and information is inherently uncertain and subject to a variety of assumptions, risks and uncertainties, including the speculative nature of mineral exploration and development, fluctuating commodity prices, the Company's successful advancement of the Toroparu Gold Deposit toward feasibility and obtaining positive results from ongoing evaluation and testing of multiple gold targets located elsewhere in the Company's landholdings, among other risks as described in our public filings available at www.sedar.com. Actual events or results may differ materially from those projected in the forward- looking statements and we caution against placing undue reliance thereon. Sandspring Resources Ltd. has an ongoing obligation to disclose material information, as it becomes available.FOR FURTHER INFORMATION PLEASE CONTACT: Investor RelationsSandspring Resources Ltd.(720) firstname.lastname@example.orgNeither 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.