Business & Finance
Wed, February 23, 2011Tue, February 22, 2011Mon, February 21, 2011Sun, February 20, 2011Fri, February 18, 2011Thu, February 17, 2011Wed, February 16, 2011Tue, February 15, 2011Mon, February 14, 2011SUNWARD COMMENCES DRILLING AT THE LA CANDELA AND PORVENIR TARGETS
Published in Business and Finance on Thursday, February 17th 2011 at 6:11 GMT by Market Wire
TSX-V: SWD
VANCOUVER, Feb. 17 /CNW/ - Sunward Resources ("Sunward" or "the Company") (TSXV: SWD) today announced that drilling has commenced at the La Candela and Porvenir targets at the Titiribi Project in Antioquia, Colombia.
The La Candela target is situated approximately one kilometer south of the Cerro Vetas mineralized body and is defined by coincident air-mag and gold in soil anomalies. The target was drilled in 2008-2009 by a previous operator who reported a hole grading 0.41 g/t gold over 46 metres (Windy Knob Resources Quarterly Activities Report dated January 16, 2009). Sunward has redefined the target with a detailed compilation and reinterpretation of preexisting and new geological and geophysical data.
The Porvenir target is approximately 2 kilometres south-southeast of the Cerro Vetas mineralized body and is also defined by coincident air-mag and gold in soil anomalies. The geochemical characteristics of the Porvenir target are very similar to Cerro Vetas. The Porvenir target is also situated on the same north-northwest / south-southeast striking regional lineament that hosts the Cerro Vetas mineralized body and possibly other porphyry bodies in the Mid-Cauca belt.
Please visit [ http://www.sunwardresources.com/links/titiribimaps.php ] for more information on the La Candela and Porvenir targets.
Jonathan Challis, FIMMM, is a qualified person under National Instrument 43-101, and has reviewed and is responsible for the contents of this news release.
About the Titiribi Project:
The Cerro Vetas mineralized body at Sunward Resources' Titiribi project hosts an inferred resource of 230 million tonnes at an average grade of 0.5 grams per tonne gold and 0.2 percent copper using a 0.3-gram-per-tonne-gold cut-off (NI 43-101 technical report dated May 19, 2010). The project is located approximately 70 kilometres southwest of the city of Medellin, Colombia, in Antioquia department, within the historical Titiribi mining district (estimated total gold production of three to five million ounces). Access is by paved highway from Medellin.
Mineralization at Titiribi is hosted within a number of porphyry stocks and porphyritic dikes and sills. The dominant mineral associated with mineralization is chalcopyrite, which occurs as disseminations and in veinlets. Plagioclase and secondary biotite are also significant within the mineralized assemblage. Mineralization appears to be related to extensive potassic alteration, with propylitic and argillic alteration also widespread, along with lesser phyllic alteration.
Over 41,000 metres of drilling has been completed at Titiribi to-date, including approximately 14,600 metres completed historically by previous operators, including Gold Fields and Windy Knob Resources, along with more than 26,400 metres completed by Sunward Resources. The mineralized body at Cerro Vetas remains open in all directions and at depth. Sunward Resources currently has four drill rigs operating to expand mineralization at the Titiribi project.
About The Company:
Sunward Resources is a well-capitalized Canadian-based company focused on the exploration of gold/copper porphyry projects in Colombia. The Company has strong operational expertise in Colombia and is currently drilling its Titiribi Project southwest of Medellin with a goal of increasing the NI 43-101 inferred resource.
This news release contains "forward-looking information", which may include, but is not limited to, statements with respect to the future financial or operating performance of Sunward Resources Ltd. and its projects. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Sunward Resources Ltd. to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Forward-looking statements contained herein are made as of the date of this press release and Sunward Resources Ltd. disclaims, other than as required by law, any obligation to update any forward-looking statements whether as a result of new information, results, future events, circumstances, or if management's estimates or opinions should change, or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements.
Neither 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.
