VANCOUVER, British Columbia--(BUSINESS WIRE)--Santa Barbara Resources Limited (TSX-V: SBL - “Santa Barbara” or the “Company”) is pleased to announce additional trench and other channel sampling results from its flagship Sancos Project in Peru.
New trench results have been received from sampling at the Sancos Central and Sancos Northwest high-sulphidation epithermal gold targets. New rock exposures were generated during construction of access roads and drill platforms for a planned drill program. A total of 51 outcrop samples were collected, ranging in width from 2.5 metres (m) to 11.5 m with assay values from 0.01 grams per tonne (“g/t”) gold to 4.71 g/t gold. Areas of siliceous alterations were sampled with continuous channel samples.
Santa Barbara’s President Christoph Lassl comments: “The new sample results confirm our exploration model at Sancos. The current sampling program has demonstrated that the postulated feeder zone at Sancos Central has the potential to host higher grade gold mineralization, and that the identified Sancos Northeast anomaly contains gold bearing silicic alteration, similar to the alteration and mineralization found at Sancos Central. The next drill program at Sancos will be dedicated to these two target zones.”
Trench and Other Outcrop Sampling
A 3 m vertical channel sample assaying 4.71 g/t gold was collected in the area postulated to contain the feeder zone to the gold mineralization at Sancos Central. In addition, 15 m @ 0.45 g/t gold and 2.3 g/t silver were sampled in a nearby trench at Sancos Central.
Trenches sampled at the previously identified Sancos Northeast anomaly, containing 40 m @ 0.11 g/t gold and 46 m @ 0.17 g/t gold represent the first sampling program from this area since no outcrop exposure were available for sampling prior to the current construction of new access roads and drill pads.
Interpretation of Results
The 2011 CSAMT resistivity geophysical survey identified three potential feeder zones to gold mineralization, Sancos Central, Sancos Northeast and Sancos Southwest (see press release dated October 13, 2011). The postulated feeder zone at Sancos Central coincides with the area where the initial drill program had encountered drill intersections of 154 m @ 0.45 g/t gold and 94 m @ 0.47 g/t gold, each starting from surface and ending in mineralization as well as four other holes with long gold mineralized intervals, with all intercepts occurring in oxide material (see press releases January 5, 2011, January 19, 2011 and February 8, 2011). In addition, previous trenching returned 133.6 m @ 1.00 g/t gold, including a high-grade section of 17 m @ 4.87 g/t gold from the same area (see press release dated September 7, 2010).
The new high-grade sample interval encountered within the postulated feeder zone to the Sancos Central gold mineralization confirms the Company´s current exploration model and is a further indication of the possibility of encountering significantly higher grade gold mineralization within this potentially 750 m long and 300 m wide feeder zone.
The presence of gold in trenches at the Sancos Northeast geophysical resistivity anomaly highlights the exploration potential of this to date completely unexplored zone.
Access Road and Drill Platform Construction
The construction of 22 drill platforms has been completed with 19 platforms at Sancos Central for a follow-up drill program on successful earlier drill holes and 3 platforms at Sancos Northeast as scout drilling program of the newly identified gold mineralized zone. Further Drilling at Sancos is subject to additional financing.
Sancos Project
The Sancos Project is located in the mining-friendly Ayacucho Region of Peru. The property hosts a large high-sulphidation epithermal gold-silver mineralized system. Following up on large areas with significant values of gold in trenches, Santa Barbara has drilled 4,533 m at Sancos to date. Gold values have been intersected over more than 200 m vertical extent, starting from surface. Results are encouraging. The best intercepts are 154 m @ 0.45 g/t gold and 94 m @ 0.47 g/t gold, each starting from surface and ending in mineralization, with all intercepts occurring in oxide material. Bulk leach extractable gold metallurgical testwork on drill chips returned 66 % to 93 % gold recoveries with an average of 86 %, obtained from samples up to 232 m down-hole depth (201 m below surface), suggesting excellent leachability to significant depths. Santa Barbara has received a drill permit for the Sancos project from the Peruvian Ministry of Energy and Mines, authorizing the construction of up to 300 individual drill platforms and related access roads over a period of 46 months.
Santa Barbara has the option, subject to certain back-in rights, to acquire a 100% interest in the 6,200 hectare Sancos Project from Barrick Gold Corporation's Peruvian subsidiary.
The technical content of this news release has been reviewed by Stewart Wallis P.Geo., consultant to the Company, who is the Qualified Person for the Company.
About the Company
Santa Barbara is a South American mineral explorer focusing on Peru and Chile. The Company has 22.8 million shares outstanding and about C$ 0.75 million in the treasury.
ON BEHALF OF THE BOARD
“Christoph Lassl”
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Christoph Lassl, President and Chief Executive Officer
Please visit the Company’s web site: www.sbr-ltd.com . For further information, please contact Christoph Lassl, President and Chief Executive Officer. Telephone: 56-2-2462545, Fax: 56-2-2462565 or email: christoph@sbr-ltd.com .
Address: Manquehue Norte 151 - Oficina 906, Las Condes, Santiago, Chile.
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.
This news release contains certain statements that may be deemed “forward-looking” statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur. Although Santa Barbara believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements. Forward looking statements are based on the beliefs, estimates and opinions of the Company’s management on the date the statements are made. Except as required by law, the Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.