VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 25, 2012) - SnipGold Corp. (SGG.V) ("SnipGold" or the "Company") (formerly Skyline Gold Corporation) is pleased to announce the results for the nine-hole, 2,437 metre, 2012 exploration drill program recently completed on SnipGold Corp.'s Iskut Property (the "Property"), located in northwest British Columbia.
The 2012 exploration program included diamond drilling and borehole pulse electro-magnetic ("BPEM") surveys at the Snip-Bronson Trend, Johnny Flats, the Burnie Trend and C1 Area and the Gorge.
2012 Exploration Highlights:
-- 2012 drill hole intercepts include sulphide-dominant mineralization:
-- 1.38 metres ("m") of 56.4 grams per tonne gold ("g/t Au") and 44.7
grams per tonne silver ("g/t Ag") within a larger interval of 10.07m
of 9.6 g/t Au and 24.9 g/t Ag at Snip-Bronson Trend
-- 1.45m of 20.5 g/t Au and 36.3 g/t Ag within a broader interval of
16.58m of 2.1 g/t Au at Gorge
-- Burnie Trend confirmed to represent a highly prospective structural
-- Gold-bearing alteration intersected along 2.8km Johnny Flats Conductor
John Zbeetnoff, CEO, commented, "The sulphide-dominant, Snip-style, high-grade gold mineralization intersected at both the Gorge and the Snip-Bronson Trend this year confirms our belief that both areas have excellent potential to host Snip-like deposits. Our initial drill testing at Burnie Trend and Johnny Flats encountered the desired key alteration styles, in addition, the Burnie Trend has been confirmed as a highly prospective structural corridor. Adding to our exploration success this year is the fact that the 3D Plate Modeling completed on airborne geophysical data has effectively predicted the locations of elevated concentrations of sulphides."
The objective of this year's field program was to explore for structurally controlled, sulphide-dominant, high grade gold mineralization analogous to ore from the historic Snip Mine located within 100m of the Property boundary. Also of key interest this year, was to determine the structural and alteration signature of areas that have not been previously drill tested.
Maps detailing the 2012 and other key historical drill holes are available on the Company's website through this Map Link. Significant assay intervals are listed in the attached table. Additional details are also available on the Company's website www.SnipGoldCorp.com.
Drill hole SG12-29 tested the area immediately down dip of a strongly altered sequence of host rocks intersected last year in hole SK11-21. This hole is located to the east of and on trend with both the historic Snip Mine and the Bronson Slope Porphyry Deposit 2.5km and 950m respectively.
SG12-29 intersected sulphide-dominant Snip-style gold mineralization yielding 1.38m of 56.40 g/t Au from 194.95 to 196.33m. This high-grade interval is within a 10.07m sample that assayed 9.6 g/t Au from 187.76 to 197.83m.
This hole also intersected two significant bulk tonnage intervals, the first starts at the top of the hole and yielded 148.24m of 0.339 g/t Au. The second interval, from 197.83 to 291.65m, assayed 93.82m of 0.337g/t Au.
2012 drilling at the Gorge included a single hole, SG12-28, which targeted an area known to host high-grade gold mineralization. Limited information exists about the geological style of this mineralization; therefore, the purpose for the 2012 drill hole at Gorge was to gain both a geological signature as well as a BPEM signature of the mineralization in the area.
Drill hole SG12-28 intersected multiple, narrow intervals of sulphide-dominant mineralization with the most significant interval assaying 1.45m of 20.50 g/t Au within a wider interval of 16.58m of 2.12 g/t Au.
SG12-28 also intersected 48.75m of 0.988 g/t Au, from 18.0 to 66.75m. This interval contained a higher grade portion which assayed 6.9m of 5.0 g/t Au.
The two lower grade bulk tonnage-style intersections in SG12-28 will be reviewed, during this winter's compilation work, in context with the Snip North Porphyry located less than 1km to the east-southeast.
The 2012 drilling included the completion of two holes, SG12-24 and SG12-30, along the 2.8km electro-magnetic ("EM") conductor trend at Johnny Flats. These Phase-1 holes tested two of the 16, three dimensional ("3D") EM plate models targeted for drill evaluation. Hole SG12-24 was completed at the east end of the conductor trend and hole SG12-30 was completed at the west end.
Hole SG12-24 intersected 6.5m of 1.70 g/t Au and 17.7 g/t Ag including 2.11m of 4.96 g/t Au. Also of exploration significance is a 33.71m interval immediately below this intersection which had low gold values but elevated arsenic ("As") averaging 6,642 parts per million ("ppm"). Arsenic is an element considered to be a pathfinder element for Snip-style mineralization.
Hole SG12-30 intersected 1.68m of 1.47 g/t Au and 165.0 g/t Ag within a broader mineralized interval of 8.20m of 0.36 g/t Au and 49.1 g/t Ag. This intersection is marked by strong calcite and silica flooding and up to 25% pyrite and 10% sphalerite.
Burnie Trend and C1 Area
Four holes, SG12-22 and SG12-25 to SG12-27, tested a 4.3km strike length of the overall 9km long Burnie Trend. Drill hole SG12-23 tested the C1 Area. All holes encountered wide intervals of well-developed Snip-style hydrothermal alteration, locally associated with a very strong shear fabric, highlighting a structural corridor estimated to be in the order of several tens of metres in width.
All elevated metal intersections at Burnie Trend will be reviewed in the geological context of their alteration and structural finger prints. Historical records document that 75% of the gold production at the Snip Mine(1) consisted of "ore-styles" dominated by the alteration types intersected at Burnie Trend (1 The Mine Environment Neutral Drainage (MEND) website at http://www.mendedem.org/reports/files/9.1b.pdf).
Detailed core logging has determined that the 3D EM plates modeled over the 2011/2012 winter season have, most often, vectored to areas of elevated iron-sulphide content and confirms that the 3D plate modeling can effectively highlight sulphide zones on the Iskut Property.
Management is very pleased with the results of the 2012 exploration program. The program has successfully advanced the Company's exploration objectives by completing the initial drill testing in new areas and the program successfully intersected sulphide-dominant high-grade gold mineralization at both the Gorge and along the Snip-Bronson Trend.
The BPEM data are currently being interpreted and will be incorporated into prioritizing drill targets for the 2013 program. Details of these results will be released as the interpretation advances.
The Company's website www.SnipGoldCorp.com contains a detailed table of all exploration intersections from the 2012 program, as well as the website will be updated over the next several weeks with additional details concerning the 2012 and future exploration programs.
SnipGold 2012 DDH Results
Hole-ID From (m) To (m) Interval (m) Au g/t Ag g/t
SG12-22 4.00 8.50 4.50 0.394 1.3
SG12-23 No Significant Metal Values, Well developed Hydrothermal
SG12-24 115.95 122.45 6.50 1.696 17.7
Incl 120.34 122.45 2.11 4.960 30.4
SG12-24 133.94 167.65 33.71 0.080 2.4
Incl 276.70 278.70 2.00 0.713 88.3
SG12-25 7.50 12.00 4.50 2.062 23.7
Incl 7.50 9.00 1.50 5.660 64.9
SG12-26 19.50 25.04 5.54 0.274 9.1
SG12-27 166.00 173.00 7.00 0.065 1.7
SG12-28 18.00 66.75 48.75 0.988 7.5
Incl 23.60 26.80 3.20 1.787 8.5
Incl 40.69 47.59 6.90 5.000 28.6
SG12-28 90.50 98.15 7.65 2.036 2.6
Incl 95.00 96.40 1.40 9.080 8.8
SG12-28 115.52 132.10 16.58 2.123 4.4
Incl 125.75 127.20 1.45 20.500 36.3
SG12-28 195.25 207.00 11.75 0.161 0.3
SG12-29 12.26 160.50 148.24 0.339 12.2
Incl 28.70 32.70 4.00 1.473 92.6
Incl 63.75 70.50 6.75 1.227 62.8
SG12-29 187.76 197.83 10.07 9.598 24.9
Incl 194.95 196.33 1.38 56.400 44.7
SG12-29 197.83 291.65 93.82 0.337 1.3
SG12-29 366.00 387.00 21.00 0.434 0.6
Incl 375.00 378.00 3.00 2.120 0.5
SG12-30 9.65 15.65 6.00 0.208 15.7
SG12-30 45.25 53.00 7.75 0.407 11.7
SG12-30 154.80 163.00 8.20 0.355 49.1
Incl 154.80 156.48 1.68 1.465 165.0
The parameters used to calculate mineralized intervals include samples assaying at least 0.2 g/t Au, but lower grade intervals may have been included if they were clearly part of a well-defined mineralizing event. Higher grade intervals were generally selected by compositing intervals with gold analyses greater than 1.0 g/t Au. Assay values have not been capped prior to computing length weighted grade calculations.
Quality Assurance and Quality Control
The Company utilizes standard industry practices in quality control and quality assurance with insertion of blind standards, blanks and a robust program of field preparation, as well as assay duplicate analyses which are completed in addition to the internal quality assurance and quality control practiced by the assay laboratory.
Sample preparation and analysis are conducted by ALS Canada Ltd. Sample preparation is conducted in the Terrace, BC facility, and analyses of pulps in North Vancouver, BC. The Terrace facility is ISO 9001:2008 certified and the North Vancouver laboratory is ISO/IEC 17025 certified. The geologist and Qualified Person under the terms of National Instrument 43-101 responsible for the verification of work and data acquisition for SnipGold is John Zbeetnoff, P. Geo.
Some assay results used in this news release may be in proximity to some minor out of range control samples, as such, these control samples as well as some of their related core samples are currently undergoing analytical rerun analyses for gold or copper at the analytical lab. The assay results for these reruns are expected within two weeks. It is not expected that there will be any noticeable impact on the final length weighted grade calculations. All significant grade changes will be reported in future news releases and will also be posted on the Company website, www.SnipGoldCorp.com.
The Qualified Person responsible for this news release under the terms of National Instrument 43-101 is John Zbeetnoff, P.Geo.
SnipGold Corp. is a Canadian junior exploration company focused on the exploration and expansion of gold resources in northwest British Columbia. SnipGold's board and management have significant experience in both the discovery and development of gold projects in this area.
On Behalf of the Board of Directors
John Zbeetnoff, Chief Executive Officer
Statements in this press release include certain "forward-looking information". Statements in this news release regarding the terms of the Offering and the Company's use of the proceeds of the Offering contain forward-looking information. Readers are cautioned that actual events may vary from the forward-looking information contained in this news release. Material risk factors that could cause actual results to differ materially from the forward-looking information in this news release include, but are not limited to, changes in market conditions or regulatory requirements applicable to the Offering. The forward-looking information in this news release is based on the assumptions that market conditions and regulatory requirements will not change in any material respect and that the Company will be able to obtain all approvals required for the completion of the Offering. The Company does not assume any responsibility for updating forward-looking information, except as required by law.
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.
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