TORONTO, ONTARIO, Jul 06, 2010– SANDSPRING RESOURCES LTD. (“Sandspring” or the “Company”) is pleased to announce an update on gold and copper assay results from drilling in the area of the Toroparu gold-copper deposit in the Republic of Guyana, South America.
— Hole TPD-076 on the western boundary of the current NI 43-101 Toroparu
gold-copper resource intersected a composite average grade interval of
1.21g/t gold and .03% copper over 169.5 metres, including an interval
grading 8.27g/t gold over 12.0 metres
— Hole TPD-080 collared 400 metres northwest along strike of the western
boundary of the current NI 43-101 Toroparu gold-copper resource
intersected a composite average grade interval of 1.07g/t gold and .04%
copper over 151 metres
Results from holes TPD065 – TPD080 comprise an additional 8,819m of drilling designed to optimize and expand grade and tonnage parameters of the known NI 43-101 compliant Toroparu gold-copper resource and to test continuity at various step-out locations along strike (Table 2). Assay results from a total of 35,916m of diamond drilling have now been disclosed to date on the Toroparu Property. Drill hole collar locations and the Toroparu gold-copper deposit envelope contour and intercept highlights are appended to this press release (Figure 1).
To view Figure 1, please visit the following link: http://media3.marketwire.com/docs/sandfig1.pdf
Abraham Drost, P.Geo. President of Sandspring states: “The latest batch of assays are anchored by Hole 76 on the western edge of the current 800m long Toroparu gold-copper resource envelope. Assay results from stepout Holes 75, 77 and especially Hole 80 collared 400m northwest along strike suggest the discovery of a new gold-mineralized shoot and potential for resource expansion. The Toroparu deposit horizon remains open at depth and along strike at this time.
The latest step-out drill results validate a shear-hosted gold-copper deposit model highlighted by the gradient array IP geophysical dataset produced on site by Insight Geophysics Inc. With the IP data, not only can we “see” the Toroparu bedrock deposit horizon under saprolite cover, we can now follow it out with confidence along strike.
Drill testing of the Toroparu deposit horizon has been remarkably successful thus far with an Indicated resource discovery rate of approximately 100 ounces gold-equivalent per metre drilled to date. Previous technical reports on the property note similarities between the Toroparu deposit in Guyana and that of the Las Brisas deposit, part of the Kilometer 88 gold district in Venezuela. In terms of upside size potential and low discovery cost, the latest assay results point to the potential to develop a new gold district at Toroparu.”
The current Toroparu gold-copper mineral resource as disclosed June 3, 2010 and independently modeled by P&E Mining Consultants Inc., is a potentially open-pittable bulk tonnage deposit with an NI 43-101 compliant Indicated mineral resource of 3,692,000 ounces gold-equivalent (2,891,000 oz. gold and 288 million pounds copper) and an additional Inferred mineral resource of 1,078,000 ounces gold-equivalent (895,000 oz. gold and 66 million pounds copper) (Table 1).
To view Tables 1 and 2, please visit the following link: http://media3.marketwire.com/docs/santa12.pdf
Analytical testing and reporting of quantitative assays was performed independently by Acme Analytical Laboratories Ltd. (“AcmeLabs”). AcmeLabs is an ISO:9001:2008 accredited laboratory for the tests reported herein. 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.
Mr. Brian Ray, P.Geo., Exploration Manager for Sandspring and the Company’s Qualified Person on the Toroparu site under NI 43-101, has reviewed and approved the technical content of this press release. Mr. Eugene Puritch, P.Eng. of P&E Mining Consultants Inc. an independent Qualified Person, has approved release of the mineral resource estimate summary contained herein.
Additional information on Sandspring can be viewed on SEDAR under the Corporation’s profile at www.sedar.com or on Sandspring’s website at www.sandspringresources.com.
This news release includes certain forward-looking statements concerning the future performance of our business, its operations and its financial performance and condition, 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. All forward-looking 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, competitive risks and the availability of financing, as described in more detail in our recent securities 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.
The mineralized material in the Toroparu gold-copper deposit is currently classified as an Indicated resource and Inferred resource under Canadian securities disclosure standard National Instrument 43-101. Readers are cautioned that no part of the Toroparu Deposit’s mineralization is yet considered to be a minable reserve under Canadian or US mining securities disclosure standards. In both jurisdictions, a full feasibility study would be required, which would require more detailed studies. Additionally all necessary mining permits would be required in order to classify the project’s mineralized material as an economically exploitable reserve. There can be no assurance that this mineralized material will become classifiable as a reserve and there is no assurance as to the amount, if any, which might ultimately qualify as a reserve or what the grade of such reserve amounts would be.
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.