Sulliden Announces 2011 Exploration ProgramSulliden Gold Corporation
TSX:
SUE
OTCQX: SDDDF
Dec 07, 2010 07:30 ET
Sulliden Announces 2011 Exploration Program
TORONTO, ONTARIO--(Marketwire - Dec. 7, 2010) - SullidenGold Corporation Ltd. ("Sulliden", the "Company")(TSX:SUE)(OTCQX:SDDDF) is pleased to announce that based on thecontinuing success of the current drilling campaign it plans toundertake the largest exploration program ever initiated at theShahuindo Gold Project in northern Peru. The Company plans to completeapproximately 70,000 meters of drilling in 2011, almost doubling the total meters drilled since the discovery of the project in 1992.
In addition to the continued drilling on the CentralCorridor, the 2011 exploration program will include seven major newtarget areas designed to expand the current mineralized envelope,identify potential new mineral resources and further define themagnitude of the hydrothermal gold system at Shahuindo.
Sulliden currently has a strong cash position, and issufficiently funded to complete the planned exploration activities,engineering studies, required permitting and general administrativecosts until a mine development decision.
Peter Tagliamonte, President and CEO of Sulliden, commented,"Sulliden will be undertaking the largest exploration program everconducted on the Shahuindo Property. 2011 will mark significantmilestones for Sulliden, with continuous exploration activity andparalleled engineering studies to progress the development of theShahuindo Project. We anticipate that the target areas we have outlinedwill continue to demonstrate an expanding mineral system on theShahuindo property, which we believe, if successful, would change theclass of this project."
Stephane Amireault, VP Exploration of Sulliden, commented,"We are very optimistic about the targets we have set out for our 2011exploration program. Exploration success in the Central Corridorextensions, the North and South corridors and the sulphides couldrepresent a significant magnitude of growth to this project and we lookforward to reporting the progress of this exploration program throughout2011."
2011 Exploration Campaign
The 2011 exploration program will focus on the following areas:
Central Corridor – Continued Mineral Expansion; Mineral system remains open in all directions
With ongoing exploration success demonstrated in the CentralCorridor, Sulliden will continue to conduct expansion drilling along itscurrently defined 3.8 kilometer strike length. The gold mineralizedsystem still remains open in all directions and further drilling willaim to define its magnitude.
North-West and South-East Extensions – Representing a potential 60% increase to known Central Corridor Strike Length
The Company will also be targeting the new extensiondiscoveries of the Central Corridor, which represent a potential 60%increase to the known mineral strike length. Sulliden plans to drill the800 meter South-East extension, identified by geophysics, and willconduct an IP survey in the North-West extension of the Central Corridorof over 1,600 meters in defined length. Exploration success in theseextensions could represent a growth to a 6.2 kilometer strike lengthfrom the known 3.8 kilometers.
Sulphide Mineral Resource – Strong Potential for a Significant Magnitude of Growth
The Company will be conducting a program of deeper drillholes along the 3.8 kilometer strike length of the Central Corridor withthe intention of demonstrating the presence of significant sulphidemineralization below the known oxide resource. The oxide mineralizationin the Central Corridor outcrops on surface and has been defined bydrill holes averaging approximately 110 meters in depth. Explorationresults from these holes have clearly and consistently demonstrated thatthe mineral resource is found in generally vertical mineral envelopesthat extend from the oxide mineralization at surface to the sulphidemineralization at depth. To date, only one deep hole at Shahuindo hasbeen drilled in the West Zone (See longitudinal section of CentralCorridor in Figure 2), which intersected sulphide mineralization at 400meters below surface. The program will aim to explore the sulphidemineralization, which could represent a significant magnitude of growthfor the Shahuindo Gold Project.
North and South Corridors – Virtually Undrilled Mineral Structures paralleling the Central Corridor
In June 2010, third party geological consultant, Dr. RobertHodder, completed a petrographic study on the Shahuindo project(available on the Sulliden website) that placed the Shahuindo mineralsystem in a geological framework that suggested the possibility ofseveral other mineral structures parallel to the Central Corridor. Twosuch structures, the North and South Corridor, have been identifiedhowever virtually no drilling has been conducted in these areas. Sixhistorical holes were drilled in the North Corridor, of which fourintersected ore grade mineralization; and four historical holes weredrilled in the South Corridor, of which two intersected ore grademineralization. These two parallel zones represent promising explorationtarget areas, which if successful could significantly expand thecurrent mineral resource defined on the property.
Atimsa Option and North-West Anomaly – 8,000 hectares of unexplored terrain
Sulliden will be initiating ground exploration work on the7,400 hectare Atimsa option located to the North-East of its miningconcession, as well as on a large geochemical anomaly identified to theNorth-West of the Central Corridor.
To view Figure 1 – 2011 Exploration Targets, please visit the following link: https://media3.marketwire.com/docs/sue1207fig1.jpg.
To view Figure 2 – Longitudinal Section A-B highlighting the sulphide target, please visit the following link: https://media3.marketwire.com/docs/sue1207fig2.jpg.
Qualified Person
Exploration at the Shahuindo Gold Project is being conductedunder the supervision of Mr. Stéphane Amireault, P.Eng., who is theCompany's Qualified Person as defined by NI 43-101. Mr. Amireault hasreviewed and approved the contents of this news release.