VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 24, 2011) -Sniper Resources Ltd. (TSX VENTURE:SIP) (the "Company") is pleased toannounce the completion of its drill program at the Guild Property.
Ten holes accessible to a truck mounted rig were drilled inDecember 2010 and January 2011. Eleven additional holes were drilledduring February and March 2011 using a track mounted MPD-1500 drill rigowned by Boart-Longyear, of Elko, Nevada. The total footage drilledduring the program is 11,810, or 3,600 m.
Samples were submitted to ALS-Chemex for assaying by Firewith AA finish, and selected samples were submitted for geochemicalanalysis. All results have been received for GI-01 through GI-17,partial results for GI-18 and -19, and all results for GI-20 and -21 arepending. Check assays will be performed once all initial results fromthe samples plus selected fill-ins have been received as well as thegeochemical results.
Summary of drilling results to date:
Three holes (GI-11, -16, and -17) were drilled in an area(the Trench Zone) that has returned up to 1,105 ppb (0.032 oz/ton) Au ina surface grab sample that was taken previously by Sniper. Assay valuesfor significant lengths in these holes are similar to gold values thatare being processed by many run of mine heap leach operations in Nevadapresently. The rocks in the holes are well oxidized and mineralizationbegins at surface. Indicator elements typical of "Carlin type" depositsare highly anomalous in the holes as well, and vein barite is present onthe surface.
The results from these holes were very encouraging and leavethe mineralized zone open along strike and possibly to the southeasttowards GI-02, which had a 120 foot long slightly gold anomalousintercept from 245'-365' that was reported during January. Furtherdrilling is strongly warranted based upon the results from these holes,summarized in the Table that follows.
Holes GI-20 and GI-21 were drilled to test an isolatedexposure of Paleozoic rocks cropping out in Tertiary volcanics on thenorthwest edge of the property. Results are pending, but samplescollected on the surface during drilling returned up to 0.018 oz Au/ton.
A group of holes designed to test geophysics-indicatedhigh-angle structure targets beneath Tertiary volcanic cover (GI-01,-06, -08, -13, and -14) show that in places at least the volcanic coveris deeper than anticipated, and it appears to define anorthwest-trending paleovalley with fairly steep sides. However it islikely that there are buried paleohighs on the bedrock surface withinthe valley, with steep topography similar to that exposed nearby. A fewholes planned for this area were deferred in order to drill additionalholes from other permitted sites.
One such additional hole (GI-15) was drilled at an angle backto the northeast from the same site as GI-14, which was directed to thewest. This hole was designed to explore for the edge of thepaleovalley, and it encountered a 10 foot zone of low (0.005 oz Au/ton)gold values and some anomalous indicator element geochemistry in thebasement Paleozoic sedimentary rocks. This intercept leaves a large areaopen toward the original discovery area of the Guild claims. Furtherdrilling is being planned for this area.
Summaries of the significant results to-date:
Holes GI-05 and GI-12 were drilled on exposures of favourablePaleozoic rock south of the original discovery outcrops but neitherencountered significant gold grades.
A few more holes not previously reported (GI-07, -09, -10,-18 and -19) were drilled on the southern part of the property, in alarge exposure of Roberts Mountains Formation, which is a major hostrock in northern Nevada. The first three of these were not significantlymineralized, but only partial results have been received from GI-18 and-19.
The Guild Property
The Guild property is a Carlin-type gold occurrence locatedin Nye County, Nevada. Significant surface sample gold values are hostedby Paleozoic rocks at the northern and southern ends of the propertyand are separated by a Tertiary volcanic-covered area. One or more majorthrough-going structures are thought to be present that may have servedas feeders for the surface mineralization. The area of anadditional western window through the volcanics that exposes thePaleozoic rocks also has highly anomalous indicator elements plus goldin surface sampling.
Details on the Company's Guild property are set forth in theCompany's prospectus dated July 15, 2010 and in the technical reportreferred to therein, all of which are available on the SEDAR website (www.sedar.com).
All scientific and technical information contained in thisnews release has been reviewed and approved by Douglas McGibbon, theVice President, Exploration of the Company and a "qualified person"within the meaning of National Instrument 43-101 Standards of Disclosure for Mineral Projects.
About Sniper Resources Ltd.
Sniper Resources Ltd. is engaged in the identification,acquisition and exploration of gold properties in the State of Nevada,USA. The Company's two principal projects, Guild and Overland Pass, aresubject to option agreements with Columbus Gold (U.S.) Corporation. Eachoption agreement provides the Company, through its wholly ownedsubsidiary Sniper Resources (U.S.) Inc., the right to earn a 51%interest in each of the projects by incurring an aggregate ofUS$2,000,000 in exploration expenditures on each property by December31, 2012. The Company can earn an additional 19% interest in eachproperty by completing a positive feasibility study on each property.
Sniper Resources Ltd.
Scott Baxter, Chief Executive Officer
This news release includes certain forward-looking statementsor information. All statements other than statements of historical factincluded in this release, including, without limitation, statementsrelating to the potential mineralization and geological merits of theGuild property and other future plans, objectives or expectations of theCompany are forward-looking statements that involve various risks anduncertainties. There can be no assurance that such statements will proveto be accurate and actual results and future events could differmaterially from those anticipated in such statements. Important factorsthat could cause actual results to differ materially from the Company'splans or expectations include risks relating to the actual results ofcurrent and planned exploration activities; the geology, grade andcontinuity of mineral deposits; fluctuating gold prices; possibility ofaccidents, equipment breakdowns and delays during exploration;exploration cost overruns or unanticipated costs and expenses;availability of capital and financing; general economic, market orbusiness conditions; regulatory changes and restrictions including inrelation to environmental liability; timeliness of government orregulatory approvals and other risks detailed herein and from time totime in the filings made by the Company with securities regulators. TheCompany expressly disclaims any intention or obligation to update orrevise any forward-looking statements whether as a result of newinformation, future events or otherwise except as otherwise required byapplicable securities legislation.
Neither the TSX Venture Exchange nor its Regulation ServicesProvider (as that term is defined in the policies of the TSX VentureExchange) accepts responsibility for the adequacy or accuracy of thisrelease.
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