VANCOUVER, BRITISH COLUMBIA, Feb 22, 2012 (MARKETWIRE via COMTEX) -- Sniper Resources Ltd.CA:SIP-11.11%("Sniper" or "the Company") has completed its Phase 2 Drilling Program which commenced on January 24th at the Overland Pass property located immediately north of Barrick's Bald Mountain Mine. The Company engaged Boart Longyear as contractor for the drill program which was comprised of 18 drill holes from 14 drill sites, with a total drilled footage of approximately 7,300 feet. The drill program utilized a track-mounted Foremost MPD 1500 reverse circulation drill with a cyclone and rotating hydraulic splitter and was overseen by Doug McGibbon.
The drill program was designed to offset known oxide mineralization encountered in earlier drilling (Sniper drilled 13 holes at Overland Pass during the winter of 2006-2007) and known surface geochemical anomalies, and to evaluate favourable host stratigraphic horizons at shallow depth from surface in several different areas.
The best intercepts in the present program were as follows:
----------------------------------------------------------------------- --- Drilled Average ppb Average opt Hole From (ft) To (ft) Thickness Au Au -------------------------------------------------------------------------- OP-14 90 100 10 157 0.005 ------------------------------------------------------------- 120 140 20 243 0.007 -------------------------------------------------------------------------- OP-15 85 245 160 302 0.009 ------------------------------------------------------------- including 100 195 95 362 0.011 ------------------------------------------------------------- and 150 175 25 417 0.012 ------------------------------------------------------------- and 210 245 35 343 0.010 -------------------------------------------------------------------------- OP-16 90 145 55 513 0.015 -------------------------------------------------------------------------- OP-26 160 190 30 203 0.006 --------------------------------------------------------------------------
The shallow, oxidized, 160-foot intercept in OP-15 is the thickest run of mineralization encountered to date on the property. Results from OP-14, OP-15, and OP-16 suggest continuity of stratigraphically controlled mineralization between the area of Sniper holes OP-06 and OP-10 and earlier drilling several hundred feet to the west, and widen the mineralized zone's footprint to approximately 400 feet.
Results are still pending for holes OP-30 and OP-31. Thus far only holes OP-17, OP-18, and OP-22 have not contained significant (less than 10 ppb) gold in the recent drilling.
Duplicate samples of approximately 5 and 10 pounds nominal weights were collected from each 5-foot interval and one set was delivered each day after the close of drilling to ALS Minerals preparation lab in Elko, Nevada. ALS is an ISO certified assaying/geochemistry facility with the duplicates stored on site. Pulps for analysis were shipped to ALS' lab in Reno, Nevada and assayed using their "Au AA23" procedure (fire assay with atomic adsorption finish) with a 5 ppb Au detection limit.
Weepah
The Weepah gold project is located approximately 20 miles west-southwest of Tonopah, Nevada, in Esmeralda County. The Company has received permitting and placed a bond for a drill program on its Weepah property. The Foremost MPD 1500 reverse circulation drill rig was moved to Weepah from Overland Pass on February 21st and drilling is set to commence on the 22nd.
Sniper's Weepah program is designed to offset and fill in between several holes drilled by Columbus Gold Corp. in early 2011, hopefully to permit calculation of a significant resource there. Outcrop sampling by Columbus Gold of the altered limestone yielded values from anomalous up to 10.29 g/t (0.30 opt) gold over 3.6 m (12 ft), and 17.14 g/t (0.50 opt) gold over 1.8 m (6 ft).
An initial drilling program was carried-out by Columbus Gold in early 2011 and returned the following significant intercepts:
-- Drill hole WP-2 intersected 7.6 m (25 ft) of 2.29 g/t (0.067 opt) gold from 118.9-126.5 m (390-415 ft) depth, including two separate 1.5 m (5 ft) intervals of 4.31 g/t (0.126 opt) and 4.38 g/t (0.128 opt) gold; -- Drill hole WP-5 intersected 16.8 m (55 ft) of 1.30 g/t (0.038 opt) gold from 7.6-24.4 m (25-80 ft) depth, including 3.0 m (10 ft) of 4.54 g/t (0.132 opt) gold; -- Drill hole WP-7 intersected 27.4 m (90 ft) of 0.73 g/t (0.021 opt) gold from 16.8-44.2 m (55-145 ft) depth; -- Drill hole WP-12 intersected 4.6 m (15ft) of 3.47 g/t (0.101 opt) gold from 79.2-83.8 m (260-275 ft) depth, including 1.5 m (5ft) of 9.37 g/t (0.273 opt) gold from 80.8-82.3 m (265-270 ft) depth.
Drill holes WP-6, 7, and 8 were 91-152 m (300-500 ft) offsets of the gold mineralization encountered in drill hole WP-5. All three offset holes cut gold with the best intercept in WP-7 which was 120 m (400 ft) northeast of WP-5 and cut 0.73 g/t (0.021 opt) from 16.8-44.2 m (55-145 ft) depth. Gold mineralization remains completely open to the north and east, and possibly south of holes WP-5, 7, 8, and 9. Drill holes WP-9 through WP-15 were step-outs mainly to the south under gravel cover, which ranges from 8-29 m (25-95 ft) in thickness. The favourable Precambrian silt and limestone is present immediately under the gravel cover and altered with anomalous gold values. Hole WP-12 cut significant gold values, averaging 3.47 g/t (0.101 opt) gold from 79.2-83.8 m (260-275 ft), including 9.37 g/t (0.273 opt) gold from 80.8-82.3 m (265-270 ft) depth.
All scientific and technical information contained in this news release has been reviewed and approved by Douglas H. McGibbon, a director and the Vice-President, Exploration of the Company, who is a "qualified person" within the meaning of National Instrument 43-101.
ABOUT SNIPER RESOURCES LTD.
Sniper Resources Ltd. is engaged in the identification, acquisition and exploration of gold properties in the State of Nevada, USA. Sniper owns a 100% interest in the ReHot project and is currently earning a controlling interest in four strategically located Nevada gold projects, namely, Guild, Overland Pass, Weepah, and Laura.
Sniper Resources Ltd.
Scott Baxter, Chief Executive Officer
This news release includes certain forward-looking statements or information. All statements other than statements of historical fact included in this release, including, without limitation, statements relating to the potential mineralization and geological merits of the Overland Pass and the Weepah property, and other future plans, objectives or expectations of the Company are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's plans or expectations include risks relating to the actual results of current and planned exploration activities; actual results of trench samples remaining to be verified by a qualified person; the geology, grade and continuity of any mineral deposits; fluctuating gold prices; risks associated with property option agreements, leases, joint ventures and the ability to conclude joint venture agreements on favourable terms; possibility of accidents, equipment breakdowns and delays during exploration; exploration cost overruns or unanticipated costs and expenses; availability of capital and financing required to continue the Company's exploration programs; general economic, market or business conditions; regulatory changes and restrictions including in relation to environmental liability; timeliness of government or regulatory approvals and other risks detailed herein and from time to time in the filings made by the Company with securities regulators. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise except as otherwise required by applicable securities legislation.
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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