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TORONTO, ONTARIO--(Marketwire - Oct. 20, 2011) - Sulliden Gold Corporation Ltd. ("Sulliden", or the "Company") (TSX:SUE)(OTCQX:SDDDF)(BVLAC:SUE) is pleased to announce additional results from the ongoing 2011 exploration program, including 23 new drill holes totalling 5,195 metres conducted along the Central Corridor of the Shahuindo Gold and Silver Project in Peru.
The Company continues to delineate mineralization along the Central Corridor, particularly in the new parallel gold and silver bearing structures, "Sub-Corridor 'A'" and "Sub-Corridor 'B'" (See Figure 1). Recent results from "Sub-Corridor 'A'" have extended mineralization along a southward dipping angle beyond the current grade shells. Highlights from this sub corridor include:
-- 0.80 g/t gold over 25.5 metres, including 1.56 g/t gold over 9.0 metres
in hole SH11-261
-- 1.68 g/t gold over 14.5 meters, including 3.24 g/t gold over 6.1 metres
in hole SH11-262
-- 0.86 g/t gold over 19.5 metres, including 2.48 g/t gold over 4.5 metres
in hole SH11-272
As seen in Figure 1, "Sub-Corridor 'A'" is located at the South-West of the Central Zone and is one of several recently identified parallel mineral structures found in the Central Corridor that are currently being drilled. To date, the geological data indicates that the mineralization in this area outcrops on surface and dips southward at a low angle. Recent drill holes from the "Sub-Corridor 'A'", reported in Table 1 below, were conducted over a 500 metre strike length and have further confirmed its shallow dipping structure and successfully identified a down dip extension into the sulphides.
Drilling is also being carried out on "Sub Corridor 'B'" located North-West of the West Zone (See Figure 1), which was initially identified with holes RSH11-168 and RSH11-169 (please refer to May 26, 2011 press release). The most recent hole from "Sub Corridor 'B'", SH11-274, has returned the highest gold intercept to date in this area with a value of 0.76 g/t gold over 31.5 metres including 2.71 g/t gold over 4.5 metres, and 0.89 g/t gold over 11.8 metres (See Table 1). These intersections add continuity to the mineralized zone and will be further drill tested on strike and at depth to better define the morphology of mineralization in this Sub Corridor.
The Company is encouraged by the preliminary results in Sub Corridors 'A' and 'B' and believes these may contribute to mineral resource growth on the property.
North Corridor Drilling
Drilling The North Corridor is a parallel mineralized structure located approximately two kilometers north of the Central Corridor (See Figure 1). Exploration field work, including mapping, soil geochemistractivities in the North Corridor are progressing well. Since initiating drilling in late August, the Company has increased the number of operating drill rigs from one to three and plans to complete approximately 5,000 metres of drilling in this area by the end of 2011 (For additional information on initial trenching and rock sample results from the North Corridor, please refer to August 25, 2011 press release). Initial results are expected to be released in the latter half of November.
y and geophysics (Induced Polarization), have identified a mineralized footprint on surface that extends for at least two kilometers in a North-West to South-East direction (please refer to August 25, 2011 press release). Results from trenching and chip samples in the North Corridor have returned positive results and the Company is undertaking an initial drill program designed to test the potential for building a mineral resource in this area.
To date, Sulliden has completed approximately 52,000 metres of drilling and is on track to complete the program by year end. This exploration program has been designed to expand and upgrade the gold and silver mineral resources on the Shahuindo property.
Stephane Amireault, Vice President of Exploration for Sulliden, commented, "We are encouraged by the results from the new drill holes in the Sub Corridors and believe these areas represent prospective sources of additional mineral resource growth for the Shahuindo Project. Definition and infill drilling is ongoing in the Central Corridor and we are making good progress with the drilling program in the North Corridor."
To view Figure 1 (Plan View of Mineral Deposit with New Drill Hole Locations), please visit the following link: https://media3.marketwire.com/docs/suencdrill.jpg
Table 1 - Central Corridor Drill Results (Intercepts have been calculated
using a 0.2 g/t cut-off)
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WEST ZONE
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From To Interval True Width Gold Silver
Drill hole # (metres) (metres) (metres) (metres)(1) (g/t) (g/t) Type
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SHG11-242 (2,3) 0.0 69.0 69.0 43.8 0.60 5.7 Oxide
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SHG11-242 (4) 81.0 88.5 7.5 4.7 1.96 3.9 Oxide
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including 82.5 87.0 4.5 2.8 3.02 4.0 Oxide
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SH11-244 No significant mineralized intersection
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SH11-263 (3,4) 1.9 49.5 47.6 32.7 0.87 7.2 Oxide
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including 10.0 19.0 9.0 6.3 3.22 23.7 Oxide
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SH11-264 195.9 214.5 18.6 11.0 0.73 36.4 Sulphide
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including 207.0 211.0 4.0 2.4 1.57 121.6 Sulphide
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SH11-264 222.0 244.0 22.0 12.9 0.38 19.0 Sulphide
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SH11-266 34.5 58.5 24.0 15.1 0.55 4.3 Mixed
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SH11-267 25.5 46.5 21.0 14.5 0.89 1.7 Oxide
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SH11-267 (5) 190.5 212.0 21.5 13.8 2.08 66.5 Sulphide
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including 190.5 193.5 3.0 1.9 5.56 82.5 Sulphide
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Oxide-
SH11-268 80.5 101.5 21.0 13.0 1.16 16.3 Sulphide
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including 80.5 89.5 9.0 5.6 1.61 18.9 Oxide
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SH11-271 78.6 84.6 6.0 3.5 0.48 2.4 Sulphide
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SH11-271 99.6 102.6 3.0 1.7 0.68 3.6 Sulphide
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SH11-275 (3) 0.0 5.5 5.5 3.5 0.96 1.8 Oxide
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Oxide
SH11-275 17.5 28.0 10.5 6.7 0.95 7.5 -Mixed
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SH11-277 No significant mineralized interval
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CENTRAL ZONE
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From To Interval True Width Gold Silver
Drill hole # (metres) (metres) (metres) (metres)(1) (g/t) (g/t) Type
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SH11-250 29.8 38.1 8.3 5.8 0.23 10.4 Oxide
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SH11-256 (3) 8.7 22.2 13.5 8.6 0.38 3.3 Oxide
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SH11-259 (4) 29.1 65.1 36.0 20.7 1.25 3.3 Oxide
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including 51.6 60.6 9.0 5.0 2.67 2.9 Oxide
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SH11-259 (5) 87.6 96.1 8.5 4.6 0.71 129.8 Mixed
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Mixed-
SH11-259 128.5 215.1 86.6 45.6 0.60 29.9 Sulphide
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including 179.1 191.7 12.6 6.6 1.39 28.0 Sulphide
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SUB-CORRIDOR 'A'
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From To Interval True Width Gold Silver
Drill hole # (metres) (metres) (metres) (metres)(1) (g/t) (g/t) Type
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SH11-258 117.2 155.3 38.1 37.7 0.44 5.3 Sulphide
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SH11-260 101.3 107.2 5.9 5.8 1.08 2.2 Sulphide
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SH11-260 112.8 122.3 9.5 9.5 0.79 21.0 Sulphide
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SH11-261 72.3 97.8 25.5 25.4 0.80 1.7 Sulphide
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including 73.8 82.8 9.0 9.0 1.56 1.0 Sulphide
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SH11-262 112.0 126.5 14.5 14.4 1.68 4.3 Sulphide
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including 115.6 121.7 6.1 6.1 3.24 5.5 Sulphide
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SH11-262 152.5 166.3 13.8 13.8 0.68 2.1 Sulphide
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including 157.0 163.0 6.0 6.0 1.05 2.5 Sulphide
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SH11-265 113.4 126.2 12.8 12.8 0.29 1.0 Sulphide
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SH11-270 12.6 32.1 19.5 19.2 0.24 1.2 Oxide
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SH11-270 211.4 218.8 7.4 7.3 0.53 3.4 Sulphide
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SH11-272 (5) 74.4 93.9 19.5 16.2 0.86 69.8 Sulphide
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including 89.4 93.9 4.5 3.7 2.48 160.8 Sulphide
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SH11-272 255.6 258.9 3.4 2.8 1.39 25.5 Sulphide
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SH11-276 139.0 150.5 11.5 9.3 0.51 2.6 Sulphide
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RSH11-173 (6) No significant mineralized interval
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SUB-CORRIDOR 'B'
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From To Interval True Width Gold Silver
Drill hole # (metres) (metres) (metres) (metres)(1) (g/t) (g/t) Type
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SH11-274 15.0 46.5 31.5 20.1 0.76 18.6 Oxide
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including 24.0 28.5 4.5 2.9 2.71 6.1 Oxide
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SH11-274 103.0 114.8 11.8 7.4 0.89 10.0 Oxide
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(1) Assuming perpendicular or near perpendicular to the plane defined by
the drill hole. Geological understanding of the mineralized zones is
continuing to develop as the project advances.
(2) PQ sized twin hole
(3) Mineralization found within 10 meters of beginning of hole
(4) One or more Gold assays capped at 7 g/t Gold
(5) One or more Silver assays capped at 300 g/t Silver
(6) Hole stopped for technical reasons
Quality Control and Assurance
Stephane Amireault, P.Eng., Vice-President Exploration for Sulliden is the "Qualified Person", as defined by National Instrument 43-101, who is responsible for the management of the exploration program and disclosure of the drill results. Mr. Amireault has read and approved the technical and scientific information in this news release.
The analyses for this drilling campaign were carried out by ALS Chemex in Lima, Peru, exercising a thorough Quality Control and Assurance program (QA/QC). All ALS Chemex labs are ISO 9000 registered laboratories. Gold assays reported in this press release were obtained by standard 50 gram fire assaying with AA finish. Gold values over 10g/t Au were obtained by fire assay and gravimetric finish. Silver assays reported in the press release were obtained by Aqua-Regia dissolution followed by ICP-AES measurement. For silver values over 100g/t Ag, Aqua-Regia was followed by Atomic Absorption spectrometer reading. For silver values over 1000g/t Ag, a 30g fire assay was completed with a gravimetric finish.
About Sulliden
Sulliden is a Canadian-based precious metals company focused on the exploration and development of the Shahuindo Gold and Silver Project, located in a prolific gold producing district in northern Peru. This project neighbours world class mines, including Barrick Gold's Lagunas Norte Mine 30 kilometres to the south and the Yanacocha Mine operated by Newmont Mining Company 80 kilometres to the north. A positive Preliminary Assessment for the Shahuindo Project was completed in February 2010 and a Feasibility Study is currently underway. On June 16, 2011, an updated mineral resource estimate more than doubled the Indicated gold ounces in the oxides and almost quadrupled the Inferred gold ounces relative to the 2009 year-end estimate. While the Company progresses towards its goal of becoming a gold producer, a significant focus is also being placed on exploration drilling. The current mineral deposit is open in all directions and at depth, and the Company has planned approximately 70,000 meters of drilling in 2011 to continue the mineral expansion on the property. Sulliden is led by a strong management team with the proven ability to develop, finance and operate mining projects and is poised to generate superior value for its shareholders.
On behalf of Sulliden Gold Corporation Ltd.:
Peter Tagliamonte, President and CEO
Stan Bharti, Chairman
For further information on Sulliden please visit the company website at www.sulliden.com.
If you would like to be added to Sulliden's news distribution list, please send your email address to contact@sulliden.com.
Caution regarding forward-looking information:
This press release contains "forward looking information" within the meaning of applicable Canadian securities legislation. Forward looking information includes without limitation, statements regarding the drilling results, the size and quality of the company's mineral resources, progress in development of mineral properties, future capital and operating expenses, future metal prices, the future financial or operating performance of the Company, the prospective mineralization of the properties, planned exploration programs and anticipated production schedule. Generally, forward looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: general business, economic, competitive, geopolitical and social uncertainties; the actual results of current exploration activities; other risks of the mining industry and the risks described in the annual information form of the Company. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
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