Mr. Scott Baxter reports
SNIPER ANNOUNCES RESULTS OF FIRST 5 EXPLORATION DRILL HOLES AT GUILDPROPERTY
Sniper Resources Ltd. has released the results of its first five explorationholes drilled on its Guild property before Dec. 25, 2010. The Guild property isa Carlin-type gold occurrence in Nye county, Nevada, optioned to Sniper by asubsidiary of Columbus Gold Corporation.
Drilling Summary:
Drilling began on 3 December, 2010 using a truck mounted reverse circulationdrill owned by Hackworth Drilling LLC of Elko NV. When the rig was shut down forthe Christmas-New Year holiday, 5 holes totaling 2,640 feet (805 m.) had beencompleted. Sniper has BLM approval and bonding is in place for a 24-holeprogram.
Duplicate samples were collected every 5 feet (1.52 m) during drilling. Oneset comprised nominally 5 pound samples, and the second set, nominally 10-poundsamples. Samples to be analyzed were delivered daily by Sniper to a rentalstorage unit in Tonopah where they were kept under lock and key until they weredelivered to ALS Minerals (formerly ALS-Chemex) in Sparks, Nevada, an ISO9000:2008 registered and ISO 17025 accredited facility. The samples wereanalyzed using the Au-AA23 procedure for gold and, for certain samples, themulti-element ME-MS41 procedure. Samples are being selected by Sniper for checkassaying. Otherwise the analyses were verified by ALS Minerals' rigorousinternal Q.C./Q.A. procedures.
Assay results from the first holes showed only one 5' interval withsignificant gold grade (greater than or equal to 0.005 oz Au/ton) intercept, inhole GI-02 from 290-295' below the collar (N30 degrees E -45 degrees , totaldepth 705'). However, the holes serve to clarify some stratigraphic relationsthat were previously not well understood. Moreover, trace element geochemicalresults, as well as a 120 foot gold-anomalous intercept (average 0.001 ozAu/ton) in hole GI-02 from 245'-365' down-hole from the collar that includes the0.005 oz Au/ton assay mentioned above are encouraging and indicate thatcompletion of the present plan is warranted, as well as suggesting further work.
The long anomalous intercept in GI-02 suggests that the hole may havepenetrated the southeastern end of a more substantial zone of mineralizationthat may extend a few hundred feet northwestward to an old trench where a 1,005ppb Au surface grab sample was taken previously by Sniper. If thisinterpretation is correct then mineralization remains open along strike to thenorthwest and to depth.
Drilling resumed on the 12th of January, and at least 4 more holes can bedrilled with the truck rig. Efforts are presently under way to secure atrack-mounted rig that will be necessary to access some sites in order tocomplete this program.
Work Plan:
Sniper's initial work plan at Guild is focused on four target areas. Target 1is a relatively "wildcat" area containing local exposures of altered Ordoviciansedimentary rocks and is located in the northwestern part of the property. A fewhundred feet east of this location, in the main Guild discovery area, surfacegold values of a few ppm (up to 2.6 ppm) are widely present in the NinemileFormation, part of the Pogonip group. One hole (GI-05, total depth ("t.d.")145') was completed in an area located slightly south of the Guild area beforethe holiday break.
Target 2 is a Tertiary volcanic-covered area occupying the east central partof the property and contains several apparent high-angle structures suggested bya (CSAMT) geophysical survey. Drill sites here are located to test thesegeophysical targets as well as to determine the depth to more favorablePaleozoic carbonate rock bearing formations in that area. One hole (GI-01, t.d.500') was completed in the southern part of this area before the holiday break.
Target 3 is a mostly covered area located in the southern part of theproperty that is underlain by Roberts Mountains Formation, a very favorable hostrock for gold mineralization. Drill hole GI-04 (t.d. 705') was completed here.
Target 4 is a northwest trending high angle structure controlling atopographic feature locally known as Skipjack Ridge, and leach-grade gold valuesoccur at the surface, accompanied by widespread brecciation, silicificationincluding jasperoid, and vein barite. Angle drill holes GI-02 (t.d. 705') andGI-03 (t.d. 585') were drilled on this structural trend, but GI-03 was stoppedshort of the targeted depth.
Further details on the Company's Guild property are set forth in thetechnical report entitled "Technical Report on the Guild Property" dated March12, 2008 prepared by Marvin A. Mitchell, P. Eng., available on the SEDAR website(www.sedar.com).
All scientific and technical information contained in this news release hasbeen reviewed and approved by Douglas McGibbon, the Vice President, Explorationof the Company and a "qualified person" within the meaning of NationalInstrument 43-101 Standards of Disclosure for Mineral Projects.
We seek Safe Harbor.