Sundance Minerals drills 2.3 meters @ 23.1g/t gold and 4.5 meters @ 100.4g/t silver at San Ricardo gold-silver project, Sonora, Mexico
Friday, Dec 07, 2012Sundance Minerals Ltd. ("Sundance" or the "Company") is pleased to announce that it has completed the Phase 1 diamond drilling program at the San Ricardo property in Sonora, Mexico. Twelve holes were drilled along a 200 meter strike length of the Santa Cruz fault/vein target and two additional holes (SR12-12&13) were drilled on the Mina Antigua vein. Results are detailed in the following table.
Dr. Chris Osterman, President and CEO of Sundance, stated, "That these encouraging drill results have corroborated our underground sampling and the primary silver grades in the Mina Antigua holes will add another dimension to the project."
The total Property area covers 38,100 hectares in northern Sonora State. The region hosts large Cu-Mo porphyry deposits, such as Cananea and Creston, and a number of mesothermal and epithermal gold-silver deposits, including the San Francisco (Timmins Gold), Mercedes (Yamana Gold) and Santa Elena (Silver Crest Mines). Excellent road access provides year-round exploration (http://www.sundanceminerals.
SUNDANCE-PAGET MINERALS AGREEMENT:
Sundance has an agreement with Paget Minerals (Paget), wherein Paget has an exclusive right to earn an initial 51% interest by incurring US$500,000 in exploration expenditures by the first anniversary of the closing date and an additional US$5M by the fourth anniversary of the closing date. Paget also retains an exclusive right to earn an additional 9% by funding a pre-feasibility study in the three-year period following the 51% earn-in date.
Sundance will be the operator during the first 12 months employing its established technical and logistical support team in Mexico. The operator in the ensuing years will be determined by Paget.
Geochemical samples are collected in accordance with accepted industry standards and best practices. Samples were submitted to Skyline Assayers and Laboratories, Tucson, Arizona, for fire assay. Gold and silver are analyzed by 30gm fire assay. As standard procedure, Sundance conducts routine quality-assurance and quality-control analysis on all assay results, including the systematic utilization of certified reference materials.
Dr. Chris Osterman, Board Registered Professional Geologist, is the Company's Qualified Person as defined by National Instrument 43-101, and is responsible for the accuracy of the technical information in this news release.