VANCOUVER, Dec. 18, 2012 /CNW/ - Sunward Resources Ltd. ("Sunward" or the "Company") (TSX: SWD; OTCQX: SNWRF) has made drilling discoveries at two new exploration targets on its 100%-owned Titiribi Project ("Titiribi" or the "Property" or the "Project"), located approximately 70 kilometres southwest of Medellin, Colombia.
At the newly discovered Maria Jo Zone, drill hole MJ003 returned 290.35 metres averaging 0.152 g/t gold and 0.171% copper (0.479 g/t gold equivalent) from 137.65 metres, with 77.0 metres averaging 0.239 g/t gold, 0.304% copper (0.822 g/t gold equivalent) from 299.5 metres. Drilling suggests that Maria Jo is a copper-dominant zone of stockwork mineralization hosted within basement Cretaceous meta-basalts. The Maria Jo target is a discovery on the Titiribi Project, separate and distinct from the Cerro Vetas porphyry that hosts the entirety of the currently reported gold-copper resource at Titiribi and represents a totally new style of mineralization within the district.
Simultaneous with the Maria Jo discovery, ongoing drilling follows a geological re-interpretation of the earlier drill results at the near-by Candela Zone which resulted in the discovery of substantial gold mineralization within a stratiform talus-breccia (caldera collapse) in this area. Drill hole CA021 intersected four horizons of gold dominant mineralization as follows: 78.5 metres averaging 0.484g/t gold from collar (0.0 metres); 26.0 metres averaging 1.282 g/t gold from 90.6 metres; 25.95 averaging 0.368 g/t gold from 149.05 metres and 10.5 metres averaging 0.645 g/t gold from 279.0 metres. The Candela Breccia target is also a new discovery at the Titiribi Project, separate and distinct from both the Chisperos Zone which hosts significant gold-dominant mineralization at Titiribi.
"We have just established two new major targets at Titiribi. These targets offer a sizable scope for expansion and enhancement the Project's current mineral endowment," said Colin Andrew, Sunward's Chief Executive Officer. "The recent drilling at Maria Jo and Candela Breccia clearly demonstrates that the Titiribi District has a lot more to offer in terms of additional targets to add to already substantial gold and copper resources on the property, considered to be among the largest in the world."
A complete table of intercepts for recent drilling at Maria Jo and Candela Breccia is included below. A map of these drillhole locations and geological sections through the Maria Jo and Candela Breccia projects can be found at www.sunwardresources.com.
Sunward Resources is a well-capitalized, Canadian-based company focused on the exploration and development of gold/copper porphyry projects in Colombia. The 100%-owned Titiribi Project is located approximately 70 kilometres southwest of the city of Medellin, Colombia, in Antioquia department, within the historical Titiribi mining district (estimated total production to date of 1.5 to 2 million ounces gold equivalent). Access is by paved highway from Medellin.
Titiribi currently hosts an NI 43-101 compliant Measured & Indicated Mineral Resource of 4.6 million ounces gold (within 275.4 million tonnes grading 0.52 grams per tonne gold and 0.17 per cent copper, using a 0.3 grams per tonne gold cut-off), along with an additional Inferred Mineral Resource of 6.4 million ounces gold (within 359.6million tonnes grading 0.56 grams per tonne gold using a 0.3 grams per tonne gold cut-off; see Report dated June 2012 available at www.sunwardresources.com and on SEDAR).
SOURCE Sunward Resources Ltd.