|By Marketwired .||
|December 30, 2013 09:30 AM EST||
CALGARY, ALBERTA -- (Marketwired) -- 12/30/13 -- North Sur Resources Inc. ("North Sur" or the "Company") (TSX VENTURE: NST) announces the results from recently completed exploration work at the Uptown Gold Project ("Uptown") near Yellowknife, NWT. The Uptown Gold Property is comprised of seven contiguous mineral claims totaling 3,386 hectares and is located approximately 3km north of Yellowknife, adjacent to the well known Giant gold mine and in close proximity to the historic Con gold mine.
The 2013 exploration work was completed between mid-September and mid-October and consisted of surface sampling and shallow drilling that confirmed the presence of significant gold ("Au") and silver ("Ag") mineralization in two main areas of focus, the Fox South and the Rod zones. Fox South and Rod are located in the southern portion of the property and are separated by approximately 2.3km. Multiple discrete mineralized shear zones ranging from several centimeters to a few meters in width have been identified and tested at Fox South through surface sampling. The zone covers an area roughly 500m along a NE strike and 150m in width. The Rod zone, with similar areal extent to Fox South, has been the locus of small scale mining activities (1975) with reported production of 12 tons of ore at an average grade in excess of 55 g/t Au. Recent exploration has been limited to grab samples from around the area and from waste piles related to the former mining activities. The zone is characterized by narrow quartz veins containing high grade Au + Ag with surrounding low grade alteration envelopes. In 2013 a total of 95 surface samples consisting of representative chip, channel or grabs were taken from the two areas. The assay results showed variable values of anomalous Au + Ag along with locally elevated copper, molybdenum, lead and zinc.
A man portable Winkie drilling rig was used to drill 4 shallow holes to target the subsurface extension of Au and Ag surface mineralization. Two drill holes were collared at the Fox South zone, which is located in close proximity to the Giant mine and only 700 meters from the contact with the Yellowknife Greenstone Belt, the host to several precious metal mineral deposits. Both drill holes at Fox South showed increased Au + Ag mineralization at depth as compared to correlative surface results. FS13-01 returned an average of 2.62 g/t Au over the 4.14m shear zone including 16.7 g/t Au and 6.4 g/t Ag in a quartz vein from the middle of the shear zone. FS13-02 cored a 2.13m zone of strong alteration with quartz veining that averaged 4.67 g/t Au. (See Table 1).
Two drill holes were completed at the Rod Zone where recent surface exploration has been hampered by appreciable amounts of water in local pits and depressions. Drill hole ROD13-01 undercut the northernmost portion of a water filled trench that is thought to be a blast pit related to historic mining operations but failed to return significant mineralization over its 27.7m length. ROD13-02 (located 30m NE of ROD13-01) transected a 2.22m shear zone with an average Au grade of 25.9 g/t with significant Ag mineralization. This shear zone was cored by a 59cm quartz vein that returned 92.9 g/t Au and greater than 100 g/t Ag. (See Table 1).
Table 1 - Selected Drill Results length Rock Hole # From (m): To (m): (m): Type/Alteration Au (g/t) Ag (g/t) FS13-01 12.81 13.26 0.45 Shear zone 1.44 1.2 13.26 13.73 0.47 Shear zone 0.95 1.0 13.73 14.27 0.54 Shear zone 0.06 0.3 14.27 14.87 0.60 Shear zone 0.56 1.6 14.87 15.52 0.65 Qtz Vein 16.70 6.4 15.52 15.95 0.43 Shear zone 0.12 0.8 15.95 16.51 0.56 Shear zone 0.83 1.4 16.51 16.95 0.44 Shear zone 0.26 0.3 Sericite FS13-02 11.52 12.05 0.53 alteration 7.13 3.0 Sericite 12.05 12.67 0.62 alteration 4.10 1.3 Sericite 12.67 13.17 0.50 alteration 3.89 1.1 Sericite 13.17 13.65 0.48 alteration 3.55 1.3 ROD13-01 No Significant Mineralization ROD13-02 15.61 16.07 0.46 Shear Zone 3.39 1.1 greater than 16.07 16.66 0.59 Quartz Vein 92.90 100.0 16.66 17.29 0.63 Shear Zone 7.19 24.3 17.29 17.83 0.54 Shear Zone 0.14 0.7
(i)Lengths are drilled intersections and are not accurate true width measurements of mineralized zones
North Sur believes the latest round of exploration work provides further evidence of the potential for precious metal mineralization at Uptown. These results add to a growing database of mineralized occurrences resulting from recent exploration and reported historic exploration and mining activities at Uptown. There remain several untested shear zone targets and underexplored areas on the Property. The Company will continue to evaluate the existing data with the intention of conducting further exploration work at Uptown in 2014. The focus for the next field program will be property wide reconnaissance and documentation of all potential zones of surface mineralization in order to better understand the scope and potential for precious metal mineralization across the property.
North Sur completed the arms length acquisition of Manson Creek Resources Ltd.'s option to acquire the Uptown Gold Property from Panarc Resources, in August 2013. The acquisition of the interest in the Uptown Property enabled North Sur to complete its Qualifying Transaction and subsequent listing on the TSX Venture Exchange as of August 12, 2013.
Cornell McDowell P.Geol., President and CEO of North Sur Resources Inc., is the Qualified Person responsible for the preparation of this news release and disclosure of the technical information.
Certain statements contained in this news release, including statements or information that contain terminology such as "anticipate", "believe", "intend", "expect", "estimate", "may", "could", "will", and similar expressions constitute "forward-looking statements" within the meaning of applicable Canadian securities laws. All statements, other than statements of historical fact, that address activities, events, or developments that North Sur or a third party expect or anticipate will or may occur in the future, including our future growth, results of operations, performance and business prospects, outlook and opportunities are forward-looking statements. In particular, this news release contains forward-looking statements concerning the further evaluation and exploration of the Uptown property.
Forward-looking statements are based on a number of material factors, expectations or assumptions of North Sur which have been used to develop such statements and information but which may prove to be incorrect. Although North Sur believes that the expectations reflected in these forward-looking statements are reasonable, undue reliance should not be placed on them because North Sur can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results and developments may differ materially from the results and developments discussed in the forward-looking statements as certain of these risks and uncertainties are beyond our control.
Consequently, all of the forward-looking statements made in this news release are qualified by these cautionary statements and the other cautionary statements and risk factors and uncertainties contained in this news release. Additional information regarding some of these risks, expectations, assumptions and other factors may be found in the Company's Management's Discussion and Analysis. The reader is cautioned not to place undue reliance on these forward-looking statements. These forward-looking statements are made as of the date of this news release. Except as required by applicable Canadian securities laws, the Company assumes no obligation to update publicly or revise any forward-looking statements to reflect subsequent information, events, or circumstances.
North Sur Resources Inc.
President and CEO