Salmon River Resources Ltd.: Exploration Update; Initial Drilling Results on E77/1208 (Mt Manning South)
(firmenpresse) - VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 01/03/12 -- Salmon River Resources Ltd. (TSX VENTURE: SAL) -
HIGHLIGHTS
Salmon River Resources Ltd. ("Salmon River" or the "Company") is pleased to announced the completion of the initial two-hole helicopter assisted drilling program at "J-Hook Area" within E77/1208 (Mt Manning South) portion of its Treppo Grande Iron Project. E77/1208 is located in Western Australia approximately 220km west by road from the township of Menzies or about 130km north by road from the township of Koolyanobbing (Figure 1 and 2). This update should be read in conjunction with the previous update of 11 October 2011 which describes the tenement, geology and the drill hole programme.
The first diamond hole (MMS001) was drilled on 31 October 2011 and the second diamond hole (MMS002) was completed on the 24 November 2011, which marks the completion of this initial diamond drilling program. The drilling program was undertaken using a Boart Longyear LF-70 diamond drill rig from Winmax Drilling and utilized both HQ- and NQ diameter core size. The two scout diamond holes were spaced abut 400m apart along an east-west strike line and were designed to maximum depths of 300 metres. The diamond holes were drilled from inclinations of -55 degrees to -60 degrees towards a south-south east direction. Core orientation was achieved using a Ezy-Mark orientation tool and hole direction data in terms of azimuth and dip were collected using a Deviflex tool.
The main objectives of the scout diamond drilling program were to:
The drill hole details are shown in Table 1 below. The locations of the diamond drill holes are shown in Figure 3 and 4.
To view Figures 1, 2, 3 and 4 click on:
All core were initially logged and photographed on site before being transported to Kalgoorlie in Western Australia where they are then subjected to more detailed geological mapping, photography and sampled accordingly based on sample intervals nominated by a Salmon River-contracted geologist together with the insertion of blanks and standards as per the company's existing QA/QC sampling protocols. All core were then cut in half using an Almonte core saw, with one half kept for geological records and the other half bagged in pre-numbered calico bags and submitted to Genalysis-Intertek Laboratory in Perth for routine XRF Fluorescence Spectrometry analysis covering an Extended Iron Ore Suite. As of this writing, the Genalysis-Intertek Laboratory XRF assay results for the sampled core intervals are still being awaited.
Neither of the diamond holes reached their designed depths of 300 metres due to technical drilling difficulties that resulted in stuck drill strings brought about by factors such as poor ground conditions (particularly in the oxidized hematite cap zones), presence of intervening soft shaley rock units, intervening hard to very hard fresh hematite and magnetite BIF units, sheared mafic intrusive rocks and major fault structures that had displaced the interpreted down-dip sub-surface projections of the known massive BIF-hosted hematite units. Hole MMS001 terminated at a depth 71.70 metres and MMS002 completed to a depth of 119.10 metres. However, despite these technical drilling difficulties, the drilling program intercepted a number of significant BIF-hosted hematite iron mineralization as seen in Table 2 below.
To view Table 2 click on:
Prior to submission of the core samples to Genalysis-Intertek, the nominated core sample intervals were subjected to a preliminary XRF testing of their averaged iron content using a handheld Olympus InnovX Delta DP 6000C XRF tool provided and operated by an independently-contracted geologist from BM Geological Services in Kalgoorlie. Tables 3 and 4 presents the preliminary averaged XRF results (using a calibrated handheld Olympus InnovX Delta DP 6000C XRF tool) from the testing conducted by BM Geological Services for some of the selected and sampled core intervals. Three XRF analyses were performed per selected sample interval and the average of the three is considered the preliminary handheld XRF grade. It must be noted, each analysis represents a point interval, and optimal results using this tool require sample intervals to be pulverised and homogenised. This preliminary XRF testing was focused on specifically targeted intervals and not on the entire half-core, which has been submitted for detailed XRF Laboratory testing. The results presented below are an indication of the averaged iron grade and must be treated as such. A detailed and more representative XRF Fluorescence Spectrometry analysis covering an Extended Iron Ore Suite for all the selected sample core intervals on the completed diamond holes have been submitted to Genalysis-Intertek Laboratory in Perth and these assay results are still being awaited.
The preliminary handheld XRF results demonstrate the main mineralized intercepts (i.e. greater than or equal to 40% Fe) encountered from the completed diamond drill holes and are consistent and within the logged geology of major zones of hematite iron enrichment.
Whilst awaiting the Genalysis-Intertek Laboratory XRF results for the sampled core intervals for the two diamond holes drilled, this recently-completed drilling program will provide valuable empirical information necessary in the Company's planning for a more systematic, detailed and expanded exploration program for E77/1208 (Mt. Manning South) tenement.
Doug Betts, Salmon River Chair, commented:
"We are pleased with the results to date from this initial scout diamond drilling programme and the results validate the on strike and down dip continuity on the potentially massive hematite deposit in the 'J Hook' area in the southern portion of our Treppo Grande Iron Project (E77/1208). We look forward to receiving the more detailed XRF assay results of the core samples to enable us to assess properly their significance and plan further appropriate exploration and drilling strategies."
Salmon River will provide additional exploration updates as results become available.
Qualified Person
Mr. Hector Galam, B.App.Sc. (Hons) (App. Geology), M.Sc. (Geology), is a Member both the AIG and the AusIMM; and the Exploration Manager responsible for the geological programmes on all the EL's referenced in this document. He is a full time employee of the Company as the Exploration Manager and responsible for the geological programmes on all the EL's referenced in this document. Mr. Galam is Qualified Person as defined in National Instrument 43-101 and has assisted in the preparation of and approved this news release.
Salmon River has established and maintains a comprehensive quality assurance-quality control (QA/QC) program.
About Salmon River Resources Limited (TSX VENTURE: SAL)
Salmon River Resources Limited is a mineral exploration company engaged in the exploration for and development of commercial deposits of iron ore in Western Australia. It exercised its option to acquire five tenements in the Yigarn region of Western Australia including the Treppo Grande iron ore project, approximately 210 kilometres northwest of Kalgoorlie, comprising two tenements covering Mt Manning (298 km2) and the Barlee tenement (98.7 km2). Completion of the acquisition of the tenements is subject to certain conditions, including payment of A$100 million to the optionor. Salmon River believes the Treppo Grande project has the potential to be a world-class iron ore deposit with early development potential. Salmon River has recently announced the signing of a Memorandum of Understanding with General Steel Holdings Inc. ("General Steel") providing for substantial future financing, off-take arrangements and the provision of management oversight (see press release dated 4 November 2011). The shares of Salmon River are listed on the TSX Venture Exchange under the symbol "SAL".
For further information see our website at .
On behalf of the Board of Directors of SALMON RIVER RESOURCES LTD.
J.G. Stewart, President
Cautionary Language and Forward-Looking Statements: This press release contains forward-looking statements that are based on the beliefs of management and reflect Salmon River's current expectations. This press release relates to the exploration programmes of Salmon River. All statements in this discussion, other than statements of historical facts, that address future exploration drilling, exploration activities and events or developments that the Company expects, are forward looking statements. Although the Company believes the expectations expressed in such forward looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results, performance or developments may differ materially from those in forward-looking statements. By their nature, forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Factors that could cause actual results to differ materially from those in forward looking statements include the fact that the Company must complete the acquisition of the tenements (which requires regulatory and shareholder approval, execution of a definitive agreement with GSH, completion of a minimum of $110 million in financing, all prior to April 30, 2012), the risks that mineral resources are not as estimated, the actual results of exploration activities not being as anticipated, fluctuations in commodity prices in general and iron ore prices in particular, and the availability of capital and financing, and general economic, market or business conditions. There can be no assurance that forward-looking 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. Forward-looking information is provided as of the date of this press release, and the Company assumes no obligation to update or revise them to reflect new events or circumstances, except as required in accordance with applicable laws.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
Salmon River Resources Ltd.
Jim Stewart
President
+1 (604) 633.4290 (Vancouver)
+1 (604) 662.3231 (FAX)
Salmon River Resources Ltd.
Garry Stein
Director
+852 9858.0029 (Hong Kong)
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Datum: 04.01.2012 - 00:04 Uhr
Sprache: Deutsch
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