Shoreham Resources Ltd.: Black Banana Sampling Returns 55.8 Ounces/Ton Gold Grab Sample
Wed Oct 8, 10:04 AM
ca.news.finance.yahoo.com
TORONTO, ONTARIO--(Marketwire - Oct. 8, 2008) - Shoreham Resources Ltd. (TSX VENTURE: SMH.V), a Canadian based exploration company dedicated to the exploration of advanced precious metal and polymetallic deposits in South America and Canada, is pleased to announce the acquisition and initial sampling results from the Black Banana Gold Project. On September 6, 2008 Shoreham signed a letter agreement to acquire the Black Banana Property, which consists of a group of 10 prospecting permits (approximately 10,000 acres) located in northwestern Guyana near Mathews Ridge. The agreement requires Shoreham to pay the Vendor $150,000 and spend $300,000 on exploring the property over a four (4) year period in order to acquire a 100% interest in the property subject to a 3% NSR with a $1.5 Million buyback provision. The company has the option to accelerate the cash payments to earn a waiver of the expenditure requirements. The Company has provided the Vendor with a US$2,000 down payment and is commencing with a preliminary field program at this time.
The property lies in the same stratigraphic package as the El Callao gold district in Venezuela, which boasts a combined historical production plus reserves in excess of 25 million ounces of gold. The Vendor is presently conducting small-scale, labor-intensive mining operations in two of the veins, and his production pits offered a good opportunity for our team to conduct a rapid field evaluation. Shoreham sent a geotechnician, with specific guidelines and sampling controls, to undertake limited chip channel and grab sampling the results for which are tabulated below. Samples 1 to 5 were contiguous systematic chip samples from Pit # 1 representing the exposed rocks within this small area, which reportedly did not contain any visible gold. Samples # 6, 7 and 8 represent very high-grade vein material. The visible gold present in these samples was REMOVED from the samples prior to being submitted for assay. The samples were taken by Shoreham's technician and given to David Bending who transported the samples to Inspectorate America (a certified assayer) in Sparks, Nevada. All samples were analyzed using Fire Assay with a gravimetric finish. The visible gold so removed can be seen on our website by clicking on this link shoreham.ca
Sample # Description Type Au g/ton Au oz/ton
-------- ----------- ---- -------- ---------
BB-1 Silicified mafic volcanic 3%
FeOx after pyrite boxworks 2.1m Channel 2.606 0.076
BB-2 Cherty silicic interflow unit 1.3m Channel 0.686 0.020
BB-3 Fresh porphyry dike with
fractures 1.4m Channel 0.103 0.003
BB-4 Silicified mafic volcanic
FeOx after pyrite boxworks 1.5m Channel 0.720 0.021
BB-5 Quartz breccia vein with 50%
silicified wallrock
fragments 1.8m Channel 12.410 0.362
BB-1
to BB-5 Averages 8.1 meters 3.695 0.108
BB-6 10cm Quartz Vein with substantial
Visible Gold from Pit # 2 GRAB 1,914.5 55.8
BB-7 8cm Quartz Vein with substantial
Visible Gold from Pit# 3 GRAB 1,209.4 32.3
BB-8 9cm Quartz Vein with substantial
Visible Gold from Pit # 3 GRAB 474.8 13.8
David Bending, President and CEO of Shoreham Resources Ltd. is a Qualified Person as defined in National Instrument 43-101 ("NI43-101"), and is responsible for all technical information contained in this news release. He reports that; "The Company is extremely encouraged by the spectacular assays obtained in our initial efforts. Line cutting is in progress on the Property and a field crew is being organized and dispatched to undertake a more rigorous due diligence field review of the potential. The presence of multiple mineralized veins, high grades, and a favourable geological setting all support our interest in this prospect. While it will not supersede or distract our team from the flagship Marudi Mountain prospect, the Black Banana opportunity fits well into our long term growth plans in Guyana."
For further information regarding our Black Banana Project please visit our website at www.shoreham.ca or our Investor Relations Hub at www.agoracom.com/IR/Shoreham where you can post questions and receive answers or review questions and answers already posted by other investors or contact our Investor Relations Representative, Mr. Mike Kachanovsky via email at mike@shoreham.ca.
The TSX Venture Exchange has not reviewed and accepts no responsibility for the adequacy or accuracy of this news release.
Contacts
David Bending
Shoreham Resources Ltd.
(416) 867-1101
Website: www.shoreham.ca |
