Shoreham Expands Marudi Target at Marudi Mountain Gold Project, Guyana Reports 2.35 g/t Au Across 22 Metres
Wed Oct 8, 10:05 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 further developments regarding its Marudi Mountain Gold Project in Guyana. David A. Bending, P.Geo, President and CEO of Shoreham Resources Ltd. is a Qualified Person as defined in National Policy 43-101 ("NI 43-101"), and is responsible for all technical information contained in this news release. Shoreham has the right to earn a 75% working interest in the Property by exercising an option to acquire 75% of the shares of Romanex Guyana Exploration Ltd. (holder of 100% of the project) held by Vannessa Ventures (now Infinito Gold Corp.) by investing a total of $4,000,000 in qualified exploration and development work within four years. Overburden stripping and alluvial mining activities on the Marudi Gold Project have been contracted to REXMA (News Release 2008-13, September 9, 2008) who are mobilizing for their Phase 1 program at this time.
The Company has received initial sample results from the second phase of mechanized trenching activities on both the Mazoa and Marudi Targets on the Marudi Mountain Gold Project. Further sample results will be News Released when available. The Mazoa Target has been the focus of significant historic exploration efforts which resulted in the discovery of the Mazoa Hill deposit for which the previous operators in conjunction with Kilborn Engineering Ltd. produced a non-compliant NI43-101 pre-feasibility study in December 2004, which defined an estimated inferred resource of 11,500,000 tonnes grading 2.28 g/t (850,000 ounces of gold) based on a 0.50 g/t gold cut-off. Readers are cautioned that the references to the historic resource estimate above are not NI43-101 compliant. While the resource estimate and analysis were undertaken by competent professionals, a qualified person has not done sufficient work to classify the historical estimate as current mineral resources, Shoreham is not treating the historical estimate as current mineral resources and the historical estimate should not be relied upon.
The Marudi Target area is located approximately 1.8 km northwest of the Mazoa Hill deposit. Our field team has identified multiple siliceous mineralized horizons in a 150-metre long trench; the zones range from 6 to 22 metres in thickness. Field tests using panning confirmed the presence of free gold in these mineralized zones. Two confirmed targets (with sample results reported herein) have been identified and are believed to be part of a more extensive system of parallel mineralized features as supported by historical mine workings, diamond drilling, auger drill holes, trenches and outcrops along what appears to be a strike length exceeding 2,000 metres. The sampled mineralized zones average 2.35g/t Au across 22 metres (including 3.9 g/t Au across 12 metres) and 2.63 g/t Au across 6 metres (including 4.77 g/t Au across 3 metres). These trench results when coupled with our Phase one Trado drill results (News Release 2008-07, April 18, 2008) and historic drill records, lead management to believe that the Marudi Trend mineralization extends for a mapped distance of at least 350 metres along strike and to a vertical depth of at least 170 metres. This new discovery lies parallel to the Marudi Summit zone drilled by Romanex in the 1990's. Romanex drill hole 93-85 intersected 2.1 g/t across 21 meters from 90 to 111 meters (Including 5.7 g/t Au across 9 meters from 99 to 108 meters). Hole 93-86 intersected 1.3 g/t across 24 meters from 150 to 174 meters. The distribution of historic intercepts in conjunction with ongoing field mapping, indicate to management that at least four gold mineralized zones have been identified within an estimated stratigraphic section of approximately 120 metres of true thickness. A trench to test the mineralized corridor 1,000 metres southwest along the trend has been completed. More trench samples are being shipped to Georgetown for assaying. All trench samples were analyzed at Loring labs (a well known and respected but uncertified commercial assayer) in Georgetown, Guyana using metallics screening and Fire Assaying techniques.
Based on key new geological information obtained from recent trenching, the Company is undertaking a geological re-mapping program and is in the process of inputting and reinterpreting the historical database. The exploration team believes that the gold bearing horizon is folded and repeats at least three times within the overall Marudi Mountain License Area. Remapping suggests that there is a possibility of folding in the Mazoa Hill zone, and that a basaltic flow may be covering and concealing the surface expression of part of the Mazoa Target. Management now believes that the Marudi Trend lies within the west limb of one fold, and the Mazoa target lies near the axis of a second, tighter fold and the highly prospective Toucan and Peace Creek areas are located on what is interpreted to be the east limb of the Mazoa fold structure. The Mazoa Target is offset by local cross faults but is open to important extension.
David Bending, President and CEO of Shoreham Resources Ltd., reports; "The Company is very pleased that our recent trenching and structural studies have allowed us to develop and apply a new geological model on the Marudi Mountain Gold Project. Our understanding and ability to reinterpret historic data have improved substantially. We are defining a significant volume of near surface gold mineralized material to be included in our resource models and are developing newly defined trends to follow for expansion."
For further information regarding the Marudi Mountain Project please visit shoreham.ca; or our website at www.shoreham.ca; or the Investor Relations Hub at www.agoracom.com/IR/Shoreham 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 |
