Sandstorm Gold Announces 13.00 Meters @ 33.63 g/t Au Including 4.00 Meters @ 104.83 g/t Au at Luna Gold's Aurizona Mine
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 7, 2011) - Sandstorm Gold Ltd. ("Sandstorm") (TSX VENTURE:SSL) is pleased to announce that Luna Gold Corp. ("Luna") (TSX VENTURE:LGC) has reported additional positive assay results from the recently completed drilling program at the Aurizona Mine. Significant mineralized intercepts from the 22 new holes are:
68.00 metres @ 2.46 g/t Au including 11.00 metres @ 6.02 g/t Au and 3.00 metres @ 5.04 g/t Au in BRAZD368 50.00 metres @ 3.87 g/t Au including 7.00 metres @ 8.47 g/t Au and 1.00 metre @ 53.30 g/t Au in BRAZD360 13.00 metres @ 33.63 g/t Au including 4.00 metres @ 104.83 g/t Au in BRAZD367 Sandstorm President & CEO Nolan Watson commented, "The reported drill results from Luna's 40,000 metre drill program have been excellent and we look forward to the resource update in Q4, 2011."
Of the current 40,000 metre drill program, which commenced in August 2010, assays from 94 diamond drill holes totaling 24,577 metres have been received and samples from 40 additional holes are currently at the assay lab with the assays expected to be delivered within 15 days. Today's assay results are for 22 drill holes totaling 5,088 metres drilled on 12 sections covering a strike extent of 3.1 kilometres of the Piaba deposit. In two holes, core was not recovered from surface. Significant mineralized intercepts from holes drilled across the deposit are tabulated below.
In accordance with Sandstorm's gold purchase agreement with Luna, Sandstorm is entitled to purchase 17% of the life of mine gold produced from the Aurizona Mine at a per ounce price equal to the lesser of US$400 and the then prevailing market price. |
