OAKVILLE, Ontario, Nov. 14, 2014 /PRNewswire/ -- Sarissa Resources
Inc. ("Sarissa" [SRSR:OTCPK], or the "Company") is pleased to
announce that it has completed the initial drilling phase of its
onsite geology work previously announced as part of its development
plan for the Company's Nemegosenda niobium project in Ontario, which is 100% owned by the Company's
wholly owned subsidiary, Nio-Star Corp ("Nio-Star").
- The company has completed the initial drilling portion of the
verification program announced on September
11, 2014 designed to twin certain of the diamond drill holes
that Dominion Gulf Company had completed in 1956. Four holes
have been completed in this twinning program (one earlier this year
and three completed in the past month) and assay results from the
recently drilled holes are expected shortly.
- The Company has retained a technical specialist to complete
down hole gyroscopic surveys on the Company's existing drill
holes. This work is expected to be completed within the next
two weeks.
- Evaluation of the original Dominion Gulf drill cores that were
obtained through the Ministry of Northern Development and Mines,
identified several unexpected intervals of incomplete
core. In light of the missing intervals within the
original Dominion gulf cores and to supplement that incomplete data
the company elected to also drill a fourth twinned verification
hole. This work is expected to provide higher confidence levels for
updated niobium resource classifications.
- An industry standard QA/QC program has been implemented for
this phase of verification drilling which involved inserting
external quality control samples (certified standards, blanks and
duplicates) into the drill core samples stream. The company will be
reviewing this QA/QC for consistency. As a further QA/QC measure,
an outside laboratory will be retained to conduct further
verification analyses on approximately 100-150 pulps from the
2009-2010 drilling program for comparison purposes.
- RPA Associates has begun work toward the completion of a
mineral resource estimate, Preliminary Economic Assessment, and an
updated NI 43-101 Technical Report. The Company expects to
have the first of these reports in the near future.
"It is satisfying to be able to complete this milestone on the
Company's recently announced development plan. This is the
first of many steps the company currently has underway to move the
Company's Nemegosenda niobium project forward," said Scott Keevil, Chief Executive Officer of
Sarissa.
"This is the first of many milestones the company expects to
announce as it continues to make swift progress on its recently
announced development plans for Company's wholly owned subsidiary,
Nio-Star Corp. Nemegosenda niobium project in Ontario," added Dan
Byrnes, President of Sarissa.
Warren Hawkins, P.Eng. is a
"qualified person" within the meaning of NI 43-101 and has read and
is responsible for the technical information contained in this news
release.
About Sarissa Resources Inc.
Sarissa Resources Inc. is a junior exploration company with
interests in properties in Northern Ontario, Canada. Sarissa
and Nio-Star are specifically focused on the development of the
Nemegosenda niobium project as well as the Shining Tree Resources
Corp. gold projects. Visit www.sarissaresources.com for
additional information.
Safe Harbor
This press release contains statements, which may constitute
"forward-looking statements" within the meaning of the Securities
Act of 1933 and the Securities Exchange Act of 1934, as amended by
the Private Securities Litigation Reform Act of 1995. Those
statements include statements regarding the intent, belief or
current expectations of Sarissa Resources Inc. and Nio-Star Corp.,
as well as members of their respective management, in addition to
the assumptions on which such statements are based. Prospective
investors are cautioned that any such forward-looking statements
are not guarantees of future performance and involve risks and
uncertainties, and that actual results may differ materially from
those contemplated by such forward-looking statements. Important
factors currently known to management that could cause actual
results to differ materially from those in forward-statements
include fluctuation of financial results and positions, the ability
to compete successfully and the ability to complete
above-referenced exploration and testing, as well as business
transactions. Neither Sarissa nor Nio-Star undertakes any
obligation to update or revise forward-looking statements to
reflect changed assumptions, the occurrence of unanticipated events
or changes to future operating results.
SOURCE Sarissa Resources Inc.