Sienna Gold Exploration Update: 2013- Building on Success
January 16 2013 - 8:00AM
Marketwired Canada
Sienna Gold Inc ("Sienna" or the "Company") (TSX VENTURE:SGP) (LMA:SGP) provides
an update of exploration over the last year and details of the Company's plans
for 2013 at its 100%-owned Igor project, in La Libertad, Peru.
Mineral Resource Estimate
The main focus in 2012 was drilling, which resulted in the production of an
initial Mineral Resource Estimate (NI 43-101) for the Callanquitas Structure.
The estimate was announced in a press release dated November 13, 2012.
The resource estimate resulted in a resource of 7.2 million tonnes grading 1.9
grams per tonne (g/t) gold and 71.8 g/t silver; this equates to 3.16 gold
equivalent (Au Eq(i)) g/t using a cut-off grade of 1.5 Au Eq(i) g/t. This is
approximately 448,500 ounces of gold and 16,600,000 ounces of silver, which
equates to approximately 730,500 Au Eq(i) ounces.
The NI 43-101 report was filed on December 17, 2012 and can be viewed on the
Company's web site at www.siennagold.com or on Sedar at www.sedar.com.
Surface Sampling and Mapping
In addition to the Callanquitas drilling, mapping and sampling continued
throughout 2012. A total of 296 surface samples was collected from outcrops,
trenches and old workings. Of these, 138 were greater than 0.5 g/t gold and 98
were greater than 1 g/t gold. The following table shows the most significant
samples.
----------------------------------------------------------------------------
Sample ID Au Grade (g/t) Ag Grade (g/t)
----------------------------------------------------------------------------
E982777 21.4 53
----------------------------------------------------------------------------
E982826 14.4 26
----------------------------------------------------------------------------
E982762 6.4 1019
----------------------------------------------------------------------------
E982763 5.99 537
----------------------------------------------------------------------------
E982896 27.8 284
----------------------------------------------------------------------------
I237973 7.73 287
----------------------------------------------------------------------------
I237874 11.2 242
----------------------------------------------------------------------------
I237902 5.1 1.6
----------------------------------------------------------------------------
I237934 4.6 7.6
----------------------------------------------------------------------------
I237883 4.3 79.1
----------------------------------------------------------------------------
I237886 4 126
----------------------------------------------------------------------------
Detailed mapping at 1:1,000 scale expanded outwards from the Callanquitas
Structure. Approximately 340 hectares have been completed.
To view Figure 1, please visit the following link:
http://media3.marketwire.com/docs/116sgp1.pdf.
This mapping and sampling has been very successful and identified about 8 km of
significant veins and mineralized structures. These are grouped into four main
target areas (Figures 1-3). These figures show the results of all 4,300 samples
collected since the Company acquired Igor in 2005. The maximum values are 94.3
g/t gold and 11,319 g/t silver. Note the restricted area of the current
Callanquitas Resource in relation to the other targets.
To view Figure 2, please visit the following link:
http://media3.marketwire.com/docs/116sgp1.pdf.
To view Figure 3, please visit the following link:
http://media3.marketwire.com/docs/116sgp1.pdf.
Future Development
Upon securing funding, Sienna Gold plans a 20,000-22,000 m drilling campaign
with the following objectives:
-- infill drilling along the Callanquitas Structure
-- step out drilling at Callanquitas to the north and south
-- drilling of new target areas (including Domo and Tesoros)
Metallurgical test work, geotechnical and provisional engineering studies are
planned with the goal of producing a Preliminary Economic Assessment (PEA)
towards the end of 2013.
Warren Pratt, Director of Sienna Gold Inc, comments "The timely production of
the Callanquitas resource estimate was a tremendous step forward for Sienna Gold
and Igor. In particular, it demonstrated very high silver grades at a particular
topographic elevation. We intend to learn from Callanquitas and use it as the
springboard to grow the global resource. Surface sampling and mapping clearly
demonstrate the enormous potential of Callanquitas-type structures; there are
approximately 8 km that have not been tested with a drill. The future looks very
bright."
This press release was reviewed and approved by Dr Warren Pratt (CGeol) who is a
Qualified Person according to National Instrument 43-101. Robert Sim (PGeo) is a
Qualified Person and is responsible for the preparation of the mineral resource
estimate.
Sienna Gold Inc is a gold exploration company with property interests in Peru.
Its key prospect is the Igor Mine Project, a formerly producing mine that the
Corporation is exploring further.
If you wish any further information, please feel free to contact John Rucci at
any of the contact points noted above.
John M Rucci, President
WARNING: the Company relies upon litigation protection for "forward looking"
statements. The information in this release may contain forward-looking
information under applicable securities laws. This forward-looking information
is subject to known and unknown risks, uncertainties and other factors that may
cause actual results to differ materially from those implied by the
forward-looking information. Factors that may cause actual results to vary
materially include, but are not limited to, inaccurate assumptions concerning
the exploration for and development of mineral deposits, currency fluctuations,
unanticipated operational or technical difficulties, changes in laws or
regulations, the risks of obtaining necessary licenses and permits, changes in
general economic conditions or conditions in the financial markets and the
inability to raise additional financing. Readers are cautioned not to place
undue reliance on this forward-looking information. The Company does not assume
the obligation to revise or update this forward-looking information after the
date of this release or to revise such information to reflect the occurrence of
future unanticipated events, except as may be required under applicable
securities laws.
FOR FURTHER INFORMATION PLEASE CONTACT:
Sienna Gold Inc.
John Rucci
403-508-2061
403-508-2670 (FAX)
rucci@siennagold.com
Sienna Gold Inc.
SUITE 1100,
800 6TH AVENUE S.W.
CALGARY, ALBERTA
CANADA T2P 3G3
www.siennagold.com
Peruvian Precious Metals Corporation (TSXV:SGP)
Historical Stock Chart
From Apr 2024 to May 2024
Peruvian Precious Metals Corporation (TSXV:SGP)
Historical Stock Chart
From May 2023 to May 2024
