Stock Symbol: SGF: TSX
SASKATOON, Jan. 8, 2017 /CNW/ - George H. Read, P. Geo., Senior Vice President
Exploration and Development of Shore Gold Inc. ("Shore" or the
"Company") is pleased to announce that Shore and Rio Tinto
Exploration Canada Inc. ("RTEC") have completed a Sonic overburden
drilling program, consisting of ten holes and some 1,205.5 metres
of drilling (Table 1), on the Star Kimberlite. This geotechnical
investigation of the overburden was completed, in close proximity
(1.5 metres) to the core drilling, by Boart Longyear Inc.,
utilizing a Sonic drill rig. Detailed geotechnical logging of the
core collected by the Sonic rig has been completed by Clifton
Associates Ltd. The ten hole locations are in close proximity (10
to 15 metres) to previously collected underground bulk samples and
past 48 inch large diameter drill ("LDD") holes and include areas
of significant intersections (80 – 110 metres) of the Early Joli
Fou ("EJF") Kimberlite, the principal economic unit of the
Indicated Resources previously estimated by Shore for the Star
Kimberlite in December 2015.
Table 1: Summary of Sonic Overburden Drilling
Hole
ID
|
Hole Depth
(m)
|
FALCS001
|
124.96
|
FALCS002
|
109.73
|
FALCS003
|
149.35
|
FALCS004
|
120.39
|
FALCS005
|
114.32
|
FALCS006
|
111.28
|
FALCS007
|
137.16
|
FALCS008
|
109.73
|
FALCS009
|
117.35
|
FALCS010
|
111.25
|
Total
|
1,205.52
|
Senior Vice President Exploration and Development, George Read, states: "This Sonic drilling
investigation of the overburden above the kimberlite is an
important precursor to a proposed mini-bulk sample drilling program
scheduled to commence in 2018. The Sonic drill hole locations are
in close proximity to the core holes, which will act as pilot holes
for the upcoming program."
The Star-Orion South Diamond Project is located in central
Saskatchewan some 60 kilometres
east of the city of Prince Albert. The Project is in close
proximity to established infrastructure, including paved highways
and the electrical power grid, which provide significant advantages
for future mine development. The Technical Report on the Revised
Resource Estimate for the Star - Orion South Diamond Project dated
November 9, 2015 provided an updated
Mineral Resource Estimate for the Star and Orion South kimberlite
deposits: Indicated Mineral Resources of 393 million tonnes
containing 55.4 million carats of diamonds at a weighted average
price of US$210 per carat. In
addition to the Indicated Mineral Resource Estimate, the Star and
Orion South Kimberlites include Inferred Resources containing 11.5
million carats. Shore has granted RTEC an option to earn up to a
60% interest in the Fort à la Corne mineral properties (including
the Project) on the terms and conditions contained in the Option
Agreement (see SGF News Release dated June
23, 2017). Completion of the proposed 2018 sampling program
(First Option) does not entitle RTEC to an interest in the Fort à
la Corne mineral properties (including the Project).
All technical information in this press release has been
prepared under the supervision of George
Read, Senior Vice-President of Exploration and Development,
Professional Geoscientist in the Provinces of Saskatchewan and British Columbia, and Mark Shimell, Project Manager, Professional
Geoscientist in the Province of Saskatchewan, who are the Company's "Qualified
Persons" under the definition of NI 43-101.
Shore is a Canadian based corporation engaged in the
acquisition, exploration and development of mineral properties.
Shares of the Company trade on the TSX Exchange under the trading
symbol "SGF".
Caution Regarding Forward-Looking Statements
This news release contains forward-looking statements as defined
by certain securities laws, including the "safe harbour" provisions
of Canadian securities legislation and the United States Private
Securities Litigation Reform Act of 1995. Forward-looking
information is often, but not always, identified by the use of
words such as "anticipate", "believe", "expect", "plan", "intend",
"forecast", "target", "project", "guidance", "may", "will",
"should", "could", "estimate", "predict" or similar words
suggesting future outcomes or language suggesting an outlook. In
particular, statements regarding Shore's future operations, future
exploration and development activities or other development plans
constitute forward-looking statements. By their nature, statements
referring to mineral reserves, mineral resources or TFFE constitute
forward-looking statements.
Forward-looking statements in this press release include, but
are not limited to statements with respect to the geotechnical
investigations and Shore and RTEC's objectives for the ensuing
year, including the proposed 2018 sampling program.
These forward-looking statements are based on Shore's current
beliefs as well as assumptions made by and information currently
available to it and involve inherent risks and uncertainties, both
general and specific.
Risks exist that forward-looking statements will not be achieved
due to a number of factors including, but not limited to,
developments in world diamond markets, changes in diamond prices,
risks relating to fluctuations in the Canadian dollar and other
currencies relative to the US dollar, changes in exploration,
development or mining plans due to exploration results and changing
budget priorities of Shore or its joint venture partners, the
effects of competition in the markets in which Shore operates, the
impact of changes in the laws and regulations regulating mining
exploration, development, closure, judicial or regulatory judgments
and legal proceedings, operational and infrastructure risks and the
additional risks described in Shore's most recently filed Annual
Information Form, annual and interim MD&A. Shore's anticipation
of and success in managing the foregoing risks could cause actual
results to differ materially from what is anticipated in such
forward-looking statements.
Although management considers the assumptions contained in
forward-looking statements to be reasonable based on information
currently available to it, those assumptions may prove to be
incorrect. When making decisions with respect to Shore, investors
and others should not place undue reliance on these statements and
should carefully consider the foregoing factors and other
uncertainties and potential events. Unless required by applicable
securities law, Shore does not undertake to update any
forward-looking statement that is made herein.
SOURCE Shore Gold Inc.