Sheltered Oak Phase 6 Drill Results Show Kerrs Gold Deposit Still Open Along Strike and Downdip & Issues Shares to Sage Gold ...
February 17 2012 - 7:00AM
Marketwired Canada
Sheltered Oak Resources Corp. ("OAK" or "the Company") (TSX VENTURE:OAK) today
announced the last of Phase 6's drill results from four holes completed to
determine extension potential of the Kerrs Gold Deposit located on its 100%
controlled Kerrs Property and four holes on the adjacent property in the East
Timmins Gold Camp. Results from both sets of holes demonstrate the same
mineralization characteristics of the Kerrs Quartz Carbonate Breccia Zone (KBX
Zone) which is hosted in the Kerrs Gold Deposit. These results imply that the
Kerrs Gold Deposit extends beyond the boundaries defined to date and remains
open along strike and to depth with emphasis on testing the downdip potential
between sections 1200N and 1700N and the newly discovered gold-bearing porphyry
unit located 900 m to the southwest from the Kerrs Deposit resource study area.
Highlights from these results in the Kerrs Gold Deposit Trend are:
SECTION 100S:
- DDH GCL-11-04: KBX ZONE EXTENSION: 4.00 m averaging 4.71 g/t Au
SECTION 800N:
- DDH K-11-51: KBX ZONE: 3.0 m averaging 2.77 g/t Au
SECTION 1400N:
- DDH K-11-47 Extension: KBX ZONE: 7.6 m averaging 1.15 g/t Au.
EXPLORATION DRILLING SUMMARY
From June 29, 2011, to October 8, 2011, a total of twenty-four (24) holes were
drilled totalling 9,245 metres (m).
Four exploratory drill holes totalling 1,828 m were completed on the adjacent
property targeting an airborne magnetic low trend. The centre of the magnetic
low is located on section line 500S southwest of the Kerrs Property boundary
which was partially tested by drill holes GCL-11-01 and 02. The eastern flank of
this trend was tested by holes GCL-11-03 and 04 on line 100S. All four holes
intersected a thick sequence of quartz feldspar porphyry intrusives intercalated
with ultramafic flows. Varying degrees of sericite, silica and pyrite alteration
were observed. GCL-11-04 intersected a sericitic, pyritic porphyry unit from
116m to 120 m averaging 4.71 g/t Au. This gold bearing stratabound porphyry unit
appears to be on strike of the Kerrs Deposit positioned stratigraphically lower
in the volcanic stratigraphy.
Six extensional drill holes completed on sections 1400N, 1500N, 1600N, 1700N and
1800N have successfully extended the KBX Zone along strike and to depth. Their
assay composite results were first reported in a previous news release issued on
October 26, 2011, which included adjacent historical holes on each section for
grade continuity purposes. Reported today is drill hole K-11-47 on section
1400N, which intersected a typical pyritic quartz vein replacement zone (KBX
Zone) from 510.4 m to 518.0 m averaging 1.15 g/t Au. This intercept is located
195 m downdip of K-06-12B which returned 2.67 g/t Au over 7.18 m. From section
1400N to 1600N, the structural dip of the Kerrs Gold Deposit steepens. Based on
this interpretation, holes K-11-48 and 49 (first assays reported in October 26,
2011, news release) and K-11-47 confirm that KBX Zone has been extended downdip
from 136 m to 195 m. Also notable, each of these holes terminated in a quartz
feldspar porphyry unit intruded at the mafic/ultramafic flow contact
On section 1700N, holes K-11-55, 55A, and 57 transected a north/south trending
diabase dyke that was formed after the Kerrs Gold Deposit. On section 1800N,
hole K-11-58 was planned to intersect the KBX Zone on the northeast side of the
diabase dyke but the KBX Zone was not encountered due to a 100 m displacement of
the mafic/ultramafic flow contact to the east. Taking this structural adjustment
into account, hole K-11-59 was collared northeast of hole 58 on line 1800N and
successfully intersected a sericite, silica alteration zone interpreted to be
the KBX Zone at a depth of 562 m to 585 m and terminated in the quartz feldspar
porphyry unit. The alteration is slightly anomalous with gold assays varying
from 25 to 46 ppb Au.
Drill hole K-11-51 intersected the KBX Zone from 311 m to 314 m returning 2.77
g/t Au. This hole extended the breccia zone a distance of 50m from drill hole
K-10-34. On section 700N, drill hole K-11-52 intersected a sericitic, pyritic,
quartz breccia vein alteration zone from 233 m to 236 m averaging 0.72 g/t Au.
This interval is possibly correlative with the KBX Zone.
Future plans involve updating the 3D geological resource model. The results of
this study will formulate the requirements for a Phase 7 drill program which
will focus on definition drilling to update the 2011 NI 43-101 resource
estimate.
The in-fill drilling results for K-11-47 and 51 relating to previous definition
drilling are outlined as follows:
----------------------------------------------------------------------------
Comp.
Grade Intercept
Drill Drill From To Interval True Au Spacing
Section Hole (m) (m) (i) Width (g/t) (m)
----------------------------------------------------------------------------
1400N K-10-36 301.8 308.4 6.60 5.87 0.85
1400N K-10-35 324.0 330.0 6.00 5.52 2.28 98
1400N K-06-12B 428.2 436.0 7.80 7.18 2.67 87
1400N K-11-47 510.4 518.0 7.60 5.32 1.15 195
800N K-06-13 426.40 430.60 4.20 4.20 3.84
800N K-10-34 387 388.8 1.80 1.26 2.45 108
800N K-11-51 311.0 314.0 3.00 2.70 2.77 50
800N K-09-27 386.00 404.00 18.00 12.78 1.66 104
800N K-09-29 393.50 408.00 14.50 12.33 0.99 48
800N K-09-28 330.5 341 10.50 9.98 0.17 104
----------------------------------------------------------------------------
(i) All intervals are represented as down-hole core lengths. True widths (TW)
are corrected by 35% to 95% of core length. The intercept spacing is the
distance between the drill hole pierce points in the KBX Zone measured from the
midpoint of each composite grade interval in the downdip Azimuth direction of
130 degrees.
Quality Assurance and Quality Control
The Phase 6 diamond drilling program involving concept generation, geological
core logging, sampling and and drilling logistics was supervised by Peter
Hubacheck, P.Geo. (APGO), who is providing geological management services via
Hubacheck Consulting Geologists (HCG), an affiliate of W.A. Hubacheck
Consultants Ltd. Peter Hubacheck is a Qualified Person as defined by NI 43-101
and has reviewed and authorized the geotechnical material in this news release.
Sage Gold Inc.
On February 13, 2012, Sheltered Oak entered into an agreement with Sage Gold
Inc. ("Sage") pursuant to which, and subject to the approval of the TSX Venture
Exchange, the Company has agreed to issue 3 million common shares to Sage. One
million common shares are expected to be issued to Sage in satisfaction of
advance royalty payments in the aggregate amount of $50,000 due to Sage pursuant
to the terms of the net smelter royalty agreement dated December 22, 2009
between Sage and the Company's wholly owned subsidiary, Sheltered Oak Resources
Inc. ("SOR"). Two million common shares are expected to be issued to Sage in
settlement of allowing three claims in Lake Abitibi on the Kerrs Gold Property
to lapse without (i) providing the requisite notice to Sage that the claims had
been surrendered, (ii) providing the right of Sage to acquire the claims for one
dollar, and (iii) maintaining the claims in good standing for a period of at
least 12 months after such date of surrender, all as pursuant to the provisions
of the purchase and sale agreement entered into between Sage and SOR on
September 28, 2009.
ABOUT SHELTERED OAK RESOURCES CORP.
Sheltered Oak Resources Corp. is focused on mineral exploration opportunities
within Canada and owns a 100% interest in 27 mining claims including 12 mining
lease totaling 4,176 hectares which comprise the Kerrs Gold Property, located
east of Matheson in the prolific area of the Abitibi Greenstone Belt in
northeastern Ontario. The Company has also acquired an option to earn a 60%
interest in 46 mining leases comprising the adjacent property from Goldcorp
Canada Ltd. and Goldcorp Inc.
Should you wish to receive informational updates on Sheltered Oak Resources
Corp. please contact ahampson@shelteredoak.com.
Some statements contained in this news release are forward-looking and,
therefore, involve uncertainties or risks that could cause actual results to
differ materially. Such forward-looking statements include comments regarding
the future drilling programs and extension of the Kerrs Deposit boundaries.
Factors that could cause actual results to differ include: verifying and
validating the geological logging, modelling and assay lab QA/QC protocols,
verifying and validating the drill hole location co-ordinates and down-hole
surveys and the success of future financings to fund future drill programs.
Although OAK has attempted to identify important factors that could cause actual
actions, events or results may differ materially from those described in
forward-looking statements, there may be other factors that cause actions,
events or results not to be as anticipated, estimated or intended. Readers
should not place undue reliance on any forward -looking statements. OAK
disclaims any obligation to update forward-looking statements unless required by
law.
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