Sniper Resources Ltd.

Sniper Resources Ltd.

March 08, 2012 13:57 ET

Final Results From Sniper Resources' Drilling Program at Weepah: All 8 Holes Mineralized

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 8, 2012) - Sniper Resources Ltd. (TSX VENTURE:SIP)(FRANKFURT:A1H38M) ("Sniper" or the "Company") is pleased to report that assays have been received for the final four holes of eight holes in an initial drill program at the Weepah gold property in Esmeralda County, Nevada. Weepah is situated in the Walker Lane mineral belt, approximately 25 miles west of Tonopah.

As reported on March 5, an initial 1,630 ft (497 m) Phase 1 angle drilling program comprising 8 shallow reverse circulation holes was completed on February 25. The program was successful in extending and confirming continuity of the mineralization drilled early in 2011 by Columbus Gold Corporation ("Columbus") and reported by Columbus in March of that year. Results from all eight holes have been received and are summarized below. Holes WP-16 through WP-18 and WP-20 are newly reported here, WP-19 and WP-21 through WP-23 were reported previously.

Sniper Drill Hole Assay Summaries
Drill hole From (ft) To (ft) Thickness Average Grade (opt Au) Average Grade (g/T Au)
WP-16 30 60 30 0.006 0.201
and 75 80 5 0.005 0.165
and 95 100 5 0.011 0.382
WP-17 35 40 5 0.008 0.260
and 95 150 55 0.005 0.177
WP-18 40 165 125 0.007 0.250
includes 115 165 50 0.012 0.420
includes 130 165 35 0.016 0.547
and 145 150 5 0.069 2.350
WP-19 0 90 90 0.034 1.168
includes 10 25 15 0.049 1.696
and 35 60 25 0.062 2.112
and 40 45 5 0.156 5.340
and 80 90 10 0.040 1.367
WP-20 0 155 155 0.013 0.455
includes 40 75 35 0.046 1.574
and 55 60 5 0.636 21.800
and 135 155 20 0.008 0.260
WP-21 0 125 125 0.035 1.183
includes 15 30 15 0.111 3.802
and 40 60 20 0.083 2.832
and 80 115 35 0.016 0.564
WP-22 45 165 120 0.007 0.245
includes 60 65 5 0.055 1.875
and 75 115 40 0.010 0.345
and 90 115 25 0.011 0.392
WP-23 115 190 75 0.010 0.340
includes 115 125 10 0.020 0.696
and 140 155 15 0.012 0.416
and 175 185 10 0.016 0.554

All of Sniper's holes returned significant gold intercepts and the results are very encouraging. The highest assay over a 5 foot sample interval was 21.800 grams/Tonne (0.636 oz Au/ton, and the longest continuously mineralized interval was 155 feet (47.2 m). The true thickness and orientation of the gold mineralization remains uncertain but these results demand further work. A track mounted Boart Longyear drill rig is tentatively scheduled to begin further drilling on the 20th of March.

A "qualified person" (as defined in National Instrument 43-101) has not yet verified the data disclosed in the above table. Sniper reported the coordinates and orientations of the Columbus and Sniper drill holes in a press release on March 1, 2012.

As reported by Sniper on March 5th, the principal drill targets in Sniper's project area are only a few hundred feet east of a historic open pit that produced over 100,000 oz gold but are quite different in geological character. The gold mineralization in Columbus' and Sniper's drilling occurs as replacements in sanded, or lightly silicified, and oxidized, Precambrian limestone/marble and siltstone/phyllite that is exposed in small outcrops through thin gravel cover on the north edge of an alluvial basin. Favorable (for gold mineralization) Precambrian silt and limestone beds lie immediately beneath shallow gravel cover over a wide area and are altered where exposed, with very anomalous gold values found locally. As earlier reported by Columbus, outcrop surface samples have yielded values from anomalous up to 10.29 g/t (0.30 opt) gold over 3.6 m (12 ft), and 17.14 g/t (0.50 opt) gold over 1.8 m (6 ft).

Mapping, along with ground magnetics and CSAMT geophysical surveys that were carried-out by Columbus indicate that the favourable geology extends beyond the area of historical drilling to the south and east for 1,200-1,500 m (4,000-5,000 ft) under what appears to be very shallow gravel cover.

All scientific and technical information contained in this news release has been reviewed and approved by Douglas H. McGibbon, a director and the Vice-President, Exploration of the Company, who is a "qualified person" within the meaning of National Instrument 43-101.

Quality Assurance/Quality Control for Sniper's Drilling

Duplicate samples of approximately 5 and 10 pound nominal weights were collected during Sniper's drilling from each 5 ft (1.5 m) interval using a cyclone and rotating hydraulic rotary splitter and one set was delivered for analysis to the ALS Minerals laboratory facility in Reno, Nevada. ALS is an ISO certified assaying/geochemistry facility. Pulps were assayed at ALS using their "Au AA23" procedure (fire assay with atomic adsorption finish) with a 5 ppb Au detection limit. The duplicate samples were stored on site. Check assays will be performed as soon as possible by a separate lab, including reruns of pulps and re-assaying of the duplicate samples.


Sniper Resources Ltd. is engaged in the identification, acquisition and exploration of gold properties in the State of Nevada, USA. Sniper owns a 100% interest in the ReHot project and holds options to earn a controlling interest in four strategically located Nevada gold projects, namely, Guild, Overland Pass, Weepah, and Laura.

Sniper Resources Ltd.

Scott Baxter, Chief Executive Officer

This news release includes certain forward-looking statements or information. All statements other than statements of historical fact included in this release, including, without limitation, statements relating to the potential mineralization and geological merits of the Weepah property, and other future plans, objectives or expectations of the Company are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's plans or expectations include risks relating to the actual results of current and planned exploration activities; the geology, grade and continuity of any mineral deposits; fluctuating gold prices; risks associated with property option agreements, leases, joint ventures and the ability to conclude joint venture agreements on favourable terms; possibility of accidents, equipment breakdowns and delays during exploration; exploration cost overruns or unanticipated costs and expenses; availability of capital and financing required to continue the Company's exploration programs; general economic, market or business conditions; regulatory changes and restrictions including in relation to environmental liability; timeliness of government or regulatory approvals and other risks detailed herein and from time to time in the filings made by the Company with securities regulators. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise except as otherwise required by applicable securities legislation.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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