Sandspring Resources Ltd.
TSX VENTURE : SSP

Sandspring Resources Ltd.

December 15, 2010 09:06 ET

Sandspring Drill Results From Holes TPD105-TPD116 Includes 157.5m of 1.0g/t Gold and 0.05% Copper Along Strike From Toroparu Gold-Copper Deposit

TORONTO, ONTARIO--(Marketwire - Dec. 15, 2010) - SANDSPRING RESOURCES LTD. (TSX VENTURE:SSP) ("Sandspring" or the "Company") is pleased to announce an update of new gold and copper assay results from drilling in the area of the Toroparu gold-copper deposit in the Republic of Guyana, South America.

Highlights Include:

  • Stepout Hole TPD-116 with 157.5m of 1.0g/t gold and 0.05% copper (100m west)
  • Stepout Hole TPD-107 with 276m of 0.73g/t gold (250m west)

On September 15, 2010, Sandspring announced an updated NI 43-101 compliant single optimized open pit shell resource independently modeled by P&E Mining Consultants, Toronto, featuring an Indicated mineral resource of 2.64 million oz. gold and 262 million pounds copper (3,293,000 ounces gold-equivalent) and an additional Inferred mineral resource of 3.42 million oz. gold and 216 million pounds copper (3,952,000 ounces gold-equivalent based on a total drill hole database of 41,659m in 93 holes. The full Technical Report, filed on October 13th, 2010 can be found on www.sedar.com.

New assay results from holes TPD105 – TPD116 comprise an additional 8358m of drilling designed to optimize and expand grade and tonnage parameters of the known NI 43-101 compliant Toroparu gold-copper resource and to test continuity at various step-out locations along strike (Table 1). Along with results for Holes TPD094 – TPD104 reported on November 10, 2010, assay results from a total of 57,286m of diamond drilling have now been disclosed to date on the Toroparu Property. Drill collar locations and hole traces relative to the current NI 43-101 compliant optimized open pit resource model surface contour may be viewed in Figure 1.

Abraham Drost, P.Geo., President of Sandspring states…"the latest results represent a back-fill effort within the 350m step-out and possible 23% increase in known strike length of the Toroparu gold-copper deposit announced on November 10, 2010. The latest assay results, which include Hole TPD-116 with 157.5m of 1.0g/t gold and .05% copper drilled 100m west, suggest good continuity of mineralization outside the current resource envelope and ultimate potential for additional resource ounces and a positive effect on overall deposit grade.

Stepout exploration drilling and Infill drilling to Feasibility-ready Measured and/or Indicated resource quality will continue early in the New Year after a well-deserved Christmas break for drillers and on-site staff."

To view, "Figure 1: Drill collar locations for drill holes TPD-105 to TPD-116 relative to NI 43-101 Mineral Resource Contour," please visit the following link: http://media3.marketwire.com/docs/FIG1ssp1215.pdf.

Table 1: Weighted Average Composite Grade Intervals, Holes TPD105 to 116
Hole ID From (m) To (m) Length (m) Au (g/t) Cu (%) Comments
TPD-105 346.0 348.0 2.0 1.64 0.05 Infill
  364.0 367.0 3.0 0.95 0.11  
  389.0 391.0 2.0 1.06 0.07  
  400.0 429.0 29.0 0.53 0.05  
incl 400.0 401.0 1.0 3.14 0.03  
and 413.0 418.0 5.0 1.10 0.16  
and 426.0 429.0 3.0 1.22 0.06  
  447.0 449.0 2.0 0.82 0.09  
  546.5 550.0 3.5 1.43 0.04  
             
TPD-106 130.5 141.0 10.5 1.72 0.04 Stepout
incl 139.5 141.0 1.5 10.87 0.18  
  173.0 202.5 29.5 1.12 0.05  
incl 173.0 177.0 4.0 3.30 0.05  
  240.0 249.0 9.0 0.59 0.08  
  262.5 276.0 13.5 0.65 0.06  
  375.0 394.0 19.0 1.14 0.04  
incl 393.0 394.0 1.0 13.88* 0.04  
  458.0 460.0 2.0 3.21 nil  
  529.5 532.5 3.0 4.52 nil  
             
TPD-107 0.0 5.5 5.5 1.02 nil Stepout
  51.0 67.5 16.5 0.67 nil  
  160.5 172.5 12.0 0.72 0.07  
  198.0 280.5 82.5 0.50 0.04  
  315.0 327.0 12.0 0.82 0.04  
  396.0 672.0 276.0 0.73 nil  
incl 396.0 411.0 15.0 1.34 nil  
and 442.5 474.0 31.5 1.31 nil  
incl 460.5 465.0 4.5 3.22 nil  
and 610.5 628.5 18.0 2.18 0.02  
incl 610.5 616.5 6.0 4.61 nil  
             
TPD-108 96.0 102.0 6.0 0.62 0.02 Stepout
  196.5 198.0 1.5 3.03 1.34  
  483.0 501.0 18.0 0.50 nil  
  522.0 544.5 22.5 0.60 0.02  
  568.5 571.5 3.0 1.29 nil  
  583.5 606.0 22.5 0.50 nil  
  630.0 645.0 15.0 0.51 0.02  
  658.5 676.5 18.0 0.50 nil  
  732.0 744.0 12.0 1.53 nil  
incl 738.0 741.0 3.0 4.86 nil  
             
TPD-109 0.0 7.0 7.0 0.48 nil Stepout
  17.5 22.0 4.5 1.73 nil  
  191.0 207.5 16.5 0.85 nil  
incl 200.0 204.5 4.5 2.47 nil  
  266.0 296.0 30.0 0.78 0.06  
incl 266.0 278.0 12.0 1.43 0.09  
  372.5 449.0 76.5 0.76 0.02  
incl 377.0 380.0 3.0 7.90 0.03  
  467.0 498.5 31.5 0.80 nil  
incl 485.0 494.0 9.0 1.66 nil  
  512.0 536.0 24.0 1.22 nil  
incl 512.0 516.5 4.5 2.68 nil  
  582.5 629.0 46.5 0.77 0.02  
incl 590.0 597.5 7.5 1.55 0.05  
             
TPD-110 92.0 93.5 1.5 1.16 0.15 Stepout
  108.5 110.0 1.5 1.21 0.02  
  210.5 237.5 27.0 1.09 0.03  
incl 227.0 228.5 1.5 21.6* 0.03  
  326.0 332.0 6.0 0.68 0.11  
  432.5 441.5 9.0 1.11 nil  
incl 438.5 441.5 3.0 3.04 nil  
  579.5 585.5 6.0 0.88 0.03  
  636.5 692.0 55.5 0.64 0.04  
incl 648.5 669.5 21.0 1.22 0.02  
incl 665.0 666.5 1.5 120.8* nil  
             
TPD-111 90.0 205.5 115.5 0.73 0.07 Infill
incl 102.0 109.5 7.5 1.32 0.15  
and 124.5 132.0 7.5 1.30 0.08  
and 142.5 154.5 12.0 1.27 0.08  
and 174.0 190.5 16.5 1.14 0.09  
  237.0 276.0 39.0 0.48 0.03  
incl 261.0 268.5 7.5 1.02 0.03  
  325.5 327.0 1.5 4.68 0.03  
  369.0 375.0 6.0 0.89 0.07  
  424.5 427.5 3.0 1.51 0.03  
  517.5 547.5 30.0 0.74 0.05  
  564.0 565.5 1.5 14.2* nil  
  586.5 601.5 15.0 1.12 0.06  
             
TPD-112 462.5 465.5 3.0 0.77 nil Stepout
  480.5 495.5 15.0 0.67 nil  
  524.0 548.0 24.0 0.62 0.02  
  561.5 566.0 4.5 4.46 0.05  
incl 561.5 563.0 1.5 28.5* 0.14  
  575.0 603.5 28.5 0.60 nil  
  663.5 717.5 54.0 0.61 nil  
incl 663.5 669.5 6.0 2.62 nil  
  737.0 738.5 1.5 5.23 nil  
             
TPD-113 23.5 31.0 7.5 0.60 0.03 Stepout
  65.0 71.0 6.0 0.81 0.04  
  80.0 113.0 33.0 0.58 0.10  
incl 104.0 113.0 9.0 1.07 0.16  
  222.5 233.0 10.5 1.25 0.05  
  380.0 389.0 9.0 3.54 0.09  
incl 381.5 383.0 1.5 33.87* 0.27  
  425.0 426.5 1.5 4.26 0.06  
             
TPD-114 171.0 172.5 1.5 20.8* 0.02 Stepout
  211.5 213.0 1.5 16.59* nil  
  282.0 288.0 6.0 1.50 nil  
incl 282.0 285.0 3.0 2.53 nil  
  354.0 357.0 3.0 0.93 nil  
  412.5 441.0 28.5 0.77 nil  
  607.5 613.5 6.0 1.70 nil  
incl 609.0 610.5 1.5 5.95 nil  
             
TPD-115 0.0 8.5 8.5 0.80 nil Stepout
incl 7.0 8.5 1.5 3.92 nil  
  52.5 67.5 15.0 1.10 nil  
incl 57.0 58.5 1.5 7.69 nil  
  123.0 141.0 18.0 1.30 nil  
incl 133.5 138.0 4.5 3.64 nil  
  339.0 366.0 27.0 0.45 nil  
incl 354.0 357.0 3.0 1.98 nil  
  430.5 438.0 7.5 0.68 nil  
  468.0 469.5 1.5 2.19 nil  
  552.0 564.0 12.0 0.44 nil  
  624.0 640.5 16.5 1.18 nil  
incl 628.5 631.5 3.0 5.41 nil  
  673.5 682.5 9.0 0.88 nil  
incl 673.5 675.0 1.5 3.75 nil  
             
TPD-116 0.0 29.5 29.5 0.51 nil Stepout
incl 25.0 29.5 4.5 1.40 nil  
  48.0 61.5 13.5 2.69 0.02  
incl 57.0 58.5 1.5 76.6* 0.02  
  361.5 411.0 49.5 0.47 0.02  
incl 378.0 381.0 3.0 1.59 0.03  
  462.0 480.0 18.0 0.89 0.08  
incl 469.5 474.0 4.5 2.19 0.12  
  490.5 648.0 157.5 1.00 0.05  
incl 493.5 501.0 7.5 1.80 0.09  
and 508.5 522.0 13.5 2.56 0.10  
incl 519.0 520.5 1.5 6.89 0.06  
and 559.5 567.0 7.5 2.04 0.07  
and 594.0 606.0 12.0 1.50 0.04  
and 646.5 648.0 1.5 4.40 0.04  
*High gold assay intervals are top-cut to 12.0g/t consistent with NI-43-101 resource model
**True widths are estimated at approximately 70% of core length widths

Analytical testing and reporting of quantitative assays was performed independently by Acme Analytical Laboratories Ltd. ("AcmeLabs"). AcmeLabs is an ISO9001:2008 accredited laboratory for the tests reported herein. A system of blanks, standards and duplicates were added to the Toroparu sample stream by the Company to verify accuracy and precision of assay results, supplementing a variety of internal QA/QC tests performed by AcmeLabs.

Mr. Abraham Drost, P.Geo. President of Sandspring and a Qualified Person under NI 43-101, has visited the site and reviewed and approved the technical content of this press release.

Additional information on Sandspring can be viewed on SEDAR under the Corporation's profile at www.sedar.com or on Sandspring's website at www.sandspringresources.com.

This news release includes certain forward-looking statements concerning the future performance of our business, its operations and its financial performance and condition, as well as management's objectives, strategies, beliefs and intentions. Forward-looking statements are frequently identified by such words as "may", "will", "plan", "expect", "anticipate", "estimate", "intend" and similar words referring to future events and results. Forward-looking statements are based on the current opinions and expectations of management. All forward-looking information is inherently uncertain and subject to a variety of assumptions, risks and uncertainties, including the speculative nature of mineral exploration and development, fluctuating commodity prices, competitive risks and the availability of financing, as described in more detail in our recent securities filings available at www.sedar.com. Actual events or results may differ materially from those projected in the forward looking-statements and we caution against placing undue reliance thereon. Sandspring Resources Ltd. has an ongoing obligation to disclose material information, as it becomes available.

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.

Contact Information

  • Sandspring Resources Ltd.
    Mr. Abraham Drost, M.Sc., P.Geo. President
    1136 Alloy Drive, Thunder Bay ON
    Canada P7J-1H2
    (807) 252-7800