Santoy Resources Ltd.
TSX VENTURE : SAN

Santoy Resources Ltd.

February 26, 2008 12:17 ET

Santoy Announces Results of Phase 2 Drilling on the Anomaly 7 Property, Central Mineral Belt, Labrador

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 26, 2008) - Santoy Resources Ltd. (TSX VENTURE:SAN) is pleased to announce that all assays from the Phase 2 diamond drilling on the company's 100% owned Anomaly 7 property within the Central Mineral Belt (CMB), Labrador have been received.

The drilling targeted the Fish Hawk Lake South and North zones, which were discovered by Santoy in 2006, and drill tested in a Phase 1 program in March and April, 2007 (see news release of June 5, 2007). In the Phase 2 drilling, a total of 10 holes for 1,655 meters were completed. Eight holes were drilled on the Fish Hawk Lake South Zone to both extend the mineralization to the east and to test known mineralization to a minimum vertical depth of 100 meters. Two holes were drilled on the Fish Hawk Lake North Zone. Significant drill intercepts are tabulated below.



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2007 Phase 2 Drill Results - 100% Anomaly 7 Property
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Hole Dip From (m) To (m) Interval (m) U3O8% U3O8 lbs./ton
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Fish Hawk Lake South Zone
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FHLS-07-14 50 63.65 66.30 2.65 0.063 1.26
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FHLS-07-15 50 44.60 46.08 1.48 0.052 1.04
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FHLS-07-16 No significant results
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FHLS-07-16A 50 141.20 146.15 4.95 0.083 1.66
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Incl. 141.20 145.15 3.95 0.103 2.06
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FHLS-07-17 No significant results
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FHLS-07-18 50 285.31 291.34 6.03 0.114 2.28
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FHLS-07-19 No significant results
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FHLS-07-20 50 76.25 76.65 0.40 0.191 3.82
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also 82.04 82.34 0.30 0.173 3.46
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Fish Hawk Lake North Zone
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FHLN-07-03 50 44.11 45.11 1.00 0.040 0.80
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FHLN-07-04 50 36.00 36.86 0.86 0.031 0.62
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Fish Hawk Lake South Zone

Holes FHLS-07-14 and FHLS-07-15 were placed to test 50 and 100 meters of strike extension to the east of the Fish Hawk Lake South Zone, respectively, and to a 50 meter vertical depth probe. Weak, narrow mineralized zones were intersected in both holes, indicating that while the mineralization has been traced a further 100 meters along strike, the strength of the mineralizing system appears to be waning.

FHLS-07-16 targeted the zone at 100 meters vertical depth down dip of the mineralization intersected in FHLS-07-03 and FHLS-07-04. One of the best intercepts from the Phase 1 diamond drilling, 0.063% U3O8 over 27.88 meters, including 0.181% U3O8 over 4.50 meters, was cut in FHLS-07-03 (see news release of June 5, 2007). FHLS-07-16 was abandoned at 79.25 meters due to unacceptable deviation and re-drilled as FHLS-07-16A. This hole intersected two zones of hematized radioactive granodiorite. Only one was of economic significance, yielding 0.083% U3O8 over 4.95 meters, including 0.103% U3O8 over 3.95 meters at a vertical depth of 120 meters.

FHLS-07-17 was designed to test the zone at 100 meters vertical depth and down dip of the mineralization intersected in FHLS-07-01 and FHLS-07-02. Numerous mineralized zones were intersected in both Phase 1 drill holes, including 0.218% U3O8 over 1.90 meters and 0.040% U3O8 over 15.00 meters in FHLS-07-01, and 0.041% U3O8 over 10.05 meters in FHLS-07-02. No significant radioactivity was notedFHLS-07-17. The projected intersection is occupied by variably brecciated pegmatite. Possibly indicating that the zone may be displaced by a dip-slip fault.

FHLS-07-18 was drilled to test the zone to a vertical depth of 180 meters, approximately 50 meters down dip of mineralization intersected in Phase 1 drill hole FHLS-07-13. That hole returned 0.065% U3O8 over 17.46 meters, including 0.100% U3O8 over 5.23 meters. FHLS-07-18 cut several intervals of hematized radioactive granodiorite, with only the deepest intersection from 285.31 m to 291.34 m returning a significant 0.114% U3O8 over 6.03 meters. This zone, considered to be the down dip extension of the mineralization in FHLS-07-13, was cut approximately 50 meters below the projected depth, indicating that either the zone is near vertical or affected by dip-slip displacement. Numerous breccia zones and slip planes within the pegmatites lend some credence to the latter. A third possibility is that it represents a separate, parallel zone.

FHLS-07-19 was designed to test the mineralized zone to 100 meters vertical depth and 50 meters down dip of mineralization intersected in FHLS-07-05 and FHLS-07-06. Multiple mineralized zones were intersected in these Phase 1 drill holes, including 0.060% U3O8 over 16.06 meters in FHLS-07-05 and 0.044% U3O8 over 11.07 meters in FHLS-07-06. No significant radioactive zones were intersected in FHLS-07-19. This indicates that the zone either completely pinches out down-dip over 50 meters, or that the mineralization is structurally truncated down dip. Again, numerous in situ brecciated and "milled" intervals within the area of projected mineralization suggest that the mineralization might be structurally offset.

FHLS-07-20 was drilled to test the Fish Hawk Lake South Zone to 50 meters vertical depth between Phase 1 drill holes FHLS-07-07 and FHLS-07-08 (both drilled on the same section), and Phase 1 drill holes FHLS-07-09 and FHLS-07-10, both drilled on the same section and 100 meters to the east. Two very narrow (maximum thickness of 40 cm) intervals of hematized and radioactive mafic dykes were intersected roughly within the area of projected mineralization. The results, however, indicate poor continuity of mineralization within this area of the Fish Hawk lake South Zone. The Fish Hawk Lake South Zone remains open to the west, where two radioactive outcrops located approximately 120 meters west of the western extent of the zone remain to be drill tested. Due to time constraints (impending Christmas break) the rig was mobilized to the Fish Hawk Lake North Zone. Further down dip targets on the Fish Hawk Lake South Zone are contingent on tabulation of all results and section by section analysis of all mineralized intercepts to determine mineralized trends below 100 and 150 meters vertical depth.

Fish Hawk Lake North Zone

At Fish Hawk Lake North Zone, one of two drill holes, FHLN-07-03, was designed to test unconformity-style uranium-copper mineralization of 0.042% U3O8 and 0.493% Cu over 14 meters that was exposed by trenching during the summer 2007 exploration program. The mineralization straddles the contact between Aphebian age Warren Creek Formation sedimentary rocks and Archean intrusives (see news release of November 1, 2007). The hole remained in the Archean intrusives over virtually the entire length, and a number of narrow hematized radioactive zones were intersected. The best result was 1.00 meter of 0.040% U3O8. These results confirm the initial assessment that the sediments occur as a thin remnant veneer draping Archean basement rocks in this area.

The second hole, FHLN-07-04, was designed to test fracture controlled and basement hosted uranium mineralization to the west of the trench. Numerous grab samples taken in this area during the 2007 field season yielded analyses varying from 0.01% to 3.09% U3O8. The main structural control on mineralization is roughly east-west striking, steeply dipping fractures. FHLN-07-04 was drilled to test the continuity and grade of these fractures at depth. The best result obtained from several narrow radioactive shears/fractures was 0.031% U3O8 over 0.86 meters, indicating that neither grade nor thickness improved at depth.

Samples submitted for analyses were sawn half-core (BTW size). The samples were analyzed by Activation Laboratories in Ancaster, Ontario. Uranium was analyzed by the Delayed Neutron Activation technique, and a suite of additional elements were analyzed by the ICP method. Sample batches included internal repeats, standards and blanks. Blanks were inserted in the sample sequence by Santoy personnel.

Proposed 2008 Exploration

Work proposed for the 2008 field season on the Anomaly 7 property will include drill testing of the Anomaly 17 uranium occurrence. 2007 work by Santoy personnel significantly expanded the extent of the mineralization discovered by Canico in the 1970's (see news release of November 1, 2007). Two drill holes are proposed to test the relatively wide spaced but locally high grade fracture controlled mineralization. In-fill lake sediment sampling in 2007 identified a cluster of highly anomalous uranium in lake sediments centered approximately 3 kilometers southwest of the historic Anomaly 7 occurrence. This cluster, which expands on 2005 lake sediment sampling results, measures roughly 3 by 2 kilometers, and is situated in an area of poor outcrop exposure. Additional geochemical surveys are proposed in order to delineate drill targets. Further work in 2008 will also include prospecting and geochemical follow-up of anomalies identified by 2007 radon-in-soil surveys, and assessing prospective areas that trend onto the Anomaly 7 property.

The qualified person, as defined by National Instrument 43-101, responsible for review of technical information in this news release is J. R. Allan, P. Geol.

About Santoy Resources

Santoy Resources Ltd. is a mining exploration company focused primarily on the energy sector. Emphasis is being placed on uranium projects in the Athabasca Basin of Saskatchewan, in Wollaston Domain rocks in northern Manitoba, on the advanced Blizzard uranium deposit in south-central British Columbia, in the Otish Mountains of Quebec, and in the Central Mineral Belt of Labrador. A description of our properties, including maps and photographs, can be viewed on the Company's website at www.santoy.ca.

On Behalf of the Board of Directors

SANTOY RESOURCES LTD.

R. K. Netolitzky, President & CEO

Cautionary Statement on Forward-Looking Information

The statements made in this News Release may contain certain forward-looking statements. Actual events or results may differ from the Company's expectations. Certain risk factors may also affect the actual results achieved by the Company.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.

Contact Information

  • Santoy Resources Ltd.
    Ron Netolitzky
    President
    (604) 669-4799
    or
    Santoy Resources Ltd.
    Tony Perri
    Investor Relations, Manager
    (604) 669-4799
    (604) 669-2543 (FAX)
    Website: www.santoy.ca