Shoreham Resources Ltd.
TSX VENTURE : SMH

Shoreham Resources Ltd.

March 30, 2009 09:01 ET

Shoreham Resources Ltd.: Black Banana Returns Assays Up to 281.7 g/t Au (8.2 oz/t) From Vein Systems

LANGLEY, BRITISH COLUMBIA--(Marketwire - March 30, 2009) - Shoreham Resources Ltd. (TSX VENTURE:SMH), a Canadian exploration company dedicated to the exploration of advanced precious metal and polymetallic deposits in Guyana and Canada, is pleased to announce results from the recent sampling and mapping program undertaken during January and February 2009. The program has confirmed the presence of multiple high grade veins and widespread gold mineralized areas on its Black Banana Project in Guyana. Approximately 50% of the property was been covered by the phase I program of geological mapping and systematic geochemical sampling surveys which has identified 14 mineralized vein zones.

A total of 1440 one meter deeper auger samples were taken at 50 meter intervals along parallel east-west lines spaced at 200 to 400 meter intervals. The results of the geochemical survey are pending at this time. The company has received and evaluated assays for rock samples taken concurrently consisting of 38 float samples, 9 panel samples (each of which represents a square 5 meters by 5 meters), and 6 composite samples from the material being processed by artisanal miners and the tailings from their simple grinding and gravity recovery process. The assay results of the rock samples ranged from trace to a maximum value of 281.7 grams gold per tonne ((g/t) gold). A geological map identifying the sampling locations along with a complete list of samples and their corresponding assays can be found on Shoreham's website by clicking on this link http://shoreham.ca/property_black_banana.php. The table below summarizes the significant assays obtained.



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UTM EAST UTM NORTH Au Au
# Sample Zone 20N Zone 20N g/t Oz/T Rock Type Sample type
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BBR08 785250 826400 55.84 1.63 Qtz Vein Float
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BBR09 785250 826402 281.69 8.22 Qtz Vein Float
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BBR32 785195 827035 2.43 0.07 Qtz Vein Float
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BBR33 785290 827015 111.50 3.25 Qtz Vein Float
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BBR45 785340 825872 19.86 0.58 Qtz Vein 5m Panel
in Amphibolite
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BBR46 785342 825872 2.34 0.07 Qtz Vein 5m Panel
in Amphibolite
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BBR47 785342 825876 57.80 1.69 Qtz stockwork 5m Panel
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HEAD-1 785347 825865 27.50 0.80 Hand Cobbed Grab
Quartz Ore
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HEAD-2 785347 825865 10.38 0.30 Hand Cobbed Grab
Quartz Ore
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HEAD-3 785347 825865 9.59 0.28 Hand Cobbed Grab
Quartz Ore
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TAILS-1 785240 825850 30.21 0.88 Tailings Composite
from mill
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TAILS-2 785240 825850 111.24 3.24 Tailings Composite
from mill
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TAILS-3 785240 825850 98.78 2.88 Tailings Composite
from mill
RL 2/7-1 785441 825183 10.31 - Qtz stockwork Chip 2.5 meters
RL 2/7-2 785441 825183 5.13 - Qtz stockwork Chip/ 3.0 meters
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Samples # BBR-08 and BBR-09 consist of quartz rubble from the surface expression of a newly discovered vein taken 2 meters apart along the strike of the vein, and assayed 55.84 and 281.69 g/t Au respectively. Another similar occurrence sampled along strike approximately 600 meters north of BBR-08 and 09 returned 2.43 and 110.5 g/t gold (BBR-32 and 33). All four of the high grade samples contained visible gold grains in the samples.

BBR-45, 46 and 47 were taken along strike and approximately 500 meters south of BBR-08 and 09 and consisted of 3, contiguous 5 meter panels of weathered quartz, representing five meters total width in three adjoining sites. These samples assayed 19.86, 2.34 and 57.8 g/t gold respectively.

Artisanal miners have exposed and are processing material from a quartz vein which at times exceeds 1 meter in true width. Three samples each of their heads and tails were taken. Grab samples of the quartz vein material being processed that day ranged from 9.59 g/t Au to 27.5 g/t Au. The tailings samples collected at the same time ranged from 30.6 g/t Au to 111.2 g/t Au.

Samples RL 2/7-1 and RL 2/7-2 were collected approximately 670 m south of the artisanal workings on the same structure. They represent true widths of 2.5 and 3.0 meters within a stockwork zone that is open laterally. Additional trenching and sampling will be undertaken to evaluate the complete width of the prospective structural zone.

These assay values and field observations confirm that significant gold concentrations exist in vein material and stockworks. Additional work will be required to evaluate the grade of wider stockwork and veins and their strike continuity. The mineralized veins have been observed over strike lengths up to 1 km (open beyond the survey area) but additional field work, including trenching and drilling, will be required to confirm their grade and continuity. The veins, shear zones and altered diorite and felsic porphyry dikes observed to be associated with the gold values crosscut the volcanic and gabbroic host rocks.

Shoreham has the right to acquire 100% of the Black Banana Property which consists of a group of 10 medium scale Prospecting Permits a with cumulative area of 8,290 acres, located in northwestern Guyana near Mathews Ridge (SMH News Release dated October 8, 2008). The generative programs which led to this prospect have continued to identify new prospects in the region and the company's growth strategy is proceeding well. Mulgravian Ventures Corporation (a privately held Canadian company) can acquire a 60% working interest in the Black Banana Property through a series of qualified exploration and development expenditures on the Property and direct investments in Shoreham Resources Ltd. (SMH News Release dated December 22, 2008). The property lies in the same stratigraphic package as the El Callao gold district in Venezuela which boasts a combined historical production plus reserves in excess of 25 million ounces of gold, and is part of a district which has attracted attention from other junior companies as well as the major gold producing companies including Newmont Mining and Iamgold.

The Company has a strong QA/QC program in place incorporating the random insertion of certified standards and blanks into the sample stream. All samples (excluding RL 2/7-1, RL 2/7-2 - analyzed at Acme Labs Guyana) consisted of 3 to 5 Kg weight and were shipped under Company supervision to Actlabs in Georgetown Guyana for sample preparation. The pulps were then sent to Actlabs' Venezuelan facilities for analysis. The samples were subjected to Screen Fire Assay methods for reliable reporting of coarse gold and high values. Duplicate 30 gram assays of the fines were undertaken. Actlabs is one of only two ISO/IEC 17025 and CAN-P-1579 registered laboratories in North America.

David Bending, M.Sc., P.Geo., President and CEO of Shoreham Resources Ltd. is a Qualified Person as defined in National Policy 43-101 ("NI43-101"), and is responsible for all technical information contained in this news release. The content has also been reviewed by Robert A. Lunceford, a Qualified Person and independent technical advisor to Mulgravian Ventures Corp. Bending reports that; "The Company is encouraged by the continuing success of the Black Banana program and the confirmation of multiple high grade vein systems. Mulgravian Ventures Corp. is earning a 60% interest in the project and has commissioned the preparation of an NI 43-101 compliant technical report which will be completed when the systematic geochemical results are available and evaluated. While it will not detract the Company's focus from our Flagship Marudi Mountain prospect, the Black Banana Project represents a valuable addition to Shoreham's property portfolio and the confirmation of multiple high grade targets within the project is encouraging. The next round of field work consisting of backhoe trenching, TRADO sampling and trench channel sampling will begin soon."

For further information please visit our website at www.shoreham.ca or our Investor Relations Hub at www.agoracom.com/IR/Shoreham where you can post questions and receive answers or review questions and answers already posted by other investors or contact our Investor Relations Representative, Mr. Mike Kachanovsky via email at mike@shoreham.ca.

The TSX Venture Exchange has not reviewed and accepts no responsibility for the adequacy or accuracy of this news release.

Contact Information

  • Shoreham Resources Ltd.
    Mr. Mike Kachanovsky
    Investor Relations Representative
    (604) 533-9288
    (604) 533-9296 (FAX)
    Email: mike@shoreham.ca
    Website: www.shoreham.ca