CALGARY, ALBERTA--(Marketwire - Feb. 28, 2012) - Sienna Gold Inc. ("Sienna" or the "Company") (TSX VENTURE:SGP) (LMA:SGP) is very pleased to announce results from the latest drill holes at Callanquitas on the Igor project, La Libertad, Peru. The five holes totalled 1546.1 meters (m) and were designed to test the high grades announced in the press release of 26 January 2012.
The best results are from holes CA-12-19 and CA-12-21. CA-12-19 returned two separate high grade intervals: 9.4 m at 4.889 grams per tonne (g/t) gold and 2933.5 g/t silver and 6.1 m at 5.939 g/t gold and 1910.0 g/t silver. Both occur within an overall interval of 55.5 m at 2.280 g/t gold and 1024.6 g/t silver.
Hole CA-12-21 returned 17.6 m grading 4.669 g/t gold and 403.0 g/t silver within an overall interval of 74.5 m at 1.701 g/t gold and 110.1 g/t silver.
Dr. Warren Pratt, Director of Sienna Gold Inc, comments, "The drill program at Callanquitas is proceeding very well. The structure, sub-vertical and north-striking, is being cut where predicted in most holes and high grade 'oreshoots' have now been demonstrated. All 5 drill holes in Section 4600N, which includes CA-12-19, intersect multi-kilogram silver and significant gold grades. This oreshoot appears to continue from surface to a depth of at least 400 m. Furthermore, the latest hole, CA-12-21, is located about 370 m farther south. The high silver and gold grade suggests this is another oreshoot.
These oreshoots allow us to add gold/silver ounces quickly to the resource. We are now focusing on the oreshoots and reducing drill centres to approximately 50 m, both vertically and laterally. This will define the oreshoots better and give higher confidence in the eventual resource calculation."
A map showing the location of these new intercepts is shown below. All significant intersections are given in the table below. Further maps and cross sections are available on the website: www.siennagold.com
http://media3.marketwire.com/docs/sgp_map.jpg
Assay results for drill holes CA-11-17 to CA-12-21
| Drill Hole |
From |
|
To |
|
Interval* |
|
Weighted Averages |
|
| |
(m |
) |
(m |
) |
(m |
) |
Gold (g/t |
) |
Ag (g/t |
) |
| CA-11-17 |
17.9 |
|
18.7 |
|
0.8 |
|
4.284 |
|
61.2 |
|
| |
|
|
|
|
|
|
|
|
|
|
| CA-12-18 |
28.5 |
|
33.6 |
|
5.1 |
|
0.427 |
|
136.6 |
|
| Including |
30.5 |
|
32 |
|
1.5 |
|
0.329 |
|
448.0 |
|
| CA-12-18 |
45.5 |
|
47.9 |
|
2.4 |
|
0.653 |
|
16.2 |
|
| CA-12-18 |
126.9 |
|
135 |
|
8.1 |
|
1.334 |
|
4.1 |
|
| Including |
129.7 |
|
131.2 |
|
1.5 |
|
6.507 |
|
9.9 |
|
| Including |
130.7 |
|
131.2 |
|
0.500 |
|
15.900 |
|
17.8 |
|
| CA-12-18 |
152 |
|
159.3 |
|
7.3 |
|
2.157 |
|
122.9 |
|
| Including |
153.9 |
|
157.4 |
|
3.5 |
|
4.220 |
|
241.4 |
|
| |
|
|
|
|
|
|
|
|
|
|
| CA-12-19 |
180.7 |
|
181.3 |
|
0.600 |
|
0.654 |
|
98.1 |
|
| CA-12-19 |
238.5 |
|
294 |
|
55.5 |
|
2.280 |
|
1024.6 |
|
| Including |
239.9 |
|
240.5 |
|
0.6 |
|
5.230 |
|
5026.0 |
|
| Including |
249.4 |
|
255.5 |
|
6.1 |
|
5.939 |
|
1910.0 |
|
| Including |
258 |
|
267.4 |
|
9.4 |
|
4.889 |
|
2933.5 |
|
| Including |
264.75 |
|
265.9 |
|
1.15 |
|
5.580 |
|
5465.0 |
|
| Including |
271.65 |
|
276.3 |
|
4.65 |
|
2.512 |
|
1482.6 |
|
| CA-12-19 |
314.6 |
|
316.9 |
|
2.3 |
|
0.871 |
|
5.9 |
|
| CA-12-19 |
321.5 |
|
334.6 |
|
13.1 |
|
0.732 |
|
80.0 |
|
| Including |
322.6 |
|
323.6 |
|
1 |
|
0.653 |
|
384.0 |
|
| CA-12-19 |
342.4 |
|
348 |
|
5.6 |
|
0.034 |
|
74.6 |
|
| CA-12-19 |
387.8 |
|
403.0 |
|
15.2 |
|
0.015 |
|
50.7 |
|
| CA-12-19 |
412.5 |
|
414.2 |
|
1.7 |
|
0.801 |
|
304.7 |
|
| Including |
412.5 |
|
413.7 |
|
1.2 |
|
0.865 |
|
427.0 |
|
| |
|
|
|
|
|
|
|
|
|
|
| CA-12-20 |
6 |
|
8 |
|
2 |
|
0.014 |
|
75.8 |
|
| CA-12-20 |
99.65 |
|
115.37 |
|
15.720 |
|
0.183 |
|
56.2 |
|
| Including |
101.65 |
|
103.75 |
|
2.100 |
|
0.106 |
|
267.9 |
|
| CA-12-20 |
136.2 |
|
155.05 |
|
18.85 |
|
0.423 |
|
3.8 |
|
| Including |
142.3 |
|
143 |
|
0.7 |
|
3.324 |
|
6.0 |
|
| CA-12-20 |
175.5 |
|
183 |
|
7.5 |
|
0.580 |
|
27.0 |
|
| Including |
179.5 |
|
181.7 |
|
2.2 |
|
1.395 |
|
72.8 |
|
| CA-12-20 |
202.5 |
|
215.95 |
|
13.45 |
|
1.873 |
|
29.8 |
|
| Including |
210 |
|
215.95 |
|
5.95 |
|
3.413 |
|
51.4 |
|
| CA-12-20 |
248.6 |
|
258.2 |
|
9.6 |
|
0.451 |
|
1.1 |
|
| CA-12-20 |
273.05 |
|
275 |
|
1.95 |
|
0.257 |
|
50.2 |
|
| |
|
|
|
|
|
|
|
|
|
|
| CA-12-21 |
136.1 |
|
142 |
|
5.9 |
|
0.281 |
|
22.9 |
|
| CA-12-21 |
177.9 |
|
185.7 |
|
7.8 |
|
0.870 |
|
6.8 |
|
| CA-12-21 |
209.5 |
|
284 |
|
74.5 |
|
1.701 |
|
110.1 |
|
| Including |
228 |
|
245.6 |
|
17.6 |
|
4.669 |
|
403.0 |
|
| Including |
260.3 |
|
266 |
|
5.7 |
|
1.901 |
|
36.4 |
|
| CA-12-21 |
292.9 |
|
296.5 |
|
3.6 |
|
0.729 |
|
33.5 |
|
*It should be noted that these are all angled holes and down hole intervals do not necessarily reflect the true width of the mineralized structure.
A full list of drill holes and significant intercepts is available on the Sienna Gold website.
Exploration Update
Sienna Gold is pursuing three main targets at Igor: Callanquitas is the most recently discovered and potentially most important; and Domo and Tesoros, southeast of Callanquitas. The mineralization at Domo and Tesoros has a NI 43-101-compliant resource. This resource will be updated after the current drilling is completed, together with a new resource evaluation for Callanquitas. Two rigs are drilling at Callanquitas. One of the larger, tracked rigs has been replaced by a man-portable rig, to allow access to steeper slopes. To date, a total of 5,500 m has been drilled as part of the current campaign. The planned final meterage is 10,000-12,000 m for Callanquitas and 3,000 m for Domo and Tesoros.
In light of the new high grade results at Callanquitas, the new NI 43-101 resource calculation, which will cover all 3 targets, will most likely be ready in late 2012.
Sampling Methodology
Cores taken from the diamond drill rig are stored in plastic core boxes and transported to the camp for detailed logging. Afterwards, the core is cut on site with a diamond saw.
One half is then sent to an accredited laboratory in various sample lengths. Randy Henkle (P.Geol.), the Company's independent Qualified Person, completed a chain of custody review to ensure the integrity of all sample data.
Assaying Methodology
The samples are analysed by SGS Laboratories in Lima by inductively coupled plasma atomic emission spectroscopy for silver and 37 other elements (included Hg and Te) and a 30 gram fire assay technique for gold. Samples above detection limits are re-assayed using a gravimetric fire assay. The specific lab procedures can be found in the Company's 43-101 report on the Igor property.
This press release was reviewed and approved by Dr. Warren Pratt (CGeol) who is a "Qualified Person" according to National Instrument 43-101.
About Sienna Gold.
Sienna Gold Inc. is a Canadian-based gold exploration and development company with assets in northern Peru. Igor, the company's 100%-owned flagship gold and silver project, is located in a prolific gold producing district.
The Company is drilling aggressively to increase the existing gold-silver resource at Igor and has plans to become a gold producer.
The Company is listed on the Toronto Venture Exchange (TSX-V SGP) and the Bolsa De Valores De Lima (BVL-SGP).
For further information, please contact John Rucci at any of the contact points noted above.
John M. Rucci, President
This announcement includes certain "forward-looking statements" within the meaning of Canadian securities legislation. All statements, other than statements of historical fact, included herein, without limitation, the use of net proceeds are forward-looking statements. Forward-looking statements involve various risks and uncertainties and are based on certain factors and assumptions. 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 expectations include uncertainties related to fluctuations in gold, copper and other commodity prices and currency exchange rates; uncertainties relating to interpretation of drill results and the geology, continuity and grade of mineral deposits; uncertainties relating to the completion of a resource study; uncertainty of estimates of capital and operating costs; the need for cooperation of government agencies in the development of the Company's mineral projects; the need to obtain additional financing to develop the Company's mineral projects; the possibility of delay in development programs or in construction projects and uncertainty of meeting anticipated program milestones for the Company's mineral projects; and other risks and uncertainties disclosed under the heading "Risk Factors" in the Company's management discussion and analysis Form filed with Canadian securities regulatory authorities on the SEDAR website at www.sedar.com.