SnipGold Corp.
TSX VENTURE : SGG

SnipGold Corp.

September 05, 2012 11:49 ET

SnipGold Provides Update on Drill Program

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 5, 2012) - SnipGold Corp. (TSX VENTURE:SGG) ("SnipGold" or the "Company") (formerly Skyline Gold Corporation) is pleased to provide an update on the 2012 exploration program which tested five priority areas with nine diamond drill holes totaling over 2400 metres. A total of twelve holes underwent Borehole Pulse Electromagnetic ("BPEM") geophysical surveys.

The objectives of the 2012 exploration program were to assess five key exploration targets by:

  1. Drill testing a series of historic electromagnetic ("EM") conductors, along the Burnie Trend, at the C1 area and on Johnny Flats, for the potential to host Snip style high grade gold mineralization.
  2. Follow-up on 2011 drilling along the Snip-Bronson Trend.
  3. Gain a better understanding of the controls of the high grade gold mineralization at Gorge by accurately locating historic drill holes and follow-up by drilling and BPEM surveys.

All 2012 objectives were successfully completed on a very limited budget.

Diamond drilling and BPEM work completed this year include:

  • Four widely spaced drill holes tested a 4.3 km strike length of the nine kilometer Burnie Trend. Three of these holes underwent BPEM surveys.
  • Two drill holes tested the 2.8 km Johnny Flats set of 3D EM plate model anomalies, these two holes, as well as a deep hole completed by Cominco in 1995 were all tested with BPEM surveys.
  • The C1 area, the Gorge and the Snip Bronson Trend have all be been tested with single drill holes in 2012. BPEM surveys were completed on the three 2012 holes as well as three historic Gorge holes.

All core samples have now been delivered to the analytical lab. The assay data will be released to the public once all gold and multi-element analyses have been received. Initial geological interpretations are expected to be provided in conjunction with the assay release.

About SnipGold

SnipGold Corp. is a Canadian exploration company focused on the exploration and expansion of gold resources in northwestern British Columbia. SnipGold's board and management have significant experience in the discovery, exploration and development of gold projects in this area.

On Behalf of the Board of Directors

SnipGold Corp.

John Zbeetnoff, Chief Executive Officer

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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