Sulliden Gold Corporation
TSX : SUE
OTCQX : SDDDF

Sulliden Gold Corporation

February 01, 2011 13:01 ET

Sulliden Reports Continued Positive Exploration Results Including 99.3 Meters Grading 1.43 g/t Gold

TORONTO, ONTARIO--(Marketwire - Feb. 1, 2011) - Sulliden Gold Corporation Ltd. ("Sulliden", or the "Company") (TSX:SUE)(OTCQX:SDDDF) is pleased to report assay results from 27 new drill holes conducted along the Central Corridor of the Shahuindo Gold Project located in northern Peru. These results are part of the 30,000 meters of drilling completed in December 2010. The results from this program have continued to demonstrate excellent growth potential with mineralization remaining open along strike, laterally and at depth. 

Significant intercepts (true width) from this group of exploration results are highlighted below. An economic cut-off grade of 0.17 g/t in gold oxides was established by AMEC in the NI 43-101 study (see news release of December 8, 2009).

  • 0.89 g/t Gold over 73.1 meters including 1.80 g/t Gold over 26.7 metres in hole RSH10-100 in the West Zone (See Figure 1)
  • 1.10 g/t Gold over 58.9 meters in hole SHM10-133 in the West Zone
  • 1.09 g/t Gold over 67.2 metres in hole SHM10-127 in the Central Zone
  • 1.43 g/t Gold over 99.3 metres including 3.70 g/t Gold over 42.0 meters in hole RSH10-98 in the Central Zone

Peter Tagliamonte, President and CEO of Sulliden, commented, "We are pleased with the continued drilling success at Shahuindo, which supports our belief in the excellent potential to expand the mineral resource on the property. The drilling results have continued to delineate mineralization that is beyond the currently known mineralized grade shells and will be part of the new mineral resource estimate, which is currently underway. The 70,000 metre exploration program we have set out for 2011 is in progress and we expect that the new target areas will continue to demonstrate the growth potential of this project."

Sulliden has begun its 2011 exploration program, announced on December 7, 2010, which will include approximately 70,000 metres of drilling, nearly doubling the number of metres drilled on Shahuindo since its discovery in 1992. The new program will continue targeting the Central Corridor to further expand the current mineralized envelopes, but will also include several new target areas that are designed to delineate new potential mineral resources at Shahuindo.

Summary of Recent Results

The table below (Table 1) shows the results from 27 holes representing approximately 6,180 meters of the 30,000 metre exploration program that the Company completed in December 2010. The selected sections 500W (Figure 1), 800E (Figure 2) and 1300E (Figure 3) highlight some of the reported drill results and graphically demonstrate newly identified mineralization (in purple) being added to the existing mineral envelopes (in red) in the West, Central and East zones.

To view "Figure 1 – West Zone, Section 500W*", please visit the following link:

http://media3.marketwire.com/docs/sull500wHQ.jpg

To view "Figure 2 – Central Zone, Section 800E*", please visit the following link:

http://media3.marketwire.com/docs/sul800cntrHQ.jpg

To view "Figure 3 – East Zone, Section 1300E*", please visit the following link:

http://media3.marketwire.com/docs/sull1300eastHQ.jpg

*The new grade shells highlighted in the sections above are geological interpretations that are preliminary in nature and should not be relied on. 

To view "Figure 4 – Plan View of Mineral Deposit with New Collar Locations", please visit the following link:

http://media3.marketwire.com/docs/plnmindep800.jpg

Table 1 – Drill Results

WEST ZONE
Drill
hole #
From
(metres)
To
(metres)
Interval
(metres)
True Width
(metres)
(1)
Gold
(g/t)
Silver
(g/t)
 
RSH10-97 0.0 40.5 40.5 26.0 0.45 4.0
including 27.0 37.5 10.5 6.7 0.81 6.4
RSH10-97 82.5 97.5 15.0 9.6 0.44 7.6
RSH10-97 (2) 172.5 201.0 28.5 18.3 0.49 20.6
 
RSH10-100 45.0 172.5 127.5 73.1 0.89 14.6
including 112.5 159.0 46.5 26.7 1.80 17.7
RSH10-100 (2) 235.5 270.0 34.5 19.8 0.33 2.3
including 253.5 258.0 4.5 2.6 0.77 3.6
             
RSH10-101 (2,3) 76.5 141.0 64.5 41.5 0.68 16.0
including 85.5 99.0 13.5 8.7 0.98 11.2
including 129.0 141.0 12.0 7.7 1.05 24.8
 
SHM10-131 (4,5) 63.0 154.7 91.7 58.9 1.10 173.5
 
SHM10-133 (4) 19.0 105.0 86.0 43.0 0.77 13.1
 
SHM10-137 (4,5) 23.1 58.5 35.4 22.8 0.81 9.8
 
SH10-145 123.3 130.8 7.5 4.8 0.86 7.6
SH10-145 225.3 264.3 39.0 25.1 0.29 14.8
 
SH10-147 No significant mineralized intersection
 
SH10-157 (3) 0.0 10.9 10.9 7.7 0.87 2.5
SH10-157 30.6 42.2 11.6 8.1 0.96 34.7
CENTRAL ZONE
Drill
hole #
From
(metres)
To
(metres)
Interval
(metres)
True Width
(metres)
(1)
Gold
(g/t)
Silver
(g/t)
 
RSH10-93 (6) 15.0 37.5 22.5 20.4 0.37 2.4
RSH10-93 37.5 150.0 112.5 47.5 1.19 6.4
including 37.5 112.5 75.0 31.7 1.50 8.7
RSH10-93 (2, 3) 169.5 274.5 105.0 44.4 0.26 4.8
 
RSH10-94 15.0 130.5 115.5 74.2 0.62 7.5
including 21.0 55.5 34.5 22.2 1.08 1.8
             
RSH10-95 39.0 61.5 22.5 14.5 0.32 1.2
RSH10-95 87.0 133.5 46.5 29.9 0.26 2.0
RSH10-95 147.0 160.5 13.5 8.7 0.27 0.7
RSH10-95 187.5 247.5 60.0 38.6 0.33 6.2
 
RSH10-96 24.0 60.0 36.0 23.1 0.37 0.7
RSH10-96 111.0 129.0 18.0 11.6 0.50 5.1
RSH10-96 (2) 145.5 192.0 46.5 29.9 0.35 9.6
including 166.5 174.0 7.5 4.8 1.03 41.4
 
RSH10-98 49.5 72.0 22.5 14.5 0.32 0.6
RSH10-98 (7) 81.0 235.5 154.5 99.3 1.43 7.3
including 82.5 105.0 22.5 14.5 1.62 4.8
including (7) 145.5 187.5 42.0 27.0 3.70 19.9
 
RSH10-99 90.0 126.0 36.0 20.6 0.29 1.9
 
SHM10-127 (4,5) 21.3 116.3 95.0 67.2 1.09 19.1
SHM10-127 (4,5) 128.6 156.6 28.0 19.8 0.54 8.2
 
SH10-148 60.4 132.4 72.0 42.2 0.82 1.7
including 83.1 102.9 19.8 11.6 1.65 2.5
including 106.9 115.9 9.0 5.3 1.59 1.9
SH10-148 142.9 153.4 10.5 6.2 0.38 3.3
SH10-148 171.4 196.9 25.5 15.0 0.55 1.4
SH10-148 (2) 213.4 252.4 39.0 22.9 0.36 0.8
 
SH10-149 (6) 24.3 31.8 7.5 5.8 0.21 6.9
SH10-149 63.3 112.8 49.5 31.2 0.74 3.3
including 70.8 96.3 25.5 16.1 1.21 4.8
SH10-149 119.9 140.3 20.4 12.8 0.46 1.0
SH10-149 (2) 145.7 225.3 79.6 49.6 0.29 4.0
 
SH10-150 19.8 46.5 26.7 17.1 0.43 10.9
SH10-150 60.0 78.0 18.0 11.5 0.76 1.5
including 63.0 73.3 10.3 6.6 1.08 1.7
SH10-150 90.0 112.5 22.5 14.4 0.27 0.7
SH10-150 126.0 193.7 67.7 42.6 0.68 3.6
including 171.0 193.7 22.7 14.2 1.54 5.4
SH10-150 214.5 318.0 103.5 64.6 0.65 38.8
including 216.0 228.0 12.0 7.5 1.28 15.5
including 273.0 288.0 15.0 9.4 1.35 51.8
EAST ZONE
Drill
hole #
From
(metres)
To
(metres)
Interval
(metres)
True Width
(metres)
(1)
Gold
(g/t)
Silver
(g/t)
 
RSH10-105 19.5 27.0 7.5 3.8 0.47 1.2
RSH10-105 37.5 76.5 39.0 19.5 0.46 3.0
RSH10-105 90.0 210.0 120.0 60.0 0.81 14.8
including 96.0 153.0 57.0 28.5 1.10 11.2
 
SH10-144 (6) 0.0 33.0 33.0 23.5 1.04 1.8
SH10-144 33.0 57.0 24.0 16.7 0.82 9.5
including 33.0 42.0 9.0 6.3 1.49 23.3
SH10-144 103.5 159.0 55.5 38.3 0.56 3.7
SH10-144 141.5 155.9 14.4 9.9 1.19 9.1
 
SH10-146 0.0 6.4 6.4 2.9 0.55 4.7
SH10-146 111.0 145.9 34.9 15.2 0.28 4.2
MOYAN ALTO ZONE
Drill
hole #
From
(metres)
To
(metres)
Interval
(metres)
True Width
(metres)
(1)
Gold
(g/t)
Silver
(g/t)
 
RSH10-102 148.5 171.0 22.5 14.5 0.30 3.7
RSH10-102 195.0 222.0 27.0 17.4 0.28 3.1
 
RSH10-103 172.5 180.0 7.5 3.5 0.42 9.9
RSH10-103 210.0 265.5 55.5 26.1 0.65 9.1
including 226.5 250.5 24.0 11.3 0.99 18.5
 
RSH10-104 (2, 3) 153.0 240.0 87.0 52.3 0.43 4.0
including 228.0 240.0 12.0 7.2 0.86 11.2
 
RSH10-106 7.5 22.5 15.0 9.4 0.51 3.4
RSH10-106 (2, 3) 171.0 270.0 99.0 55.4 0.32 5.1
 
RSH10-107 10.5 31.5 21.0 12.8 0.36 9.9
RSH10-107 106.5 178.5 72.0 41.3 0.84 15.7
including 147.0 154.5 7.5 4.3 4.81 70.6
RSH10-107 (2) 189.0 198.0 9.0 5.2 0.85 2.1
  1. Assuming vertical or near vertical zone, perpendicular or near perpendicular to the plane defined by the drill hole
  2. Mineralization found within 10 metres of the end of hole
  3. Drill hole stopped due to technical difficulties
  4. PQ metallurgical results from composite samples
  5. Twin hole (defined by being collared within 3 meters and at the same dip and inclination as its adjacent hole)
  6. Mineralization in overburden
  7. The gold value of 1.43 g/t from 81.0 m to 235.5 m would be 0.97 g/t if capped at 7 g/t Au. The gold value of 3.70 g/t from 145.5 m to 187.5 m would be 1.84 g/t if capped to 7 g/t Au. For evaluation purposes, a capping value of 7 g/t is applied.

QUALITY CONTROL AND ASSURANCE

Stéphane Amireault, P.Eng., Vice President Exploration for Sulliden is the Qualified Person responsible for the management of the exploration program and disclosure of the drill results as defined by National Instrument 43-101. Mr. Amireault has read and approved the technical and scientific information in this news release.

The analyses for this drilling campaign were carried out by ALS Chemex in Lima, Peru and ALS Chemex in Reno, Nevada (holes SHM10-127, SHM10-131, SHM10-133, SHM10-137) exercising a thorough Quality Control and Assurance program (QA/QC). All ALS Chemex labs are ISO 9000 registered laboratories. All gold assays reported in the press release were obtained by standard 50g fire assaying with AA finish. All silver assays reported in the press release were obtained by Aqua-Regia dissolution followed by ICP-AES measurement.

ABOUT SULLIDEN

Sulliden is a Canadian-based mining company focused on the exploration and development of the Shahuindo Gold Project, its 100%-owned flagship property located in a prolific gold producing district in northern Peru. This project neighbours world-class gold mines including Barrick Gold's Lagunas Norte Mine, 30 km to the south, and the Yanacocha Mine operated by Newmont Mining Company, 80 km to the north; both million-ounce per year producing mines. A positive Preliminary Assessment for the project was completed in February 2010 and a bankable Feasibility Study is expected for completion in the second quarter of 2011. While the Company progresses towards its goal of becoming a gold producer, a significant focus is being placed on exploration drilling to increase the mineral resource, which remains open in all directions and at depth. Based on the drilling success in 2009/2010, Sulliden plans to undertake approximately 70,000 meters of drilling in 2011 to continue the mineral expansion on the property. Sulliden is led by a strong management team with the proven ability to develop, finance and operate mining projects and is poised to generate superior value for its shareholders.

On behalf of Sulliden Gold Corporation Ltd.

Peter Tagliamonte, President and CEO  

Stan Bharti, Chairman

For further information on Sulliden please visit the company website at www.sulliden.com.

If you would like to be added to Sulliden's news distribution list, please send your email address to contact@sulliden.com.

Caution regarding forward-looking information:

This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward looking information includes without limitation, statements regarding the size and quality of the company's mineral resources, progress in development of mineral properties, future capital and operating expenses, future metal prices, the future financial or operating performance of the Company, the prospective mineralization of the properties, planned exploration programs and anticipated production schedule. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: general business, economic, competitive, geopolitical and social uncertainties; the actual results of current exploration activities; other risks of the mining industry and the risks described in the annual information form of the Company. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

Contact Information

  • Sulliden Gold Corporation Ltd.
    Caroline Arsenault
    Investor Relations Manager
    (416) 861-5805
    or
    Sulliden Gold Corporation Ltd.
    Scott Moore
    Vice President Corporate Development
    (416) 861-5903
    www.sulliden.com