Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
TORONTO, ONTARIO–(Marketwire – March 2, 2012) –
THIS PRESS RELEASE, REQUIRED BY APPLICABLE CANADIAN LAWS, IS NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES, AND DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED HEREIN.
Satori Resources Inc. (TSX VENTURE:BUD) (“Satori” or the “Company”) is pleased to announce that drilling results from its 2011 diamond-drill campaign at the Tartan Lake Gold Mine Project has extended gold mineralization to the west (holes 5 and 6), confirmed continuity of gold to the south of the existing resource (holes 7, 8 and 9) and demonstrated potential for expansion to the east (holes 10 and 12).
Jennifer Boyle, President and Chief Executive Officer of Satori Resources, commented, “Re-activating exploration at a historic gold producer that has been dormant for several years has given Satori the confidence required to jump-start activities for re-assessing commissioning of the mine, which is intended to be Satori’s focus for 2012.”
The Tartan Lake Gold Mine Project’s independent NI 43-101 resource estimate (completed by MineTech International Ltd. and released in November 8, 2010 and amended on January 18, 2012) resulted in an indicated mineral resource of 1,000,000 tonnes at 4.0g/t Au (130,000 ounces) and an additional inferred mineral resource of 1,900,000 tonnes at 3.9g/t Au (240,000 ounces).
Highlights from the 2011 drilling program include:
A total of 19 holes comprising 4,133 metres were drilled during the 2011 exploration program. Selected results are presented in Table 1 below. The program tested from surface to in excess of 350 metres depth and was designed to expand the Main, West and South Zone of the Tartan Lake Deposit as well to infill within the South portion of the deposit. The drill results for holes one to five were previously released by St. Eugene Mining Corporation Limited, prior to the acquisition of St. Eugene by Claude Resources Inc. on February 2, 2012.
| Table 1: Selected drill results from 2011 exploration program at Tartan Lake Gold Mine Project | ||||||
| Hole ID | Azimuth | Dip | From (m) | To (m) | Visible Width (m) | Au g/t |
| TL-11-01 | 334 | -55 | 33.00 | 34.00 | 1.00 | 5.86 |
| 88.55 | 90.70 | 2.15 | 3.38 | |||
| including | 88.55 | 89.70 | 1.15 | 10.80 | ||
| 92.14 | 93.48 | 1.34 | 1.94 | |||
| 130.35 | 133.00 | 2.65 | 2.15 | |||
| including | 130.35 | 131.00 | 0.65 | 3.40 | ||
| TL-11-02 | 350 | -50 | 3.00 | 3.95 | 0.95 | 1.68 |
| 23.47 | 24.56 | 1.09 | 2.87 | |||
| TL-11-03 | 340 | -50 | 29.44 | 30.34 | 0.90 | 1.47 |
| 50.57 | 51.35 | 0.78 | 2.35 | |||
| 162.00 | 165.47 | 3.47 | 3.16 | |||
| including | 164.62 | 165.47 | 0.85 | 5.01 | ||
| 167.32 | 169.73 | 2.41 | 2.47 | |||
| including | 169.18 | 169.73 | 0.55 | 2.19 | ||
| 171.75 | 174.50 | 1.88 | 11.82 | |||
| including | 171.75 | 172.41 | 0.66 | 3.64 | ||
| 172.41 | 172.94 | 0.53 | 2.45 | |||
| 172.94 | 173.63 | 0.69 | 27.57 | |||
| 186.86 | 187.66 | 0.80 | 19.75 | |||
| TL-11-04 | 340 | -46.5 | 55.95 | 56.60 | 0.65 | 18.55 |
| TL-11-05 | 340 | -50 | 26.00 | 26.81 | 0.81 | 17.32 |
| TL-11-06 | 340 | -50 | 0.32 | 2.18 | 1.86 | 3.77 |
| including | 0.32 | 1.50 | 1.18 | 4.05 | ||
| TL-11-07 | 20 | -46.5 | 66.10 | 67.06 | 0.96 | 1.46 |
| 161.17 | 162.20 | 1.03 | 1.18 | |||
| TL-11-08 | 340 | -46.5 | 53.50 | 54.00 | 0.50 | 1.35 |
| 69.77 | 70.69 | 0.92 | 1.31 | |||
| 74.78 | 75.29 | 0.51 | 1.04 | |||
| TL-11-09 | 340 | -50 | 182.34 | 183.84 | 1.50 | 3.88 |
| including | 183.34 | 183.84 | 0.50 | 8.26 | ||
| TL-11-10 | 165 | -50 | 129.75 | 131.14 | 1.39 | 4.82 |
| including | 129.75 | 130.48 | 0.73 | 5.52 | ||
| and | 192.00 | 193.04 | 1.04 | 19.31 | ||
| TL-11-11 | 160 | -50 | 293.58 | 296.86 | 3.28 | 2.52 |
| including | 294.50 | 295.47 | 0.97 | 4.39 | ||
| and | 317.20 | 319.95 | 2.75 | 6.13 | ||
| including | 319.18 | 319.95 | 0.77 | 8.71 | ||
| TL-11-12 | 160 | -75 | 195.60 | 196.34 | 0.74 | 11.18 |
Mineralization intercepted in the Main, West and South Zones of the deposit is consistent with the historical data. It is associated with the shear zones with moderate to strong alteration of quartz, carbonates, fuchsite, ankerite, tourmaline, relatively enriched with pyrite, chalcopyrite, sphalerite, arsenopyrite, minor pyrrhotite and locally elevated gold values.
Four of the holes (14 to 17) were completed outside of the resource area, at the Ruby Lake area, in order to evaluate the continuity of the mineralized system to the west part of the property.
In addition, two other step-out holes (18 and 19) were drilled northeast of the mine site to test geophysical anomalies. Hole 19 returned 0.6% Cu from the intersection 35.65 metres to 36.30 metres.
The drill core samples were split on the property, with half sent to TSL Laboratories Inc., Saskatoon, Saskatchewan, an accredited laboratory. The samples are fire assayed with an AA and gravimetric finish. Rigorous QAQC procedure is implemented and check samples, blanks and standards are inserted into the sample stream. The core lengths are actual lengths as drilled and have not been adjusted for the true width of the mineralized zones. The sampling and preparation of the drill core is being conducted under the supervision of Dr. Tania Ilieva, P. Geo.
A location map of Tartan Lake and a detailed plan map showing current drill results can be viewed at Satori’s website www.satoriresources.ca.
Tania Ilieva, P. Geo., is the Qualified Person who has reviewed and approved the contents of this news release for and on behalf of Satori.
ABOUT SATORI RESOURCES INC.
Satori is a Toronto-based mineral exploration and development company whose primary property is the Tartan Lake Gold Mine Project (100% interest), located in the prolific Flin Flon Greenstone Belt, Manitoba.
CAUTION REGARDING FORWARD-LOOKING INFORMATION
This news release of Satori contains statements that constitute “forward-looking statements.” Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause Satori’s actual results, performance or achievements, or developments in the industry to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” “projects,” “potential” and similar expressions, or that events or conditions “will,” “would,” “may,” “could” or “should” occur. Forward-looking statements in this document include statements regarding Satori’s expectations regarding ownership, entitlements, drilling and exploration activities on properties in which Satori has, or believes it has an interest. There can be no assurance that such statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements, and readers are cautioned not to place undue reliance on these forward-looking statements. Any factor could cause actual results to differ materially from Satori’s expectations. Satori undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change, unless otherwise required by law.
THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO U.S. PERSONS UNLESS REGISTERED OR EXEMPT THEREFROM.
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.
