Sheltered Oak Resources Corp. ("OAK" or the "Company") (TSX
VENTURE: OAK) has completed a National Instrument 43-101 -
Standards of Disclosure for Mineral Projects ("NI 43-101") resource
estimate for its Kerrs Gold Deposit located on the Company's Kerrs
Property located east of Matheson, Ontario.
Highlights are:
-- The inferred resource defined to date comprises 7,041,460 tonnes at an
average grade of 1.71 g/t Au and contains 386,467 troy oz of gold. These
resources are reported at a base case cut-off grade of 0.5 g/t Au
-- The Phase 5 drilling campaign has confirmed that the gold enrichment
occurs in sheeted, pyritic quartz vein breccias zones conforming to a
trough structure developed along the fold axis over an 800 metre strike
length and have lateral down-dip extensions up to 350 metres. Also,
step-out drilling confirms that the Kerrs Gold Deposit trend extends 400
m to the southwest and airborne geophysics indicates a further extension
of 400 m along the trough structure towards the adjacent property, (on
which the Company has an option to earn a 60% interest in from Goldcorp
Canada Ltd. and Goldcorp Inc. (the "Adjacent Property")). As well, there
is a strike length of 1,500 m of favorable volcanic stratigraphy
indicated by historic drilling on the Adjacent Property
-- An 11,500 m exploration drilling program is proposed for the Kerrs
Property, including the Adjacent Property, in the summer of 2011, using
the funds from the Company's recent financing, with three main
objectives:
a) 8,300 m of in-fill and extensional drilling on the Kerrs Gold Deposit
b) 1,200 m of reconnaissance drilling on parallel structure supported by
mobile metal ion (MMI) geochemical anomalies
c) 2,000 m of extensional drilling on the Kerrs Gold Deposit trend
projected on to the Adjacent Property,
JJ Elkin, President and CEO of the Company stated, "This
important NI 43-101 estimate covers only 800 metres of strike
length. Geophysical and previous drilling results suggests that
this deposit may extend a further 800 metres towards the Adjacent
Property. This historic work on the Adjacent Property suggests
there is a strike length potential for an additional 1,500 metres.
The proposed work program for 2011 will further delineate the Kerrs
Property potential, including the Adjacent Property. Our
exploration target is a total opportunity along a major volcanic
structural trend in excess of a two km strike length straddling
both properties. The 2011 summer drill program is designed to
increase the tonnage and grade in order to advance and improve the
economic viability of our discovery."
MINERAL RESOURCE ESTIMATE
Kirkham Geosystems Ltd. ("KGL") have completed a NI 43-101
mineral resource estimate on the Kerrs Gold Deposit based on the
phase 1 to phase 5 drilling programs completed from 2005 to 2010.
Using a cut-off grade of 0.5 g/t Au, KGL estimates that the
inferred mineral resources of the Kerrs Gold Deposit total
7,041,460 tonnes at an average grade of 1.71 g/t Au containing
386,467 oz.'s of gold.
The Kerrs Gold Deposit resource estimate is supported by 34
drill holes arrayed on a grid layout on eight drill fence sections
with zone correlations involving 37 composite zones. A 3D
cross-sectional model was generated from the cross-sections with
interpreted mineral outlines which served as the basis to perform
geometric polygonal and geostatistical calculations. The resource
estimation process employed three methods to estimate the gold
resources of the Kerrs quartz, green carbonate breccia zone ("KBX
zone") contained within the Kerrs Gold Deposit. In addition, the
polygonal cross-sectional method was utilized which served as a
comparison and to validate the geostatistical methods.
The 3D geological solid model defined by 41 holes including
three historical holes, illustrates that the Kerrs Gold Deposit is
stratabound occurring at the contact of a thick mafic pillow flow
sequence overlying an ultramafic, magnetic-rich flow sequence.
Also, quartz feldspar porphyry sills are spatially located above
and below the breccia zones. This stratigraphy is draped on a
shallow dipping synclinal fold structure varying from 350 m to 425
m below surface. The drill hole density has been systematic in all
five drilling campaigns maintaining a 100 m drill fence spacing
arrayed along nine sections with hole spacing ranging from 50 to
100 m between pierce points along the cross-section plane. Seven
holes were oriented orthogonal to the northeasterly strike
direction of the deposit trend in order to define the boundaries of
the mineral resource below Bell Lake.
Gold mineralization occurs as pyritized quartz vein breccias
enveloped by quartz fuchsite carbonate vein breccias and alteration
envelopes varying to up to 40 m in thickness. Gold tenure is
proportional to the pyrite content ranging up to 10% which is
commonly disseminated and crystal aggregates in the sheeted, quartz
vein replacement breccias. These breccias, averaging 31% quartz,
exhibit reasonable correlation conforming to volcano-stratigraphic
contacts as well as moderate to good continuity in grade
correlations at the lower and upper boundaries of the vein breccia
and alteration envelope assemblages. Anomalous concentrations of
trace elements such as molybdenum, lead and barium are found within
the replacement breccias and to a lesser extent in the green
carbonate breccias which envelope the quartz-pyritic vein
breccias.
Block modeling was performed using ordinary kriging which
employed a database of 2,117 assays, with 517 intersecting the
mineralized zone. The KBX zone was interpreted on 25 to 100 m
spaced sections. The sectional interpretations were then wireframed
to create a 3D solid with which to constrain the block
interpolation process. The solid model was manually adjusted to
precisely intersect the zone composites. The grade estimation
process included modeling the mineralized structures, statistical
analysis, drill holes and composite data, variography, cut grade
analysis, along with block estimation using ordinary kriging. In
addition, inverse distance to the second power, nearest neighbor
and manual polygonal estimation methods were performed for
validation and verification purposes.
It is important to note that within the estimation process for
all methodologies, that a technique specific to the MineSight™
Modeling System called Relative Elevation Modeling was employed.
This methodology is particularly important in the case of the KBX
zone, in so far as it is extremely effective in addressing the
issue of folded structures. This method allows the practitioner to
precisely follow the trend of mineralization and structure on a
body that has major deviations on strike and dip.
The mineral resource estimate on the Kerrs Gold Deposit is set
out in the table below.
----------------------------------------------------------------------------
Inferred Mineral Resources
(Kerrs Gold Deposit - KBX Zone
----------------------------------------------------------------------------
CUT-OFF GRADE TONNES GOLD (g/t) METAL (Oz.)
----------------------------------------------------------------------------
0.5 7,041,460 1.71 386,467
----------------------------------------------------------------------------
1 5,237,213 2.04 342,856
----------------------------------------------------------------------------
1.5 3,375,361 2.47 268,468
----------------------------------------------------------------------------
2 1,936,189 3.04 188,972
----------------------------------------------------------------------------
2.5 1,165,664 3.57 133,778
----------------------------------------------------------------------------
3 818,171 3.94 103,622
----------------------------------------------------------------------------
(i)Effective as of April 21, 2011
ESTIMATION METHODOLOGY AND PARAMETERS
The following are the resource estimation methods and parameters
for the Kerrs Gold Deposit:
-- 41 drill holes were utilized to interpolate the KBX zone
-- Composite length was chosen to be 2 m and composites were weighted by
length
-- Sectional interpretations were wireframed to create 3D solids of the
zones
-- Zones were coded to the composites and the block model to constrain the
modeling process
-- Composites for the mineralized zone was used to interpolate into the
blocks for that zone
-- Ordinary kriging was utilized as the interpolator
-- Relative elevation modeling was used to guide the ellipse orientation
accounting for the variation in dip due to the synclinal structure
-- A minimum of two composites were used for each block and a maximum of
two composites were used per drill hole, a maximum of 12 composites were
used per hole
-- A cutting factor was applied for gold with outlier composites limited to
10 g/t Au based on cumulative frequency plots. A zero cut-off grade was
used for the manual polygonal method
-- Minesight™ Software was used to perform the block modeling and
estimations
-- Tonnage comparisons with the polygonal cross-section calculation check
within a variance of -9%. Grade comparisons show an average variance of
+20% for gold
-- Tonnage and grade variations between methods are very much within
reasonable limits as shown below:
----------------------------------------------------------------------------
ORDINARY INVERSE NEAREST
CUT-OFF TONNES KRIGING DISTANCE %DIFF NEIGHBOR %DIFF
----------------------------------------------------------------------------
0.5 7,041,460 1.71 1.67 2.0% 1.61 6.4%
----------------------------------------------------------------------------
CROSS SECTIONAL METHODOLOGY AND PARAMETERS
The following are the methods and parameters utilized for the
manual cross-sectional method:
-- Mineral outlines constrained by minimum true thickness equals 3.0 m
-- Composite grade modeling of KBX zone used internal dilution thickness up
to of 4 m at a cut-off grade of 0.5 g/t Au
-- Average drill hole pierce point spacing equals 92 m
-- Average true thickness of KBX zone equals 9.9 m
-- Average Specific Gravity of 2.81 was used to calculate sectional block
tonnages for the KBX zone
KERRS 2011 EXPLORATION PROGRAM
This first time resource estimate defining a new deposit in
Kerrs Township is the culmination of numerous exploration ventures
beginning in the early 1960's with the prospecting discovery of
high grade glacial float boulders near East Ford Lake. Notable
exploration companies such as Dome Mines and Noranda carried out
major exploration programs from 1980 to 1989. Follow-up work
initiated by Sage Gold Inc. in 2004 to 2007 and carried forward by
OAK in 2008 to 2010 focused on the initial discovery holes near
Bell Lake. The five successive drilling campaigns have delineated
the Kerrs Gold Deposit which is postulated to be the "up-ice
glacial source" for the East Ford Lake boulders.
Sheltered Oak's management is proposing an aggressive
exploration program to start in July 2011 with the following
objectives:
a. 8,300 m of in-fill and extensional drilling on Kerrs Gold Deposit
b. 1,200 m of reconnaissance drilling on parallel structure supported by
MMI geochem anomalies
c. 2,000 m of extensional drilling on the Kerrs Gold Deposit trend
projected on to the Adjacent Property. The Adjacent Property is
contiguous to the northwest boundary of OAK's Kerrs Property. Dome
Exploration has explored the project area from 1977 to 1989. Fifty-five
diamond drill holes totaling 10,279 m tested geophysical, stratigraphic
and mineralized targets. Gold mineralization is associated with quartz,
carbonate, pyrite in narrow, altered brecciated zones of mafic volcanic
rocks and chert, jasper, pyrite and magnetite. The volcanic stratigraphy
shows an arc-shaped fold geometry which is interpreted from regional
airborne magnetic surveys to be a large antiform occupying most of
Chesney Bay and the eastern portion of Kerrs Township. Historical
drilling in the central portion of the property intersected significant
amounts of quartz feldspar porphyry. The Kerrs Gold Deposit trend has
been extrapolated over a distance of 1,500 m encompassing the auriferous
porphyries drilled by Dome Exploration.
QUALIFIED PERSONS (QP)
Garth Kirkham, P. Geo. has been retained by OAK as the
independent qualified person designated under NI 43-101 to perform
the first time mineral resource estimate for the Kerrs Gold
Deposit. From 2005 to 2010, project exploration, implementation and
geological data management was conducted by W. A. Hubacheck
Consultants Ltd. under the supervision of Peter Hubacheck, P. Geo.,
consulting QP for Sheltered Oak. The geological database was
independently verified by Barbara Carroll, CPG. The mineral
resource estimation contained in this news release was prepared by
Garth Kirkham, P. Geo. The geotechnical information contained in
this news release was reviewed by Peter Hubacheck, P.Geo. and
Barbara Carroll, CPG. A NI 43-101 technical report will be filed on
SEDAR within 45 days.
DISCLOSURE STATEMENT
Mineral resources that are not mineral reserves do not have
demonstrated economic viability. Mineral resource estimates do not
account for mine economic feasibility, selectivity in mining
methods, mining loss and dilution. This mineral resource estimate
reported herein is inferred mineral resources which are considered
too speculative geologically to have economic considerations
applied to them that would enable them to be categorized as mineral
reserves. There is also no certainty that these inferred mineral
resources will be converted to indicated and measured mineral
resource categories through further drilling, or into mineral
reserves once economic considerations are applied.
ABOUT SHELTERED OAK RESOURCES CORP.
Sheltered Oak Resources Corp. (TSX VENTURE: OAK) is focused on
mineral exploration opportunities within Ontario and owns a 100%
interest in 26 mining claims and one mining lease, and one optioned
claim totaling 4,176 hectares which comprise the Kerrs Property,
located east of Matheson in the prolific area of the Abitibi
Greenstone Belt in northeastern Ontario. The Company has also
acquired an option to earn a 60% interest in 46 mining leases
comprising the Adjacent Property.
Should you wish to receive informational updates on Sheltered
Oak Resources Corp. please contact Jennie Guay at
jennie@chfir.com.
Some statements contained in this release are forward-looking
and, therefore, involve uncertainties or risks that could cause
actual results to differ materially. Such forward-looking
statements include comments regarding the future exploration,
increasing tonnage and grade, economic viability, and extension of
strike length, potential mineralization and resources, exploration
results, expectations, plans, and objectives of OAK. The following
are important factors that could cause Sheltered Oak's actual
results to differ materially from those expressed or implied by
such forward-looking statements: changes in the world wide price of
mineral commodities, general market conditions, risks inherent in
the mineral exploration, the uncertainty of future exploration
activities and cash flows, and the uncertainty of access to
additional capital. There can be no assurance that forward-looking
statements will prove to be accurate as actual results and future
events may differ materially from those anticipated in such
statements. OAK undertakes no obligation to update such
forward-looking statements if circumstances or management's
estimates or opinions should change unless required by law. The
reader is cautioned not to place undue reliance on such
forward-looking statements.
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.
Contacts: Sheltered Oak Resources Corp. J.J Elkin President and
CEO 416-628-5802 416-628-5051 (FAX) jj@shelteredoak.com Sheltered
Oak Resources Corp. Art Hampson Chief Financial Officer
416-628-5802 416-628-5051 (FAX) ahampson@shelteredoak.com CHF
Investor Relations Jeanny So Director of Operations 416-868-1079
ext. 225 416-868-6198 (FAX) jeanny@chfir.com
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