Stroud and St. Andrew Mutually Terminate Hislop Option Agreement/Drill Results Include 38.7g/t Gold Over 1.0 Metre
08 Mars 2012 - 10:37PM
Marketwired Canada
Stroud Resources Ltd. (TSX VENTURE:SDR) ("Stroud" or the "Company") announced
that the Company and St. Andrew Goldfields Ltd. (TSX:SAS) ("St. Andrew") have by
mutual agreement terminated the previously announced option granted by Stroud to
St. Andrew to earn up to a 60% interest in its Hislop gold property located near
Timmins, northern Ontario.
Under the terms of the option agreement, St Andrew could have earned an interest
in the Hislop property by increasing measured and indicated resources through
exploration by at least approximately 50% (see Stroud press release dated April
28, 2011 for additional details). In furtherance of the option agreement, St.
Andrew completed 6,894.85 metres of drilling in twelve diamond drill holes. The
table below provides the assay results from the twelve holes drilled by St.
Andrew.
Previous drill programs had traced a mineralized system on the Hislop property
over a strike length of approximately 650 metres, and to a depth of
approximately 400 metres. The St. Andrew drill programme intersected the
mineralized system down to a vertical depth of 480 metres. The mineralized
system consists of a system of quartz veins trending northwest with a dip of
approximately 70 degrees to the south. The gold mineralization is closely
associated with grey veins, which in turn are associated with multiple silica
events carrying fine-grained pyrite, and cutting earlier quartz vein and
silicified volcanics.
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Depth Depth
From To Length Gold
Structure Hole (m) (m) (m) (g/t)
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Section 3855E DDH S11-279 350.30 353.15 2.85 1.652
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Section 3880E DDH S11-280
Grey vein system 450.0 452.68 2.68 3.123
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Incl. 451.5 452.68 1.18 5.683
---------------------------------------
Incl. 451.5 452.14 0.64 8.2
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Section 3800E DDH S11-281
Discrete grey
veins 322.5 325 2.5 1.99
---------------------------------------
396.5 397.9 1.4 2.965
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400.0 400.75 0.75 2.6
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401.55 401.9 0.35 3.8
---------------------------------------
412.0 414.5 2.5 5.6
---------------------------------------
Incl. 413.34 414.5 1.16 7.75
---------------------------------------
Incl. 414.0 414.5 0.5 9.27
---------------------------------------
430.36 433.6 3.24 2.457
---------------------------------------
464.0 464.8 0.8 5.649
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Section 3725E DDH S11-282
Stringer grey
veins 73.5 75.0 1.5 2.54
---------------------------------------
161.5 163.3 1.8 1.583
---------------------------------------
361.5 362.78 1.28 5.277
---------------------------------------
412.55 413.06 0.51 6.64
---------------------------------------
416.25 417.0 0.75 2.78
---------------------------------------
423.5 425.2 1.7 2.796
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Section 3750E DDH S11-283
Intersected Grey
veins 213.75 214.5 0.75 4.01
---------------------------------------
298.5 300.0 1.5 4.9
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Incl. 298.5 299.25 0.75 7.64
---------------------------------------
307.2 307.8 0.6 2.559
---------------------------------------
488.0 489.0 1.0 3.03
---------------------------------------
509.84 510.2 0.36 6.479
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Section 3690E DDH S11-284 335.0 341.9 6.9 1.389
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538.5 539.47 0.97 2.799
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DDH S11-285 518.66 519.2 0.54 3.689
------------------- ---------------------------------------
Incl. 519.2 519.7 0.5 14.1
------------------- ---------------------------------------
522.45 522.92 0.47 2.13
------------------- ---------------------------------------
536.25 537.0 0.75 2.22
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DDH S11-286 309.0 310.0 1.0 2.51
------------------- ---------------------------------------
316.88 317.76 0.88 4.1
------------------- ---------------------------------------
319.5 320.5 1.0 38.7
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DDH S11-287 169.2 170.7 1.5 3.022
------------------- ---------------------------------------
380.4 381.0 0.6 2.589
------------------- ---------------------------------------
412.6 414.27 1.67 3.753
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DDH S11-288 362.22 363.3 1.08 2.03
------------------- ---------------------------------------
420.0 427.5 7.5 2.182
------------------- ---------------------------------------
432 432.5 0.5 4.35
------------------- ---------------------------------------
591.25 592.0 0.75 2.71
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DDH S11-289 501.75 502.5 0.75 2.57
------------------- ---------------------------------------
506.25 507.8 1.55 5.033
------------------- ---------------------------------------
515.0 516.0 1.0 1.92
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DDH S11-290 519.0 519.75 0.75 5.3
------------------- ---------------------------------------
540.8 541.73 0.93 3.999
------------------- ---------------------------------------
545.5 546.0 0.5 14.1
------------------- ---------------------------------------
550.85 552.4 1.55 7.017
------------------- ---------------------------------------
593.25 593.8 0.55 7.9
------------------- ---------------------------------------
596.0 596.43 0.43 4.3
------------------- ---------------------------------------
597.0 597.75 0.75 3.8
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The mineralized zones within the drill holes were re-logged by Stroud so that
the geological information could more readily be incorporated into Stroud's
database. In some cases the mineralized zones were re-sampled in order to more
accurately reflect the nature of the mineralization.
George Coburn, President and CEO of Stroud commented: "The holes drilled
intersected a number of mineralized zones that yielded very encouraging assay
results. The drilling also extended the down dip extension of the mineralization
by an additional eighty meters and, subject to financing, we intend to continue
to move the project forward through "in fill" drilling, metallurgical work and
baseline environmental studies intended to lead to a Preliminary Economic
Assessment of the project.
The Hislop property contains NI-43-101 compliant indicated resources of 483,500
tonnes at an average grade of 6.61 grams gold per tonne and inferred resources
of 367,700 tonnes at an average grade of 5.90 grams gold per tonne. The project
is well located to required infrastructure and close by potential custom milling
facilities.
Drilling, Assaying and QA/QC
Surface drilling was carried out by Orbit Garant under the supervision of St.
Andrew. SGS Canada Inc. in Toronto was utilized for the assay work by both St.
Andrew and Stroud. St. Andrew utilized a quality control/quality assurance
program consisting of a number of sample standards and blanks that were inserted
in the sample string, which represented approximately 5% of the total
population. Stroud utilized a similar system when re-sampling the core.
George Coburn, P.Geo., President and CEO of Stroud, is a qualified person within
the meaning of National Instrument 43-101, and has reviewed and approved all of
the scientific and technical data contained in this news release.
For additional information please visit: www.stroudresourcesltd.com
Stroud is a debt-free exploration company focused on the discovery and
exploration of silver and gold deposits in Mexico and Ontario. Stroud owns a
100% interest in the Santo Domingo epithermal silver-gold project in central
Mexico. In addition to the Santo Domingo project, Stroud also owns a 100%
interest in the Hislop gold property, near Timmins, Ontario and the Leckie gold
property, near North Bay, Ontario. Stroud also generates cash flow from a 3.75%
interest in six natural gas, and natural gas condensate wells in central
Alberta.
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