Underworld Resources Inc. (TSX VENTURE: UW) is pleased to announce
the initial resource estimation for the Golden Saddle and Arc
Deposits at the White Gold Property, Yukon. The resource at Golden
Saddle includes 1,004,570 ounces at a grade of 3.2 g/t Au in an
indicated category, with an additional 407,413 ounces of inferred
resources at an average grade of 2.5 g/t Au. At the Arc Zone, the
initial resource includes 170,470 ounces at an average grade of 1.2
g/t Au in the inferred category.
The resource estimates were undertaken by SRK Consulting
(Canada) Inc and are reported in accordance with the guidelines of
the Canadian Securities Administration National Instrument 43-101.
SRK carried out database verification, grade shell geometry,
variography, and ordinary kriging exercises. A database with a
total of 13,260 samples from 96 drill holes was used for the Golden
Saddle and Arc areas. The indicated and inferred mineral resources
were classified according to the CIM definition Standards for
Mineral Resources and Mineral Reserves (December 2005) by Marek
Nowak, P. Eng, of SRK Consulting a "qualified person" as defined by
NI 43-101.
Indicated and inferred resources were categorized as open pit or
underground utilizing 10 m by 10 m by 10 m blocks at 0.5 g/t Au and
2.0 g/t Au cut-off grades, respectively, and utilizing a Whittle
shell model. Resources were estimated from a total mineral
inventory of 1,480,870 ounces averaging 2.71 g/t Au at the Golden
Saddle Deposit, and 170,470 ounces averaging 1.21 g/t Au at the Arc
Deposit. It should be cautioned that the mineral inventory
estimates should not be misconstrued as mineral resources.
The Grade Tonnage Report using an Ordinary Kriging Estimate is
as follows(i).
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Area Type Classification Tonnes Gold (g/t) Contained Gold
(000's) (oz)
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Open Pit Indicated 9,665 3.19 990,840
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Golden Saddle Inferred 4,104 2.33 307,820
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Underground Indicated 132 3.23 13,730
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Inferred 918 3.38 99,590
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Arc Open Pit Inferred 4,369 1.21 170,470
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(i)Reported at a cut-off of 0.5 g/t Au for open pit and 2.0 g/t Au for
underground. Mineral resources are not mineral reserves and do not have
demonstrated economic viability. All numbers have been rounded to reflect
the relative accuracy of the estimates
At Golden Saddle, drill holes completed on approximately 50 m by
50 m collar spacing were used to establish the resource. Wireframes
were constructed to enclose mineralized zones with composited
assays greater than 0.5 g/t Au. The wireframes are therefore grade
shells guided by the geology and modeled on vertical sections with
closed polygons. Composited lengths of 3 m and 10 m were used to
further guide the width of the wireframe mineralized zones, with
the understanding that parts of the resource would be considered
for open pit mining as well as underground mining. The
mineralization was split into four distinct zones for Golden
Saddle. The primary mineralized zone is coded as the 110 zone. The
120, 130 and 140 zones have less continuity along strike and are
slightly shallower in dip. The 120 zone is modeled intersecting the
110 zone down-dip, while the other zones are presumed to intersect
the 110 zone at some depth below the current model extents. An
overall deposit 580 m in strike length and up to 560 m in down-dip
length has been defined.
The Golden Saddle Deposit remains open to expansion along strike
to the northeast, and down dip to the northwest. Strength of
alteration and mineralization increases in intensity to the
northeast. The most northeasterly and deepest holes completed
to-date include holes WD09-101, which intersected 4.86 g/t Au over
23.38 meters and WD09-103 which intersected 5.07 g/t Au over 25.38
meters. For a complete list of drill hole intercepts and location
maps, please visit www.underworldresources.com.
At Golden Saddle, gold mineralization is preferentially hosted
within metamorphosed felsic intrusive units, as well as felsic and
mafic metavolcanic rocks, and is associated with quartz veins,
stockworks, and breccia zones, as well as pyrite disseminations
that form NE striking and moderately NW dipping (+/-50 degrees)
tabular bodies of gold mineralization. Comprehensive metallurgical
testing indicates that a 92% or better gold recovery can be
expected with a conventional plant at Golden Saddle, with 6% to 9%
of contained gold reporting to a gravity concentrator prior to
cyanidation (previously reported in UW NR # 1, Jan. 5, 2010).
At Arc, a total of 15 holes at approximately 100 m by 100 m
collar spacing and a single wireframe were used to establish the
resource. Gold mineralization is preferentially hosted within
metamorphosed sedimentary rocks in a broad zone ranging from to 10
to 30 m in thickness and dipping 34 degrees to the north-northeast.
Mineralization is associated with pyrite and arsenopyrite within
silicified breccia and shear zones. The zone extends from the
surface, has a strike length of 600 m and extends 230 m down dip,
and is still open along strike and down dip.
Underworld is currently planning an aggressive drill program for
2010 to further expand the Golden Saddle and Arc deposits, and to
drill test several new regional targets at the Company's extensive
land position in the White Gold District.
Quality Assurance
SRK Consulting (Canada) Inc ("SRK") was engaged by Underworld in
September 2009 to evaluate the mineral resources for the White Gold
Project discovered and identified by drill programmes carried out
in 2008 and 2009.
These mineral resource estimates represent the first resource
evaluation on the White Gold project. The resource evaluation
incorporates all drilling completed by Underworld to date. In the
opinion of SRK, the block model resource estimates reported herein
are a reasonable representation of the global gold mineral
resources found in the Golden Saddle and Arc zones at the current
level of sampling. Mineral Resources for the White Gold Project are
reported in accordance with the guidelines of the Canadian
Securities Administrators National Instrument 43-101, and have been
estimated in conformity with generally accepted CIM "Estimation and
Mineral Resource and Mineral Reserve Best Practices" guidelines.
Mineral resources are not mineral reserves and do not have
demonstrated economic viability. There is no certainty that all or
any part of the mineral resource will be converted into mineral
reserves. The resource estimate was completed by Marek Nowak,
P.Eng. (APEGBC#16985) a "qualified person" as defined by NI
43-101.
Underworld has implemented a rigorous QA/QC program at the White
Gold Property using best industry practice. Elements of the program
include: chain of custody of samples, insertion of standard and
blank samples, and check assays. Drill core is sawn in half and
shipped in sealed bags to ALS Chemex Laboratories in Vancouver,
B.C. Check assays are being undertaken by Acme Laboratories,
Vancouver. Optimized metallurgical testing is being undertaken by
Inspectorate PRA laboratories, Vancouver, under the guidance of JDS
Energy & Mining Inc.
The Company's Exploration Program is being directed by Adrian
Fleming, M.A.I.G, RPGeo, M.Aus.I.M.M., President of Underworld
Resources and a Qualified Person as defined by NI 43-101. Mr.
Fleming prepared, and approves of the content of this release.
Underworld Resources is a well-structured junior exploration
company focused on expanding its new gold discovery in the
Yukon.
ON BEHALF OF THE BOARD OF DIRECTORS
Adrian Fleming, President
Forward Looking Statement
Some of the statements contained in this press release are
forward-looking statements. Forward-looking statements are not
historical facts and are subject to a number of risks and
uncertainties beyond the Company's control, including, but not
exclusively, statements regarding potential mineralization,
exploration results, completion of work program and studies, and
future plans and objectives of the Company. Resource exploration,
development and operations are highly speculative, characterized by
a number of significant risks, which even a combination of careful
evaluation, experience and knowledge may not eliminate, including,
among other things, unprofitable efforts resulting not only from
the failure to discover mineral resources but from finding mineral
deposits which, though present, are insufficient in quantity and
quality to return a profit from production.
The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of this release.
Contacts: Underworld Resources Inc. Jeff Sundar Investor
Relations 604-684-4001 604-484-7155 (FAX)
info@underworldresources.com www.underworldresources.com
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