Stock Symbol: SGF: TSX
SASKATOON, March 29, 2016 /CNW/ - George H. Read, P.
Geo., Senior Vice President Exploration and Development of Shore
Gold Inc. ("Shore" or the "Company") is pleased to announce that
Shore has completed the NQ (48 millimetre) core drilling,
consisting of five holes and totaling 1,257.97 metres of drilling,
on the Star West potion of the Star Kimberlite located within the
claims of the Fort a la Corne Joint
Venture ("FALC-JV"). This core drilling is required to
further expand the internal stratigraphy of the Star Kimberlite,
extending and in-filling geological continuity from the previous
programs. The core drilling program was conducted by Newmac
Industries Ltd. of Prince Albert,
Saskatchewan. Shore geologists are responsible for the
supervision of the drilling programs and subsequent detailed core
logging. The drilling of these five holes has been challenging, as
the holes are situated on the western extremity of the Star
Kimberlite, and two layers of kimberlite separated by poorly
consolidated sediments. This drilling on Star West aimed to
delineate the extent of all kimberlite units, particularly the
lower unit, which is high value Cantuar kimberlite (CPK). The
details of the Star West drilling are documented in the following
table.
Star West Core
Drilling
|
Kimberlite
Intersection 1
|
Kimberlite
Intersection 2 (CPK)
|
Total
Kimberlite
Intersected (m)
|
Drillhole
#
|
Total
Depth
(m)
|
From
(m)
|
To
(m)
|
Total
(m)
|
From
|
To
(m)
|
Total
(m)
|
STR-16-033C
|
252.07
|
115.46
|
179.32
|
63.86
|
210.04
|
228.77
|
18.73
|
82.59
|
STR-16-034C
|
252.07
|
127.34
|
165.37
|
38.03
|
222.14
|
234.22
|
12.08
|
50.11
|
STR-16-035C
|
255.18
|
120.02
|
178.85
|
58.83
|
210.98
|
236.83
|
25.85
|
84.68
|
STR-16-036C
|
243.53
|
107.81
|
178.76
|
70.95
|
212.25
|
212.50
|
0.25
|
71.20
|
STR-16-037C
|
255.12
|
119.10
|
164.41
|
45.31
|
218.74
|
239.50
|
20.76
|
66.07
|
Totals
|
1,257.97
|
|
|
276.98
|
|
|
77.67
|
354.65
|
The Newmac drill has now commenced drilling on the first hole of
a nineteen hole program on Orion
South.
Concurrent with Newmac drilling on Star West, Shore contracted
Larson Diamond Drilling of
Martensville, Saskatchewan to
drill four core holes, totaling 797.96 metres of drilling, in
untested areas of the kimberlites K606 (2 holes) and K614 (2 holes)
located within the Snowden claims
of the FALC-JV. These four holes within the Snowden claims will provide a better
understanding of the internal structure of these kimberlites. The
details of the Snowden drilling
are documented in the following table.
Snowden Core
Drilling
|
Kimberlite
Intersection
|
Drillhole
#
|
Total
Depth
(m)
|
From
(m)
|
To
(m)
|
Total
(m)
|
606-16-003C
|
215.49
|
86.79
|
172.82
|
86.03
|
606-16-004C
|
169.77
|
85.72
|
122.15
|
36.43
|
614-16-003C
|
197.21
|
140.42
|
161.24
|
20.82
|
614-16-004C
|
215.49
|
157.93
|
200.90
|
42.97
|
Total
|
797.96
|
|
|
186.25
|
Senior Vice President Exploration and Development, George Read, states: "The 2016 core drilling
program on Star West and Orion South
is an important extension to the 2015 core drilling program. The
selected locations of these core holes augment the 100 metre grid
drilling program already completed on the Orion South Kimberlite
and previous drill programs on the Star Kimberlite and can assist
in further extending the mineral resources and geological models of
both the Star and Orion South Kimberlites. The Company is presently
conducting work towards updating the previous Feasibility Study.
This Updated Feasibility Study will be based on the 55.4 million
carat Revised Resource Estimate completed in 2015. Capital and
operating cost savings are possible through the application of new
technology to the overburden removal and a redesign of the diamond
processing plant, using XRT technology."
The Star-Orion South Diamond Project is located in central
Saskatchewan some 60 kilometres
east of the city of Prince Albert. The Project is in close
proximity to established infrastructure, including paved highways
and the electrical power grid, which provide significant advantages
for future mine development. The Technical Report on the Revised
Resource Estimate for the Star-Orion South Diamond Project dated
November 9, 2015 provided an updated
Mineral Resource Estimate for the Star and Orion South kimberlite
deposits: Indicated Mineral Resource of 393 million tonnes
containing 55.4 million carats of diamonds at a weighted average
price of US$210 per carat. In
addition to the Indicated Mineral Resource Estimate, the Star and
Orion South Kimberlites include Inferred Resources containing 11.5
million carats.
All technical information in this press release has been
prepared under the supervision of George
Read, Senior Vice-President of Exploration and Development,
Professional Geoscientist in the Provinces of Saskatchewan and British
Columbia, and Mark
Shimell, Project Manager,
Professional Geoscientist in
the Province of Saskatchewan, who are the Company's "Qualified
Persons" under the definition of NI 43-101.
Shore is a Canadian based corporation engaged in the
acquisition, exploration and development of mineral properties.
Shares of the Company trade on the TSX Exchange under the trading
symbol "SGF".
Caution Regarding Forward-Looking Statements
This news release contains forward-looking statements as defined
by certain securities laws, including the "safe harbour" provisions
of Canadian securities legislation and the United States Private
Securities Litigation Reform Act of 1995. Forward-looking
information is often, but not always, identified by the use of
words such as "anticipate", "believe", "expect", "plan", "intend",
"forecast", "target", "project", "guidance", "may", "will",
"should", "could", "estimate", "predict" or similar words
suggesting future outcomes or language suggesting an outlook. In
particular, statements regarding Shore's future operations, future
exploration and development activities or other development plans
constitute forward-looking statements. By their nature, statements
referring to mineral reserves, mineral resources or TFFE constitute
forward-looking statements.
Forward-looking statements in this press release include, but
are not limited to statements with respect to the proposed core
drilling program (including the number of holes to be drilled, the
metres to be drilled, the timing of the drilling and the duration
of the program) and Shore's objectives for the ensuing year
including, the optimization of the feasibility study and the
anticipated positive change in the economic model for the Project;
the aim of Shore to undertake additional studies and the potential
upgrading of the Feasibility Study.
These forward-looking statements are based on Shore's current
beliefs as well as assumptions made by and information currently
available to it and involve inherent risks and uncertainties, both
general and specific.
Risks exist that forward-looking statements will not be achieved
due to a number of factors including, but not limited to,
developments in world diamond markets, changes in diamond prices,
risks relating to fluctuations in the Canadian dollar and other
currencies relative to the US dollar, changes in exploration,
development or mining plans due to exploration results and changing
budget priorities of Shore or its joint venture partners, the
effects of competition in the markets in which Shore operates, the
impact of changes in the laws and regulations regulating mining
exploration, development, closure, judicial or regulatory judgments
and legal proceedings, operational and infrastructure risks and the
additional risks described in Shore's most recently filed Annual
Information Form, annual and interim MD&A. Shore's anticipation
of and success in managing the foregoing risks could cause actual
results to differ materially from what is anticipated in such
forward-looking statements.
Although management considers the assumptions contained in
forward-looking statements to be reasonable based on information
currently available to it, those assumptions may prove to be
incorrect. When making decisions with respect to Shore, investors
and others should not place undue reliance on these statements and
should carefully consider the foregoing factors and other
uncertainties and potential events. Unless required by applicable
securities law, Shore does not undertake to update any
forward-looking statement that is made herein.
SOURCE Shore Gold Inc.