TORONTO, June 10, 2014 (GLOBE NEWSWIRE) -- St Andrew Goldfields Ltd. (TSX:SAS) (OTCQX:STADF), (" SAS " or the " Company ") is pleased to announce recent drill results from the Hislop North Project ( "Hislop North" ), northwest of the Hislop Mine, and the Hislop V2 zone (" V2 Zone ").
HIGHLIGHTS OF DRILLING RESULTS (Refer to Figure 1 for a Plan View of Hislop North and V2 Zone drilling results)
| Hislop North (147 Extension) | |
| -- H14-006 | 0.88 g/t Au over 50.5 metres |
| -- H14-012: | 2.96 g/t Au over 43.1 metres, including 9.20 g/t Au over 10.2 metres |
| -- H14-013 | 17.87 g/t Au over 6.5 metres (9.28 g/t Au uncut), including 31.43 g/t Au over 3.5 metres (15.47 g/t Au uncut) |
| -- H14-014: | 6.76 g/t Au over 12.2 metres, including 18.49 g/t Au over 2.7 metres |
| V2 Zone | |
| -- HS14-001: | 4.70 g/t Au over 3.9 metres, including 7.76 g/t Au over 1.9 metres |
Notes:
All lengths reported at Hislop North are reported as core length, as true width is not available at this time. Assays at Hislop North and Hislop V2 zone are cut to 32.00 g/t Au.
"The continuation of positive results being generated from the Hislop Property is very encouraging", said Duncan Middlemiss, President & CEO of SAS. "The additional drill results from Hislop North support the thesis that the Grey Fox and 147 zones (traced from the neighbouring property) cross the claim boundary and we are seeing good potential to identify resources by year end. Additionally the V2 Zone results demonstrate the highly prospective nature of the Hislop Property and exploration work will continue throughout 2014."
Hislop North Project
Phase 2 drilling continued along the northern Hislop Property boundary (aimed at following-up on the southerly strike extension of the 147 zone). To date, in 2014, a total of 17 holes totaling approximately 3,700 metres were drilled using one surface rig. Near surface intersections over significant widths were intercepted in hole H14-012, which returned 2.96 g/t Au over 43.1 metres and hole H14-006, which returned 0.88 g/t Au over 50.5 metres.
These intercepts are hosted within a brecciated albitic mafic volcanic with significant quartz veining, carbonate stringers and disseminated pyrite. The recently reported mineralized intercepts occur at surface, with hole H14-012 being collared in the mineralized zone. Recent drilling was conducted on an 50 metre by 50 metre drill pattern, with the objective of following up on 2013 drill results. This recent phase of drilling has traced the 147 mineralized extension approximately 135 metres onto SAS property. The drilling has indicated that the 147 mineralized zone sub-crops on the SAS property and is covered by minimal overburden (1.5 – 2 metres). The Company expects to mechanically trench, geologically map and channel sample the mineralized zone as part of its summer exploration field program. Additional follow-up drilling is planned to continue to trace the 147 and Grey Fox mineralized extensions onto SAS property and follow-up on numerous other drill targets situated on the Hislop Property.
Primero Mining Corp's ("Primero") Grey Fox Property (which hosts the Grey Fox, 147 and Contact zones) is situated on the north side of the Hislop Property boundary and Primero (formerly Brigus Gold Corp) has reported approximately 507,000 ounces of Indicated Resources (4.3Mt grading 3.7 g/t Au) and 229,000 ounces of Inferred Resources (1.5Mt grading 4.7 g/t Au). See compliant technical report as filed by Brigus Gold on SEDAR, "NI-43-101 Technical Report and Mineral Resources Estimate for the Grey Fox Project", dated July 30, 2013.
Significant assay intercepts from the recent Hislop North drill program are summarized in the table below:
| Hislop North Target – 2014 Phase II Surface Drill Program | ||||||||||
| UTM (NAD 83) | Degrees | Intersection (Metres) | Core Length | Gold Grade | Gold Grade | |||||
| Hole Number | Easting | Northing | Elevation | Azimuth | Dip | From | To | (Metres) | (uncut) g/t | (cut) g/t |
| H14-001 | 550960 | 5371830 | 300 | 200 | -45 | 365.2 | 366 | 0.8 | 5.06 | -- |
| H14-002 | 550960 | 5371730 | 300 | 200 | -50 | 276.3 | 278.8 | 2.5 | 1.96 | -- |
| H14-003 | 551560 | 5372100 | 300 | 40 | -45 | 133.5 | 137.9 | 4.4 | 13.61 | 12.79 |
| Including | 133.5 | 136 | 2.5 | 22.76 | 21.32 | |||||
| H14-004 | NSV | -- | ||||||||
| H14-005 | 551300 | 5372100 | 300 | 40 | -55 | 18.2 | 21.2 | 3.0 | 6.98 | -- |
| Including | 18.2 | 19.2 | 1.0 | 16.60 | -- | |||||
| H14-006 | 551350 | 5372100 | 300 | 40 | -55 | 25.8 | 76.3 | 50.5 | 0.88 | -- |
| Including | 25.8 | 30.1 | 4.3 | 1.74 | -- | |||||
| Including | 52.4 | 55.4 | 3.0 | 4.43 | -- | |||||
| H14-007 | 551560 | 5372050 | 300 | 40 | -45 | 6.4 | 7.8 | 1.4 | 10.15 | -- |
| H14-011 | 551704 | 5371897 | 300 | 40 | -47 | 342.7 | 347 | 4.3 | 3.83 | -- |
| Including | 343.5 | 344 | 0.5 | 14.70 | -- | |||||
| H14-012 | 551300 | 5372150 | 300 | 53 | -57 | 3.0 | 46.1 | 43.1 | 2.96 | -- |
| Including | 35.9 | 46.1 | 10.2 | 9.20 | -- | |||||
| And | 120.3 | 128.2 | 7.9 | 6.65 | -- | |||||
| And | 133.5 | 142.5 | 9.0 | 1.38 | -- | |||||
| H14-013 | 551275 | 5372150 | 300 | 63 | -54 | 130.5 | 136.1 | 5.6 | 2.30 | -- |
| And | 145.0 | 151.5 | 6.5 | 17.87 | 9.28 | |||||
| Including | 148.1 | 150.7 | 2.6 | 31.43 | 15.47 | |||||
| H14-014 | 551350 | 5372075 | 300 | 35 | -50 | 80.5 | 92.7 | 12.2 | 6.76 | -- |
| Including | 88.0 | 90.7 | 2.7 | 18.49 | -- | |||||
| H14-017 | 551325 | 5372125 | 300 | 35 | -50 | 117.0 | 133.6 | 16.6 | 2.42 | -- |
| Including | 119.5 | 124.6 | 5.1 | 4.88 | -- | |||||
Notes: All lengths are reported as core length as true width is not available at this time. Assays are cut to 32.00 g/t. NSV = no significant value.
V2 Zone
The V2 Zone is located approximately 1 km south of the East Pit on the Hislop Property. This is a regional target which has been defined by historical drilling and remains open along strike to the east. The V2 Zone consists of gold bearing quartz veins hosted within a steeply dipping mafic volcanic unit. In 2014, two holes were drilled to target the easterly strike extension of the V2 Zone which resulted in extending the zone an additional 50 metres to the east. This zone remains open to the east with additional drilling planned to follow-up on the strike extension of this target.
Significant assay intercepts from the recent V2 Zone drill program are summarized in the table below:
| V2 Zone – 2014 Surface Drill Program | ||||||||||
| UTM (NAD 83) | Degrees | Intersection (Metres) | Core Length | Gold Grade | Gold Grade | |||||
| Hole Number | Easting | Northing | Elevation | Azimuth | Dip | From | To | (Metres) | (uncut) g/t | (cut) g/t |
| HS14-001 | 551780 | 5371150 | 300 | 213 | -45 | 102.6 | 106.5 | 3.9 | 4.70 | -- |
| Including | 102.6 | 104.5 | 1.9 | 7.76 | -- | |||||
| HS14-002 | 551780 | 5371150 | 300 | 213 | -55 | 148.6 | 159.3 | 10.7 | 1.34 | |
Notes: All lengths are reported as true width. Assays are cut to 32.00 g/t.
Drilling, Assaying and QA/QC
Surface drilling was conducted by Forage Orbit Garant Drilling Services Inc. Analytical work for the Hislop North / 147 Extension was performed by AGAT Laboratories Limited situated in Mississauga, ON, an accredited lab. Diamond drill samples sent for analysis consisted of saw cut NQ-size core samples. SAS employs an industry standard QA/QC program consisting of certified reference standards and blanks that are inserted into the sample stream, which represent approximately 5% of the total sample population. Gold analysis is performed using a 30 gram fire assay with an ICP-OES (inductively coupled plasma optical emission spectrometry) finish.
Qualified Person
The exploration programs on the Company's various mineral properties are under the supervision of Doug Cater, P. Geo., the Company's Vice-President, Exploration. Mr. Cater is a qualified person as defined by NI 43-101, and has reviewed and approved this news release.
To view Figure 1 , please visit: http://orders.newsfilecorp.com/files/3208/10286_enhanced.jpg
About SAS
SAS (operating as "SAS Goldmines"), is a gold mining and exploration company with an extensive land package in the Timmins mining district, north-eastern Ontario, which lies within the Abitibi greenstone belt, the most important host of historical gold production in Canada.
SAS owns and operates the Holt, Holloway and Hislop mines which contribute approximately 100,000 ounces of annual gold production. The Company is also advancing the Taylor Project and is conducting an aggressive exploration program across 120km of land straddling the Porcupine-Destor Fault Zone.
FORWARD - LOOKING INFORMATION
This news release contains forward-looking information and forward-looking statements (collectively, "forward-looking information") under applicable securities laws, concerning the Company's business, operations, financial performance, condition and prospects, as well as management's objectives, strategies, beliefs and intentions. Forward-looking information is frequently identified by such words as "may", "will", "plan", "expect", "estimate", "anticipate", "believe", "intend" and similar words referring to future events and results, including in respect of additional drilling and other exploration activities at the Hislop North target and additional drilling at the V2 Zone target and the potential for additional discoveries.
This forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those expressed or implied by the forward-looking information. Factors that may cause actual results to vary materially include, but are not limited to, unanticipated operational or technical difficulties which could increase the time necessary to complete the exploration initiatives; uncertainties relating to the interpretation of the geology, continuity, grade and size estimates of the mineral reserves and resources; the Company's dependence on key employees and changes in the availability of qualified personnel; fluctuations in gold prices and exchange rates; operational hazards and risks, including the inability to insure against all risks; changes in laws and regulations; and changes in general economic conditions. Such forward looking information is based on a number of assumptions, including in respect of the ability to achieve operating cost estimates, the volatility and level of the price of gold including that the gold price will generally remain within a reasonable range of current levels, the accuracy of reserve and resource estimates and the assumptions on which such estimates are based, the sufficiency of the Company's cash flow and financial reserves to carry out its planned programs, the ability to attract and retain qualified personnel to conduct its exploration programs and operate its mines, and general business and economic conditions. Should one or more risks and uncertainties materialize or should any assumptions prove incorrect, then actual results could vary materially from those expressed or implied in the forward-looking information. Accordingly, readers are cautioned not to place undue reliance on this forward-looking information. SAS does not assume the obligation to revise or update this forward-looking information after the date of this release or to revise such information to reflect the occurrence of future unanticipated events, except as may be required under applicable securities laws. A further description of the risks and uncertainties facing the Company may also be found in the Company's Annual Information Form available on SEDAR at www.sedar.com .
CONTACT: For further information about St Andrew Goldfields Ltd., please contact: Tel: 1-800-463-5139 or (416) 815-9855; Fax: (416) 815-9437; Website: www.sasgoldmines.com Suzette N Ramcharan Director, Investor Relations sramcharan@sasgoldmines.com Duncan Middlemiss President & CEO dmiddlemiss@sasgoldmines.com Ben Au CFO, VP Finance & Administration bau@sasgoldmines.com
