Stock Symbol: SGF: TSX
SASKATOON, July 19, 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 2016
NQ (48 millimetre) core drilling program, consisting of eight holes
and totaling 1,592.75 metres of drilling, on the western margin of
the Orion South 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 Orion South 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 details of the
Orion South drilling are documented in the following table.
Orion South Core
Drilling
|
Kimberlite
Intersection
|
Drillhole
#
|
Total Depth
(m)
|
From
(m)
|
To
(m)
|
Total
(m)*
|
140-16-105C
|
188.06
|
152.20
|
178.92
|
21.8
|
140-16-106C
|
191.06
|
110.05
|
181.96
|
42.36
|
140-16-107C
|
194.21
|
131.48
|
182.70
|
19.55
|
141-16-102C
|
197.26
|
134.35
|
188.23
|
16.12
|
141-16-103C
|
200.30
|
136.85
|
194.62
|
38.78
|
141-16-104C
|
209.40
|
126.85
|
203.99
|
59.99
|
141-16-105C
|
212.45
|
124.80
|
204.50
|
42.60
|
141-16-106C
|
200.00
|
122.55
|
197.00
|
36.88
|
Totals
|
1,592.74
|
|
|
278.08
|
*The Total only includes
potential diamond bearing kimberlite and does not include
intercalated shale units and reworked volcaniclastic kimberlite
units, which make up the balance of the displacement between the
From and To.
|
Shore also conducted a geotechnical program to investigate the
Lower Colorado shale unit, which overlies the majority of the Star
Kimberlite, and the outer edges of the Orion South Kimberlite. The
purpose of this program was to augment the data collected during
the 2011 Feasibility Study geotechnical programs with a more robust
method of collecting in situ rock mass characteristics through the
use of a downhole pressure meter. This tool allows the
determination of rock mass parameters for use in pit slope
stability analyses. A total of 10 tests were conducted in one
borehole at Star, in a zone selected for a thick intercept of the
Lower Colorado shale, between the proposed pit and the Saskatchewan
River valley. The results of this testing will be used to
potentially improve the factor of safety of the pit slope against
the Saskatchewan River, and/or improve the pit slope angle
resulting in a reduction of the total waste material to be moved in
an open pit design.
Senior Vice President Exploration and Development, George Read, states: "The 2016 core drilling
program on Star West (SGF News
Release March 29, 2016) 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. It
is most encouraging to encounter some 60 metres of kimberlite in
drillhole #141-16-104C on the western margin of Orion South. This
60 metre kimberlite intersection suggests continuity some distance
to the west of this drillhole. The in-situ measurements collected
in the geotechnical program have defined a cost effective and well
constrained method of testing the mechanical properties of the
overlying Lower Colorado Shale. This in-situ testing will be
implemented during the detailed design of the open pits, following
the Updated Feasibility Study. 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 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.