Stock Symbol: SGF: TSX
SASKATOON, Oct. 12, 2017
/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
and Rio Tinto Exploration Canada Inc. ("RTEC") have scheduled an HQ
core drilling program, consisting of ten holes and some 2,500
metres of drilling, on the Star Kimberlite, to commence in
mid-October 2017. This core drilling
is required to accurately document the internal stratigraphy of the
Star Kimberlite prior to a proposed large diameter drilling ("LDD")
mini-bulk sampling program, which is expected to commence in 2018.
The core drilling program is being conducted by George Downing
Estate Drilling Ltd. of Grenville,
Quebec. Shore and RTEC geologists are responsible for the
supervision of the drilling program and subsequent detailed core
logging. In conjuction with this diamond drill program geotechnical
investigations on the overburden are being conducted by Paddock
Drilling of Brandon, Manitoba and
ConeTech of Richmond, B.C. The ten
hole locations that have recently been selected are in close
proximity (10 to 15 metres) to the underground bulk samples and
past 48 inch LDD holes and include areas of significant
intersections (80 – 110 metres) of the Early Joli Fou ("EJF")
Kimberlite, the principal economic unit the Indicated Resources
previously estimated by Shore for the Star Kimberlite in
December 2015.
Senior Vice President Exploration and Development, George Read, states: "This core and geotechnical
drilling program is an important precursor to a proposed LDD
mini-bulk sampling program scheduled to commence in 2018. The
selected locations of these core holes will act as pilot holes for
the upcoming program."
The Star-Orion South Diamond Project (the "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 Project dated November 9, 2015 provided an updated Mineral
Resource Estimate for the Star and Orion South kimberlite deposits:
Indicated Mineral Resources 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. Accordingly, the mineral reserves and economic assessment
previously disclosed by Shore for the Project should no longer be
relied upon. Shore has granted RTEC an option to earn up to a 60%
interest in the Fort à la Corne mineral properties (including the
Project) on the terms and conditions contained in the Option
Agreement (see SGF News Release dated June
23, 2017). Completion of the proposed 2018 sampling program
(First Option) does not entitle RTEC to an interest in the Fort à
la Corne mineral properties (including the Project).
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), the proposed geotechnical program and Shore and
RTEC's objectives for the ensuing year, including the proposed 2018
sampling program.
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.