Sniper Resources Ltd. Drilling Continues on the Guild Propertyadmin
Sniper Resources Ltd. is pleased to announce the resumption of its drill program at the Guild Property.
Ten holes accessible to a truck mounted rig were drilled in December 2010 and January 2011. The Company plans to drill 14 holes in this next phase of drilling. Arrangements have been made to mobilize a Boart-Longyear track mounted MPD-1500 drill rig to continue the drill program at the Guild Property. Drilling is scheduled to begin on February 15th.
These planned holes are located at sites requiring an all-terrain type drill rig and have various purposes. Some of the drilling will test an undrilled outlier of Paleozoic sedimentary rocks surrounded by younger volcanic rocks. Other drilling will explore for southerly extensions along indicated structures of known surface gold values near the discovery outcrops at the north end of the Guild Property. Additional drilling will test an area near other surface gold values known to be present from surface sampling near the northwest end of a topographic feature locally known as Skipjack Ridge.
The Guild Property
The Guild property is a Carlin-type gold occurrence located in Nye County, Nevada. Surface sample gold values hosted by Paleozoic rocks at the northern and southern ends of the Guild property are separated by a Tertiary volcanic-covered area that is believed to be thin and will be tested by the drill program. One or more major through-going structures are thought to be present there that may have served as feeders for the surface mineralization. The area of an additional western window through the volcanics that exposes the Paleozoic rocks will also be tested in the second phase of the program.
The results of gravity and CSAMT surveys conducted over the area for the Company by Zonge Geophysics were inconclusive as to bedrock depth but suggested that several high-angle structures may be present.
Details on the Company’s Guild property are set forth in the Company’s prospectus dated July 15, 2010 and in the technical report referred to therein, all of which are available on the SEDAR website (www.sedar.com).
All scientific and technical information contained in this news release has been reviewed and approved by Douglas McGibbon, the Vice President, Exploration of the Company and a “qualified person” within the meaning of National Instrument 43-101 Standards of Disclosure for Mineral Projects.