Sage Commences Drilling on Jacobus Cu – Ni Property
Sage Gold announced that it has commenced drilling on its Jacobus Cu – Ni property in Beardmore, Ontario on May 9, 2007. The diamond drill program of approximately 2,000 metres is designed to test mineralization up-dip from holes SJ06-01 and SJ06-02. (reported in the news release of Jan 26, 2007) drilled by Sage in 2006 that returned 6.3 metres of 0.85% Cu and 0.54% Ni from SJ06-01 and 6.3 metres of 0.41% Cu and 0.38% Ni from SJ06-02. The drill program is also intended to begin to qualify the historical resource into NI43-101 compliance and potentially expand that resource.
A down-hole IP (BHIP) survey was completed in February 2007. JVX Limited (Geophysical Consulting firm) described the results as follows:
“The BHIP survey of the two boreholes on the Jacobus Property (SJ06-01 and SJ06-02) proved very successful in confirming the continuation of a mineralized zone found in each hole. Both chargeability and conductivity show a clear response of each mineralized zone and the inversion models show a continuous zone connecting both holes.”
Sage intends to continue to conduct down-hole IP surveys on subsequent drill holes to trace the lateral continuity of the Cu-Ni zone. A metallurgical sample from Jacobus will be sent to the Research and Productivity Council (RPC) in New Brunswick to test grinding, flotation and recovery characteristics of the copper/nickel zone.
Nigel Lees (President and CEO) stated that “the Jacobus drill program is the first of a series of drill programs in both Canada and the U.S. in 2007. Sage intends to drill the Jacobus and Onaman properties in North central Ontario, the Kerrs property (with its joint venture partner) in North-eastern Ontario and the Pony Spur, Dixie Forks and Triple Junction properties in Nevada.”
The Jacobus property is located in the northwest corner of Elmhirst Township and consists of 24 claims, totalling 230 units. An historical resource of 958,804 tons grading 0.43 % Cu and 0.40% Ni (Chesterville Mines – Canadian Mines Handbook, 2003-2004 p.340) was identified from surface, down-dip to 150 metres. The December ’06 drill program confirmed that the zone extends at least a further 300 metres down-dip from the historic resource block. There is therefore an excellent opportunity to increase the overall tonnage of the zone relative to the historic resource.
The Jacobus Cu-Ni exploration project is being supervised by Exploration Geoscience Associates of Orillia, under the direction of Ulrich Kretschmar, Ph.D, P.Geo (APGO#1160). Dr. Kretschmar has extensive experience exploring for Ni-Cu, gold and base metal deposits in Archean terrain and is a qualified person as defined by NI43-101. He is responsible for the technical content of this news release.
Historical Disclosure – The Company has not yet conducted sufficient exploration to define the indicated and inferred mineral resources. As such, the potential quantity and grade disclosed in this presentation is conceptual in nature based on historical drilling conducted by previous operators. The sample results are only relevant in that they represent an indication of the potential size of the near surface fraction of the mineralized zone. The reserve/resource categories predate 43-101 and given that there has been no feasibility study completed on the property these reserve categories should be defined as inferred, indicated and measured mineral resources. Further exploration may not result in the discovery of additional mineral resources. All resource estimates quoted herein are based on prior data and reports obtained and prepared by previous operators. The Company has not completed the work necessary to verify the classification of the mineral resource estimates. The Company is not treating the mineral resource estimates as NI 43-101 defined resources verified by a qualified person. The historical estimates should not be relied upon. The Company has not completed a feasibility study and there is no certainty that the Company’s planned operations will be economically viable. Sage intends to verify the historical results through additional drilling.
Sage is a mineral exploration and development company which has interests in exploration properties in Ontario, Nevada and Arizona. Its main properties are the Onaman, Jacobus, and Kerrs properties in Ontario; the Dixie Fork, Triple Junction, Pony Spur and Dike properties in Nevada; and the Gold Hill and Big Bend properties in Arizona. Technical reports relating to the properties can be obtained from the System for Electronic Document Analysis and Retrieval (SEDAR) website at www.sedar.com.
This release was prepared by management of the Company who takes full responsibility for its contents. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.
This news release contains certain “Forward-Looking Statements” within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended and “Forward-Looking Information” within the meaning of applicable Canadian securities legislation. Such forward-looking statements and Forward-Looking Information include comments regarding mining and milling operations, mineral resource statements and exploration program performance. Factors that could cause actual results to differ materially include metal price volatility, economic and political events affecting metal supply and demand, fluctuations in mineralization grade, geological, technical, mining or processing problems, exploration programs and future results of exploration programs, future profitability and production. The Company disclaims any obligation to update forward-looking statements.
Distributed by Filing Services Canada and retransmitted by Market Wire
Contact:
For further information, contact:
Nigel Lees
President and C.E.O.
Mike O’Brien
Manager/Investor Relations
Sage Gold Inc. 365 Bay Street Suite 500 Toronto, Ontario M5H 2V1 Tel: (416) 204-3170
Fax: (416) 260-2243
Source: Sage Gold Inc.
