Wednesday 20th February 2019

Resource Clips

Sunward reports Colombia Results of 0.56 g/t Gold, 0.12% Copper over 315.2m

Resource Clips - essential news on junior gold mining and junior silver miningSunward Resources Ltd TSXV:SWD announced assays from its Titiribi Project in Antioquia Department, Colombia. Highlights include

0.56 g/t gold and 0.12% copper over 315.2 metres
(including 2.11 g/t gold and 0.34% copper over 22.5 metres)
0.36 g/t gold and 0.24% copper over 135.5 metres
(including 0.54 g/t gold and 0.32% copper over 55.8 metres)
0.33 g/t gold and 0.15% copper over 66.6 metres
0.72 g/t gold and 0.01% copper over 27 metres
0.47 g/t gold and 0.01% copper over 30 metres
1.88 g/t gold and 0.01% copper over 7.5 metres

COO David Forest tells, “These results were fairly groundbreaking for the project because it’s a bulk-tonnage porphyry, so the assumption was the grade was always around 0.5 and 0.2. We smashed through that about a year ago, discovering some zones that were above a gram, but this is the first time zones above two grams have been discovered, making a new benchmark for the grade on this project.

There’s nothing on the planet with that kind of potential that’s so underexplored. Nothing happened there for 50 years. It’s phenomenal terrain, completely underexplored—David Forest

“We’re up to nine rigs now, and we’re expecting to go to 11 over the next couple of months. The company’s well financed; we’ve done some big financing over the last year and a half, so we’re going to push it pretty hard. We raised $51 million in January, and last April we did $25 million, and in total the company’s raised over $80 million,” Forest says.

“We were looking at doing a scoping study, but now that we’ve discovered these higher-grade zones, the feeling is we might do more drilling and figure out what we’ve got before we start wrapping economics around it. So at this point, the plan is mostly just drill. This area that was reported on today is just one of seven anomalies on the project, five of which we’re testing right now, and some of which are being tested for the first time. So we’ve got a lot to do on the drilling front. We’ll work on expanding the resource, then we’ll decide what we want to do on the economic side.

“The infrastructure is excellent,” he adds. “We’re 70 kilometres from Medellin on a four-lane paved highway. It’s a historic mining area, so there’s power to the site. We’re very well positioned.

“We love working in Colombia. Geologically, there’s nothing like it. There’s nothing on the planet with that kind of potential that’s so underexplored. Nothing happened there for 50 years. It’s phenomenal terrain, completely underexplored. The security and safety situation is fine in 90% of the country now. Just last weekend, they got rid of the leader of the FARC [Revolutionary Armed Forces of Colombia leader Guillermo León Saenz AKA Alfonso Cano], so the FARC is on its last legs, even in the few outlying areas where it does still operate.

“Titiribi is probably one of the best operating environments in Colombia. It’s in Antioquia, which has very strong rule of law and tradition of order. We don’t have any security at site. The infrastructure’s excellent.”

Referring to the company’s other project, Forest says, “Murindo-Mande Norte is at the other end of the spectrum. It’s the only part of the Cordillera, from Alaska down to Tierra del Fuego, that doesn’t have a road going through it, because it’s basically swamp. Access is tough. There’s a number of issues including FARC and indigenous groups. If you can name an issue in Colombia, that region’s got it. The prize, if and when we can get in there, is enormous. It’s an anomaly the size of Yaletown [a high-density Vancouver neighbourhood], with copper sticking out of the ground. For 30 years, everybody’s known about this unbelievable anomaly, but it’s remained a place where nothing happened. We’re working on getting in there and, if we can, it’ll be a lot of fun.”

He concludes, “The company’s well-financed through our affiliations with the Electrum group and Paulson & Co out of New York. Those guys own a big chunk, and management owns 30%, so it’s a very tightly controlled company. Amongst the top 10 shareholders, we control 70% or 80% of the company now. All the people working on this are shareholders and are working alongside the other shareholders.”

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Brenda Dayton

by Greg Klein

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