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Posts tagged ‘Sulliden Gold Corporation Ltd (SUE)’

Sulliden reports Peru Silver Assays as high as 71.4 g/t over 53.8m

January 5th, 2012

Resource Clips - essential news on junior gold mining and junior silver miningSulliden Gold Corporation Ltd TSX:SUE announced results from the North and Central Corridors of its Shahuindo property in northern Peru. Assays include

38.3 g/t silver over 14 metres
0.63 g/t gold and 19.5 g/t silver over 22 metres
(including 1.17 g/t gold and 33.4 g/t silver over 4 metres)
0.85 g/t gold and 71.4 g/t silver over 53.8 metres
(including 4.87 g/t gold and 225.5 g/t silver over 3 metres)
1.09 g/t gold over 9 metres
20.9 g/t silver over 8 metres
1.03 g/t gold over 21 metres
17.6 g/t silver over 135 metres
0.94 g/t gold over 55.5 metres
0.94 g/t gold and 20.4 g/t silver over 61.5 metres
1.57 g/t gold over 31.5 metres
1.45 g/t gold over 18 metres
1.13 g/t gold and 22.2 g/t silver over 8.6 metres
2.29 g/t gold and 52.9 g/t silver over 9 metres

VP Exploration Stéphane Amireault commented, “The drilling program in the North Corridor is progressing well and our geological knowledge of this new target area continues to improve as we obtain drill results. This drill data, in conjunction with the geochemical anomalies, will allow us to better understand the mineralization and establish future drill targets. In this group of North Corridor results, we are particularly encouraged about the positive intercepts returned in hole SHN11-328, which support our belief in the potential for this exploration target to materialize into an eventual source of mineral resource growth.”

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Contact:
Scott Moore
VP Corporate Development
416.861.5903

or Caroline Arsenault
Investor Relations Manager
416.861.5805

by Ted Niles

Sulliden reports Peru Assays up to 0.59 g/t Gold over 202.5m

November 30th, 2011

Resource Clips - essential news on junior gold mining and junior silver miningSulliden Gold Corp TSX:SUE announced results from its Shahuindo Property in northern Peru. Highlights include

0.59 g/t gold and 12.7 g/t silver over 202.5 metres
(including 2.18 g/t gold and 89.9 g/t silver over 15 metres)
1.61 g/t gold and 11.8 g/t silver over 64.5 metres
(including 6.3 g/t gold and 46.6 g/t silver over 13.5 metres)
1.61 g/t gold and 11.8 g/t silver over 64.5 metres
(including 6.3 g/t gold and 46.6 g/t silver over 13.5 metres)
1.25 g/t gold and 8.6 g/t silver over 46.4 metres
0.68 g/t gold and 12.6 g/t silver over 75 metres
(including 1.62 g/t gold and 10.3 g/t silver over 21 metres)

The project has a June 2011 resource estimate of 1.97 million ounces gold and 27.98 million ounces silver indicated and 1.44 million ounces gold and 38.58 million ounces silver inferred. A February 2010 preliminary economic assessment projects average annual gold production of 105,000 ounces at a cash cost of $403 an ounce. Using a gold price of $875 an ounce, the pre-tax NPV comes to $119.1 million at an 8% discount rate generating an IRR of 43.3%. A feasibility study is planned for completion in 2012. Sulliden completed a $50-million share offering Tuesday.

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Contact:
Caroline Arsenault
IR Manager
416.861.5805

or Scott Moore
VP of Corporate Development
416.861.5903

by Greg Klein

Sulliden reports Peru Assays up to 2.08 g/t Gold, 66.5 g/t Silver over 21.5 metres

October 21st, 2011

Resource Clips - essential news on junior gold mining and junior silver miningSulliden Gold Corporation Ltd TSX:SUE announced drill results from Central Corridor of its Shahuindo gold and silver project in Peru. Highlights include

0.6 g/t gold over 69 metres
1.96 g/t gold over 7.5 metres
0.87 g/t over 47.6 metres
0.73 g/t gold and 36.4 g/t silver over 18.6 metres
2.08 g/t gold and 66.5 g/t silver over 21.5 metres
1.16 g/t gold and 16.3 g/t silver over 21 metres
129.8 g/t silver over 8.5 metres
29.9 g/t silver over 86.6 metres
1.08 g/t gold over 5.9 metres
0.79 g/t gold and 21 g/t silver over 9.5 metres
1.56 g/t gold over 9 metres
1.68 g/t gold over 14.5 metres
0.86 g/t gold and 69.8 g/t silver over 19.5 metres
1.39 g/t gold and 25.5 g/t silver over 3.4 metres

VP Exploration Stéphane Amireault stated, “We are encouraged by the results from the new drill holes in the sub corridors and believe these areas represent prospective sources of additional mineral resource growth for the Shahuindo project. Definition and infill drilling is ongoing in the Central Corridor and we are making good progress with the drilling program in the North Corridor.”

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Read More about Sulliden Gold

Contact:
Scott Moore
VP Corporate Development
416.861.5903

or Caroline Arsenault
Investor Relations Manager
416.861.5805

by Ted Niles

Sulliden reports Peru Gold Assays up to 0.97 g/t over 111m

September 19th, 2011

Resource Clips - essential news on junior gold mining and junior silver miningSulliden Gold Corporation Ltd TSX:SUE announced assays from the Central Corridor of its Shahuindo gold and silver project in Peru. Highlights include

0.97 g/t gold and 12.6 g/t silver over 111 metres
(including 1.87 g/t gold and 15.8 g/t silver over 22.5 metres)
1.44 g/t gold and 13.6 g/t silver over 33 metres
(including 2.1 g/t gold and 23.7 g/t silver over 17.1 metres)
0.84 g/t gold and 17.7 g/t silver over 64.5 metres
(including 1.49 g/t gold and 58.2 g/t silver over 16.5 metres)

VP Exploration Stéphane Amireault stated, “We are pleased with the ongoing success of our drilling program on the Shahuindo property. Our exploration activities continue to define new mineral resources in the Central Corridor and the deeper drill holes that we are conducting are helping us validate the geological model of Shahuindo with confirmed extensions of mineralization in the sulphides at depth. We look forward to ongoing exploration success as we continue to drill our priority exploration targets in the Central Corridor, including deep sulphides, as well as the North Corridor.”

View Company Profile

Read More about Sulliden Gold

Contact:
Scott Moore
VP Corporate Development
416.861.5903

or Caroline Arsenault
Investor Relations Manager
416.861.5805

by Ted Niles

Peru’s President’s Prudence

July 27th, 2011

Sulliden’s Shahuindo Project is Safe For Now

By Ted Niles

Investors quailed when economic nationalist Ollanta Humala was elected President of Peru June 5. Peru ranks first in the world for production of silver—second for copper and zinc, sixth for gold—and Peruvian mining stocks were hit hard June 6. For example, the country’s largest precious metals producer, Compania de Minas Buenaventura, plunged 11.7%. However, Humala’s recent cabinet appointments of moderates, and his decision to retain economist Julio Velarde as Central Bank President would appear to have turned the tide of world opinion.

“Our stock price has been negatively affected by a lot of uncertainty with the new President,” says Scott Moore about Sulliden Gold Corporation’s flagship Shahuindo Gold and Silver Project. But, the VP of Corporate Development adds, “At the end of the day, the pro-leftist candidate has to fund the social agenda, and that means they have to have good economic drivers. In Peru mining is the economic driver.” He declares, “It would seem that Humala’s policies are trying to address the concerns of the market.”

Sulliden's Shahuindo Project is Safe For Now

That’s good news for Sulliden, as Shahuindo—located in Cajabamba Province and consisting of approximately 8,000 hectares—goes from strength to strength. In June, Sulliden announced an updated mineral resource estimate of 1.97 million ounces gold and 27.98 million ounces silver indicated, with inferred resources of 1.44 million ounces gold and 38.58 million ounces silver—increases to the original gold resource of 121% and 397% (in the indicated and inferred categories) respectively. But this isn’t surprising given the project’s neighbours. Thirty kilometres south of Shahuindo is Barrick Gold’s Lagunas Norte Mine, which produced 808,000 ounces gold in 2010. Newmont’s Yanacocha Mine is 80 kilometres to the north—it is the second largest gold mine in the world. Moore says of Shahuindo, “This is a mine. At the end of the day, it’s just a matter of how big it’s going to be.”

He continues, “We’re in the midst of a 70,000-metre drill program in 2011—we’re about half way through. We’ll do another 35,000 metres this year and probably another 70,000 or 80,000 metres in 2012. In conjunction with that, we’re doing all the engineering studies, and hopefully we’ll be in a position to have a mine permit and mine construction in 2012 with a one-year mine build.”

July 21 Shahuindo assays include 1.17 grams per tonne and 21.6 g/t silver over 104.6 metres, 1.2 g/t gold and 19 g/t silver over 52.5 metres, 1.55 g/t gold and 6.2 g/t silver over 34.5 metres and 1.52 g/t gold and 64.1 g/t silver over 12.9 metres. Moore comments, “The average grade of our deposit is 0.5 to 2 g/t. So 100 metres of 1.17 g/t is quite substantial and a nice big chunk, both in grade and in thickness. Also, we’re getting some exciting results in the East Zone, where we looked at lowering the oxidation front by about 50 metres deeper than we had originally interpreted the geology to be. That will, of course, bring more oxide mineralization into the resource, which will be positive for a mining scenario.” Moore says that the company is currently undertaking a feasibility study, which he expects to be released in late fall.

This is a mine. At the end of the day, it’s just a matter of how big it’s going to be —Scott Moore

Sulliden is currently the top holding of investment company Aberdeen International, whose COO David Stein recently told Mining Weekly that, in light of Shahuindo’s proximity to Barrick and Newmont, he believes the company “will most likely be taken out.” Be that as it may, Moore says that Sulliden is prepared to take the project to production itself: “Our team has built a number of mines around the world, and this would be a very simple mine. It’s going to be a good, low-cost, heap-leach gold project.”

He concludes, “Our management team has run mines in Brazil when Lula [da Silva] got elected and in Nicaragua when Daniel Ortega got elected. We think ultimately that this thing could be somewhere in the neighbourhood of 4 million to 6 million ounces of oxide. So it’s going to be a substantial project. Hopefully, we’ll start construction sometime in 2012. And we’re still expanding the resource. We’ve got targets outside of the central corridor that continue to be drilled, and it’s just going to continue to get bigger.”

Sulliden Gold has 212.5 million shares currently trading at $2.03 for a $431.3 market cap. Its other project—the East Sullivan Property—is located southeast of the city Val d’Or in Quebec’s Abitibi region and is still in the early stages of exploration.

Sulliden reports Peru Gold Assays as high as 1.36 g/t over 38.5m

April 19th, 2011

Sulliden Gold Corporation Ltd TSX:SUE announced results from its Shahuindo Project in northern Peru. Assays include 1.36 g/t gold and 17.9 g/t silver over 38.5 metres (including 3.96 g/t gold and 59.2 g/t silver over 7.5 metres), 0.6 g/t gold and 22.6 g/t silver over 28 metres, 1.51 g/t gold and 42.7 g/t silver over 24 metres, 0.61 g/t gold over 82.1 metres, 1.12 g/t gold over 10.5 metres, 0.83 g/t gold over 37.5 metres, 1.07 g/t gold over 16.5 metres and 0.94 g/t gold over 21 metres.

President/CEO Peter Tagliamonte stated, “The continued success of the exploration drilling program is very encouraging. The geology team’s improving understanding of the structural controls for mineralization continues to identify new mineralized areas. The success of recent step-out drilling has revealed promising gold and silver-bearing parallel structures adjacent to the main mineralized corridor, which we will continue to test along with the other main exploration targets outlined for 2011. We are excited to begin drilling deep holes and expect to be able to release results in the next few months. We are also looking forward to drilling the North Corridor, where soil geochemistry is indicating a prospective zone.”

View Company Profile

Contact:
Scott Moore
VP Corporate Development
416.861.5903

or Caroline Arsenault
Investor Relations Manager
416.861.5805

by Ted Niles

Sulliden reports Peru assays up to 1.64 g/t Gold over 69m

March 28th, 2011

Sulliden Gold Corporation Ltd TSX:SUE announced results from its Shahuindo Project in northern Peru. Gold assays include 1.64 g/t gold over 69 metres (including 2.99 g/t over 19.5 metres) and 0.87 g/t over 46.5 metres (including 1.19 g/t over 27 metres). Sulliden also reported silver assays of 85.3 g/t silver over 28.5 metres (including 153.8 g/t over 10.5 metres) and 75.9 g/t over 31.5 metres (including 119.4 g/t over 4.5 metres).

Six drills are currently operating on the Shahuindo property. Sulliden will be issuing a new mineral resource estimate in May, which will be used to complete a feasibility study expected for release during Q3 2011.

View Company Profile

Contact:
Caroline Arsenault
Investor Relations Manager
416.861.5805

or Scott Moore
VP Corporate Development
416.861.5903

by Ted Niles

Sulliden VP Scott Moore on Peru assays of 2.34 g/t gold, 53.6 g/t silver over 23m

March 16th, 2011

“This is a project that’s been around since 1992. It was pretty much in a litigation standstill from 2003 to 2009. Historically it’s had only about 40,000 metres of drilling on it. New management came in April 2009 and settled the litigation, and brought a substantial amount of capital and drilling back to the property. The expectation is to have a new resource model out at the end of May 2011. There are six drills active on the property in the midst of a 70,000-metre drill program.

“The deposit is a typical low-grade, heap leachable Peruvian oxide deposit, and the average grade has been typically around about 0.6 grams. If you look at some of the intersections we’re hitting now, 2.5 grams is five times the resource grade. In that context, it is high grade. These Peruvian heap leach projects are some of the most profitable mines in the world—like Barrick’s Lagunas Norte and Newmont’s Yanacocha.

“The expectation for 2011 is for a bankable feasibility study to come out, as well as continued resource drilling results throughout the year. The resource model is based on drilling up to December 2010—a 30,000-metre program. We’re going to do another 70,000 metres in 2011, so the expectation towards the end of the year will probably be a resource update on the back of a substantial amount of drilling.

“We’ve got a very experienced mine-building team on board. CEO Peter Tagliamonte’s built four mines. It’s not a very difficult technical project, and we’ve got the team placed to build it.

“2011 is really going to go a long toward understanding how big this project can be. The scoping study certainly showed that this was a mine at around $400 cash costs in a 100,000 ounce scenario. It’s going to be substantially bigger than that now based on the new resource and the continued drilling, so hopefully cash costs will be well below $400. Those are the type of first quartile costs that get built these days. So 2011 is going to be a big year.”

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Sulliden reports Peru Assays of 2.34 g/t Gold, 53.6 Silver over 23m

March 15th, 2011

Sulliden Gold Corporation Ltd TSX:SUE announced assay results from its Shahuindo Gold and Silver Project in northern Peru. Highlights include 1.28 g/t gold over 21 metres (including 6.79 g/t over 3 metres), 2.34 g/t over 23 metres (including 6.07 g/t over 4.9 metres), 0.87 g/t over 123.5 metres and 2.23 g/t over 24.7 metres. Silver results included 53.6 g/t silver over 23 metres, 41.9 g/t over 51 metres, 55.1 g/t over 36 metres.

VP Corporate Development Scott Moore tells ResourceClips.com, “This is a project that’s been around since 1992. It was pretty much in a litigation standstill from 2003 to 2009. Historically it’s had only about 40,000 metres of drilling on it. New management came in April 2009 and settled the litigation, and brought a substantial amount of capital and drilling back to the property. The expectation is to have a new resource model out at the end of May 2011. There are six drills active on the property in the midst of a 70,000-metre drill program.

“The deposit is a typical low-grade, heap leachable Peruvian oxide deposit, and the average grade has been typically around about 0.6 grams. If you look at some of the intersections we’re hitting now, 2.5 grams is five times the resource grade. In that context, it is high grade. These Peruvian heap leach projects are some of the most profitable mines in the world—like Barrick’s Lagunas Norte and Newmont’s Yanacocha.

“The expectation for 2011 is for a bankable feasibility study to come out, as well as continued resource drilling results throughout the year,” Moore continues. “The resource model is based on drilling up to December 2010—a 30,000-metre program. We’re going to do another 70,000 metres in 2011, so the expectation towards the end of the year will probably be a resource update on the back of a substantial amount of drilling.

“We’ve got a very experienced mine-building team on board. CEO Peter Tagliamonte’s built four mines. It’s not a very difficult technical project, and we’ve got the team placed to build it.

“2011 is really going to go a long toward understanding how big this project can be,” Moore concludes. “The scoping study certainly showed that this was a mine at around $400 cash costs in a 100,000 ounce scenario. It’s going to be substantially bigger than that now based on the new resource and the continued drilling, so hopefully cash costs will be well below $400. Those are the type of first quartile costs that get built these days. So 2011 is going to be a big year.”

View Company Profile

Contact:
Scott Moore
VP Corporate Development
416.861.5903

or Caroline Arsenault
Investor Relations
416.861.5805

by Ted Niles

Sulliden reports Peru Gold Assays up to 1.1 g/t over 58.9m

February 2nd, 2011

Sulliden Gold Corporation Ltd TSX:SUE announced drill results from its Shahuindo Gold Project in Peru. Assays include 0.89 g/t gold over 73.1 metres (including 1.8 g/t over 26.7 metres), 1.1 g/t over 58.9 metres, 1.19 g/t over 47.5 metres, 0.62 g/t over 74.2 metres (including 1.08 g/t over 22.2 metres), 1.43 g/t over 99.3 metres (including 3.7 g/t over 27 metres), 1.09 g/t over 67.2 metres, 0.81 g/t over 60 metres and 1.04 g/t over 23.5 metres.

President/CEO Peter Tagliamonte said, “We are pleased with the continued drilling success at Shahuindo, which supports our belief in the excellent potential to expand the mineral resource on the property. The drilling results have continued to delineate mineralization that is beyond the currently known mineralized grade shells and will be part of the new mineral resource estimate, which is currently underway. The 70,000-metre exploration program we have set out for 2011 is in progress and we expect that the new target areas will continue to demonstrate the growth potential of this project.”

View Company Profile

Contact:
Scott Moore
VP Corporate Development
416.861.5903

or Caroline Arsenault
Investor Relations Manager
416.861.5805

by Ted Niles