(MENAFN Editorial) iCrowdNewswire - Dec 13, 2017
SASKATOON,-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 completed an HQ core drilling program, consisting of ten holes and some 2,409 metres of drilling (Table 1), on the Star Kimberlite. In total 1,210 metres of kimberlite were intersected. This core drilling is required to accurately document the internal stratigraphy of the Star Kimberlite prior to a proposedmini-bulk sample drilling program, which is expected to commence in 2018. The core drilling program was conducted by George Downing Estate Drilling Ltd. ofGrenville, Quebec. Shore and RTEC geologists are responsible for the supervision of the drilling program and subsequent detailed core logging. In conjunction with this diamond drill program, geotechnical investigations of the overburden are currently being conducted, at the same locations as the core drilling, by Boart Longyear Inc., utilizing a Sonic drill rig. Detailed geotechnical logging of the core collected by the Sonic rig is being completed by Clifton Associates Ltd. The geotechnical drilling is scheduled to be completed during December. The ten hole locations are in close proximity (10 to 15 metres) to previously collected underground bulk samples and past 48 inch large diameter drill ("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 inDecember 2015.
Table 1: Summary of Core Drilling
Hole Depth (m) Top of Kimberlite (m)
Base of Kimberlite (m) Kimberlite Intersection (m)*
* Does not include Kimberlitic Sediments
Senior Vice President Exploration and Development,George Read, states: "This core and geotechnical drilling program is an important precursor to a proposed mini-bulk sample drilling 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 is located in centralSaskatchewansome 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 Star-Orion South Diamond Project datedNovember 9, 2015provided 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 ofUS$210per carat. In addition to the Indicated Mineral Resource Estimate, the Star and Orion South Kimberlites include Inferred Resources containing 11.5 million carats. 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 datedJune 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 ofGeorge Read, Senior Vice-President of Exploration and Development, Professional Geoscientist in the Provinces ofSaskatchewanandBritish Columbia, andMark Shimell, Project Manager, Professional Geoscientist in the Province ofSaskatchewan, 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 geotechnical investigations 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.
Shore Gold Inc.