Tagpura copper gold porphyry exploration update

27-Jun-2007 Intellasia | CCNMatthews (press release) | 6:25 AM Print This Post

Sur American Gold Corp (TSX Venture:SUR) reports latest drilling and geophysical results continue to strengthen the “regionally significant” status of its Tagpura-Kalamatan Copper Gold Porphyry Belt located in Compostela Valley Province, East Mindanao, Philippines. The project area is prospective for a number of bulk tonnage copper gold porphyry deposits.

The Company has now completed 12 drill holes totalling some 4,852.6 m. It has received assays for drill holes -TGD 1 to TGD 9 -(TGD 1 to TGD 6 have been reported). Drill Hole TGD 7, 8 and 9 are reported below in Table 1. Assays are awaited for TGD 10, 11 and 12.

HIGHLIGHTS

-Tagpura TGD-9 drill hole, returned 110 m grading 0.33% copper and 0.10g/t gold from 302 m to 412 m.Total Hole returned: 475.85 m @ 0.23% copper and 0.05g/t gold

-Tagpura TGD-8 drill hole, returned 64 m grading 0.25% copper and 0.10g/t gold from 43 m to 107 m. Total Hole returned: 407.05 m @ 0.14% copper and 0.03g/t gold

-Tagpura TGD-7 drill hole, returned 37 m grading 0.41% copper, 0.16g/t gold from 179 m to 216 m. Total Hole returned: 314.5 m @ 0.14% copper and 0.04g/t gold

-Total drill intersections of holes TGD 1 through to TGD 9 at the Tagpura Deposit continue to highlight porphyry copper gold mineralisation to have bulk tonnage potential.

-Close spaced dipole-dipole Induced Polarisation (IP) geophysics defining high chargeability zones complemented by geological mapping and sampling.

The Company’s President & CEO, Brett Taylor, said, “Tagpura appears to be a large copper gold porphyry system and as such we continue to be pleased with the ongoing test drill results, the geophysical raw data results and the ongoing information from the overall exploration programme.”

Exploration manager-Philippines Ian Cooper, BSc, A.R.S.M, F.G.S, M.Aus.I.M.M said that the test drill holes, including TGD 10 TGD 11 and TGD 12, have been conducted within the former open pit area measuring some 500 m by 500 m which, according to the raw geophysical data, appears to lie between two clearly defined and substantially higher chargeability zones.

Drill Hole TGD 13, the first defined geophysical and geological hole, is designed to test a chargeability high located within the northern zone as identified by the raw geophysical data.

The geophysical target for TGD 13 has a similar chargeability response to the geophysical response of drill hole TGD 1 which returned 208 m, grading 0.45% copper, 0.17g/t gold, 0.73g/t silver and 84ppm molybdenum. This intersection included: 88 m (61 m to 149 m) grading 0.92% copper, 0.34g/t gold, 1.73g/t silver and 160ppm molybdenum.

Further, in a news release dated April 2, 2007, the Co reported: TGD-4 drill hole, returned 454.9 m grading 0.22% copper and 0.06g/t gold from the surface to the bottom of the hole and within that broad intersection, two higher grade zones were encountered:

-95 m (94 m to 189 m) at 0.48% copper and 0.12g/t gold and

-33.2 m (423 m to 456.2 m) at 0.31% copper and 0.08g/t gold

TABLE ONE -DRILLING RESULTS UPDATE (DRILL HOLE RESULTS RECEIVED TO DATE)

DECLIN-DIREC-INTER-

DRILL ATION TION FROM TO Cept Cu Cu Au

HOLE (DEGREES) (DEGREES) (m) (m) (m) (ppm) (%) (g/t)

TGD-7 -50 130 1.5 316 314.5 1,393 0.14% 0.04

60 86 26 2,310 0.23% 0.06

(includes) 60 69 9 3,226 0.32% 0.07

AND 131 216 85 2,481 0.25% 0.08

(includes) 179 216 37 4,047 0.41% 0.16

TGD-8 -60 130 3 410.05 407.05 1,366 0.14% 0.03

3 18 15 3,133 0.31% 0.2

AND 43 107 64 2,479 0.25% 0.1

(includes) 60 74 14 3,691 0.37% 0.1

(includes) 93 106 13 3,123 0.31% 0.1

AND 117 135 18 1,799 0.18% 0.03

AND 212 237 25 2,261 0.23% 0.1

AND 326 339 13 2,822 0.28% 0.1

TGD-9 -75 310 3 478.85 475.85 2,278 0.23% 0.05

3 17 14 3,025 0.3% 0.09

AND 78 474 396 2,425 0.24% 0.06

(includes) 78 99 21 4,235 0.42% 0.1

(includes) 122 135 13 3,150 0.32% 0.1

(includes) 302 412 110 3,294 0.33% 0.1

(includes) 437 474 37 3,432 0.34% 0.07

All sample preparation was undertaken by McPhar Geoservices (Phil) Inc at its general Santos facility in Southern Mindanao. McPhar is an ISO 9001 certified laboratory. Drilling samples are pulverised and 200 gram sub samples are sent to Genalysis Laboratories in Perth, Western Australia for analysis using the FA 50/SAAS method (fire assay with atomic absorption finish) for gold, and conventional wet chemical methods for copper. Genalysis Laboratories is a NATA accredited laboratory which operates in accordance with ISO/IEC 17025 (1999) including the requirements of ISO 9002:1994. The Laboratories mentioned above provide independent analytical services to the Co on normal commercial terms.

Exploration manager-Philippines Ian Cooper said that all drill holes that have tested the geological targets have shown widespread mineralisation with TGD 9 returning 475.85 m grading 0.23% copper and 0.05,g/t gold from 3 m to 478.85 m.

He said the updated geophysical survey shows that, as at this date, the Tagpura Copper Gold Porphyry Deposit now represents an area of some 2,000,m long and 1,000,m wide with mineralisation recorded in the Company’s drilling to a depth of at least 500,m. It appears to be a very large system of typical Philippine porphyry copper-gold mineralisation.

The Tagpura-Kalamatan Belt of Copper-Gold Porphyry Deposits extends over a distance of approximately 8 kilometres in a north south direction and approximately 5 kilometres in an east west direction -for maps see the Projects section of our website www.surgoldcorp.com.

Geophysics Update

As of the date of this news release, more than 38.4 line kilometres of close spaced dipole-dipole IP geophysics over Tagpura Copper Gold Porphyry Deposit, including the recently discovered Tagpura South and Tagpura East Target areas, has been completed.

The Tagpura Copper Gold Porphyry Deposit now represents an area of approximately 2,000 m long and 1,000 m wide and appears still to be open to the north, east and south west.

Elliott Geophysics International Pty Ltd is undertaking preliminary 2D and 3D modelling of the raw data, including identifying proposed new drill hole locations designed to test the modelled geophysical targets. See photographs of Tagpura and geophysics. The modelling of geophysical data is ongoing.

Tagpura Copper Gold Deposit is the southern area of the extensive 8 kilometres long and 5 kilometres wide Tagpura-Kalamatan Copper Gold Porphyry Belt. In the northern end lies the Kalamatan Copper Gold Porphyry Target.

In a news release dated May 8, 2007, the Co reported initial results from the Kalamatan Copper Gold Porphyry Deposit located to the north of Tagpura. Results of those channel samples are shown below:

-Adit C3 -74 m grading 0.29% copper and 0.15g/t gold

-inc 40 m 0.35% copper and 0.18g/t gold

-Adit C3: East Drift -66 m grading 0.29% copper and 0.18g/t gold

-inc 24 m 0.31% copper and 0.18g/t gold

-Adit K1 -160 m grading 0.16% copper and 0.10g/t gold

-inc 22 m 0.34% copper and 0.46g/t gold

-Adit K 1: East Drift -26 m grading 0.28% copper and 0.48g/t gold

-inc 12 m 0.34% copper and 0.75g/t gold

The geophysics survey of this northern area is planned during the second half of 2007. At its completion a more detailed understanding of this major copper gold porphyry corridor will be defined.

Regionally Significant Status

Brett Taylor said that even at this stage the regionally significant status of the Tagpura-Kalamatan Copper Gold Porphyry Belt is continuing to emerge particularly with the relatively high potential for discovery of a number of copper gold porphyry deposits.

He said that the Comval location of East Mindanao definitely has the mineral potential to become a major mineral district for copper and gold porphyry systems as well as separate stand alone gold deposits.

The Tagpura-Kalamatan Belt is only one of several major copper-gold porphyry targets that the Co has in this strategic area of the East Mindanao Region.

The other is the recently discovered Cadan Copper Gold Porphyry Target, news release of April 23, 2007, which has a conceptual or order of magnitude potential volume of rock of between 450MT and 900MT with an unknown grade.

Taylor said that the Company, with its impressive land area, is ideally positioned to play an important role in the eventual mineral development of Comval.

ends

Technical aspects of this news release were prepared and verified by Ian S. Cooper, Exploration manager, who is the Qualified Person as required by National Instrument 43-101, and who is the technical person responsible for this news release. The Qualified Person has verified the data disclosed in this news release, including sampling, analytical and test data underlying the information and opinions contained in this news release. Cooper is the Company’s Exploration manager in the Philippines and under his supervision the following verification processes are carried out on drill core as it relates to information provided in this news release. Drill core (half) is sampled at one metre intervals, after geological logging and core tray photography has been completed at the company’s secure compound/living quarters at the project area. For every twenty samples (5% of samples) collected a quarter core sample representing the sample interval is also collected and submitted to verify that analytical results can be duplicated. Samples are sealed and submitted directly to the previously mentioned commercial laboratory for sample preparation and subsequent analytical work. With every batch of samples submitted to the laboratory (generally batches of samples range between 100 and 250 samples) the Co includes four commercially prepared assay standards that contain certified gold and copper assay values, reflecting the expected assay ranges, of the submitted samples.

For further information relating to the geological setting of the project, readers are referred to SUR technical report, specifically “Deposit Types Comprising the Sabena Project pages 23 -25, that is published and available on www.sedar.com -news release dated February, 12, 2003. It is the opinion of the Qualified Person that all information in the report as it relates to the Tagpura Kalamatan Ma-angob belt is current.

Ian S. Cooper has over twenty five years of professional experience as a geologist in mineral exploration and development. He has worked on gold, base metal and diamond projects throughout Australia in addition to his overseas experience in Sierra Leone, West Africa and the Philippines, Asia. Other overseas experience includes study visits to the USA, South Africa, New Zealand, Europe, the UK and Ireland. He graduated from the Royal School of Mines, London University, UK with B.Sc. (Hons) and A.R.S.M. (Associate Royal School of Mines) degrees from that institution. Previously he was the Senior Geologist for Sons of Gwalia NL in Eastern Australia and also a geologist with the BP Minerals/Seltrust Mining Group. Cooper is a director and Senior Geologist of Cooper Geological Services Pty Ltd, which provides specialist geological, evaluation and management services to Sur American Gold Corporation. He is a corporate member of the Australasian Institute of Mining and Metallurgy a Professional Association as defined in National Instrument 43-101.

Sur American Gold Corp is a junior exploration Co with operations in the Philippines and Colombia and trades on the TSX Venture Exchange (Canada) with trading symbol “SUR”.

Brett Taylor

On behalf of the board of directors,

Brett Taylor, President & CEO

This news release contains forward-looking statements regarding ongoing and upcoming exploration work and expected geology, geological formations and structures. Actual results may differ materially from those anticipated in these statements.

The TSX Venture Exchange has neither approved nor disapproved the contents of this news release.

Contact:

Brett Taylor

Sur American Gold Corporation

President & CEO

011-63-920-909-5852

Email: philco@skyinet.net

Website: www.surgoldcorp.com

Source: Sur American Gold Corporation

 


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