🕐08.09.11 - 15:27 Uhr
ARMISTICE RESOURCES REPORTS VERY ENCOURAGING GOLD ASSAY RESULTS FROM SURFACE DRI
LLING PROGRAM ON KERR-ADDISON PROPERTY
*PRESS RELEASE
ARMISTICE RESOURCES CORP.
For Immediate Release
*
Armistice Resources Reports Very Encouraging Gold Assay Results from
Surface Drilling Program on Kerr-Addison Property
* Drilling intersected multiple gold zones, including one very
high-grade
* Drilling opened up the area from the former kerr-addison mine
workings to the Mill Zone for the delineation of economic gold zones
* Assay results highlights include:
DDH KA-11-11 0.38 oz/t ( 13.1 g/t) gold over 3.0 ft
DDH KA-11-12 0.80 oz/t ( 27.5 g/t) gold over 10.4 ft
including 6.05 oz/t (207.4 g/t) gold over 1.3 ft
DDH KA-11-14 0.10 oz/t ( 3.3 g/t) gold over 10.4 ft
including 0.43 oz/t (14.9 g/t) gold over 1.4 ft
0.18 oz/t ( 6.1 g/t) gold over 5.3 ft
* Todays report of assay results from eight holes brings the total
disclosed to 15 holes drilled on the Kerr-Addison property;
company has completed another seven holes, bringing the total to
22 holes and 29,960 feet.
Toronto, ON September 7, 2011 Armistice Resources Corp.
(TSX: AZ),
which is on target to begin production in the 2011 fourth quarter from
its McGarry gold mine in the Kirkland Lake area of northeastern Ontario,
today released a second tranche of very encouraging gold assay results
for the companys ongoing $2.5 million surface diamond drilling
exploration program on its Kerr-Addison and McGarry properties.
*Kerr-Addison Mine Property*
This is the second set of very encouraging assay results that we have released from the drilling program ongoing on the Kerr-Addisons Mill Zone area.
The additional eight holes drilled intersected multiple gold zones, including one very high-grade.
The drilling opened up the area from the former
Kerr-Addison mine workings all the way to the Mill Zone (see attached figure) for the delineation of economic gold zones, said Todd J.
Morgan,
President and Chief Executive Officer.
Armistice previously reported, on June 22, 2011, that the results of an initial seven holes drilled on the Kerr Mill Zone area, which lies about 700 feet
southeast of the mining area of the former Kerr-Addison gold mine, showed extensive gold mineralization in multiple locations in most holes.
Now, with the assay data of 15 holes drilled in this area, we have
further support for our interpretation that there is an extensive
gold-bearing system away from the previous workings on the Kerr-Addison
property, extending from the surface to at least 1,400 feet.
The Mill
Zone was not mined by the previous operators and it has not been
systematically drill tested over its interpreted strike length, Mr.
Morgan said.
At this early stage of the extensive drilling program that we initiated earlier this year, we are very pleased with the results that we have seen, but we
know that we will need more assay results before we can confidently determine what might be the potential for our Kerr-Addison property, Mr.
Morgan
said.
The new results include one very high-grade gold intersection made in DDH KA-11-12 (6.0 oz/t over 1.3 feet average of four assay determinations),
said Erik Andersen, P.Eng., Vice-President and Chief Operating Officer.
Such high-grade intersections are common in a review of the historical data from the former mine workings.
The intersection in itself is considered
very encouraging in that it demonstrates that pockets of very high-grade gold do occur in the Mill Zone area consistent with our understanding of the
old distribution in the green carbonate ore of the Kerr-Addison Main Zone.
This high assay should not be considered to represent a large tonnage
of this average grade.
Rather, it indicates that high-grade sweeteners exist within a lower-grade mineralization shell, as was the case at the
Kerr-Addison.
It should be noted, Mr.
Andersen added, that DDH KA-11-10, which did
not return any significant assay intersections, was drilled to the
southeast away from all the other holes.
The purpose of this hole was to
test for the possibility that there are additional significant gold
zones in areas we are not expecting to find them.
From time to time, we
will have holes drilled to ensure that areas that do not appear to have
potential are not being misinterpreted.
In addition to the 15 holes on the Kerr-Addison property for which we are today reporting results, we have completed drilling for another seven holes,
altogether amounting to a total 22 holes and 29,960 feet.
We will report the assay results of the remaining seven holes from this first phase of our
exploration program when the analysis has been completed, Mr.
Andersen continued.
When we have received all the assay results for the Mill Zone drilling and the geological interpretation of the results from this drilling is available,
we will plan a second phase of drilling in the Mill Zone.
With the completion of this first phase, we have moved the drill rig to test the Green Giant
Zone, which is located about 700 feet north of the main mining area of the former Kerr-Addison Mine, Mr.
Andersen said.
*Assay Highlights from the Kerr-Addison Mill Zone*
(See attached table for full table of assay results)
DDH KA-11-08 0.14 oz/t gold (4.8 g/t gold) over 5.3 ft
including 0.35 oz/t gold (12.1 g/t gold) over 1.3 ft
DDH KA-11-11 0.38 oz/t gold (13.1 g/t gold) over 3.0 ft
DDH KA-11-12 0.80 oz/t gold (27.5 g/t gold) over 10.4 ft
including 6.05 oz/t gold (207.4 g/t gold) over 1.3 ft
DDH KA-11-14 0.10 oz/t gold (3.3 g/t gold) over 10.4 ft
including 0.43 oz/t gold (14.9 g/t gold) over 1.4 ft
0.18 oz/t gold (6.1 g/t gold) over 5.3 ft
DDH KA-11-16 0.10 oz/t gold (3.6 g/t gold) over 7.9 ft
including 0.16 oz/t gold (5.3 g/t gold) over 4.5 ft
0.15 oz/t gold (5.1 g/t gold) over 4.9 ft
0.15 oz/t gold (5.0 g/t gold) over 4.2 ft
0.10 oz/t gold (3.1 g/t gold) over12.9 ft
including 0.17 oz/t gold (5.7 g/t gold) over 3.4 ft
All the assay intervals reported are dill core intervals.
True widths
have not been estimated since the final interpreted geometry of the gold
zones
is yet to be determined.
Armistice also reported that while it now has completed the drilling of 10 holes on its McGarry Mine property it only has the assay results for two of them.
The company said that it will release results from its drilling program on the McGarry Mine property when it has sufficient data to provide useful information
for investors.
*Quality Control and Quality Assurance Process*
Armistice maintains procedures for Quality Control and Quality
Assurance.
These procedures include sawing the core in half and
retaining half for archive reference.
The other half is assayed using
standard fire assay techniques with AA finish.
For every 20 samples
submitted for assay, one sample is quarter sawn and each quarter is
submitted to separate labs for independent analysis.
All samples
assaying over 0.10 oz/t are re-assayed and average is used.
For each 20
samples submitted, one blank is also submitted for control.
All samples
are sent to PolyMet Labs, Cobalt, Ontario, and Swastika Labs, Swastika,
Ontario, both being recognized independent assay laboratories.
*Qualified Person
*
Erik Andersen, P.Eng., Vice-President and Chief Operating Officer of
Armistice Resources and a Qualified Person as defined by National
Instrument 43-101, has reviewed and approved this news release.
*About Armistice Resources Corp.*
Armistice Resources, a Canadian-based exploration and development
company, expects to begin production in the 2011 fourth quarter from
its McGarry gold mine in the Kirkland Lake area of northeastern Ontario.
The McGarry Mine is located in Virginiatown on the prolific
Larder Lake-Cadillac Break that extends 200 km east-west straddling the
Ontario and Quebec border and that has produced 95 million
ounces of gold.
The McGarry Mine is adjacent to the Kerr-Addison Gold
Mine that has produced more than 11 million ounces of gold.
Armistice
has signed a definitive five-year option agreement for the purchase of
up to 100 percent of the mineral rights on the Kerr-Addison property.
The McGarry Mine consists of 33 contiguous patented mining claims,
including three licenses of occupation, totaling 484 hectares.
The McGarry
Mine is fully permitted and all equipment and systems at the site have
been brought up to standards, including its installed mining plant.
Armistice Resources is listed on the Toronto Stock Exchange (Symbol: AZ)
and currently has 104,924,771 common shares issued and
outstanding.
To find out more about Armistice Resources, please visit
the companys website at www.armistice.ca.
*Forward-Looking Statements*
This news release contains forward-looking statements, including current
expectations on the timing of the commencement of production and the
rate of production, if commenced.
These forward-looking statements
entail various risks and uncertainties that could cause actual results
to differ materially from those reflected in these forward-looking
statements.
Such statements are based on current expectations, are
subject to a number of uncertainties and risks, and actual results may
differ materially from those contained in such statements.
These
uncertainties and risks include, but are not limited to, the strength of
the Canadian economy; the price of gold; operational, funding, and
liquidity risks; the degree to which mineral resource estimates are
reflective of actual mineral resources; the degree to which a
pre-feasibility study gives sufficient grounds for classifying the
indicated mineral resources as probable reserves; and the degree to
which factors which would make a mineral deposit commercially viable are
present; the risks and hazards associated with underground operations.
Risks and uncertainties about Armistice Resources business are more
fully discussed in the companys disclosure materials, including its
annual information form and MD&A, filed with the securities regulatory
authorities in Canada and available at www.sedar.com and readers are
urged to read these materials.
Armistice Resources assumes no obligation
to update any forward-looking statement or to update the reasons why
actual results could differ from such statements unless required by law.
//
For further information:
Investor and Media Relations
Richard W.
Wertheim
Wertheim + Company Inc.
Email:
416-594-1600 ext.
223
416-518-8479 (cell)
*Intervals and Assays in Imperial Units*
DDH
Hole Dip At Collar
From
To
Interval
Assay
Assay
(feet)
(feet)
(feet)
(oz/t)
(g/t)
*Kerr Addison Mill Zone*
KA-11-08
-42
161.2
166.0
4.8
0.071
2.43
181.5
186.4
4.9
0.132
4.53
195.6
198.5
2.9
0.162
5.55
222.0
223.0
1.0
0.228
7.82
660.0
665.3
5.3
0.141
4.83
incl.
663.0
664.3
1.3
0.352
12.07
1096.3
1098.4
2.1
0.115
3.94
KA-11-09
-60
1310.3
1314.8
4.5
0.084
2.88
KA-11-10
-59
no significant assays
KA-11-11
-44
198.9
201.9
3.0
0.383
13.13
652.7
656.2
3.5
0.096
3.29
KA-11-12
-59
596.0
598.0
2.0
0.242
8.30
1055.6
1066.0
10.4
0.801
27.46
incl.
1060.0
1061.3
1.3
6.050
207.43
*
1208.0
1214.0
5.9
0.062
2.13
KA-11-13
-66
assay results not yet available
KA-11-14
-44
300.0
310.4
10.4
0.096
3.29
incl.
308.7
310.1
1.4
0.434
14.88
346.0
351.3
5.3
0.179
6.14
702.0
704.2
2.2
0.101
3.46
KA-11-15
-59
no significant assays
KA-11-16
-43
304.0
311.9
7.9
0.104
3.57
incl.
307.4
311.9
4.5
0.156
5.35
326.2
331.1
4.9
0.149
5.11
345.7
349.9
4.2
0.146
5.01
902.6
908.2
5.6
0.102
3.50
1047.0
1051.5
4.5
0.080
2.74
1102.2
1103.5
1.3
0.117
4.01
1140.2
1153.1
12.9
0.091
3.12
incl.
1149.7
1153.1
3.4
0.167
5.73
1 Troy oz/short ton
=
34.286
gram/metric ton
*
This sample was assayed 4 times using AA finish and returned the following:
3.226, 8.414, 3.110, and 9.438 oz/t
The arithmetic average has been used for this sample.