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By: AllPennyStocks.com
Fundamentally, the process of extracting gold from the earth is a simple one:
find it and dig for it. The hard part is the research, the raising of capital
for equipment and the untold, arduous hours of drilling in the spot deemed right
for the find.
One such spot, apparently out of the way and not often considered a hotbed for
the shiny metal, is Guyana in South America, but Thunder Bay, Ontario-based
Sandspring Resources Ltd. (TSX-Venture: SSP) appears to have, well, come up
nuggets for not only gold, but copper as well, following promising assay results
from its Toroparu deposit in Guyana.
The current Toroparu gold-copper deposit was independently modeled as a
potentially open-pitable deposit with an NI 43-101 compliant Indicated mineral
resource of 45.5 million tonnes at 0.93 g/t gold and 0.164% copper containing
1,369,400 ounces gold and 164 million pounds copper. One step out hole (TPD048),
drilled 200 metres northwest of the deposit, intersecting a high-grade
mineralized horizon averaging 12.79 g/t gold over 6m concentrated within an
elevated grade envelope averaging 1.92 g/t gold over 52m.
In all, the results comprise an additional 4,800 metres of a 15,000-metre drill
program designed to optimize grade and expand tonnage over the Toroparu
gold-copper resource.
SSP is a young public company with a long history of private development in
Guyana through its wholly-owned Guyanese subsidiary. Its transition to the
public markets – and the resultant stock symbol assignment of SSP on the TSX
Venture Exchange as a Tier-1 listed company -- opened the door to potential
development of Toroparu, with promising returns for its shareholders, investors
and Guyanese partners. With gold resuming its skyward price climb, this is
exciting news indeed.
Sandspring is well financed to execute on a technical plan to further explore
and develop the potentially open-pittable Toroparu resource. In addition,
geochemical and geophysical indications mark a highly prospective gold-copper
trend along strike in the nearby Puruni River Shear Zone. Early indications also
see a substantial gold trend possibly developing at Toroparu, a hypothesis which
will be well tested by additional diamond drilling going forward.
SSP shares scaled a new 52-week high the day before the announcement of the news
at Toroparu. The stock hit an intraday of $1.68 on January 25, towering over its
initial price of 65 cents the day the stock was first launched in November.
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